The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1837-10-17

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retnrv of the Treasury to state, ohetler IN anttci
nation of the Treasury Note Bill, he had not en-
gagged N, artist 10 engrdUe Pldte Jor me purpose
Of printing the notes, and fhte plate had no.6eem
engraved and The notes printed. c,
Cambreleng objected TO the reception OF inc
resolution and it was lost--Ayes 20, Noes 90
The House then took up the Sub Treasury Bill
Roll moved to strike out the first section. He
said he considered this bill as the great measure
ot the Administration. twas the bill Of supplies
10 enable them to curry OH the war Whch lthey
have undertaken against the banking institutions
of the country and he called upon the "conser-
vatiyes." il they actually had made compromise
with the marty in power to state what it was
The House ought to know, and the country ought
to know, how things stood. lfsome certain State
institutions, in which those gentlemen might iee
nh interes, We're to be exempted from the general
massacre, that fact ought TO, be known, so that
those interested, and in questions like these
the whole community was interested, -mISht
make their arran gements accordingly. However,
he bid them take heed how they trusted to any
fattering promises; he called their attention to
the furious assaults made daily by the GLOBE upon
the whole banking system; and he declared l'i''t
every man who voted for this bill, would become
n marty to the war,--woud make HIMSELF indivld
uav. responsible for all the future undertakings
of the government. Those undertakings were
dark extensive and profound. Those ati the
head of the government had a great genus iot
political intrigue. The whole length of their IN
;entions was known to few LIE nGn R ncg
ney ms possible and he nstanced, among other
things, the great sums demanded for the Flnridn !
war the numerous Indian delegations now in
the city, at great expense; and the Indian trea-
ties, calling for large appropriations now in the
process of negotiation. millions Of dollars are
thus being spent by the mere power Of the Ex
ecutve, Mt the very time that the creatures ofthe
Treasury in this House are talking about the poU-
fhH oil
creation Of Il new public debt Arc not facts
like these well calculated to excite suspicious?
Why were expenses thus aggravated at this par
tlcuar time !? Had this fact no connection with
theAnew plan of a national currency P project
iraught with multiplied evils, which could best
be opposed by being opposed in the beginning.
He then entered into series of statements,
showing most conclusively, that the government
has ample available means, without issuing t
single treasury note; the funds in the depose
banks conferred upon the government by the /
deposite repeal bill, being Just as available as it
ever has been since the 1lth of May last.
He maintained further, that the government S
creditors no better entitled than all the other
creditors Of the country to be paid in specie
Bank notes were the actual circulating currency t
OF the country, not only acknowledged by all in I
dviduals, but by all the Stale Governments and /
there was no reason why government officers and =
government contractors should be paid twelve '
per cent more than all the other creditors in the
country. The general government had produced !
all the existing arrangement in the currency, and \
with singular impudence, the general govern @
ment alone refused to submit to the necessary p
consequences of that arrangement. a
Saturday, Oct 7. v
In the House, Bell concluded his speech u
gainst the Sub-Ireasury Bill, by arguing that v
specie Payments might be restored in sixty days,
IT the general government would but put itself
upon level with all the individuals in the coun- u
,I,, ~
the Union; and would agree to use in its pecun-
larry Transactions the only currency-he would in
not say the legal constitutional ctrrency-but pl
the only practical existing currency and by so al
uoihg give It's countenance TO the banks, and re- DC
lieVe them from the constant terror of govern Pi
ment hostility, and government runs.
Wise then addressed the House in support of NJ
he various amendments offered by himself of
hese amendnots the first limits the issue not as 81,
n the bill ny the, discretion of the President but M
q the erigencieS ofMe Government. The second to-
trkes out all that part of the second section eff Vi
he bill which directs that the notes shall bear pr
interest. The third strikes out that nnrt of tho eX
section which a"horzss the to SCI
aise money upon these notes; and substitutes n Nv
allse winch forbds the issue or payment of any ed
i these notes, so long there remains in the TIL
ands OF the Treasurer of disbursing officers, tn
ny specie or other available funds; and that the by
md kept in the Treasury to meet contin rencies an
4,
ne exigencies of the government shah demand all
leir issue. This was stated by Wise to be the W.
mendment which he considered Of PRINCIPAL pa
The first of these amendments was carried ito
ithout count. The second was lest without me
count The third amendment was divided into me
vo parts; that part oft proposing to strike out tho
as iost without count; the yeas and nays were he
emanded and ordered on that branch of il pro- sol
osing to insert a proviso. sol s.;
Mercer-l object to the latter clause of that be
nendment, because it mentions five millions of {
ollars as the sum to be kept on hand in the a
easury, for contingent fund. The idea is pre- ms
'sterous, that any such surplus fund is necessary
the convenience Of the government; land der
IRE nc read an act Of 1916 which provided, that the
me enc OF every year, the surplus in the treas n,o
beyond t,oo millions should be paid over to the me-
mmssloners of the sinking fund, to be en- So y
Dyed in the extinction of the public debt.)- 7
lder thus act so long as the public debt remain bill
unpaid, the treasury never had on hand anv was
ger surplus than two millions: and now i, ;s Abs