PAY OF SOLDIERS.
Mr. MANSFIELD, from the Military Committee returned the joint resolution S. 9 (see page 117) recommending that it lay on the table, as there is a measure before the Senate proposing an increase of pay to the army.
Mr. HORD opposed the tabling of the joint resolution. It was the true basis for the pay of the army. The pay of the private soldier was fixed at $13 dollars a month when gold was the standard, and now he only gets that amount in a depreciated currency. Pay him in gold. It was right and just. The representatives of the people here should guard the interests of the soldier and his family, and he was satisfied that the plan contemplated in the resolution was the true one. It was unjust to pay them $6 50 a month instead of $13.
Mr. CORBIN made a similar argument in favor of the bill.
Mr. CLAYPOOL contended that legal tender Treasury notes were received in all ordinary business transactions at par, and the supposed depreciation was an error. It was the enhanced value of gold growing out of its scarcity. "Greenbacks," as they were derisively termed, should be received by everybody as the national currency of the country, and he held that all attempts to depreciate their value and to render such money odious; in the eyes of the people were unpatriotic. In his county there were scores of wealthy men of strong prejudices against the Government, who had by studied efforts induced many honest farmers to believe that the national currency was worthless. It was wrong to thus decry what every man who had an interest in the country ought to gladly accept as the circulating medium of the country. He had favored an increase of the pay ot the soldiers, but did not believe that they cared to be paid in gold when the money they received was such as to enable them to supply themselves and their families with whatever was necessary as cheaply as with any other available money. The gold could not be had, and it would be found impracticable to make payments in Treasury notes at their specie value, as that was a matter not easily arrived at He would gladly see all bank paper driven out of circulation and the vacuum supplied with United page: 148[View Page 148] States Treasury notes. Then we could have & uniform national currency in which the people everywhere would have confidence.
Mr SHIELDS favored the report of the committee. He could not see how it would be possible to determine the relative value of Treasury notes compared with gold, and such a policy as that proposed in the bill would load to confusion.
Mr. GRAVES said that he was distinct ly in favor of the increase of the pay of the common soldier, but that increase must be fixed and definite, and must not depend upon the fluctuations of gold in Wall street. The pay should be raised but made payable in legal tender notes, now the national currency. He agreed with the Senator from Fayette (Mr. Claypool,) that gold had appreciated, and that legal tender notes had not depreciated. In proof of this fact he cited the circumstance that a few years ago, and for aught he knew it was now the case, that Spanish dollars were 10 to 14 per cent, premium over gold in the city of New York. No Senator would contend that gold had then depreciated. The truth was that the demand for exportation had appreciated the value of those specie dollars. So now with gold It alone of our currency, would pay our debts in Europe, and hence the demand. It is no longer currency, but an article of traffic. As patriots we should encourage our legal leader currency, and all payments be in those funds. He should, therefore, veto in favor of laying on the table.
