The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-07

TREASURY NOTE BILL
The House on meeting in the evening session.
went into COMMITTEE of the Whole on the state of
the Union, Mr.. Common in the chair, and resum-
ed the consideration of the bll TO authorize the is
suing of Treasury notes, with the amendment to,
or substitute therefor, of Mr.. Rheu.
Mr. DUNN briefly opposed the bill, and gave no.
tce of his intention to submit an amendment, when
it was in order to do SO.
The amendment of Mr.. RT1ETT was disagreed
Mr. WILLIAMS, of North Carolina, also OPP
posed the bill ~.
Mr.. DAWSON moved an amendment to restrict
the number Of clerks to four and limiting their COM
Mr. CAMBRELENG had no objection to the
amendment. ...".
Mr. MCKAY suggested the introduction of the
words per annum' which Mr.. Dawson accepted
as a modification, and so modified, the amendment
agreed To-
Mr.. RIVES moved TO strike out the second clause
of the bill, which provides that the notes should
bear interest. He explained, as the reason of his
motion, that he was in favor of the bill as originally
reported in the House from the committee of Ways
and Means, that bill not providing that the notes
should bear interest. This was the main dis
tinction between the House and Senate bills =
the latter making the notes bear interest," the former
notl ".s ....
Mr. SNYDER said he would vote for the amend
ment of the chairman of the COMMITTEE of Ways and
Means if were under the necessity OF issuing
ten millions of paper money for one he thought it
important that me paper should be of equal value
with specie, unless il is, the consequences will be
that the issue of this paper will add to- in place of
diminishing, the evil which at present exists; for,
disguise this as you may il is debt which we are
involving the nation in to the amount OF ten mil
lions of dollars. | have been in the habit of always
egisating in a manner that my constituents would
understand my acts hence would much prefer
loan of ten millions TO the present proposed mode OF
issuing warrants to that amount, redeemabe in one
year. for, depend upon It, il we keep our faith with
the States, we have ten millions to pay them in
1899 There is now deficit in the Treasury of
two millions and upwards, this, together with the or
binary expenditure of the Government, will con-
sumo all the revenue of the next year and at the end
of that time, the money must BE- raised to redeem
the warrants, and rest assured that the people will
understand il, when they are called upon to pay IT.
II is objected to- that if these warrants bear interest
they will be anxousy sought for, and being more
valuable than specie, they will be locked up and
withheld from circulation. Admit this, ii will take
ten millions of specie or its equivalent TO Withdraw
from circulation the warrants, thus adding TO the
means of the banks TO resume specie payment MOI
only the wants of the people, but the character oil
the Government imperiousy demands that we
should issue none other than a circulating medium
which would relieve the deranged state OF the cur
renew and have an equal value with specie. re-
peat sir would prefer loan 10 the odium OF iSsu-
ing paper currency, not based on specie capital,
and which the taxes of our constituents must in the
end pay. H.
The amendment was further briefly discussed by
when ... .".#
Mr.. CHAMBERS, of Kentucky, moved that the
committee rise, but subsequently withdrew the mo-
ton.
Mr.. BELL suggested that the question be taken
on the several amendments the bill laid aside TO be
reportrd and the further discussion be had in the
House He was also willing that all the bills should
be reported early, except the last, Qhe Sub Arcasury
Schene.) ."...-.s ~. .. .."
Mr. UNDERWOOD gave notice Of substitute
he intended to offer, containing two propositions |.
To authorize a sale, at par, of the bonds upon the
Pennsylvania Bank Of the United States and 2.
that if the Secretary Of the Treasury cannot sell
money. (viz. $6,500,000D at rate of interest not
exceeding six per cent per annum
After some remarks from Messrs Rives Holsey,
Mexican, Dunn, Cambreleng, Robertson, fillmore,
Chambers, Wise, Johnson of Maine, Duncan and
Grcnncll the committee rose and the bill and amend
mentS were reported 10 the House.
The House then adj d.
THURSDAY, Oct s.
Mr. HAYNES submitted motion to reconsider
the following resolution adopted on yesterday which
motion was entered and lies over
ReSotred That the Secretary of the Navy be re-
queStcd 10 communicate to this House the cause of
the detention in the sailing Of the Exploring sqnad-
ron, together with the correspondence between the
Department and the commander, and other othcetS
persons who are now, have been ~ any ln,e ,,
attached TO that service and also report MAJ dino
fthe appropriation made by Congress LOT III
pose has been expended, and whether an ,,;,J :.
sum will not be required, within shoi' p'''o1' :"
carry the expedition. -. =, ;., 49,. |
Mr. HOW ARD submitted motion To PRINT ten
thousand oxra conie of the correspondence III Tela-
lion 10 the Nexicin boundary whch was dgrceu To-
Mr. ADAMS then moved that the same NUMBER !