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

MONDAY July IS, IS4l,
Mr.. TALLMADGEp presented a memorial of nume-
rous City of New York for National Bank.
Also of citizens of the city and county of Schenec-
tady, for National Bank.
Also Of citizens of New York city, and of citizens
of Bergen county, Pennsylvania for Bankrupt
Law.
Also the proceedings of public meeting of citizens
of Syracuse, N. " for Bankrupt Law.
On his motion, the proceedings of the meeting at
Syracuse was ordered to be printed.
Nh. WRIGHT presented memorial of citizens of
N. Y, for Bankrupt Law.
zens of N Y, the 18th instant, with reference to
proceedings of Congress adverse to National Bank
and denying the constitutional right of Congress to
establish Bank. AT his request the preamble and
resolutions were read, and ordered to be printed
Mr.. DIXON presented a memorial Of citizens OF
New York for Bankrupt Law
Mr.. CLAY presented memorial signed by great
number Of citizens of Pittsburgh, expressive Of their
strong desire for the establishment OF National
Bank.
Also, petition of ia citizens of New York, pray
ing for the passage of General Bankrupt Law.
Mr.. WOODBRIDGE presented memorial of ct-
zens Of Miles, Michigan for the passage ola Bankrupt
Law at this extra session.
All which memorials were laid on the table,
Mr.. BUCHANAN wished to know where his re-
solution relative 10 removals from Office He had
not heard of it for some days
Mr.. BENTON, who was entitled to the floor on
this, wished it laid over till tomorrow morning.
Mr.. BUCHANAN would consent to this but hoped
it would then be disposed Of was, accordingly, laid
over.
The LOAN BILL was then taken up, the question
being on its passage
MI. CALHOUN rose for the purpose of stating
his objections to the passage of the bill, but without
the expectation of changing a single vote. He be-
eved that, when deficit existed in the Treasury,
they were bound TO grant supplies. This was fun
damental principle not only in monarches but in re.
k.h at,. thaf nfa nf fha
first be understood. Had they had full information
on all points with regard to the defict2 They had
the fact stated-but had they been told that dsburse
ments had been limited and that all possible economy
had been exercised Not at all. He held that It
the spirit of economy actuaed the present Sc
cretary Of the Treasury did the former there would
not have been deficit of a single cent. Until tn
Secretary had made out his of deficit he would
not grant it. In time of war, they were not to with
hold supplies, to embarrass the country. This was
not only moral treason but very actual treason
There was enough in the bill itself to authorize their
Withholding their votes 1t asked absolute loan of
twelve millions Of dollars, and with the power to res-
Treasury notes, made virtually loan OF eighteen
millions Of dollars. According to the Secretary s
own showing the deficit would not amount to more
than five millions of dollars. Was it right to do this
at this extra session. when but five millions would be
the deficit up TO the LIST Of March next when regu-
lar session interviewed? This sufficient reason
for their not voting for the bill. Again by voting
for the BILL they would produce surplus in the lrea-
sury which would lead to extravaganza, and on the
contrary, their true policy to leave the Ireasu'
ry embarrassed, and in close condition. Nothing
but the want of means, as among individuals, SO IN
Governments would lead to economy This had
been his idea since 1929 Much had been done for
this purpose the last years. by the late Secretary
| Of the Treasury.
He objected to the bill for another reason This
bill proposed to create six per cent stock not redeem
able for three years. and the time Of its redemption IN
definite. II also proposed to take Treasury notes for
this loan, which notes many Of them drew but two
per cent interest while the interest Of the loan was
six per cent Thus they made loss to the Govern
| mont of four per cent, and exchanged stock that
could run but year. for loan of three years. at least