The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-07-24

of Congress- He believed with the Senator from
Kentucky that the whole amount of the loan was re,
CURED for the actual wants of the Treasury, and
hoped the amendment would be rejected.
Mr.. ALLEN called the yeas and nays, which were
ordered
Mr.. CALHOUN was in favor Of this amendment
As to the permanent deences of the country, no mo
ney ought to be appropriated until the entire system OF
Notifications revised As to the present prospects
of war, he did not believe there would be war he
should vote fer this amendment committing himself
to the support Of system of fortcati ons but GO
ing for limitation on the loan.
Mr. ALLEN said there was no specified fortifca-
tons in the amendment but its design was to autho
rize, after the meeting Of the actual wants Of the Trea
sury, the remainder to be applied TO Notifications which
should be considered necessary by Congress
Mr.. WALKER said if this amendment passed, ne
should consider il pledge Of making appropriations
for Qualifications Under this impression he would
vote for the whole loan.
The vote was then taken on the amendment, which
was rejected as follows: ....
YEAS-Messrs. Allen Benton, Calhoun, Clay, of
Alabama, Fulton, King, Linn, McRoberts, Nicholson,
Pierce, Sewer, Smith, of Connecticut Sturgeon Tap
pan, Walker, Williams, Woodbury., Wright Young
\ NAYs-Messrs Archer, Bates, Bayard, Berrien,
Choase, Clay, Of Kentucky, Clayton, Dixon, Evans,
Graham, Henderson, Huntington, Kerr Mangum,,
Merrck, Morehead, Porter, Prentiss, Preston, Sim
bridge a.
Mr.. WOODBURY. moved an amendment to the
9th line, LIST section, strike out "twelve" and insert
"sx" millions (being the extent of the loan) He
apprehended that there might exist mistake to
the exgency Of the case and the necessity of imme
date passage of the BILL because with the amount in
the Treasury, the accrung revenue should be cons-
dered They should 60 into into provision for the
next year. because great revolution to take place
in the revenue system, which change might supply the
deficiency; and, moreover, because the present AID
mnstration to retrench and reform and if this
was carried out, they would not need the proposed
amount of twelve millions. Another very strong rea-
son was that the Secretary of the Treasury, in con-
tingency, was to take six millions stock in the Bank
and when this disposed Of the means would be on
hand, and could be applied instead of the loan. There
FORE looking at the change of the tariff the proposed
reduction of expenditures Of the present Admnlsra
tion and ether aceruing revenue they should only pro-
vide for the present year.
What, then, were the necessities Of the present
year2 He then, in investigation of the state of
the Treasury pointed to several estimates of the
Secretary He admitted, with the Chairman of the
Committee on Finance and the Secretary of the Trea
sury, after deducting one million for his error, that
there was deficit of two and half millions. What
next2 He admitted that fund necessary,
and would add one million that would bring it to
three and half millions; for this he would vote most
cheerfully. What was next2 The Secretary said
he wanted three millions for new appropriations, and
half more. Adding these, made from eight to eight
and halt millions deficit. As to the Treasury notes,
he was opposed to appropriations for the next year.
But according to this estimate, which founded on
their own data, only eight and half millions were re-
CURED But if the new appropriations of four and
half millions, not all would be required There of
old appropriations much yet unexpended. Therefore,
calculating half these appropriations to be spent
this year. would reduce it to six millions. This was
proposed by the amendment and he would vote it most
cheerf1lly ~
Mr.. EVANS was very glad that the Senator had
got to understand the report of the Secretary OF the
Treasury What was the state of the Treasury It
had about one million, dollars on hand and all the
Treasury notes which had been authorized having
been issued there resource except the accru-
ing revenue That was the state of the Treasury,
and no one would think it SAFE Now, what would
be the requirements The deficit estimated by the
Secretary of the Treasury was two and a half mil
lions, There about two and half millions dol
lars of Treasury notes, exclusive of the Interest," TO
fall due in six weeks, and we had only about million
Of dollars to meet them and the ordinary expenses OF
Government. .'.. .. .... -.
What was proposed by the Secretary of the Trea-
sury as the whole expenditures this year Including
the redemption of Treasury notes, but excluding new
appropriations likely to be made now the authorized
expenditures were 1928, l66: What were the
means of the year, He specified them; and estimat-
ed, including all the anticipated receipts from all
sources, at 25 1884, O0 This left deficit of about
three and half millions this year, and when they ar
rived at the end Of it, there would not be dollar in
the Treasury. It would be proper to provide two mil
lions for contingencies which the least sum
former Secretaries Of the Treasury thought they could
get along with. They would then want $5,5OOO 600
If they then added new appropriations Of two mil
lions dollars likely to be made this session OF Congress-
ii amounted to seven and half millions dollars, ne
cessary be supplied for the service of this year. He
did not see how these expenses were to be greatly d.
minished As to the means of the year, he did not
rely entirely the estimate and every days expert
ence showed it doubtful whether the amount would be
equal to that anticipated. The receipts from customs
were falling Off and it thought they would not be
great in the latter part of the as in the former
For the first six months the year they had amounted
to 900. They could not be greater for the next
six months but the Secretary Of the Treasury had es
ten months after the LIST of March. The deficiency
from this source below the estimate of the Secretary
must then be two millions dollars at least. This, ad-
ded to the and halt millions, would make nine
and half millions. This would bring us to the end
of the year. and we should have two millions on hand.
There would then be requirements Immediately by APP
proprations of thousands Of dollars. Last year.
by appropriations made at the short session. there were
$4,000 called for Immediately. Was it then unrea
sonable to provide now loan of twelve millions
Senators must have shut their eyes the fact that this
was not to be borrowed now, and draw interest, but
that the President should borrow it from time to time
required. Supposing they did not want but six mil
lions were they to borrow twelve millonst Not at
ALL The only difference between this bill and the
Treasury Note bills was the form of supplying the
means required. The object of the loan of twelve
millions to supply that which they knew to be the
existing deficiency in the Treasury at this moment to
redeem the Treasury notes that will come in, and to
guard against contingencies and fluctuations He
proceeded at length to show the necessity for
this he thought the attention of Congress could not
be given too early to supplying the means OF the Irea
sury and could not conceive it unreasonable to give
the President authority to borrow, was required
a sum not exceeding twelve millions Of dollars.
+ Mr.. WOODBURY. said they urged to take
up this bill on account of emergency, and yet the
gieat part of the gentemans arguments were to pro-
vide for next year. And in doing that the past Ad-
minstration was caechised for having left marks
Of their improvements they accused OF having
spent SO much money, but left outstanding appro-
priations In two years alone Congress appropriated
thirty-six millions more than ordinary appropriations,
that were asked by the late Administration. All the