Year: 1862

Tne House finally dsagr sd 10 The above senate amend
ment, By IA vcte cf SO ~ alnst Sc


DEBATE On 'lsE Treasury sorE Bill


The iiouse then snt Committee OF the Whole on
the Treasury Note bA


Mr., vAf.aspy nAx, opp Of ONO, made speech IN
the subject lie opposed the tili cn the gfeeha 'ha'
proposed " the notes legal tender for al deots'
public AZ d private and thus force paper currency upon
the untry He denied utterly the consitdsicnay Of
The proposition would not repeat The CONCLUSIVE
Argument of hrs colleague 'tmr Pendleton) upon that
Vpont. he opposed upon grounds Of sonad political
economy general policy and Justice II would deranGe
CORRUPT the currency and bring about general
confusion IN All contracts and all commerce. was
inst 10 enforce the payment OF debts in which
were contracted for payment specie. In effect,
promise &c pay be made legal tender in salts
iacton OF another promise 70 pay and The promise ny
the government to pay IN paper was to discharge the
obligation II the individual debtor 70 his creditor in
gold and silver Again the bill precedes where ought
70 follow The promise TO tax would not give credit TO
these Taxation ought TO have gone before but force II
seemed was TO take the pace 81 taxation. Inc no'es
able but IN what gold and silver, and treasury
ncles The government, had no silver; therefore the
Treasury legal tender ~ satisac ion OF ano,h
or Treasury note The bill was forced loan 10 disguise
None but revolutionary governments or those IN far
decline. or IN imminent danger of imminent overthrow
and DO King poeniae, except usurper, had ever at
tempted thelke. Il contrary 10 the painest prnc
pies political economy and If carried out and con


nued would drive al gold silver and bank paper II Of
circulation lie objected tha these notes, declared law
l money were vet made like bonds at the
OF the government the debtor and also were 10 be
received ~ the payment of debts already existing,
although they were when contracted payable in gold
and silver. Mr.. Naliandgham condemned also the
change OF the contemplated by the bill from Jfes-
ry notes 10 United States notes. Eighty two Treasury
note acts referring 20 Treasury notes, public and private,
had been passed bat other name given ther
except Treasury He knew other object unless il
TO furnish permanent government currency. The
nevertheless but continental money. He OBJ
eeted further TO the circular power 10 convert these
notes INTO stocks and re ssue them without limit TO be
again converted into stocks Also 10 the power 10 make
certain OF the bonds payable IN foreign country ana
currency and contended vas partial and unjust He
spoke Of the fact that addition 10 the endless issue
cf under the rss section, $500 100000 more OF
oks provided for by the second section Was The
whole OF this TO be but foundation The grea. national
Iai er mill o. the Secretary of the Treasury lie
argued at length IN the support OF his sub
stitute It depended solely on the credit Of
the government supported by adequate taxation.
Taxation could float hat or the Treasury notes
than the amount Of government dues He referred 10 the
success The plan North Carolina 10 1856. and OF Rus
sia 1897 These notes would have an important ad-
vantage bank papc.; being receivable Tor govern
ment dues and il not The banks could not drive
them Of circulation. The whole theory of the plan
was TO provide medium or currency between the gov
erm mt and the tax PAYERS and the TAX consumers bli
OF the notes would circulate also in private bus
The substitute differed essentially from the bill
The relied force the other credit the one looked
to the coercion Of law and e army the other 10 the CO
ercion Of the would override the consiiu
ion the other com ped with it, the one shocked 1stlce
and political economy the ether recognized Justice
and conlormed the memorable laws OF trade; the
would create an irreieemabe, unlimited deprecated
ton the whole people; the other proposed voluntary
and limited and temporary currency for the creditors and
debtors of the government The difference radical
Sarrow av n' The secretary had ehoSe former and
death the end Of it, Upon the principles of the
latter he lMr. Nalandghan) would cordially support any
measure OF finance necessary to maintain he credit ana
good faith Of The government. otherwise he would not
vote 10 bring down upon the people the triple rum OF
forced currency. enormous taxation ana PUBIC ueot
never To be eNtinguished.


Boorke MASSACHUSETTS, on Ins NATIONAL FINANCES


Mr. HOOPER (rep.) of Mass.-The unusua exigencies
country require that should look for other and
deeper OF than any 10 which the govern
has heretofore been accustomed We are contend
ing maintenance Of the government for the pre-
servaon OF the Union and for the enforcement of the
laws en- which depend The well the
| rty Of property 10 insure in this contest
great and unusual exerions have already been made
An enormous army, powerful navy, with stores OF
artillery and ammunition, have been created In pro
vng for the sustenancc comfort and equipment Of this
army and navy, the government have boon obliged t,
incur expenses lar exceeding magnitude any which
have been hitherto known in our history. To continue
them in their present state OF efficiency large ad
| dtional mus; be expended, and il now become
| the duty Of Congress to devise methods by which
| these sums can be obta with the least hardship
| to the people and the least risk to the credit o
the government. In considering the by which Thu
be effected must be remembered that il hardl,
possible for the raise money for any pur
pose without occasonng some Inconvenience to indi
vduas To oppose necessary meas nes therefore simply
upon the ground that ill niuriously affect this class
hat class Of the people is absurd Parties interested
may endeavor show that the objects be ef
sced with less hardship than by the methods proposed
or may endeavor alleviate any Objectionable features
so may be consistent with the attainment of the de
end but they should always remember that the end
aimed at must be attained that its attainment will re-





part Of wisdom Of patriotism and Of discretion submit
10 such necessary sacrifices oheeruy when called upon
by their opposon; attempt to excite popular
carnor and weaken public confidence IN the yern
to which they indebted for the safety Of then
persons and the security Of their possessions. Every
step which tends weaken the public credit has the
effect of rendering private property insecure, be
the government in procuring its
cary funds in the ordinary way, and may obge II tC
the arbitrary modes Of forced loans and hcay
rates of taxation AT this moment therefore, when foi
the time every hope Of aid from foreign capital is idle
when the country Is compelled to look 10 her own
sources for the means with which to maintain her in
tegry and subdue the rebellion, not onl. does ever,
dictate OF patriotism and every ennobling sentiment q
humanity call upon the capitalists OF the country rally
in defence os the government but the ineaner instinct
Of self preser alton admonishes them to submit TO Sigh
sacrifices that they may secure and preserve then
property Three have been considered in the
committee, which are 10 some extent connected to
gether, and form a comprehensive system, by which
il is believed the government viii be enabled to pro
cure the necessary 20 the successful prosecution
OF war, while at the time the burthen upon
the capital OF the country will be light, and
the public will be benefited in some important
particulars The first Of these measures IL the one
before the House by which the Secretary Of the Treasury
Is authorized to issue United States notes not TO exceed
ono hundred and Gfiy million dollars amount (includ
! ing those authorized by previous laws) Of dcnomina
tions than hve dollars They bear in
terest but be issued aud received money con
veribc the option 6f the holder, into per cen,
stock OF the United States, the principal and incrcs
being payable either here abroad and these
10 be a legal tender. The second consists
tax bill which shall, with the tariff imports
annual OF al least one hundred and fiy million.