Year: 1862

proposed do by ssuHg tender noes TO the extent OF
$500 600 beyond tn amount already authorized and


billion OF bonds AZ SIX per cent interest, 10
twenty years con The issue of $500 900 600 Of legal
tender would render them abundant th capt. alsls
would 90 glad 60 turn them 20 proat ny INVESTING ,ne% nbs
less be taken at par Under the present law nese bonds
could only be sold at ruinoas discount. Mr. Stevens
next ained the object Of the proposition 10 tax bank
circuion which he said intended, not for revenue
but for prohibition, In order to give wider circulation 70
United States and induce their conversien and
prevent an undue imitation Of tho currency Such law
would drive at least one hundred million dollars IL bank
notes cut Of crcula on What was left with The United
States notes. woald give circulation or $500 600 00O
amount required by The business OF the country In
times Of suspension of specie payments banks would n


fate the currency unless restricted by law and by this
expansion he accounted for the present high prices Of
everything In exemp idcation OF the tendency by
banks to expausion he cited The case Of an institution
IN his own district, which, on capital Of
1920 900 had circulation Of $500 600 Uness this thing
checked the people would run mad with SPECULATION
ard terrible crash ensue. In conclusion he said, "My
proposition would Lot reduce bank profits below fair
gain Whilst suspension continues they might hold as
they have their whole ita in government ST. cks
bearing at least six per interest per They
could have the profits Of circulation equal to three
quarters Of their capital and bank on whatever deposits
they have. This would give them at least ten PER
cent interest TO pay their expenses and dividends to
stockholders This is enouph' Finally, Mr. Stevens
would be adopted, but when general bankruptcy over
took The nation, he would have the satisfaction to know
he had tried to prevent il.


The House then went into Committee Of the Whole on
the State Of the Unon


SPEECH OF Mr. CRsf lEI ON THE AFFAIRS OF THE NATION


Mr.. CRisFHLD Vnion) OF Md. spoke on the topics Of
the day He held that secession not rghtful reme
dy under the constitution But he condemned the policy
Of the administration, which had departed from the
heretofore avowed and raised the horrd Of
abolition The real motive Of the proclamation not
to put down rebellion, but to abolish slavery and he
fearful that whln went into effect there would be exh
bitions negro ence and enormity He argued that
the national constitutional life, and when the
destroyed the other ceased to exist Abolition and
accession both warning the constitution and the
Union and both were alike perilous to our liberties


PROCLAMATION.


maintained when States had up independent 60.
to rulc the people OF those States irrespective Of State
lines and state constitutions and only when they yielded
support 10 law and the supremacy Of government
could they enjoy the rights Of American citizens It had
been said that man. the President hoped that the
proclamation would tend to promote peace. SO, then
figures had ceased to represent the Of things
-Four millions Of slaves now giving their support
in aid Of the rebellion. Bat the LIST Of Janu.
ary they will pass TO the cause OF patriotism
and freedom under the starry flag Of their country The
government ought 10 straight forward and establish
its authority and crush out nl armed resistance, and
govern the rebeous States Territories until the people
should re.establsh their State governments. When this
done, and the Senators and representatives were
sent here, receive them again States. He thought he
the band Of God in the liberation Of the say.s Tho
ambition and lust Of slavery the the
and the 1st of January the first great result would put
an end to the system Of slavery


The committee and the House adjourned to Monday