The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-04-02
SKETCH OF MR.. wEBSTER'S REMARKS
nN IIIE TREASURY NOTE BILL,

SKETCH OF MR. wEBSrER'S REMARKS
ON THE TREASURY NOTE BILL.
Mr. WEBSTER truly de ignated The character Of
The measure at the outset as neither more nor les
than proposition TO RRow I'VE millions oil dollars
As ofen as the notes issued come in, so oilen will
thew be re-issued II Is substantially proposition
10 borrow-repay- Dor ow, IN order 10 be able "a
repay-rrpay again by borrowing, and on, and SO
on Tor two years because on the day previous 10 the
las day OF one year IRON this time five millions may
be issued under this bill, 10 run one year
The public attention ought TO be strongly drawn
TO This fact
MIR WEBSTER next referred to the Presidents
boasts in his message about the success OF The imam
cial operations OF the Administration. lie had no
disposition TO embarrass the Government; but on
the contrary, every desire to aid and assist; YET be
could not any great reasons at present 10 feiclae
ourselves on having an overlooking Treasury
What Che asked) was The stale the Treasury, as
presented by the Secretary at The beginning Of the
session-lhat is, what was the amount Of the actual
means, and the actual debt 7
The whole amount OF means available on the Isl
day Of January, lSl0 was one million and a halt 81
dollars. There were outstanding, al The same time,
Treasury notes To the amount OF tr0 millions and
three qnartcrsV
These are indisputable facts which the country
should bear in mind.
Now, what was our condition three years before
What has been the amount OF annual expenditure
since Whence have We derived the means OF meet
ing itl And are those means permanent or already
exhausted were they only temporary These. are
important questions.
Al the beginning Of the year 1887, there we're ac-
cording 10 the documents from The Treasury Depart
menl aud as every man cunveTsant with these sub.
iecs knows six millions OF dollars in the Treasury.
Al the extra session Of that year, Congress passed
an act Withholding the payment OF nine millions 81
dollars under the depose bill Of 1886 Subsequent
", the Treasury received payment Of two bonds Of
The Bank OF the United States, amounting TO hve
millions Of dollars These, taken together, make
TWENTY MILLIONS in addition TO the regular receipts.
Not only has all this enormous sum been expended,
but in lS40 the Government is in debt 10 the amount
Of TWO MILLIONS SEVEN HUNDRED AND FIFTY THOUSAND
DOLLARS!
After deducting the whole amount OF the United
State, Bank Bonds and the balance due from banks,
the round sum OF TWO MILLIONS, TWO HUNDRED AND
TWENTY THOUSAND DOLLARS still remains as The eIpen-
diture of This Administration IN three years. BESIDES
ALL THE RECEIPTS FROM THE Custom HOUSES, AND LAND
OFFICES.
The EXPENDITURE of this Administration has Ex-
CEEDED It's INCOME SEVEN MILLIONS DOLLARS A
YEAR, FoR THE LAST THREE YEARS "
Mr.. Webster then proceeded 10 asks this annual
expenditure 10 be decreased Is the revenue TO be
increased, and if neither Of these two things is 10
be done, Is the deficiency TO be supplied by LOAN
The Treasury Note Bill, he maintained, was
merely proposition for a loan
II will be remembered that Mr.. Webster made
call for information some days ago, asto what amount
of notes had been paid TO The creditors Of the Go
vernment, and what amount had been used lor Dor
rowing money
The answer was far from being satisfactory, and
Mr.. Webster entered on a review OF that reply OF
the Secretary, which will be noticed hereafter.
Mr.. Webster said he did not mean TO oppose the
bill, because lie believed the money asked for was
necessary, md that would be wanted before the
end Of the year; but he had objections 70 raising
money on such high rates OF interest The notes do
not run long enough to 60 into the market al small
rates OF interest," or to go abroad. They will absorb
n al srh t.f, hrStn
and will make money more scarce, and the pressure
greater.
A loan, he regarded, in every respect, preferable
to The issue OF Treasury notes.
A stock Of the United States would be readily
disposed Of in Ho land or in England
Whence this repugnance to loan on the part Of
the Administration
|, is simply their dread Of the political consequent
ces of giving abroad the idea, that they incur
ring debt; that they are borrowers.
To throw off This obvious notion, they pretend to
talk Of dntiei pdting The revenue oil this year.
Does any one dream that the revenue of this year
will redeem these nolesl No one. MOI man, even
OF the parry has the smallest belief in any such nom
sense. The Secretary knows The contrary.
Inc IDEA Is perfectly pueriie. Who does not
know that this Administration has been borrowing
money, IRON the first session held under it, down 10
this monent1 In 1897 il borrowed money which
has never been paid, but by borrowing other money,
on which the Government has been paying interest
ever sincel
Analonal debt has been begun, and whoever is at
the head Of the Administration in lS40 will find
public debt as old as 1887, which was incurred I'M
der the Administration Of Martin Van buren, and
must be provided for by some better means than
Treasury notes on a high interest.
Should il be necessary for the Administration
which will succeed the present, TO fund the existing
debt, let tbe understood, that such measure would
not be the beginning Of public debt.
Mr.. WEBSTER made no opposition to giving The
administration the means asked for. But he was
against raising The money by notes on high rate OF
interest. Neither did he blame them for mourning
debt 10 supply the necessities of Government-bu
he complained that they had not met Congress, nor
gone to the country with true statement of their
wants; nor proposed the proper and efficient means
Of providing Tor them.
The President has INDUCED in geDeraties about
The Importance Of avoiding pubic debt; and then
proposes an issue OF Treasury Notes. instead OF pro-
viding Tor the payment Of debt already existing by
enlarging the revenue OF the country in proper and
beneficial manner. The distinction the President
attempted 10 d.aw between an issue of Treasury
Notes, and public debt, Mr.. Webster held 10 be
perfectly puerie.
He also commented on the remarks of the Presi-
dent and the Secretary of the Treasury about Con-
gress keeping the appropriations within the esti-
mates; and considered, al some length, the question
as 10 whether they would be considered within
those bounds consistently with the best interests OF
the country. The President tells Congress that il
the whole revenue OF the Treasury should not meet
the demands upon it, the expenditures must be either
reduced or postponed. Ii required no ghost to tell
US ihatit needed no great financial sagacity make
this snrmise. The Secretary also cautiously suggests
that Congress mteM even come down from The esli-
mates gwen but says nothing as TO when The re-
duction shall begin-and ii all the estimates have
been Gas was boasled subjected the severes scru-
iny, where are we 70 fad the Secrctarys possible
reduction of two millions
But do the estimates really embrace every thing
absolutely necessary TO the just discharge OF the du
;s ,u,n,
question; and the answer is, they certainly do moi.
There may be nothing unnecessary in the estimates:
oul many indispensably necessary things are not
there.
Two OF the great classes Of appropriations are
provided Tor namel those which ixed by eslab-