Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-01-08


Eoco Economy--Narai Pension Serriee-I'r,
emption Biii-Iroceedings in The Senate.
The House Of Representatives has been the theatre
Of interest to-day, instead of the Senate Chamber
The prominent actor upon the public stage, has been
the venerable Ex-President-John Quincy Adams
The audience wasvery large, and the play one Of I'M
interest-The first business was the clearing
Of the Speakers table Of the bills which had passed
the Senate and accumulated there. The next was the
reference of petion from the good citizens Of Mas
aachusetts praying for the establishment of General
Bankrupt Law, which found its way TO the committee
the judiciary. The third movement was in dispo-
sing of the unfinished business Of Thursday last,-l
the Presumption system in perpetua as proposed by
a member from Illinois. The taking upon this bill
ended with the session of Thursday and the action
upon it came to-day. Mr.. Chinn Of Louisiana, pro-
posed summary disposition of the whole question:
by motion to lay upon the table, The majority in
the House not prepared for so hopeesssi decision
and negatved the motion submitted, by yeas and
nays III to So. The further consideration Of the bill
was then postponed to Wednesday of next week. An
attempt was made by some of its friends to have it
made the special order for that day. The House re-
fused to fix upon that day or any other.
The interesting discussion followed. The chairman
of the committee on naval aairs-Frnncis Thomas Of
Naryland-had moved that the House resolve itself
into committee of the whole the state of the
Union, for the purpose of considering the Naval PEN
sion Bill This bill has been often referred to during
the present session of Congress, as one necessary TO
pass before the first of January The Speaker placed
Mr. Mckay of North Carolina in the chair as chair
man of the committee
Mr.. Adams forthwith commenced an examination
Of the conduct of the Administration in regard to the
Naval Pension Fund, and proceeded to make some
remarks to the House, which he had designed to
make as long since last juno. l have but time to
glance at some Of his important positions. You will
see that they place the President his Secretary of the
Treasury, and his Administration, in any thing but
favorable light.
First then, the bill before the House proposes an
appropriation of sl5l0O0, to meet deficiency in the
Naval Pension Fund necessary to mce, the annual
demand upon the Treasury. This sum, after due in
vestgaton, has been reported as necessary both by
the committee of ways and means, and the committee
On naval affairs But mark We. The Secretary of the
Treasury in his estimate Of the necessary expenses of
the Government for the year come, makes no pro-
vision or mention Of this deficiency. And while in the
annual report of the seventh Of December he say, that
no money should be appropriated not included in the
ESTIMATES Of the Department, III the special report
dated the first, he says that the appropriation will lie
necessary. This Levi Woodbury. over and over again
appropriate nothing without an estimate" says
one report and "you must appropriate sl50000 to
preserve the faith OF the Government" says another
Another fact pointed out by Mr.. Adams was this.
In June last the President solicited at the hands Of
Congress, for this very Naval Pension service, the
sum $4,000. Congress- in the hurry and hustle Of
its June legislation, paid attention to the call Of the
President, though the appropriation was made, and
this lack Of expenditure for this purpose affords the
Il n
economy, debt, &c. &C. Had the Pre-ident's wishes
been complied with, the money would have been APP
proprated and expended; but not complied with, the
Executive says to the country, "Behold that which
have done, in reducing the annual expenditures Of the
Government to between twenty six and twenty seven
millions Of dolars!' This is but an example Of a com.
mon occurrence.
Another fact brough, to light by Mr.. Adams, is
the important ono, that in 1887, the Naval Pension
Fund had accumulated to the immense sum oil
tlcelpe hundred thousand dollars Now it is ex-
hausted and it is TO meet the deficiency, that the
bill to-day before the House was introduced From
$1,000 900, the fund when Mr. Van Buren, came into
power go to nothing, or less than nothing upon
the eve of Mr.. Van Burens retirement Again, in
1887, the chairman Of the committee Of finance in the
Senate--thc same then as now--Sias Wught--re-
commended that this accumulated fund should be in
vested in state Stocks His recommendation was
based upon prior recommendation Of the Secretary
ofthe Treasury! The recommendation compiled
with and the consequence has been that the stocks
which Mr.. Woodbury. bought at premium Of per
cent, he sold, eighteen months AFTER AZ per cent
minus their par value and at all rates from s62 to
$l05. The investment. of Indian Trust Funds has
been upon similar rates. The loss, of course, is the
Governments which i. pledged to keep good the
A.
amount
Mr.. Adams, in his most emphatic manner, also
gave the history the Smithsonian Bequcst and in.
troduced his remarks upon this head with some ap-
propriate illusions TO the facts Of the Annual Rcpor,
of the Secretary Of the Treasury and Message of the
President, which refer TO the subject Of State Debts
Ii had been said, ALSO and by the Presidents party
that british Cold had an influence upon our cleo
tons iii true the President, in his own cleo
ton, had given the only exempfcaon of the fact.-
The facts connected with the reception of and dispo
sition OF the Smithsonian l3equest follows
The money, which was British Gold" real sover-
elgns, had not been three days in the Mint before il
was posted off to Arkansas, and used in making
Bank. The half million of foreign gold went to Ar
kansas and Arkansas gave the General Government
five bonds Of one hundred thousand dollars each
Arkansas had given her electoral vote TO Martin Var
Buren,. The inference, if the British God hum
bug true, was plain The Ex-Presldent also
gave the his DRY of this investments and seems
as soon as the keen-scented Representatives of The
state OF Arkonsas in Congress found out that tn,
British Gold" was in the Mint Il. y had an orde
taken on to the West Point Bill, authorship the Sc
cretary of the Treasury mako the investment which
went first to Arkansas and there was converted int
one of those modern monsters,-a Bank-a Bank
too, the capital of which was bona fde "Bntisl
Gold" Think Of that, We unsophisticatcd Loco
Focos.
l wish could put upon paper all that Mr.. Adam.
said upon the subject ofa National Debt, in reply tc
the Message, and what fell from his lips also upon tn,
subject OF the immediate question before the House
The members of the House were interested, - cleo
trfled almost, may say,-for the subject had beer
unexpe teddy brought forward, and nobody dreame
that so pungent examination of the history Of tn
Naval Pension Fund was to follow the introduction O
tine Bill but the speech came, and it NOR
causc in manner and matter than what is often hear