Year: 1862

fS~S "'u tno forotuiion OF the COnSttut'ph aS "",
fathers understood It, did not support the President
ou Is tho work OF patriotism To give TO the admnisra
tion, In this hour OF evil fair impartial and energetic
support desire to support the President in his als
poiicy, because that OF all others is the w.
| measure that DO preseltOa. --'Ss ,'i % ,h
| psopls Morsv ,or.. 70 the atten!an Q! w
| DO distanA-- bs got, or tho army mus
-'u' tno constitution will be over
turned, tno country ruined, and the natiena
life destroyed | am disposed to support cvery
! measure Of finance having for its object vigorous
prosecution q the war and the restoration OF the Union
Upon the basis Of tSs constitution We must to attain
that end create currency, oroate public debt and
scheme OF just taxation to meet tie requirements Of the
country. am ready TO go as far to establish Just
scheme OF taxation as he who dares 20 ther and
sustain the government and to keep the my and navy
anost Inc only question is, how can this be done in
mode least preudical TO tho people and most convent mt
10 the governmentf This is the great question o. the
times, and the one which Hes at the foundation Of all
Others, and on its solution depends in meet


ing tue present emergency We lay the necessary
Tor the support OF the government and negotiate


TO raise funds and provide for the purpose
holding these The Committee Ways
and Means presents us with bill providing scheme OF
raising money and promises second one to complete
the scheme IL proposes tax OF hundred and fifty
Millions and the House Is called upon pledge itself 10
raise It, But how are We to raise it, The committee does
Treasury notes under authority OF tho bill land by
bill it is proposed to create national currency based
upon PUBIC securities, TO Law They
pose bill which issues Treasury and them
to be funded in public stocks The committee should
have started from different point. They have
menced at the wrong end The last proposed measure
should be the arst and the first the last They


gun at the top Of the building and they call upon to
ought, frst to have reported q tax bill, laying
broad foundation for taxation upon which the wolo
public credi. repose They should have frs. determined
that as the first series of measures that might be
able TO Judge what partcar provision is necessary
what not necessary in this particular What





Treasury notes without interest payable at the pleasure
OF tho United States and to be received for all public
dues and receivable for all dues from the government by
creditors Of the government these notes bo declared
TO DO money and legal tender for oil public and private
debts whole the land the be funded public
securities bearing six per cent interest," this interest to
be paid on the Same promises of the government Those
are the principles Of the bill. viii it bring
relief to the country. and is it consistent
with the constitution? These grave inquiries Let
US see then the scheme is consistent with the consti
futon. approve Of the general scheme Of public credit
store the public credit but there features and details
In this bill which cannot assent to. Tho legal tender
clause stares in tho face the most Objectionable ea
ture Of the bill This s direct violation of the consti
tuition, and, in my beof, entirely rreconciabs with
this gi n
that I nigh. hear Something 70 change my Opinion,
bu. in vain. Now. upon what authority d3ss ,thd
.ssal tender clause is not prohibited by the oonsl
sf;1sS % Es III m5Ss aS'' ~ p ;sSP's,





government for SELF preservation 10 say that certain
power s in the constitution because ,t Is nowhere in
expressly prohibited is to oyerurn the whole structure
OF the government 1t argument to say that the
power embraced In the bill is not prohibited and
surprised that the FIRST law officer Of the government
would risk his official reputation by asserting such doc
trno The government has power to declare anything


legal tender but gold and silver coin Government
not expressly prohibited from making anything else
legal tender, but thore 10 at tho time power
guaranteed TO it to mako anything else legal tender.
Upon the argument adopted by tho friends Of tho BILL
toxr ,,tu,t haah
caro hides Of leather legal tender To mako these Trea
sury notes legal tender for private debts is taking my
act is in itself opposed 10 and in contraysntion
OF tho constitution, which declares that man
shall be deprived Of his property except for
Having doubt OF the unconstitutionaty Of the BILL


must vote against it, But there necessity to violate
the constuton-no necessity for public purposes. The
public credit does require it, and the public credit
will not bo sustained by IT, impore the House TO arrest
the proposed by the measure adopt con.
stituonal mode Of meeting the present emergency the
Is inexpedent IL II and
stuonal II Is direct declaration OF national bank
ruptcy II Ia saying to the world that this government
Ii unable to meet It's obligations and is forced
pound with its creditors at discount. The government
accept something less than gold You compel him trust
to promises not worth ninety cents on tho dollar. The
scheme Ia dsgracefu 70 the country Public credit re-
poses public confidence. II IL thing which cannot
be compelled by law. Individuals who pay prompt
ly enjoy most credit so It Is with governments BY this
provision you dlscredit your own sscury and declare
that it worth what You first representet 10 be-
II strikes down public confidence, and destroys public
credit It is system Of reputation and forced loans In
their worst forms Not only win 1t destroy financial
credit but will give stain to the national character
which will taks ages TO wipe out The experiences of
the world Is against the idea Of attempting TO attach 10
paper value OF gold and silver The law cannot i'm
part an artificial value to that which poss .sses
into gold Paper is only valuable when II represents
gold Take away the gold and tho paper is worthless
and all the laws that be passed Will not give par
value H. Issue those notes. and prices will rise beyond
the specie standard the notes fall below it, Tie
suit Is inevitable. All experience proves H. and no laws
make it otherwise. All existing Indebtedness
created on the specie standard, aud condition that
they would be settled in gold or silver You cannot
innate the amount Of the government Indebtedness pay
able in gold and silver and yet by this bill you require all
this to be settled in pal or which you at the time
declare to bs worth less than gold BY stroke Of the
sierce. viii suffering follow this gigantic
conscationS No retrbuon? Yes, terrible suffering and
terrible rctyibuton Think you injured peopio will
sand you back TO this hall to complete your work Of runS
Think you that government which inics such wsnton
and widespread mischief will long be tolerated by free
people? Tho bill win necessarily destroy all credit and
all commerce. for they cannot exist without standard
currency This is not the way to proceed. Make the
notes receivable for all public debts and redccmabo
six per cent bonds establish national currency based
upon public securities through the banks Of the country
with proper checks, and provide tax for certain and
prompt interest your bolds and these will have real
sound and gene circulation The whole OF this scheme
depends atax bill If you make the interest payable
certain tmc, and the public believe IL, no man will
say that these will not attain the circuat on which
bank notes enjoy There vast amount OF resources
untaXed In tie country, Wnicn VIII yclu lnBey 10 tno
government The country Is able to pay without
serious inconvenience, and II We have tho nerve, pru-
donce aad wisdom, taxes can ba raised promptly and In
q mode TO inure the public. The present revenue
produces sixty millions. IL is said we require one
hundred and fifty millions leaving demand for ninety
millions. Can this be raised by taxation. With we
raise by duty tax enough 10 meet all present ro
quirements What ore tho present subjects OF
taxation, and how much do they produce, Is
the question: They various. but they could
no made yield much than at present All domes
tic industry will and can largely contribute So might
stamp duties Tax newspapers and telegrapLic de-
saches tho issue OF bank paper and the thousand
so .rcss Of which rso before when apply
ourselves the subject An active Industrious labcring
people can we'll afford all that the necessity OF the
try demands from them. Let all these resources be
brought to bear upon the question The people will bear
II willingly. II is not just 70 them 20 say they will not
bear them. The peope cherish ther Institutions and
representative liberty and they are ready to pay the
price necessary thcir enjoyment II s you who
have the courage TO stand just and
representatives of the people.


Mr. HoRror (rep Of Ohio, said that II tho bill should
pass which he hoped II would not, Il would be depar
tre from the financial o. the country. II IL do
will financial In tho history