Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1840-04-09
WAsHINeToN, March so.

TREASURY Norxs.-The Treasury Note
hin was made the special order of the day at
one o'clock. Mr.. Hubbard, one of the COM
mittee of Finance-Mr. Wright, chairman of
the committee, being detained at home by
the severe indisposition of his family-cal-
led up the Bill and pressed its passage thro'
the Senate, stating the condition of the Trea-
sury, and contending that its necessities de-
manded the consideration OF the Bill. He
hoped it would be passed to-day, Or to-mer-
row at latest.
r;ed officers were unable to receive their nav
for the want of funds. The Treasury was
destitute.
Mr.. Webster followed Mr.. Hubbard. and
said that he regretted the absence OF the
| chairman of Finance, for had he been pres
emf, he should have expected from him some
notice of the finances of the country, pros
nectiye. as well as present. This bill, said
lMr. Webster. differs from all other Treasury
note bills which had passed Congress. It
was in substance a bill to authorize the Sec
retary of the Treasury to borrowfive millions
| of dollars upon the credit of the government,
and TO reborrow this sum when the first five
millions shall have come into the Treasury.
This process was 10 go on for two years.
'The five millions of dollars issued under the
! act of Congress, when 1t shall have become
an act, can be reissued in any amount, not
exceeding at any one time tlve millions Of
dollars.
1 tho nresent condition of the Treasury, at the
commencement of the session, and in con-
trast with the condition of the Treasury three
wears since. Mr.. w. thought it necessary
for the Senate to know what was the condi-
tion OF the Treasury and whence it derived
! it's support for few years past. The Trea->
sury, at the commencement of the year 1910,
had expended in three years an amount far
exceeding the receipts of the government. 81
The account stands thus: the Treasury
had used in three years, from January 1887,
to January 1910, the following sums beyond
Six millions reserved in 1887, for the use
of the Treasury from the surplus revenue
| Nine millions retained from the states under
the deposite act. -.
Five millions in two bonds paid by the
United States Bank-a part of the govern
ment money. ~ -
Two millions and a half due in Treasury
| Notes not redeemed in principal and interest.
This now made $22, SOC, 600, and there was
TO be deducted from it less than two millions
of dollars, which was in deposite in bank in
1887, and which was in deposite now and un.
available. These sums all told made an ex-
penditure exceeding the receipts of the 60.
vernment of more than $2O,OOOoO0 in three
years.
information received from the Secretary of
the Treasury in answer to a resolution of his
adopted few days since, asking, LIST, what
amount of Treasury notes had been paid to
public creditors, and what amount of Trea-
sury notes had been used for the purpose of
borrowing money from banks, Cd, whether
Treasury notes had not been deposited in
banks for the purpose Of drawing against by
the Treasury department, &c.
1.-THE Secretary transmitted statement in
answer to the first resolution. and states in
reply to the second, that no Treasury notes
drawn against, but that individuals had been
permitted to place specie in banks, and the
Treasury notes had been afterwards issued
in their favor upon the certificates Of depo-
sites, &c.
Mr.. w. pronounced the report of the Sec
rotary hardly an answer to his resolutions,
but it contained information enough for this
purpose. There was desire In the report
to conceal what could not be concealed-the
inability of the Treasury to meet the expen.
ses OF the government without creating ma
tional debt.
Mr.. Webster spoke mainly Of what Mr..
Woodbury. says in regard to the changing OF
Treasury notes into specie, in connection
with funds deposited in designated bank.
Mr.. w. said he should not oppose the pas
sage of the bill before the Senate. He be-
lieved the money was wanted for the use OF
the government. He believed that the Urea
sury could not get along without it. lie be,
lieved that more money would be wanted
before the close of the session, or at the latest
in the early part of the next Congress. He
did not like the issue of Treasury notes pear
ing high rate of interest. He thought
loan direct was better than the issue OF notes,
and believed that money could be obtained
upon the credit Of the government IN Eng
land or Holland, at an interest OF four ana
half per cent. /
Mr.. Webster said he should show that
from the month OF October, 1887, this govern
ment had been engaged in GREETINGS natlon,
al debt-a debt begun in 1887, was increased
in 1888 and 1889, and was to De aooeo 10
now. Conceal it as we might, we were IN
debt commenced in 1887, and should hnd
ourselves many millions in debt in lS4l. IN
der what administration the government
might then be, he begged leave to call tne at
tention of the country to this tacf' tnat IN
<l64l we should,be burdened with natlonal
debt of several millions Of dollars.
Mr.. w. regretted that an attempt should
be made by the Secretary of the Treasury TO
conceal this fact, and the condition OF the
Treasury. He did not say, that the dept nad
been unnecessarily created, or that sne ex.
penditures were unnecessarily high, 1or thar
was no part of his argument, but SIMPLY lnat
for years we had commenced ana lncreas-
ed national debt.
Mr.. w. then spoke Of the Presidents opin;
ions in regard to a national dept: ne uiu
not deny that they were good sentiments IN