Pennsylvania telegraph. (Harrisburg, Pa.) 1864-1864, April 09, 1864, Image 1
TILE TELEGRAPH 111 PITBLISICED isOBNING AND EVENING, a 'I GEORGE BERGNER. uFFICE THIRD ST., NEAR WALNUT. TPA ~IS OF SUBSCRIPTION. SINGLE SUBSCRIPTION. THE DAILY TELEGRAPH is served to subscribers In the city at S cents per week. Yearly subscribers will be charged $5 00 in advance. Those persons who neglectto pay in advance will be charged $6 00. WEEKLY 'PELF-GRAPH. TOE TELEGRAPH is al s o published weekly, and is furnished to subscribers at the following cash rates: Single copies, weekly._ $l - 50 Three copies to one Post Nice 460 Ten copies to one Post 0ffice..........10 00 EVENING EDITION. From our Morning Edition. The Seasons of Life. BY JOHN M'CTriIDY Spring. 'Tis SPIMIG-TIKE, and all things are lovely, The bleakness of Winter is o er; In the vale and high up in the mountain, - We hear its piping no more. The clear brook is free from its. fetters; The glad bird now warbles its song, And,the trout in the bright crystal fountain Is sporting the pebbles among. „ Down there, where the rivulet murmurs, The wild bird sings sweetly its lay; There flowers of the fairest are springing, And lamb kins are seen at their play. The bee that is seen kissing each blossom, Is fondly enjoying this hour; His hum may be heard as he revels. So wildly in ev'ry gay flower. • . And such are the hours of our childhood.! All sunshine, and bl4som, and song.; No cloud fills the heart, with its sadness, As the, time passes swiftly along. , Summer. 'Tis &mum, and sunshine and tempest, Alternately sweep o'er the land, And hill-top and valley are teeming, With gifts from God's bountiful hand. Look round o'er the land in its beauty," Rich cereals wave in the breeze, Like the flow of the blue restless;bill.ow, That rolls on the bieast of the sea 4. The lowing of flocks in the valley„ Is heard in the soft calmy gale; -•- And the song of the milkmaid is ringing,As lightly she trips 'through tlie'vale: The blossoms of Spring-time have vanished, That round us their sweetness once shed; All are genet but the fruit that replaced them Smiles o'er us profusely instead. We, too, like the field and the forest,: Have cast off the blossoms of Spring - And the heart, like the far-soaring eagle; , Has mounted on Hope's buoyant'wing: Autumn. f ' TIe AUTUMN, and sad is thamarinur • ~, That steals through the *ad with a sigh,.. When twilight is closing around us, And clotids spread their pall in the ,sky: The lone bird that flits throughlhe f9rest, Is pensive, and sings not its lay • And the sear leaf is dropping , around us, In token of Nature's decay. The lands'cape' once clad in its beriiity, Has lost all the charms, that it wore, And the lamb that once skipp'd on its bosom, Is seen to rejoice there no more. The brook, where the wild bird beside it, Trill'd sweetly his notes at the dawn, , Had charms that oft won us tti'voim them, But now all those charnis are'withdrawn. The song of our Summer is en.ded, , s • Like those of the brook.and the bird, • And naught but the chill of life's Autunni, Above and around us is heard. • Winter.'Tie • . . Wrurs, and all things are cheerless, Chill dreariness covers he plain-;-‘ • ' And the song of the brook and the river, The ice-king has bound with hii chain. The forest, in strains of deep sadness, When mov'd by the blast that is drear, - ..„ Laments for the robes that adorn'd it, When Summer's bright visions were here. The mead that was lovely with verdure, Now sleeps 'neath a mantle of snow, And the prospect extended before us, . Speaks only of sadness and woe. - The gladness of spring-time and summer, Now sleep in the grave of the,past,, And we hear but the wail of the tempe4— The roar of the wild chilling blaSt. Such, too, is the fate thatriwaitsms, When storms we no longer can brave When all things before us tarn dreary, -Then death calls us hence to.the grave. Late Southern 'New'A:„ Near Yong, April 8 Richmond papers of the 28th nit. report' Governor Vance, N. C., addressing ihe irooks , in General Lee's army. The ./itrathiner is indignant beCause regi ments which had been—recruited -by John Morgan had been taken from him and given to Gen. Grigsby, a pet of Jeff. Davis', leaving the former with only five hundred men. A. letter from Mobile reports that eight Fed eral vessels were still lying off Fort Powell, and ten off Fort Morgan. There is no news of importance contained in the papers... t • . Release of Federal Prisoners at ..Web' mond. Four Mosmox, April 7. Two steamers, the New York and Express, left early this morning under flag of truce for City Point, .to bring down the Federal officers .and soldiers now prisoners of war at Rich mond. They number about one thousand: The Underwriter's boat Atlantic attempted to visit Cape Henry to-day to look after wrecks, but the sea was so rough that she was . compelled to, return. Markets by Telegraph. Tptic; April 8 . Cotton firm; sales of 1,500 bales at 76 ets. 'low 59,10 e. higher; sales of 23,000 bbls. at $ 6 76 90 for State, $7 45®7' 50` for 011ie, $7 35 a 7 75 for Southern.- . eat adganced 10; sales 28,000 bus. at $1 69' for Chicago . spring, $1 56 for Milwaukee club,, delivered in June. Corn dull; sales of 26,000 bus. at $1 31®1 32i. Pork buoyant, at 25e. Lard heavy. Whisky firm, at $1 09,1®1.11. • • DIARIES ! DIARIES ! ! ANOTHER assortment of-Pocket and.PeA. feb2 Diaries for 1864, just received and for Bata chiip at SCHEFFER'S BOOKSTORE, /Doom& A PPLE S.-200 barrels of New York State Applea of a choice variety, just , received, and aold,, low, in any . quantities, ; to . suit purchasers, at .the nese icrocel7 or Pit.4l ROYER & .IEOERPER.' .N,,,,,,._\,1‘,\\1111ifet,)--,,'-., .C 4.1111111/:.. NI .:. - fort ' . int--, ' 0 ..: t s . - - -; i . ';., -' I , Wl. , S = i7 : 4 * =7) --:-_------ ' ' ~ . -1 ,. . . . ~. I , , s , , A . . Oflt ~:t; f ~.. i / . '1 ,.. ..i. ..... . . titit ._ I . L ,--,-,-,,,,,„,„_,..__,_:___,: . , ..... E VI ~.... . .. Tell are the rates for a Snaps. ne baling advertising . Ili ' ' • venien tfor reference. - , Mr. rogirlinelfeelesa Constitute' lines c galore thanibur consditage g . - 4 T on , Three or:dada e. l.:;,'-:'........ 5 `1 1 .."'....$ , 6030 7 ,7Twe....0-'d , . , • . One month Tido months Three months - I.' 25 One wi 300 One rn 4 50 Vito n 540 Three AEI ',EV AiiiiMilii.W "111011101.1.111.1 1 . . One Oar 15 to - Olioc I ) 7_ Administration Notices.. BY GEORGE BERGNER. REMARKS OF HON. JOHN D. WATSON. OF PHILADELPHIA, Delivered in the House of Representa tives, March 30, 1864, on the bill 're lating to the Payment of Interest on the Public debt. In rising, sir ; to speak to this 4neaticn, I do so with feelings of great reluctance and re gra.--r,-luctance that I am obliged to part company with those at _home who have been my soda', mend and political mentors—men to whom I have been accustomed to look up, through long years of pleasant association, as my guides. To part company with them occa sions me more regret than I can express. But high, above all personal considerations, Mr. :Speaker, rises the great duty which 'I owe to this grand 'Commonwealth, in which I hitie lived and prospered; and the duty which Lowe to MY country , and her fiag—my duty to sus tain this glorious republic in all her difficulties, great and trying as they are. I know, Mr. Speaker, that the privateinter eatief many of my own cmstituerits are very greatly opposed to the;passage of this.bill ;''and I feel quite sure that for the votes I shall .give upon this bill, and for the sentiments I Shall utter likita favor, I, shall be called to &very 6erious account. I repeat that It is nothing but si sense of duty *het ilLpete .me to the course that lam now pursuing. I wish tiilookatthis question in three points of view: first, as a question of a law; second, as a question of right and wrong; and third, - as, a question of expediency. And here, sir, I must express, afresh regret that my friend from. Chester (Mr: Stunt) has not proceeded with his remarks, so that I might have' the benefit of his experience upon the firstpart of this case for he is a welleducited lawyer, andi am not. I know nothing of the laws of, my country be yond what I was taught in the schools in which [wee educated. S . But, sir, It is a great ,princi `plia"that, in this free-republic svhich we live, the Coutltution should be so plain that every man of common sense can understand it; and, looking at - the Constitution of the State and Nieto', the natim4d. think t there cane be. but one conclusion in reference to this proposed act—that it is peifectly lawful, legally right, under the Constitution of the United States and kif the State of Pennsylvania. Now, sir, is this money in which it is pro• posed to pay our interest the law ful money of the. United Stales I think there can be no qoeetion about t.hat.. The Constitution•ot the United States crt ates but one authority to make or coin money in this republic. It expressly, n,plain terms, forbids anybody but the Gov ernment of the United States to coin money. The English, anguage is not susceplible of, any, plainer expression,than that. 'What else colle they have said? They could not say "to man uiactrire money," or "to. make money." winither 'it be paper or metal, is coined —as muchcoinedi If it!be paper money, as if it be,meted. `lf it is money at all, it is coined; it Mutt, ba so. It •is •nOB 'money- unless It is co - 113(0,v end if-it be money it most be coined, and - lioeOffied under the provisions of the Con stitution. EMI Now, - does this money represent actual value? I think it does. If •it doesnot—if this paper money of United Stites, issued by the ,au thoritfrdf the. National Government, does not represent as much actual value as so much metal- why, theo, fir, we are all proceeding upon wrong basis; we are all mistaken; we are going entirely wrong; and the Government of the United States, in issuing this currency, has made a great mistake. Now, I think that chat paper'' currency does represent the actual wealth of this country, whetner it be in houses, lands, live stork, metal, . : gold mines—any thing. The paperrmoney of the United States represents the Government and the people of the United. States and all`they possess. Every thing we have in this world is bound for the payment ofthat paper money. These notes of the Government are not, its the gentleman freim Cambria (Mr. PESIBILING) hai called them. "paper balloons;" they represent actual value, more than any bank paper that ever was is sued. And, sir, if this paper money is depreci ated it is' notihe fault of the Government of , the United States. Par from it. It is the fault of the malicious and designing men, who_insti tate gold exchangei'in the cities .of New York and Philadelphia ' and get up stories of all kindsici depreciate the credit of the United States—to run-down its paper and run-up the pr. minm on gold. Any,man who wishes to see how the thing is done,.has but th go to . Third street, Philadelphia, or Wall 'street, New York, and there he will find these men (whose inter leskilses far above every consideration of patri otism) huiry -circulating . all lirids of stories 'about supposed issues of new paper and sup posed victories of the rehels—anything that will rua diwn theca dit of the National Gov ernment. 'submit that.this premium on gold isfabricated'hy'brokers and speculators, and that the depreciation of the.national currency; if it is depreciated at all, results from the acts of these malicious and designing persons. Mr. Speaker; the fathers of . the Constitntion ought 'to bif etipposed to have known what its provisions meant. - -If , that national Conistitii lion did not confet' the 'right to issue these notes o ttrarmuat have been very greatly in er rorwhenttherAndors'ed. -it And I wish to take the:author Of-the Declaration of .Inde- Pendence, Thomas Jefferson, and show by his writings that he believed, and he was the first man to believe, that. treasury notes were the great national resource in times of war or other difficulty; , „ and if Thomas •Jeffelson believed that this power was authOrized by the Consti tution, of the. United States, I submit that the paper money f the United States now issued is lawful money, and:proper for the payment of any of its debts. • I read, sir, from the writings of Thomas Jef ferson; volume 6, page 189, a letter dated Mon ticello; June 24, 1813—a long time before this cruel broke out. He Joys: • "In such a nation there is one, and one only resource for loans, diffident 'to carry them through, the expense of a war; and that will all ways be sufficient, and in the power of an hon-, est government, pun:tual in the preservation of its - faith. The fend, I mean, is the mass of circulating coin. Every on knows, that although not literally, it is nearly true, that every paper.; dollar emitted banishes a silver"one from the circulation. A nation, therefore, making its purchases and payments, with bills fitted for :circulation, thrusts an' equal'stim of coin out of :circulation. This is equivalent to borrowing that stun, anal:yet the vendor, receiving pay. meant in a medium as effectual as coin for his i pirchases or payments, haii no claim to inter.. est.' And so the nation *lay dentinue to issue ifs-hills as far as its wants require, and the iim[ts of •the ehoulithin Will admit. Those linifikaits.iinderstaid to ,extend With.us et pre4 shift, to two hundred millions of dollars, THE UNION—NOW A.ND FOREVER:==Webster. HARRISBURG, PA., SATURDAY EITNI*;TAPRIL 9 1864. greater sum than would be necessary for any war." That was in 1818, when the nation had but eight millions of inhabitants: " -- "But this, the only,resource which the Gov ernnient could command with certainty, the States have unfortunately . fooled away, nay, corruptly alienated to swindlers• and shavers, under the caver of private banki." , 4 That is one extract. But I - wish . to show. that I have not garbled anything in these let ters; that I have pot searched out any isolated passages I will read a number': .of Passages showhig that Thomas .Lffereon was really the author of the , present paper circulating medium of the: United States. I read from the same letter,' page 140: "Bat although we have E 0 improvidently; suffered , the field of•circulating medium to be filchid from us by_prigata , dadividuals, yet I think we may 'recover it. in part„ and - ovep the whole, if the State will co r operate with Us. If treasury bills are emitted on a tax appropda ted for their' redemption in fifteen years, rind (to insure preference in the first moments of, cola petition)bearing en interest of six per cent," [that is the kind of bills the:Government is new' issuing; it has one hundred and thirty, millions of them , ;] "there la noon° who would not take thcm in preference to the bank paper now afloat, on a principle of ,patrlogarti aa well as interest; and they would he withdasiti from circulation in private hands to a considerable amount. Their.credit:once established, others .might be emitted, bOttoMed also on a tax," [which we hive dime, sira "but-not bearing laterest;".[theothers Were tollter interoltilteit these are' not;] ustierfoireetheir credit fal tered, open public:Jai - as, erinswhiph these bills atone should be readied as specie. These, oper ating ha a sinking.fund,- Weald reduce the quantity in circulation,•so as to maintain that in au equtlibrium ivitlespecie. It-is not easy to estimate the obstacles which, in the.beginpiPlf, we should encounter in ousting the banks fan the possession of the circulation; but a steady and judicious alternation of emissions and loans would reduce them in time. But while this is going on, another measure should be pressed, to recover ultimately our right to - the circula tion. The States should be applied to," [now I with this point also to„be observed;]-"the States should. be applied to, to transfer the right of issuing circulating paper to 'Congress exclusively, in,perpetsurn, if posslble,--but during the war at least, with a saving of charter ,fights." I read from/1401.99, same volume, an ex tract from a letter to Mr. Eppes, dated Septem ber 11, 1813: "Bank paper must be suppreeso, and jhe circulating medium must be restored to the cation to whom it belongs. It is the only fund on.which they can rely for tome; It is the only resource which can never, fail them, and it is an abundant one for, eittiry,.iieceseary purpose. 'Creamy, bills, bottomedon trixwbeatliSie not bearing Interest, astuiy,:loir eery, thrown into ciretilation,, will: take •the place of so much gold and silver, which last, when crowded, will, find an efflux into other countries, and thus keep the quantum of medi um at its salutary level." .! .1 I read again a short 'passage him a lettet addressed to the same *Person, dated 2doritiOellov November 6, 1818: - . "Perhaps, by giving time to . hbe banks, they may call in and pay Off their paper by degrees, But no remedy is eVer to be .expepted‘tvhile; it rests with- the State , Legislatutes.• Personal . motive can' be (melted througlf . .s6 many ave nues to their will, that in their hands it will continue to go on from . bad to worse, until the catastrophe overwheltris..uk , 4.• still believe, however, that on proper , representations of the subject, a great portion these. Legislatured would cede to Congress their power of estab lishing banks; save the charter righltr already , granted. And this should be asifed,',ript ,by way of amendment tothe Conetitution,,because until three fourths should consent, nothing could ba done, but accepted' from them one oy one, singly, as thair consent might be ob • . stained." ' , . . Oa page 382, I read from a letter to Thomas Cooper, dated Monticello., Ecte,mber t lo,, l lBl4:! k'We ire noviwithotit arty tnedinni; and ne cessity, as well as patriotism and, confidence, will make us all eager receive O treasury notes, if founded upon specific taxes . '.,Congress may now borrow of the publfc'and.WilhoutAterost, all the money they watit, to `the `Saida of a competent Osculation, by inerpli is ulag their own 'promissory` notes, of proppr (Wpm bastions, for the hirger purposes of ctroulationi but not for the smalV • V: . On page 434, I read from a letter toj Bap p 7 Sate Say, dated Monticello, March 22, 1315: "Amlat this time we haveprobably one hun dred banks, with capitals amonnting_to one hundred millions of dollars; on aviiiAi - they are authorized by law to issue notekto.threetim? tie that amount ; ' so that our circulnt &radii= may now be estimated at from two. hundriA milltplt; to three hundredmillions. in a-propor tionZT eight and a half millions." [Thif bank paper which we L have nowla onlylorie hundred and ninety-five millions, and the:-greenbacks four hundred millions,,, for a population of twenty-five millions, of peopiej i ,"The. banks were able, for a while, to keep this tritiit at par with metallic money, or rather to depreciate the metals to a par with their paper; by keep ing deposits of cash sufficient to exchange for such of ther notes as they. ere calletfon to pay in cash. But the, circumstances of the iron draining away all our specie, all these banks have stopped payment," (precisely, our condi tion,' "but with a promise to resume specie exchanges whenever circumstances--shall pro duca a return of the metals. Some of the most prudent and honest will possibly do this; but the mass of them never will nor can. Yet, having no other medium, we take their paper ' of ne comity, for purposes of the instant, but never to lay by us. The Government is now issuing treasury notes for circulation," [these, you will observe, are the great resources,] "bottomed.= solid hands, and bearing interest. The banking confederacy. (and the merchants bound tritium by their debts) 9 will endeavor' to crush-`the - the ,credit of therie notes," [thus Mr. Jefferson an ticipated our present juncture,] "but the coun try is eager for them," [as 'the country:is' now for greenbacks,] "as, something , they, can trust to; and so .soon as a contientent of them can get into circulation, the bank notes die." The next extract is froth a letter;to Mr. cia latin, dated Konticelloi'October 16, ;11315: " ,` "The war, had it proceeded, linve uPget our Government, and a new onewhen ever tried, will do it. Aud so it must In while our' money,,the nerve of war; ts much or little, real or imaginary, as. , out bltterestpoomies. choose to make it." [ifr. Jetfarson anticipated some thingi in. our present juncture.] Tut down - the banksitand if this country could not be carri4tiOughtiiippgast war against f.heir, most 'powerfirr &fairy, without oven knowing RlPlPP l OrinwP7'*w.wejr ,ll . l ... 'h') want of a dollar', withliat ' dependence on the'tisitorous cloaks of our ,. citizens, ,withoot Walla* hard on the; 'resources , of the peOplee or biding the ptitilio with an:indefinite btiithen of debt, I know nothing of my cOnntryinen. Not by any novel- project, not 'by . any &aria tat:mile, bat by ordinary and well expeileneed means- by the total prohibition of all private , paper, by reasonable-taxi* in war, aided by the necessary emissione'tof - Public paper of ciroa -1 lating size;:th is botiotned"on special taxes:it cleensable annualljeaiihissPecial tax comes In; ' and finally, within a tooderate period, even with' theft:od of lir itritalikpet - isith we were 'thiltigtd, would the treastukluive ventu red` its 444 az,e, as tiff Ott or been grbeitily reeeivedby the Vpila'!ple in preference,to bank paper." 11 k9-*t%4X.ltatit 101 read is. from a letter on p age 616,addressed to Colonel Yancey, dated January 6, 1816: - • •gDifferent. persons,-doubtless,..will devise d.fferent . schemes of relief. One would be to. suppress instantly the purFency . of ,all paper not issued under the - anther* or our own State or the GieneralGoveinment, to interdict after a few months the circulation °fall bills Of, five dollars and lindei;;4oei a few *tithe more, all of ten dialers ank:unde4 after other terms, those of twentY,'fifty, and4o on tp one hundieddollanifilwhich list; if ariy,Mutit be left in ct,iculatiolf 4 ehould be lest ; loweet 'denomi nation. These` might be a'consfenitinee In Mer. candle transactions, and would be 'excluded by • their size fioditirdliiiiir: ifiteulallon:, 'But the disdikte niay be too piesslng to await' such .a remedy. ' Mith'thel,l4lslature, I chstiffully lettfeltztitipplfthiertnedlolne, no 'medicine stair:" • . . , • Now, Mit "Speaker ,, those are "the Acme of a man who, of all, others;hee been talked of .14 our friends" cif 'the •Dernocratki party as ;the ftiande'r;of 'lieulberady Id 'the United - States—a matrotttiose name has comedoWn 'to . us upon the.tidevoftime as the most . illustrious chain, Mon of human' rights. I submit, air, that` his views are, upon this•subject, agreat'deal better authority, than anything upon ,tfai 'erttj eet 0( "paper balloons" issue.)' from . Cambriacounty. Mr. Jefferson was. eittedOnta man. I popes.), now, to refer to .tho Opiolonti of a man who was not such daring the greater part of his life; but who, at the date;of the extracts which I.shall read from his 'works, was really a na tional:mull' allude to the - great champion ofcht -- atel rightsttio' fattier of a r greatt - deal ;difficulty fn'thedei=times=Jokin C. Calhoun - wish to show by Mr. Calhoun's' works, that even he wss in favor of issuing traasnry notes' I.readf from Calhoun's works; volnine 111, pvgeh9: P.W.fr must' remember , that I:km6m o:tent isetbegreat moriey-dellepof - the coto,try, snd,,the holder of immense' public domains; andratat,it hes •the power of..dreating a•dentand oplAst etery:citizanilas high. as`:AtiLVlOdees, , ln t42ohliPkof allot ilutY,Nrillileh , carr kbe onafged e em thedafs uow;iscrufly.,A4 banitmotee or Old,and, • kneads ibis to a howrthat Mr. Calhoun - don-f too,dixi, that the: Government :iisa , OalOriapthe entire,wealth and resources of the' nation. ; . _ • - : . . ij read now. from page 82 Of the same Volume: , 11 1 lave drawn.. up 'an :amendment to thie: :bill. which I shall offer at the IntoPerytiine;• - tei modify the . resolutione of- 1 181ft ; by providing' that, after ;the first :of Janne - y, next,- foutths of : all slabs drie .to the , Government moy, be received notes of/sPecielpsylrq , bunks; and: after. thirifiret-or f lowl! g, one-half;, and aftenthe first df January nextjabsequent, one-fourtb7; i and -after the list tot January!:thereafter,i nothing.' btit the legal currency, of the UnitedtStatestilvtilils, or notes 'or paper issued under their antldrity,"' [he contemPlikied.the issue of nciteely the General Jlnv.ornment,] , " "and which , mayby last be au thorized to be, received in. theft .dties." In this passage i - sir, the .gteat champion of i State tights contemplates the legal-tender cl anto. -Oa page_ 122,.halays "I.believe that Government-oredit,'in the !form I stiggeeted," [that fa, Paper- money is sited by, the :United' States Government,] :'combines :all ; the rennisite qualities:of (*edit clicuistion,in•the highest degree; 'and also:that Government ought not ,to-use any other credit bat itsioWn In its - financial- operations:" 'that is about as broadly expresSed ea a man could-well speak oath's subjecif. ' Theca, on page 424 ) he says: , "Rat. there re - wane• ,another and great, advatage. An the event pf war, itivould open alnioat- unbounded resource's to: carry.it; on, without the necessity Of resorting to. what lam almost dispbied toicall a fraud.:—pulalidloans. __`Thaire alreidi gloms! that the loans ,th,p4limaireof-Rogland tb the Government,, were very little more i t i ltanloan, ing bxth.tiet thelleveinmtlittiita Own orb s clit;itrid f this is more or less tree pf all loans where the banking., system„,,preyalls. was ,pgrimmi neatly so' lartilite' War. The clietilation of the ktevernmentsorsiditil in the shape of bills receivable,mycinsivelyotith gold'and Silver, in dues, ~and ,tho sales of public lands, would , dliiPaucc, with,the necessity' of home) by increas ing- Rs. bille,, With; the increase et taxis. Tho increase- al...taxes; of-dotitse,tof revenue and expendlhares,,would,beltdiewed by an• creased demand for tacivernment, bills, -while the,latttir would -psimittthemeins;of paYieg the- taxes,,without increasing, ;in- the -••same degyee, tit pritmui•e, on the' community. ` , This - with a judicious ,sitstern't of feniling,'at-a• low rate of ,intel:cetorould rgo far 'to" exempt' the GO Va ;intent from,thonecesaityqof contracting - ,public loans in the-event of 'war." • Mr. Swalier, I submit -thew: extracts -front the ,works of,two of -the:greateat !minds .this (3044, las produced, ' as: sufficient to-=show that the itane of tressuryi noteely,the Alined States ROverntnent.svas atesouroe which 'every man who had etheart the Interests of the Repub lic, one and:indivisible, felt mnat sooner orlatei be necessary. I.enbmit them as 'evidence that theNational liovernmerit has, pursued , a - iight ands legal course inthksaiar; -that according to the view_e of_ Jefferson - add. "Oallrouti;-these notes are lawfiii,ourrency of-the, United States; rectsivahle inpayment - of.itaArtes. There is •no limit.to the kind of dues. . WIII bn-obiterved that those psstutges which I haVe read, , deciere thatibese treasury notes. are receivable forthe dues of the National. , ,Governmerit. > Thelt do not say for any :particular daes i lut they say for all itedriss. , Now, .eir,.therele a Precedent. 'They iffiy,`fer the dues of,the Government. Now, if tlietki .notiiiivaccotding , to the' WEINVO of Jefferson Mid of Oalhoun;'cati be paid — orit by-the Govern. ment oftthe United-StateirfOr Gellitin, why; in the name of commow-tiensepeannot the State of Peni.:l344l44..PaYAMikontifortheednehtst Why( cannot Shia Connonwealth.of mire pay the in terest on tier Atbt fir' the • same currency,ln which Thomas -Jeffetkort - and John C. Caliiftrin, contemplated-I/tat AIM dubs of the now: Gioveumertudlortlifpote..4.4 ,„ 'worn 'mots- freak t 19t gBtil Bma why the General Government does not employ =MN PRICE TWO CENTS. greenbacks in _the payment of its interest ? air. 'WATSON.', The National . Government has thus hirluidertakai to=pay the interest its debt greenbacks; but* 'yob- perceive that there Tis auther#3s , for "doin g 04, and you Per Celie, dud_ vary legal Jender , clause, about' which therd,has been 'so much haggling diaprititiOn; Wes clearly Content plated-by.both Afthese great light'. Now, T. .submit that, although I .am mot a lawYer, I have shown, in point of law, good reason to believe that these notes are lair= ful money of the , UnitedStates; that in the'firie place there is authority for paying the debts of the National Government with them, and in' the second place, if the National may pay its debts with them; there is authority , for paying , in -the same currency. any other] debts; State str,Prinlte. • my, opinion,.-Yr. Speaker, that.- legali tendErlB_ clearly susealned by these quotations; if it In not, sir, I cannot undeisteid Ape value - of language,' These men were -both lawyers,. and much,Ahler lawyers, I ,siibmit, than any that we can beast hiwe., They had a clear understanding of the Comititntfon 'under which -they were''rearedi they understood the laws of the United States, and they had at heart at the thrukwhen they, spoke and , :wrote, the beet good of, the people of the I•Tational Goierninent: .Now, Mr. Speaker, let ns view this'as a quasi tion of right and wrong.- Here is just what's' .we are met with the hitter* abjurgations from these who are opptsed to this bill. • It is represented that this is a gieat breach of faith— that we'..ale AMA to'do something to dishonor the credit of reurtsylvania and -make her faith kby-word: Well, if we are-to take mar ideas from the iibild wit of Sydney Siiith and those writers in Ragland whoetihabit it has been for the last fifteen . years' &sheep discredit upon •the fair ,name,,of., our Commonwealth, we might think sb. ',But this land, where every man hasnilgtit to think: for' hiniself, and to adjust :hie; judgment to suit , hiS own views of right and wrong, I submit that , it will not do to quote Sydney Snalth„,aa one gentleman on the other side did this Subject was here totermunder dficussic it. inbuilt that it is all insult to our Commonwealth to intieducit here, as an authority on, this subject, the name of a min who has done mote to it.jure the.cheracter, of. our Connionwealth than any forty wrltere in England or America. And-stippose - the same crusade should, be conimenced again .I , hall we, tor that, be afraid, - to do what is right?. _ Shall we, An. that. hisaitate to - do what our judge:tem. teliti us we lutie a right to do? Shad we, be cause we fear that somebody on-the other Sidi of, the Atlantic may burl at us these poisoned arrows, ,hesitates to look , into ,the Constitution, for ourselves for the method of tipholding the, nationalcurrency, on which is reared this greet' fabric, of prosperity' which we now witness even` in time of .watt Shall.we hesitate to do, what iser right, slinPly because we fearanAmptyclamot from John 13h11? Why, sir, this *ten, when, it embraced bat:as many people atilhepresent PiTuletioa ;Of, our :own Oommonwerdili--thhe proud nation didltot fear the British lion; , and shall i t ntear"tremble 'Wafer* the whelps,of the 'lion? , Rhall we be afraid of these 'hireling soilb biers who decry as in the LOndon Sines; and in `other vehicles of slander which.Loodon boasts? Mr. - Speaker, the, laws under which these leans were contracted; provide that , the inter est on , therie loans shall be paid In "specie Or its equivalent. whit. is the equivalent of special' :That is.a question of right and wrong F6i; if we are not giving, in these national e nOtee,,an - equivalent for specie, then we "are doing wrong. That h: clear. But are we not 'giving:an equivalent when we,give currency. which the only ; lawful currency of the United Statee at this time? - That currency, I contend, represents the entire wealth of - the United States. If that currency is not'good, there is nothing good in the United States. _ That currency,has been.caled irredeemable. Brit is only- so called by those who are op posed to the Government by which,,it is issued. it is only 66 - balled by men who do all they can to throwl obstacles in the `way of that Gov ernment.. , That paper is redeemable; for the interrial,mz bill was framed as the basis of tha t. currency -framed'' in pursuance of the princi ples - einunciated in 'the letters of Jefferson Those -notes _ of the,Governnient are bottomed on taxes; they represent the entire wealth of thes United Stites. They are better, a thou sand''e times over, than any bill that - ever could be 'issued byany bank. They are the'equiva• lent of specie; they are the best currency of the country. They constitute,the . money in which we are bound to pay our interest; and that Iswhat - we Oiopose to do. We propose to, pay our interest the best currency of the' country, for there is tut other currency at this It - is idle to talk about a metallic currency, which has wholly dikkaPpeared- 2 being hoarded op in the vaults of hainka, and akeicillators, and money-brokers--goldi-maniacein thegreit cities of ttds tepub4n• It. is idle to talk about that being the currency of the country. It has been hotkrded up beyond the reach of anybody, f 0 far as circulation is concerned. We propose to pay our intereat.im !thew beat' •• currency of the comktry—the currency which representa" our Wealth. ;Wet ate therefore,- doing -nothing wiong we are,simply- doing what is right, and,what we have aright to . do under the Con stitution, • But, sir, there la . another point of vietr,ba ' which this question is to be regarded. At the, time these loans were contracted, the laws au ' titoriaing them were madestiecific for a- patticu t. ler reason. We had at that titnemo national . . _ .paper currency. Oar country was deluged by a perfect flood of bank paper. Almost ' the `whole currency of the country was bank paper i—depreciated trash,- which' Min' traveling through the country 'changed:at every one lio.The v_ilYaffe•to,wiiich; htt4eame. You could 'not - go troth one end of New Euglan4,tft, the 'other, withone' exchanging your . currency at every town throighilwhieli - you Passed. There . was, no national papercurrencr: In this re fs Pet we,were,. suffering, „uuder the worst posel-- 'ble dyne': Thisre was not coin enough in the ,country`' to constitute` a circulating media& Paper wits issued as a n'acernity.- If the tional Government ; had, at that time, come•up - to the wants of the people and issued a sound national - circulating Medium of paper, es the Government has doneiroio, the ease' would have been different, and there Would have been no necessity for inserting in our laws the clause about paying our interest in coin or, ittt,entriv.. alent. The bank =paper gotequivalent - to coin; of couree it could lint be:. Theab bank D oug were , at rates =of;xliscount ranging- froin :twenty-five seate; o 4Lthe - dollar up roAinety comfit en the - dell gr. None of.,thein were, evw, at par- EtterrP hiladelphirenrifis were ata countwin,-Nehriflork. Therefore it" -was ne wrs%-1740. - "hisiitkArt - :onet-.stritutro , arpiovielictr Intslieggroe to eur 7 lieurkreld AnkthP.PAYI void& thistrliiteitertfri something like a good currency. We do not propose to pay in bank = Marriage Notices. adder's Notifies bo Animal Noticegi each insertion , • : so iirsusluess notices inserted in the Local Vatitir.,tr before,Marriages and. Deader, Erfurt Crarre saaragn rGr each insertion. . . • . notet; wepropose tO pay in a currency as Odd AS any issued-by Great Britain - during the lobg period When she was flooded with seven hint dred and fifty =Miens of paper currency. Let me call to the minds of my, Democratic (decide the fact that eamnold England, of whose-ridicule they are somnch afraid, was, in the great'War which she waged against Wit poleon„. under theyressure of the same emit ar rassinents,whiett we have experienced: The immense debt then swept out of ex istence the min of tits country, precisely as has been-the cave with tis; and it haripened with England, just as it did with us, that paper was issued to- etiPply the Tacutim. There.was no other re mule°. If paper had . not heed issued, there would have beetruo'circulation; the pee pla of- that country conid not have 'suitained themselves. ' And I beg you 'to - remark thitt not only dictthey harts paper, but they, Alined more than the Government of the lited States has issued. 'Here I come to another pointjo which I wish to direct attention. It is assumed; falai: - P, that this paper currency has depreciated because of the enormous amount that has been bitted. Now, When I was last in Philadelphia; I found, by examination, that the amount of these ie sues is about font Mildred and fifty-eight rail lions—sordathing like that. , The circidation of the banks In the United Stales is, as bitire stated, one hundred and ninety-anima milliOns; so that the two tqratlier do not bring up. the entire paper- circulation of the 'United ; Stites at this time to anything like theStandiird that prevailed in England'inc 1815. AncL,at that time theopopulation of EriglatiirWas not equal to. what burs is now; it was bat thirteen And. yet, sir, it is seppoaed,thajawe, with a population of twenty,-five. millions of loyal people, cannot' stand four .hunared lions of greenbacks that tie, with oar Choi : - mous resources, with an empire, continental . almost ; in its extent, with • boundless mineral wealth, with agricultural rev urea cif alligh. Europe stands in envy, Witb a comfit:ice that whitens:every sea, and with :Prot.:amity nnexadX 7 pled, cannot steed less paper monefthan Beg land stood in :1815j„ We therefore see, sir, that there, is no earthly reason"for saying that tide paper money of the - United 'States is depreciated becausellte %Leant issued: The Government not4ever4 issued at all; and if Congress would but tax out of existence the i-sues of these State banks, add iedeed banks, and. let : us have .-nothin g bat the greenbicks, there would be.no,.retoe i to complain of inflation. of the currency: - New sir, come to the.peint of eifdpieilie*:Y.' I submit that after we have' consideredithor-` vughly these qamtions of law, and of right, and Wrong, we mot take into consideration ; the, erear question whether'it is expedient' that we should do this thing;'. for -there •are gdosetiMes' things which we must do as matternotrexptifir' ency which we might hesitate to do, werebnote clicumatabc‘a pressing upon us. I think that, aw a question of expediency; we sheinliradiVt, this bdl.-. tbinkthat we ought notto pladarpott . • the people of ; this,Commonweal onn . nall lion tore hundred thousand - dollars additioaal , &don, to order that the hani-liolddrii menwealik may be paid in gold. '1 eiribinitigat; with the enormous buttirensbUthili war Weigh ing us dOwn, with no certainty 116 - to,mhere the war is to end, and where 'its burthens ,to„ stop, we cannot afford to eirtlf abstraCt above:maUers,of expediency and the fe west of the people. If it were a questions of autintainingott E good faith, we might aubmittcf, many sacrifices `in order,to pay our interest in. coin; but rthink I have shown, that, ixith as amtatter of right and as a matter' of liiiir;re • are justified in paying the interest on oar debt. , in greenbacks. I think it expedient also, because the burl hen. of paying the interest of our debt in gold, with the premium on . gold. conetantly would be rather more than men it gielating for :t,tie people of this Commonwealth, ought, to saddle them with. In framing our 'bil Is in the 'Com mittee of Ways and Means', weleve been con - atantly confronted with.the etioinions Increass of stir liabilities. Gentlemen en the other tide of the House press upon us all matmer,of.exer bitant demands for damages in yet:inaction with the Invasion of the. State; they pr.,Poss tt at we, shall pay inamated ealaiiee. Fer everything-We must-pay oat our, money, liberally; awildn ad=- dititin to ell the rest, we must ,_also for Interest than the face of the date calf; fiy—, c , becaniethat is the actual fact.' In oVerwcwds, when a: man comes forward to get one bendier" :V' dollars interest on loans of the State i it isprer,il posed that we shall ply him, one hundred snit ;: : : seventy, txcan-la few speculators have inn up the premium 011 gold. I think this measure is expedient alsOonthel: ground of patriotism and I cannot understand::. why,' when thin ' argument was rvged by .the gentlemawfrom Warren 111 r. the former debate;citemiers pooh-poohed at ft: Al 3 question of pa.trlothim,lthhak Kist& pooli z isaohed at., • I think that thesupport of the • _ National Government rises faraboveyarything 614; that that'is thegreat . question now ; and that whatever stipportwe can lend to that Goi# 2- ' eminent by giving cutrency tO,ltanotes by:payL ing our interest in them, iiiao much contributed -, to the actual strength of the Government, There -, can be no question Of this. So fir as yon lead . anysaan to believe that - these greenbacks-are: - not reliable, by paying him in some other cant' Nig, at a rate which admits that the nationat - ,, notes safe not worth their face •value,te that ta- • 'tent4ou weaken his faith in the Natioititato - 4:. 'ernment. Here is a raper which saytrilfrit The GOiernment of the United States ,willlpay.iant; much money; and you tell that man that that. 4 4. prOmiee of the GoVernment of the U6ited Stat es,, is not worth half what itpurports to be." you tell your domestic creditorsthat /enact' the National Chivemment:ls.-not,,woh a w,_ , what it purports on its face, yon to that ! witgrit„ _ reduce the strength of 3'Our G over n neat The domestic-creditor has no right:to derinanititilA interest Than the facefotarittbondliallefor; 4trid I do,not see why gentlemen ahpuld peitsistentlY contend that the domestic any other credifor - should receive nearly twice the aninunt of b!tt :interest. ' • Mr. Speaker, this -;opposition to the preen-' - ' 4 Ntehe. end the dattlor that everything should-:-. be paid in gold, seem to me but part of a gert zr , eral policy to , embarrass the progress of ,tie Suppression of:the - rebellion, t 6 & ratty difficulties, to increase the ober and; if prasible; to render, IEA jilet re bit). for - the government to proesPasf"---rt successfulty and to achietrp:finilly .Dock,r.) pbantpeace. - ' I am f or the suppression of - itbutellaWY all hoards, and at all saniitices.. I irsluszni. of paying the interest on our debt c,3rd backs because: bydsihriltieh it sty ' hands of the NaillinitLetivernifienl we do not knew. _dreg thisust received think we i3b4iila',l4lkAtAbli FRiER, "tht4titiitititeriiiient: ite the emlis!`' :) .q on oftheliiiirekintOnletfr aeon, and do what we can to relieve t' received at the pressure upon them. XOEIIPRIt ~"""" a ft • z Ai noyi. Liar' - Intiernsin g in ttierincr - io do will flad tt rni . ene-kancluare. CAF wirsuakw bt da ei y dart-- 60 aevairg '' --"-- 21 1 Ou :week •• -• • 2 2 6 3 rragh. iitlir7r!"7- BCO 9 00 ee montha,...•• 11 C 0 months 13,01.‘,,ttet.. 25 0 16 0 -- -