Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-05-22

weary. iSI!Iy!l dLs a. ne '' -
neriods as NAV be stipulated, not exceeding - ifo"
the - day of -: to BE- applied. in addition 10
the moneys now in the Treasury, or which may DC re.
ceiyed therein from other sources during the present
ve,r 10 def,ay any public ex expenditures which are or may
be authorized by law. The stock thereby created Shai'
be transferable at the Treasury OF the U. States, nn"T,
snch regulations as the Secretary of the Treasury shan
prescribe; which regulations shall be published IN sucn
manner az he shall direct. ind IL is hereby dee!dTtd,
Tina, il shall be deemed Il good execution OF Inc salo
power to borrow, for the Secretary OF the Treasury. VII"
The APPRECIATION of the President of the U. s., TO cause
To be constituted certificates OF stock, signed Oy u ~
ois,er of The Treasury, for the sum borrowed, or for any
part thereof, bearing an interest payable as Aforesaid MOI
exceeding - per centum per annum, Transferable
and reimbursable as aforesaid, provided said stock shall
not be sold under par.
MIR. Hoffman then proceeded to reply 10 Mr.. Rhctt;
and having dune go, propounded some questions 10 Tie
Chairman Of The Committee Of Ways and Means.
MIR. II enauired whether it was intended. by this bill,
that the Treasury notes issued, and paid back into the
Treasury. should be cancelled as they came IN:
MI. Cambreleng replied that, in order 10 ohvia!e any
misconslruc,iGn or doubt about that point, he had INTRO
duced the amendment agreed 10 this morning.
Mr. Hoffman. Then, in no case, is The issue 10 e1-
coed ten millions Of dollars.
Nj. Cambreleng. Certainly not.
MIR Hoffman. And will the power to issue expire on
the 3Ist of December, 1888, as in the act of the 18th OF
October?
Mr.. Cnmbreleng explained that, as the bill originally
stood according 10 his construction Of it, 1t carried with
il all the provisions OF that act but some doubts having
been expressed by various gentlemen. 10 obviate them
he had extended the clause by inserting the words, SUD.
ject 10 all The conditions, limitations, and restrictions oil
that act. Consequently, this bill would expire at the
time indicated in the antecedsnt one.
Mr.. Hoffman admitted that he had not PAID sl'ict al
tcntion to The amendment at the time il was offered
He then went on TO express his dissent. and to give ms
reasons therefor, from the mode Of relief proposed
Treasury notes were Objectionable, because they were
unproduc,iye, and always would be deprecated; and
quoted, in proof Of this, the testimony OF Mr.. GaIiaun.
Mr. II. then udverted to the free banking scheme, which
was, as vet, an unlrcd experiment, and stated his Oh
jections to some OF its features. In reference to any
mode of relief, he expressed himself in favor of a direct
loan.
MIR. Thompson made some explanations in reply to
MI. H..
MIR. Jones of Virginia went into 4 general defence of
the bill, and in reply 10 the arguments urged against 1t
by others. -. 80,
MIR. Wise went al length into an opposition to the bill,
upon the ground that it was better to create a loan o.
rect, than 10 resort 10 the measure now proposed. lie
was wiling 10 take il for granted that The necessity Tor
supplies existed; and commented upon the course OF the
Administration. which had resulted in that effect. lie
said il was extraordinary that the hnancicrs OF the 10.
yernmen, should say that they had abundant means, and
yet should be compelled TO use thrIr credit to raise mo.
ney: and he made statements to shew that the distress
ami embarrassment which had fallen upon The Govern.
ment and the merchants, had also reached the mass OF
the community and was mos, oppressive in the valley
of the Mississippi When The issue of Treasury notes
was first proposed, the same story Of abundant means
and temporary e%xpedienls was held out, and It was
sad that time was wanted Tor Inc merchants 10 pay
their bonds, for the deposite banks 10 pay what they
owed. and line issue Of Treasury notes would accom-
pIis!i ali that was desired. All this had been granted,
and now, in the same way, more tune was asked, and
the issuing of more Treasury notes. lie referred to the
objection that there was not time 10 negotiate i loan,
aud said lie thought, though he was not authorised TO
say so, that Nicholas Biddle would take the loan, and
pay the len millions in specie. That monster, he said,
had wilhstood the colossal power OF The Government
when il was colossal; and had maintained The credit OF
his hank nj home and abroad: and now that the G0Vern.
menl was weak and was brought into contempt every
where, Nicholas Biddle was able TO loan the ten millions
which the Government required TO sustain their fiscal
onpra,ions. Mr.. w. went into various arguments 10
rroye that the action Of the Government in relation to
the currency had been founded in bad policy, and then
c~ondemned the issuing Of Treasury nutes as impfudent
aid unsafe.
He compared the present issue with That Of Cont.
mental money under the Confederation, and called this
the least valuable promise. because ii was not present.,
Int Drgsfnti sgrsndum in uturo; and alter describing u
note OF the old emission, he showed and described a
caricalure Of the Treasury notes; and inferred that the
people held such e%xpedicnts OF the Government IN de-
risiGn. He concluded by again repeating that he would
aid the Government with all needful funds, but he pre-.
ferred the direct, open manner ol a loan.
Mr.. Bynum replied to some of the attacks made upon
the Administration, and contended that the proposed
mode o! obtaining funds was adopted in order 10 prevent
a pressure upon the merchants, who had asked for ex-
tension, and to prevent n sudden and oppressive call
upon the States for the moneys deposited with them
II was 4 measure intended to aid and relieve the coun.
try, and he remarked severely upon the conduct OF the
opponents OF the Administration. comparing 1t with that
of the parties in olden times, when power was swayed
b. the hanGs Of the priesicrait, and was used 10 Cypress
and plumber the people, whom 1t endeavored to ollno,
and keep in ignorance and submission. Since The light
OF knowledge mad burst upon the world, and the wicked.
ness of the rulers had been exposed, there was little dan.
ger that the people could be long enslaved; and 1t was IN
consequence of the enlightened condition OF the age that
the dominance Of the bank had been resisted and crush
ed. lie went fully into an examination OF the charges
ar1inst the Administration, and into Z defence oil us
measures.
MIR. Garland of Louisiana said, if it was not the in.
tention of The House TO take the question this evening,
he would prefer an adjournment; and accordingly made
such a motion.
Mr.. Cushman called for the yeas and nays; which
were ordered.
Mr.. Garland then Withdrew his motion to adjourn;
and said if there were no other gentlemen disposed 10
address the House, lie would waive his night, and permit
the question 10 be taken.
O,her gentlemen having indicated a wish TO address
the House,
Mr.. Garland then proceeded TO comment upon the
extraordinary character of the Presidents Message, and
the communication OF the Secretary of the Treasury.
and continued at length an investigation of various ques.
tons connected with the state Of the currency, when he
yielded The floor TO
Mr.. Calhoun Of Massachusetts, who moved an ad.
journment.
Mr.. Haynes called for the yeas and nays; which were
ordered, and were-yeas Ga, nays l25.
So The House refused to adjourn.
MIR. Garland continued his remarks, insisting that a
loan was preferable TO the issue Of Treasury notes, and
that a loan could be readily and speedily negotiated in
this country; and defending the conduct OF the United
States Bank ofPennsylvania, in The purchase of cotton,
for the purpose of aiding Southern planters, and paying
the foreign debt of the country. He maintained that it
was better to resort 10 a loan in Europe, rather than to
this measure, and supported that ground by reference TO
the practice of the Government in past times, and es.
pecially TO the times of Washington, Jefferson, and Ma.
olson, who had all been in favor of that mode Of obtain.
ing necessary supplies. When MIR. Garland had con.
cIuded,
Mr.. Cushman remarked that the subject had been fully
discussed, and the hour was late, SO he moved the pre-
Tious question.
Mr.. Craig moved a call of the House, which was Or