The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-04-21
SPEECH OF NHR VNEBSTEs u

SPEECH OF NHR WEBSTER u
| IN THE SENATE, UPON THE NEW ISSUE OF Urea
sURY NOTES.
| regret Mr. President that the chairman of the
committee is absent, he might probably have
made use OF this occasion, not only 10 show the
necessity Of raising this OF millions for tho
Immediate Use Of Government by some extra
ordinary means, but also to state his opinions
upon the public revenue, both IN regard to its
present state and it prospects for the futIre
The sum anG substance Of the measure now
before us is, to borrow five millions of dollars
for two years, if necessary, and to pay therefor
any rate of interest not exceeding six per cent
The borrowing is to be done by issuing trea.
snry notes bearing interest, and so often they
shall be received at the Treasury, they are TO
he re- issued, so that The whole sum Of FIVE mil.
lious of dollars may be kept out And the au'
thorty to issue and reissue is to last one year
The consequence of this is, that one year
from the date of the bill, If the whole five mill.
ions be not then outstanding, the balance may
be issued, redee ,uable in year from that time,
1t is power therefore. to make loan, for five
millions, with an authority TO continue that loan
by borrowing TO day to repay the sum borrowed
Yesterday, aud to continues this process in etfec,
for two years. This is the substance Of the
bill.
Mr. President, ut the opening of the session
the President Of the United States informed
Congress that the financial operations Of the
Government for the past year has been very
successful.
The Secretary, too, in the very first paragraph
Of his annual report, stated, with much sasfac-
ton, that the revenues of the Government had
been increased, and the expenditures diminish
ed.
That the resources of the country are nbun
dan no one can doubt. Its wealth, its activity,
it's commerce, and it's freedom from burden
some taxation, renders il able TO raise, with en-
tire facility revenue quite equal TO all the just
wants and necessities OF our Government. But,
Notwithstanding these congratulations OF The
President and Secretary, | cannot bnt entertain
n doubt whether, under the operations of pro-
visions now actually existing, and under the
expenditures which have been made, or are
making, or are in anticipation, il is prudent to
indulge ir snnguine hopes OF an overfiowing
Treasury. This doubt receives countenance from
the fact, that the bill before lis is TO authorize
the borrowing of FIVE millions, in the form of
Treasury notes, and under such circumstances
as leave no reasonable hope, as think, OF their
redemption within this year. do not OPPOSE
The bill, but propose to say few words on
the state Of the Treasury, and on the history of
-. .s receipts and disbursements for the last three
years.
We learn from the Sscfetary's annual com.
r,unication that at the commencement Of this
wear. there was ia the Treasury no more than ii
million and half of dollurs available for the
purposes O Governments l omit fractions, ana
use round numbers for the sake OF breViIy. Al
the same time the Government owed, on out
standing Treasury notes bearing interest, two
millions and three quarters, or TWO tliiiiion seven
hundred and fifty thousand dollars.
This WINS the State of the Treasury, in Jan
uorv |. 1910, us near as the Secretary could es-
innate or ascertain it in December. 1t tuins out
from the paper jus. read, that IN the TACT there
was a few hundred thousand dollars more IN me
| ham no l.
mate, but from what funds or sources uoes no'
appear and this circumstance GOES not erect inc
general view propose TO take. ~
Let us now go back TO January l, 1851. III
1886, there being great surplus IN Inc treas
ury the deposite law was passed, ny when nve
millions were to be reserved in the treasury, 'h
nil of ACQUIRING revenues, that should be In the
treasury January /, 1887, TO meet future de.
mands md the rest OF the money divided, III
deposites with the states by tour quarterly pay
| ments of instalments. -.
| Asthe Secretary was obliged to make his Cal
culation a little before The first OF January, ana
could not saw exactly, what amount might he IN
| 10 ,reasurv at that time he made n safe allow
ance: and it happened in the end, that SIX mii'
| lions md more were retained in ihe treasury
/ instead of S at the commencement OF 1901 'nen
the Government had OH haudssiX millions; o. u
had before it the whole accruins revenue OF Tue
wear. Before the year was OUT that Is ~ Guy
/, rho Seute,nber session, Congress suspended
the payment of the last or fourth lnslalrnen', OF
fourth ,eposite to the States. This measure SURE
retained in the treasury further sum OF n'nt
millions, thus raising the reserved assregn.e ui
to fifteen millions. Subsequently, the 'reasiIiy
reca;vsi from the Pennsylvania Bank of the U
STATES Eve millions of dollars MS part OF th'
property or capital, of the United States j" the
| former bank. ;,,;o,s
This swelled the amount to twenty mllho.ls
So that since January, 1887, the Treasury ""'
had full twenty millions OF former feoe'P''' ''
well as all revenues arising since
Now it is apparent that those twelIly nr. !,
have been extended. within The three years, IL
addition to ali the revenue which has accrued u
the mean time; with one deduction which slal
stnte. 1t is true thar, in Sept, 1887, Congress