The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-19
REMARKS OF MR.. WRIGHT.

words relaton 10 the Oil before the senate
position reference 10 this and other bills perhaps, re-
quifed him 10 do so He would, however, confne him
self strictly the present subject aud to the most brief
justification OF his course, and that OF majority OF
the Committee on Finance, who had concuned with
him IN reporting the bill
Immediately upon the appointment OF the committee,
and the reference of the important subjects treated
Of in the Message Of tie President and the Report Of
the Secretary Of the Treasury the committee found that
the Treasury OF the United States was, very soon TO be
in Of means meet the current demands upon 1t.
without regard to any further transfer to the States
They also found that this fourth nstalment OF the depo-
sites with the States to become payable on the rst
day Of October and amounted to about nine and
third millions of dollars.
The state Of the Treasury as developed by the Re-
port Of the Secretary Of the Treasury, was he now
rceoected and he thought he could not be materially
mistaken, that, al the time when the statement append
ed to that report made up about the hrst day OF
the present MONTH he believed the exact date was the
18th Of August there in the Treasury, subject 10
draft, available and unavailable but eight millions one
hundred and some odd thousand dollars. The report
printed, and upon the table Of every Senator and
would verify his correctness in this particular This
amount was exclusive Of the sums already deposited
with the States, being some twenty-eight millions
To arrive at what would be the condition OF the Irea-
sury the first OF October the expenses OF the pre-
sent month, which, from drafts already made and anti
cpaed estimated about two and half millions,
must he deducted from the eight millions, one hundred
and odd thousands thus leaving in the Treasury sub
ject draft the first day Of October less than six
nions, without the transfer Of dollar TO the States
towards the October nstalment. This too, included
all the funds IN the Treasury subject to draft for pay
ments, or transfers to the States whether available
upon the drafts Of the Treasurer the funds de-
pose with the States not being taken into the compd
tat,ou.
IT, them the October instament was to be transferred
10 the States all the in the Treasury OF all de-
scrpons, the day when that instalment by the
deposite law made transferable. would not be equal to
t~o-thirs Of the amount and money must be borrowed
upon the credit Of the United States to supply the de-
hcIency
Another. and stronger view, however, was presented
the committee BY the head Of the Treasury Depart
ment The arges, portion Of the funds IN the Treasury
tpfesent and which would remain there the first OF
October wholly unavailable upon the drafts of the
Treasurer They were IN the western and southwest
banks and experience had already shown that the
drafts Of the Treasurer upon these banks would not be
received IN payment by the public creditors. IL was
equally proved that the States other than those in
which the banks located, would not take those
drafts and give their obligations for repayment Of the
money pursuance OF the provisions Of the
depose law. The transfer to the States, therefore,
could not be made to the amount OF the funds IN
the Treasury subject draft By Of the character
OF the funds TO be drawn upon and, II TO be made,
loan to much greater amount than the deficiency OF
those funds upon paper. would be rendered ndspensa
BILE, from the unavailable condition Of these funds
Still, il would be by the Senate, tina. this dispo-
credit would leave the Treasury without dollar TO
the demands upon it. The appropriations
for the year large almost beyond example, and the
current calls upon the public Treasury must be mea
sured by them. Hence 1t had been object of prima-
ny interest with the Secretary devise the for
carrying the Government and fulfilling its obliga-
tons to the public creditors and in reaching that object
he had, as he Mr. W. considered wisely and properly,
suspended his efforts to make this last transfer TO tho
States In pursuance Of this necessity, he had told
Congress- in his printed report that he should make
movements towards the accomplishment Of that object,
unit: the action of Congress should signify its will that
that transfer should still be made, and should provide
the means for making it, These facts and conclusions
were fully before the committee.
1t then became necessary for them to what would
he the state of the public Treasury, upon the SUPPOSE
ton that the October instalment Of the deposte with
the States should be withheld In prosecuting that in
quiry they found that the funds the Treasury, sub
Ject to draft were, to great extent, unavailable,
that would be indspeHsay necessary resort TO the
Of the credit Of the Government some form. to
anticipate the practical of the unavailable portions
OF those funds for the purpose Of current payments.
At this stage OF the inquiry two other important nte
rests both public and private IN their character pressed
themselves upon the attention Of the committee, In
any settlement with the late deposite banks, which
should have proper regard to the present deanged and
depressed state Of the business Of the country and
the security Of the public Moneys yet remaining in their
possesxion the committee forced TO the conclu
sion that indulgence to these institutions, beyond their
legal liabilities, indispensable The conclusions Of
the committee upon this point had been embodied IN
the shape OF bill, and now before the Senate in
printed form. The other great interest to which he
ferred was similar indulgence upon the revenue bonds
There, also the committee had reported a bill which
was before the body. In both cases. the least ndu-
gence had been proposed, which the committee be-
eved to be consistent with the great private interests
of the communny the security Of the public property
involved. They had been induced to believe, that the
time granted to the banks was the least which would
49, ,ha
qured by law, and that any dependence upon
speedy collection OF the merchants bonds would result
in disappointment to the public Treasury, and
quent failure to pay the public creditors.
1t being assumed that Congress would agree with the
committee in these conclusions, and that these bills
would meet with appreciation, what then would be the
state Of the Treasury with reference transfer of the
October instalment to the States
Mr. w said he understood the estimates of the De-
parment to be, that without these ndugenccs to the
banks and the merchants, and with the posponement of
The October nsamen Of the transfer the States the
whole in the Treasury might be adequate its
wants, in Congress should be willing to grant the
of the public credit temporarily that that portion Of
the funds which were at present unavailable might be
brought into practical use, until time should render them
available for the redemption Of that credit II those
ndugences should be granted, then the use Of the pub
lie credit would be required beyond the year,
because material portions Of the existing means, and of
the otherwise acculng revenue would be placed with
out the reach control of the Treasury for than
that period.
Upon these calculations and hypothesis the bills Of
the committee had been framed, and it was now his
duty to give these facts and conclusions practical app
cation to the measure under discussion.
This bill to postpone the October instalment Of
the transfer the States II he had been correct in
his statements, and had made himself ntcgble the
Senate it would he that nothing existed in the
Treasury out Of which this transfer could be made and
that nothing within It's power could enable it make
it without the aid Of Congress 1t would also be seen
that the whole Of the Treasury inadequate
meet the current calls upon it without the temporary
MD al the credit nff the liz