The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-23

walked up 70 the reality OF an empty .Treasu-
ry. Then, as now, we had our forty seven
millions Of revenue; our nine millions Of an
nual surplus-our bank expansions our mad
specnlations- our bloated and delusiye pros
periiy; and then, as now, we were called to-
gether TO borrow eight millions for the sup
port Of the Government, to hear the cries Of
distress, and the calls for relief. The eight
millions borrowed then, and borrowed with
the approving voice of some who now stig-
matlze similar loan, under similar circum-
stances, and for the same object, was not
considered as the germ of new national
debt, neither will our loan be so considered
by the country,
trust | have yindicated the bill from the
stigma Of being paper currency bill, and
from the imputation Of being the first step
towards new national debt. hope it is
fully cleared from the odium Of both these
imputations. | will now say few words on
the policy Of issuing Treasury notes in time
OF peace, or even in time of war, until the or
binary resources Of loans and taxes had been
tried and exhausted. am no friend TO the
issue OF Treasury notes Of any kind. As
loans, they are disguised mode Of borrow
ing, and easy to slide into currency: as a
currency, il is the most seductive, the most
dangerous, and the most liable to abuse Of all
the descriptions Of paper money. The
stamping 81 paper 10y Gouernment) is an ope-
ration so much easier than the laying af tGaes.
or 81 borrowing money, that Government in
the habit Of paper emissions trouid rarely fail.
IN any emergency, TO iadulT itself too far IN
the employment Of that resource, TO avoid, as
much as possible, one less suspicious 10 present
popularity." So said General Hamilton ; and
Jefferson, Madison, Macon, Randolph, and
all the fathers of the republican church
concurred with him. These sagacious states
men were shy of this facile and seductive
resource, $50 liable to abuse, and so certain Of
being abused" They held it admissible to
recur to it in time Of peace, and that it could
only be thought Of amidst the exigencies and
direct and responsible alternatives ofloans and
taxes. Bred in the school Of these great men,
| came here at this session to oppose, at all
risks, an issue Of Treasury notes. prefer
red a direct loan, and that for many and
cogent reasons. There is clear authority to
borrow in the Constitution but, to find au-
thority to issue these notes, we must enter the
field of constructive powers. To borrow is to
do responsible act; it is TO incur, certain
accountability TO the constituent, and heavy
censure if il cannot be justified; to issue
these notes is to do an act which few con-
slider Of, which takes but little hold of the
public mind, which few condemn and some
encourage, because it increases the quantum
of what is vainly called money. Loans are
limited by the capacity, at least, Of one side
to borrow, and Of the other to lend the
issue Of these notes has no limit but the
will Of the makers and the supply Of lamp
black and rags. The continental bills of the
Revolution, and the assignats Of France,
should furnish some instructive lessons on
this head. Direct loans are always volun-
tary on the part Of the lender; Treasury
note loans may be forced borrowing from
the Government creditor: as much so as if
the bayonet was put to his breast; for neces-
sity has no law, and the necessitous claimant
must take what is rendered, whether with
or without interest; whether ten or fifty per
cent. below par. / distrust, dislike, and
would fain eschew, this Treasury note re-
source. prefer the direct loans Of ls20-2l.
could only bring myself to acquiesce in
this measure when it was urged that there
was not time to carry loan through its
forms, nor even then could | consent to it
until every feature Of currency operation
had been eradicated from the face Of tho
bill
have spoken to the points which induced
me to rise, and might here terminate my re-
marks but the committee, of which ! am
member, has been assailed, and being on my
feet, will say word in its defence. Sena-
tors have said that the committee has report
ed nothing for the country--nothing, in fact,
of any value or consequence. With Difference
to their judgments, presume to think other
wise, and with the indulgence Of the Senate,
will undertake TO convince them of their mis-
take. First, there is the Merchants Bond
Bill it relieves class Of debtors to the
amount of four millions OF dollars, and through
them it relieves many others. This bill also
grants additional credits OH bonds to become
due for year hence, and in that, grants fur
Their relief to the same class and to their nu-
merous dealers. Then there is the Opposite
Bank Relief Bill. This gives time to another
class of debtors to refund six millions, and
through them it relieves all their debtors, and
besides, enables them to give temporary as
sistance to the country generally. Then
comes this Treasury Note Bill; a measure of
I0llci W NJtdtCS W TIC dHHOuHt VI tCH IhiI-
lions, and through them relief to all their
citizens, by supplying the Treasury from our
own resources, and thus staving off the con-
tingency on which they became subject TO
reimburse ten out Of the twenty-seven mil
lions of deposite, while still in the very act Of
receiving it. The Senate, on the motion of
the Senator from Pennsylvania, who sits over
the way, (Mr. Buchanan has since abrogated
this contingency, and substituted the will Of
Congress; but this change, while it admo-
nishes us TO say, tarewen--d long farepeH to
the t,centy-seocn millions and even to fear the
approaching departure Of the nine millions,
cannot diminish the merit Of the committee,