The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-31

issues thereof exceed the amount Of Eve millions Of
dolars-and the may he Iedeened sooner than
year. II the means OF the Treasury shall permit by
giving sixty days notice, and intsrest TO be allowed
thereon, after the expiration OF sixty days.
Mr.. CuRrIs said few words in explanation of this
amendment II IL substantially like the I'd section Of
the bill under consideration, far as respects the re.
denption of the notes. ln this particular he had fol-
lowed the words Of the second section as he found them
but It was his design, and The effect would be to re-
strain the Secretary Of tho Treasury in his issue Of
Treasury notes to the Of five millions OF dollars
and when notes to this amount had been issued aud
had returned TO the Treasury by redemption in money
or by their receipt for public dues the powers Of the
Secretary would Here there were several cries
OF question Mr.. Curtis said he had concluded his
intended remarks. designing only test the friends Of
me administration by this amendment and he was con-
tent TO submit 1t without remark but If gentlemen
thought TO hasten his conclusion by cries Of Question
'hey were mistaken. He would stop when that noise
stopped and sooner
Mr. GRAVES here called upon the chairman Of the
COMMITTEE Of Ways and Means to explain what were
the powers of the Secretary under this Bill. as to the
amount Of Treasury notes.
Mr. JONES, in reply to Mr.. GRAVES, said that the de-
Treasury notes for year, the amount Of FIVE mil
lions Of dollars.
Mr. Cuarls again rose and said Mr.. Chairman, the
gentleman at the head Of the Committee Of Ways and
Means has with apparent fanknes stated the effect OF
tho bill to be to authorize tho issue Of Eve millions Of
dollars OF Treasury notes for one year. Sir said Mr.
Curtis this is not the true effect Of the Bill II were
there then coald be objection to my amendment; for
that amendment merely limits The aggregate amount Of
notes to be issued TO the sum Of Ave millions Of dol
lars True. (saId Mr. Curtis) the chairman Of the
Committee Of Ways and Means has stated one effec,
Of the Bill but he has not stated tho oholc effect Of it,
The third section declares that the ACT shall be in force
tor one gear from The day of its passage. The notes
issued under this authority may run enc year from their
date and they to be at all times receivable for the
public dues How then is it to operate, The day az.
ter this bill becomes law, there may be issued under
its provisions five millions of dollars Of Treasury notes
The whole of this issue may come back to the Treasu
~ for public dues within sixty ninety days-another
issue Of five millions may then be made aud they re-
turn TO the Treasury Within the one year during
which this law to be in force, this operation may be
and will be often repeated that this will be an autho-
rty, not TO borrow fee millions of dollars, but FIVE
TINES FIVE MILLIONS DOLLARS! The act is to ST and
for one yearthe notes one year; aud eleven
months and twenty days from the date Of the pas
sage OF this Bill, the Secretary Of tho Treasury may
issue five millions of notes. having year from that
day to run, that the succeeding administration OF
the government, into whose. sworn hands it may fall,
will be saddled with public debt Of FIVE million crea-
ted under the authority Of the law.
.,,l AZ, r,.r,, 7 Jo.,.. - L.J L. Ii. y.
tration its own proposition. The President and Sc
cresry came to u.s. the representatives OF the peop
and asked not loan for two years. you about
vote them, but merely authority anticipate the
Of the last half Of this year They US and the
country that the receipts Of tho whole year ade-
qua,e the expenditures Of the year" and they desire
only to anticipate the income for the latter part Of it,
This Amendment, said Mr.. CuRTIs. meets the ground
which the President and Secretary take 1t gives them
their Eve millions, but Sir, prevents this b, from be-
ing imposition upon the country Without this
amendment the bill is a cheat and deuson. have
fairly stated, (sad Mr. CuRrs) the effect Of the pro-
posed hill and call upon the Chairman of the Ways
and Means rise in his place. and tell this Committee
and the country, if his bill. as it stands is not a
continuing authority for year to issue five millions
OF hotes ITO 'eheU 'heii'' s"u 's"e" VIZ CIV 80
again --and the last day Of the year to put out
batch Of FIVE millions that have year to run! Mr. CUR
It's waited for reply, but Mr. JONES made none
The amendment Of Mr. CURTIS was rejected---of
-accordipg to the resolution to vote down every
thing.
The same fate befel Mr. KiNo's proposed substitute
for the whole BILL providing for lean to the amount
of five millions Of dollars.
Some other amendments were offered and rejected.
The Commit,ee then and reported the bill to the
House, without amendment ;--and by the aid Of the
Previous Question it ordered to be read third
time, aud finally passed-Ayes ITO, nays &C.