Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-03-06
CoNGREss-TREAsURY NOTES.

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The Treasury Note Bill passed the SEN
ate on Friday, 18th February, in the same
form in which it was passed by the House
of Representatives. The Madsonian in
speaking of its passage remarks, yielding
to the considerations of high State neceSSi-
~ upon which the Administration based
the call for this additional issue, and will
ling to allow the party in power to resort
to their chosen method of supplying the
wants of the Government method which
has been from 1887, an essential element
of their financial policy-many gentlemen
acquiesced in the passage of the bill who
decidedly prefer the old, customary, and
more honest plan of borrowing money on
the credit of the Government. The debate
was highly interesting and animated; and
in anticipation of the regular report
notices of some of the principal points may
be acceptable to our readers.
Mr.. Clay, of Kentucky, declared uncom-
promising opposition TO the measure wheth-
or as form of loan, or as means of sup
plying a currency-in both of which as
poets it might be regarded. As loan, the
money is procured on much more unfavor-
able terms than by the usual and direct
method of borrowing. These notes are
now issued bearing interest of 6 per cent.
when temporary loan might be taken
at much less rate of interest, and in in
stalments sufficient to meet the demands of
the Government.
These notes now constitute a Govern
ment paper, and Mr.. Clay said he had seen,
with surprise and regret, the progress which
this Government paper has made during
the course of this ruinous Administration
Some who, when the measure of introdu-
cling Treasury notes was first presented
regarded it as inexpedient or unconstitu-
tional, have yielded, and the number of its
opponents is reduced to nine. This was
the fatal progress of the Government paper
system. 1t was first objected tc--in its
progress it is yielded to, until gentlemen
finding it more convenient to make paper
money, than resort to taxation, avoid taxa.
ton, and take to paper, and at last we have
notes Of 500 and $50 freely issued ant
circulated. He would not now 90 into the
history of Government paper in France
and during our own Revolution when i
presented some of its worst aspects-anc
which would show that the whole system
was costly, and dangerous to the prosperity
and liberty of the country. He had beer
3 asked, however, what should be done, II
the present condition of the country? Will
a Treasury exhausted, and government
calling for supply! He replied that ought
to be done now, which should have beer
done months ago. The old mode of supply
by taxation ought to be resorted to. Take:
ought to be imposed on Injuries; and loar
should be forthwith taken up, for the i'm
mediate wants of the Government.
Mr.. Clay commented satircally on the
apology put forth by the Secretary anc
= repeated by Mr.. Wright. They only askec
to anticipate the avails of the coming year
That was very convenient indeed. The,
had taken care to provide themselves wit
money while they should remain in powe
! but they left the burden to be bore b,
the coming Administration which, for augh
they care, may stumble along as best it car
-. with the weight of the disastrous measures
adopted and persisted in during the las
:, four years.
There are two things to which the AID
ministration and its friends most industri
, ously and Systematically direct their exer
tons--one is to make out the charges o.
:. the Treasury to be less than they actuall
~. are-the other is to exaggeratc the est
. mates Of the income for the current year
Mr.. Wright resortcd to the old expose,
6 and exploded trick of attempting to tax
: the responsibility for appropriations fror
the Administration to whom it rightfu
: belongs; and throw it on the shoulders c
, Congress-and on the opposition party i
: Congress too, He talked about Congress
-. transcending the annual estimates, Will
he and his friends know that the estimate
:, sent in at the beginning of the session, hav
= been exceeded by other estimates, NOR
recently communicated from the sam
quarter. Look, for instance, to the ca
:, made a few days ago, for one hundre
thou.onI dollaro for tho Florida Indian