The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-07-20
LOAN BILL,

LOAN BILL.
From the last report of the Secretary Of the
Treasury, it clearly appears that during the
administration of Murtin Van Buren, the ex-
penses of the government absorbed not only
all the ordinary income of the government but
a surplus of 8 millions of funds on hand at
The accession Of that administration, and leaving
at its exit debt of l2 millions, chiefly in the
shape of Treasury notes TO be provided for BY
their successors. Accordingly the loan bill
has been introduced into the House Of repre-
sentatives 10 pay this public debt. And now,
forsooth, mighty Glamour is raised against an
administration which is atoul 10 create public
debt, rendered absolutely necessary by the
enormous and prohigatc expenditures Of their
irnmedi late predecessors. Let our readers hear
what Mr.. Sergeant of Philadelphia has 10 say
upon this subject in the following extract from
his speech, in reply 10 Mr.. Pickens of South
Carolina.
For what had been the history Of the past
from six 10 eight millions a year besides, a.
mounting in all 10 81 millions. Where did the
money come from How was this state of
things hidden from the People In the first
place, whatever had come into their hands had
been used for the purposes of the Government
and then came "a called session in September.
1897, which ended in giving the power 10 is
sue Treasury notes. To be sure, there had
been one happy result from the exercises CT
this power, and only one it had brought the
Government more in sympathy with the coun-
try than any other measure of that Administra-
ton, for The whole country had been deuged
with promssory notes Of every possible des.
cripion and now the Government was no
longer out of the fashion, they issued this
government paper without delay; and what
for? Only to live upon for few days TIA,
they would have plenty of money TO- morrow.
and then they would all be paid Off How did
it usually fare with an individual who pursued
the same plan in his private affairs He got
his note discounted and thought no more of it
for sixty days in the mean time the money
was all spent and then when the sixty days
we're out, he gave new note and paid the dis
count.
1t happened just so with the Government.
At every new batch of Treasury notes the
same song was sung in the ears of Congress {:
ave only want it for short time funds will
come in, and all will be right" And thus
matters proceeded until the Government had
issued to the tune of thirty one millions of dol
lars. OF this amount il had paid, if payment
it might be called, twenty-five millions, and
nine millions remained still outstanding, though
five millions had been all that was asked for at
first, and that only 10 meet the irreguiarity of
the yearly income. which was deficient in one
part ofthe year. but was 10 Ge redundant in the
other. What had been the intermediate his
:ory of the Treasury These issues of Trea-
sury notes had been renewed four times-unti
it was now going into habit of the Govern
ment, and it was high time it should be check
ed. We had had outstanding at one time, in
1885, no less than ten mil. ions in this Treasu-
ry paper, and there remained nine millions out
still. Was this no public debit Oh, 10.
There was no public debt. None at all. II
was this new Administration which. was going
10 plunge the country into debt. Something
had been said Yesterday about juggling :" and
many man had juggled himself in this very
way. But were the People TO be juggled into
these notes were out for nine millions of DOL
lars Was debt any less debt because II
had but 30 days 10 run, rather than ten years Z?
No; but the difference between them might
be that in one case the debt hid itself from view.
Under the system OF Treasury notes to.keep W
Treasury notes, one set on the b1ck of another,
it was unknown 10 the country now much it
was in debt al any one time. The debt was
kept Out of sight, and the People were boldly
,old that there was no national debt. And
then, when a new administration came into
power. and looking into the actual balance due,
proposed 10 settle 1t in al open mazner, ad-
hitting its whole extent and seeking means
whereby TO meet and to discharge II. then il
was al once said sob. this is The new Admin
stration that is going into debt: under the
good old times We were not in debt; but no
sooner do these people get into power than
th.ir first act is TO plunge the nation into debtp
Now so far. as the Treasury note power still
survived loan only went TO change the form
of the debt and Mr.. s. thought, TO change it
for the better. The complaint 10 fact, amour.
ted 10 this {: ''You do not do as we did" Well
what did you do ?-pay the debt, No, YOU
did not, If you had, We should not now have
to provide for paying it. You went in debt.