The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-18
DEBATE IN THE SENATE. ...
THURSDAY, Dec. l3.
FOURTH INsTALMENT OF DEPosITE.


Mr.. WRIGHT, from the Committee on Finance, to
which referred the annual report Of the Secretary
Of the Treasury the finances reported bill further
postpone the fourth instsmen of the deposes with
the States, under the act Of June, 1886 which
read 49,.
Mr. CLAY, Of Kentucky, said that he should like
really to see if this nstament was again TO be post
poned so contrary to what they all expected the last
session. that it not postponed indefinitely tie had
hoped that there would, at least, have been some pro-
longaton Of the promise to the States that they might
cok forward TO time when they might reasonably
hope to receive this money, which they all expected
and which many of them had made arrangements 10 APP
propriate useful and important purposes. He should
like know if one years further posponement would
not be sufficient and without saying whether he should
for the bill in any event, he hoped that II would
be amended as to postpone the payment to some day
CERTAIN say the LIST Of January, ls40 instead Of being
postponed, provided for by the hill, until the further
pleasure Of Congress expressed on the subject.
Mr. O. then moved to amend the bill by making the
posponement till the LIST January, ls4O.
Mr. WRIGHT observed that he not then dis
posed TO occupy the time Of the Senate by discussing
the subject Of this bill The committee had reported
il with view to the state Of the Treasury, indicated
by the Secretary ia his annual report. That exhibit
showed that by the first Of January, there would be no
money in the Treasury for the payment Of this fourth
instament and there anticipation OF that officer
tina. hsra would be any moneys for the purpose by the
first Of January. thereafter The committee believed,
he did, that the time had arrived when Treasury
had parted with oil the money that il could spare and
carry the operations Of the Government without
calling the States for the repayment Of the install
ments they had already received Heknew Of nothing
which promised that the Treasury would be able to
spare this money by the first OF January, 1910, and
therefore must oppose the amendment. Having made
this explanation, he would content himself with asking
for the yeas and nays on the question.
Mr. CLAY, Of Kentucky, said that he confessed he
utt npahle IN kroX what Nould he cOndi-
Of the Treasury by the time mentioned and this he
believe than practicable for any body to
know for, after the dealcations Of two public officers
which had lately to light, to the astonishment OF
this country, for million Of dollars and the amount
Of the other yet unknown, no one could possibly tell
One thing they did know, and that was if they could
get back this money part of it, the state OF the
Treasury would be very different from what it would be
with the total loss of it. He knew nothing to the
amount of these defacatons, to the Of the
Government to recover back the whole any part Of
lhem and therefore, would not hazard any calculations
as to their probable value. The gentleman from New
York could say thai the Treasury would be in cond
ton to pay this money. by the LIST OF January, ls4O
that very Such the nature Of our hlan-
cial concerns, that could say with certainly,
year before hand, what receipts and expenditures
would amount TO- But he would observe that If should
be found when the time came round, that the Treasury
was not in condition TO meet this payment there
would be the same power IN Congress that there now
was 10 postpone lot anOtDer year Dut what ne want
ed to see was that the of Congress providing for
this deposte should be fulfilled and the pledge redeem
ed by carrying out the assurances given by that act
Some greater security would he gwen TO the States
that they would eventually receive this money if de-
finite day fixed for the posponement, than If It was
left as provided for in the bill, for the future action OF
Congress II it postponed till the first day OF jan
usry ls4O still further posponement would require
the consent of both branches Of the Legislature, as
well as OF the Executive whereas if the b, passed in
its present shape, would amount to indefinite post
pouement, without special act Of Congress- sanction
ed by the Executive. He glad the yeas and nays
had been called, he wished record his vote in ia
Of continuing the hope that the depose act would
be eventually carried out.
Mr. WRIGHT replied tina, il, was not his intention
now 10 enter into discussion Of the lamenabe defa-
cations which had lately come to light. He had not
the information enable him speak TO that body in
tegibly on the subject All he knew with regard to
them derived from gancng at the very voluminous
report Of the Secretary, which had been ordered 10 be
printed, which not yet laid upon their tables. lie
was much devoid Of information on the subject as
the Senator who last addressed them. But this much
he would say, that If this matter was not thoroughly
understood by Congress and by the whole country, be-
fore the close Of the session. would not be his fault
II his fixed purpose 10 have thorough nvestiga-
ton Of the whole subject, and to let his constituents
know the whole truth. Then as TO the bill before
them 1t was not his purpose to hold out to the States
that he did not believe could be realized
In September last the Committee Finance proposed
the same postIonement Of this iuslanent and on the
same terms that they did For himself he though,
that the time had gone by when they were authorized
to hold out any expectations to the States from Sur
plus in the Treasury, though, a, the same time, he
agreed that he had Pr to look forward and ss,
precisely what would be the condition Of the Treasur,
al the end Of another year He had no information
which enabled him say that this nstsment could b.
met on the LIST January, 1910, easier than 1t nov
| could
Mr. CALHOUN said he should vote for the post
ponement moved by the Senator from Kentucky. ,houe
he had the slightest anticipation that there would
any surplus the Treasury, either in this or In the com