The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-03-03

lac "a
,y.nIJ proye sautary in practice lie had examined
vav snnericay the Legislation VI oter countries upon
M. ,oIt aud he found that many Of The nations Of
Fnrope from which had copied most Of our pl'bllc
la~s made this felony, with much more severe
n,nishmenl than Is here proposed lilo had heard no
obec.a against this feature Of the bill from any quarter
q The House, aud he hoped there would be none.
The 2lsi section might be considered by some
as peculiarly appropriate 70 this bill bat nc Trusted 70
he able satisfy the Senate that connected se WIN
It's provisions ii very important manner. and ought 10
form mar. Of ia The section made il the duty Of the
Secretary Of the Treasury, when there should DO an
amount upon deposiie The credit OF the Treasurer
beyond The Of four millions Of dollars, TO invest such
surplus in stocks Of the United States or OF some one
Of The States bearing interest aud transferable at
the pleasure Of The holder. by delivery assignment;
bat il prohibited the Secretary from becoming SUBJ
scriper to- or purchaser Of stocks about TO he
issued BY any State, aud lhus prevented hun from hold
hg out any mduccment TO any State To issue STOCKS
Wmh view TO these investments. IL also directed Inn,
Whenever The money ia the Treasury, or standing 10 The
credit Of the Treasurer with the several deposlares,
should be less than four millions, to sell SO much OF the
stocks IN which any surplus should have been invested,
as would keep the money the Treasury at that amount
hs nornaion might satisfy hun the wants Of the
Treasury would require.
Provisions Of the character contained in this section
were not new 10 tho Senate. They had been, upon
former occasion, introduced there by himself as mean
OF dsposng Ia the most safe and profitable manner to
the Treasury aud. IN the he thought would prove
most convenient the business interests OF the com
munly, Of large surplus OF public money depostc
il thc hanks. A different disposition OF that sahlcct
seemed preferable the Senate, and the provisions for
investment did not with favor He entertained q
strong hope Thar their natural connection with this b.
aud ,h the saluary workings Of the system for the
management al the public finances provided Tor by u,
woald give TO il different reception at the present
time.
It was found that the wide. spread operations OF The
Treasury required about four millions of dollars cor
stanlly hand including the amounts IN raHsiis, aud
the llon, thcreahouts constantly employed al the
nlius bnt that sccumulatiuus beyond that were, at
all ordinary periods, accumuatous to bo kept not acted
upon, for the time being To avoid. then, the risks OF
keeping, which formed material Objection with those
who opposed The bull and to AVOID accunnlatons OF
money be locked up from use, which forned another
aud much more weighty objection against the system in
the arguments Of those who had hitherto opposed u.
these provisions We're made part OF the bill itself, aud
he suppose that these considerations would, at this
ne and in this connection render them acceptable TO
many, Who upon their introduction the former occa-
sion alluded to, could not yield them support He must
confidently believe that 10 those whose nds had been
Influenced by the objections he had repeated they would
constitute positive merit, part OF bill otherwise,
IN their estimation, detective
There another aspect in which he wished to pre-
sent these provisions The constant experience OF tile
Treasury Department. since the final extnglshnent OF
tie national debt, had shown the necessity OF some
elastic provision legislation upon the subject OF
the public revenue and expenditures, which would ac-
conmodate itself TO the varied conditions OF the lrea-
sury or, rather, which would enable the head Of the
Treasury Department manage the national finances,
that the Treasury may be at oil times prepared 10
meet the calls upon II, and that an amount OF money
should at time be boarded therein, 10 the injury OF
the business oil the country its citizens During the
existence Of the public debt the provisions of law. and
appropriations of money connected with it, furnished
tins regulator for the state OF the Treasury. The
applications Of money upon the debt were at all times
governed by the surplus Of revenue the expendl-
turcs while all the uuexpended balances of appropna-
tons after limited period, passed to the sinking fund,
and absorbed in the debt troublesome surplus
OF revenue therefore, could exist while that APP
pllcailon remained Open On the other hand, as the
appropriations for the year were carefully provided for
before any application upon the debt, It was scarcely
possible that any contingency, foreseen during the
regular annual Of Congress could occur dis
enable the Treasury the demands upon il, arts
ing under the current appropriation bills The amount
Of revenue intended for application upon the debt would
always be sufficient to NEE, any disappointment IN the
accrung receipts into the Treasury. That lme how
ever, had now past The debt paid; and from The
necessity Of the and the state Of the legislation OF
Congress- experiments had been made to measure the
actual appropIla by the estimated revenue and 10
make them come even. For the frst few years Of
this trial. from OF circumstances at the time
sufficiently considered but clearly and properly es-
aied the revenue got largely the better OF the appo-
paii ions This gave the hill directing depositc
Of the surplus with the States and again the actual APP
propriatons aud the estimated attempted
be equally measured. A Revision in the trade, and
business, and banking Of the country the antici
patcd revenue cut short and that portion oil II which
rested upon crcds, could not he realized Indeed, the
very money derose III the banks, to the credit OF
Treasurer, could not be commanded, and, compara
tiveiv, the Whole anticipated means Of the Treasury
either realized, placed beyond lis control.
Still the appropriations were IN force, the expenditures
gong uuer them, and could not be arrested,
aud special convucaton Of Congress became nccessa-
~, 10 preserve he faith Of the Government and enable
public Treasury pst demands upon It.
What followed fresh in the recollection Of the Sc
nate aud the country and he would not the
Nv repetition Of lie measures OF relief the
try aud the Treasury, adopted AT that session.
lie mad mentioned these facts to show the necessity
Of some provision to guard against these dlslppout-
III the accruing revenue, we'll prevent the
erIl o a hoardng ot money, when the revenue should
overredch the appropriations In either sense, he con-
sidercd the provisions Of The section Of the first import
uice, aud he cntreated Senators suffer past recu
lcctlous prejudice tier mnds but to exaniae these
facts to permit late ex, ,erlcnce 10 have lis due
weight 10 reflect how frequently similar dlsappont-
mctts, as 10 the revenue, might I've expenenced-how
often surplus of might alarm the pub
lie mind, TO the safety Of the public treasure and then
To decide upon the adoption or rejection OF the sec
tion.
The only remaining section which he would notice,
connected with the first great object Of The bill
the twenty -scventh TINS section authorizes The Trea
of the United States receive the Treasury,
aud such other places be shall designate, payments
Of money, IN advance for purchase Of public lands,
aud to give receipt for each payment, which shall be
current Of the land Offices any public or pri-
yae sale of lands Since the bill had been reported, he
had become convinced that this section loosely
drawn, aud required be amended. These receipts
might be taken aud treated negotiable paper, and
might, the section stood, bc given ia form
whicn would make them upon their face THIS