The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-06-14
. CONGRESSIONAL.
DEBATE ON TREASURY NOTE BILL.
HOUSE OF REPRESENTATIVES,, May 10.

HOUSE OF REPRESENTATIVES, May IL.
Mr.. ROBERTSON having moved an
amendment to the Treasury note bill propos-
ing to substitute provision authorizing loan
for the pro, ision authorizing the issue Of Trea-
sury notes.-the hour being late, and the Com
mittee Of the Whole refusing motions to rise !:
Mr.. MASON, of Virginia, rose and adj
dressed the House as follows:
This bill, Mr.. Chairman, is intended to fur
nish to the Treasury the sum of ten millions
Of dollars, in aid Of the current revenue. Iii
simply bill for supply, and as such shall
treat it, avoiding all collateral matter, the ex-
ample of the honorable chairman of Ways and
Means, who brought it in, to the contrary not
withstanding.
We are told, and believe correctly, that
the Government wants so much money as
one Of the Representatives Of the people, am
willing to grant It, and thus TO me there re-
mains the single inquiry, what is the best
means of raising i'll This question / shall
discuss. ! am bound to do so, because il has
been the pleasure Of the Chairman of the
Ways and Means, in his reports asking the
supply, to avoid such discussion altogether.
He has been content with declaring that the
deficiency in the revenue "mttst be provided
for, either by an authority to reissue the
Treasury notes received, or by an issue Of
others in their place. And this word g must"
having the same significant use, is found APP
propriately alike in his reports Of the 9Th and
and 23d of March.
Sir, let me say to the honorable chairman,
that in report addressed to the intelligence
of the Representatives Of the people, and least
Of all when asking supply. this word "must,"
is not parliamentary English. II is the Ian
guage of Courts, but has no place in Parlia-
ment. should have thought it his duty, in
recommending the supply, to canvass before
us the best and most economical means 5f
raising it. The financial condition of the
country, as well as Of the Treasury, is familiar
to his mind; we have a right to expect from
him an exposition of the "ways and means''
of supply, when, in lieu, we have nothing but
an imperative monosyllable.
This, sir, is departure from usage. Form
er committees, in laying before the, country
the necessities Of an extraordinary supply, to
meets deficient revenue, have thought it their
duty to present fully the several modes Of rails
ing il, whether by taxation, loan, or an issue
of Treasury notes, and to recommend that
which, under the circumstances, to them might
seem best.
Our chairman, however, thinking other
wise, it is our right, as it is our duty, to con-
slider this subject fully, and with the best lights
we can command, each for himself; and this
would seem the more necessary because, not
wthstandlng the whole inquiry is shaken off
by the committee in the use of their confident
eBRRRshlEat T5hie5.,fSin Them al last in the
most crude and undigested form. They were
not themselves satisfied with the results Of
their own reasoning. Let me trace, for a
moment, this vacillation of purpose, not so
much, sir, with view of confutng them, but
to show the propriety Of full consideration by
this House.
We have then, first, the bill of the 23d of
March, entitled "A billie authorize the Is
suing Of Treasury notes" accompanied by
report at length. This bill provides for an is
sue of $4,000, 900 Of Treasury notes, pay
able, one-third in twelve, one-third in eighteen
months, and the residue in two years after
their date, to bear interest not exceeding six
per cent per annum, and to be redeemable at
maturity at the Treasury for which redemp-
ton certain funds are specifically pledged in
the bill
This is loan out and out, to be effected by
a sale of Treasury scrip, bearing interest, re-
deemabe at stated periods during which 1t
was TO run, and not IN the mean time recciua-
Jie IN payment Of public dues.
In the report accompanying this bill, tour
printed document No. 7l6,) much reasoning
is used to show that, by the unfortunate pro-
visions of the act of the special session for
the issue of Treasury notes, it had exercised
x,cl, -
influence upon the Treasury. Under that
act, it is said the issue Of 100000 dollars
had operated a ''reduction," in lieu of an aug
mentation of the revenue and this "reduc-
ton of the revenue so brought about, was to
be provided for by a new issue under the pro-
posed bill.
One not versed in the mysteries Of finance,
as the honorable chairman is, would be lit
tie curious to know how All extraordinary
supply of 100000 dollars in aid OF the
current revenue could reduce, instead of in
creasingit But, having ascertained the fact,
it was his duty to trace ont the causes, how
ever pcrplexod the problem might be ; and
he has accordingly detected and exposed the
offending matter. After captivating certain
extraordinary demands upon the Treasury
arising out of the Indian wars and the trout
bles on the Canada frontier, he says: Not
withstanding these additional estimates, the
current resources Of the year would, with pro-
per economy, be equal to all the demands
upon the Treasury, whether for ordinary or
extraordinary purposes, but for t~o provisions
OF the Treasury note act referred to: the one
authorizing their receipt in payment Of public
dues, and the other prohibiting the Treasury
from re-issuing them"
Well, sir this bill for loan took the regu-