Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-22
WAsHrScToN FRrpAY, Sept. IS

"a At.
WAsHrNGToN FRIDAY, Sept. Is
On the Bill reported by Mr.. Wright,
from the Finance COMMITTEE, to author
ise an issue of Treasury Notes.
Mr.. Wright moved to fill up the first
| blank in the bill with the word ten"
thereby making the amount Of notes to be
issued ten millions Of dollars. -
Mr., w. said that it had not been posi-
ole for the committee to know the amount
Of the notes necessary until action had
been had on the bill to postpone the fourth
s,a'mcnt to the States, which bill having
now passed the Senate, he was able to fill
up the blank. lie had an interview on
The subject With the Secretary Of The Treas
ury, and he had learnt from that officer
that, on the supposlton no more extension
would be granted than was proposed by
by the bill for extending the duty bonds,
he had thought that the sum of eight mill
ions would be sufficient. This was, how.
ever, on the suppostlon that the bank OF
the United States would pay in October
tho instament then due to the govern.
ment. But it was understood by the Sec
rotary and the committee that this would
not be done, that bank having bought
% Treasury drafts issued in July for the
payment of the third insalment then due
from the bank. This being the cnse, the
Secretary would require that the blank be
filled up with nine million five hundred
thousand dollars: and therefore on this
calculation, the Committee had Instructed
him (Mr. W. to move for ten millions
Mr.. Clay OF Kentucky, was very DESTROYS
Of obtaining more full information relating
to one point, and that was, lthat as a bill
had now passed the Senate for arrcsting
the payment of he fourth ns'ament to the
States, and since the fund intended for the
Use OF the 81 ates was now to be applied to
The Use Of Government, if it was intended
to employ the funds in the banks before
beng reduced in some way or other to a
specie basis whether Government intend.
ed by laws passed. or to be passed--such,
for example, as a bankrupt law--,o force
the conversion OF the funds now in The
banks INTO the Treasury, there to lie with.
ont being used' His inquiry vas not, he
thought, useless, since 1t must be evident
that the amour. OF the blank must depend
upon the availability Of the funds III the
banks
Mr.. Wright said it had been ascertaincd,
and so stated in the Secrearys Report,
that all the money in the banks subject to
draft on The 28th of Aug last amounted "a
only eight million one hundred and sixty
thousand dollars. Out Of that sum the
expenses for the month of Sept" were
to be taken, which would leave the sun
reduced to about two millions and half BY
| 4 ho I-t, Nat. Hnt hn ST ri
ind drafts should come in on the TrcaSu
ry, (many of them beng pro'es'ed) IN that
case the available amount would still be
diminished aud the Treasury won d be il
want of means. There were therefore ~
ready means without the assistance o.
Congress. In all the Atlantic coasts, the
money 10 The banks had for the most par
been Withdrawn, only small sum subec
to draft beng with them, say less thai
n million, aud creditors were not wiling t
receive the drafts upoH the South western
banks, where now almost all the funds !;
=, dcposlte with banks were placed.
Such being the case, and such the n
4 mount Of unavailable money, the object o
: issuing Treasury notes was to anllc'pa',
Y The funds ~ depose with the banks unit
, Congress should say how those funds wcr'
d 10 b. made available, The Committee OF
. Finance had reported hill giving TO thos
. banks intervals of two, five, and elgh
# months III which TO pay the sums due, dl
f vldlng the balance in thc,r hands into tire,
Y inst ailments. Again, the extension gran
a ted already, and proposed still TO b.
=. granted, on bonds, would diminish th
t means of the Treasury from all whlcl
consideLa tons, the issue Of these notes wa
4 rendered necessary to meet the current ex
y penses.
o Mr.. Clay, of Kentucky, professed him
d self greatly obliged by the valuable inior
d nation communicated by the honorable
n Senator mr. Wugh,,) but he still felt tina
n the inquiry which he had wished to maxi
e was not yet answered. He meant to IN
G Quire II these funds were to be left idle
2 Mr.. Wright, in reply, said they wonl'
# not be used as bank notes unless the lav
i should authorize them so 10 be used
5 Mr.. Clay. Then il comes to this; w
{ have passed bill To take funds out OF th
Y To use them, t. PIT them into the hands O
others who refuse to acknowledge and maxi
d use Of them. The States woud have
= been o lad II receive this money in the shap
v o' bank notes, and We have taken II irkn
d them. Again; Government refuses to cal
, them funds 10 that shape, and to govern
b ment we have now made them over by Thu
k bill Just passed And as Government
y though il receives those funds and prevent