Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-07-16
Correspondence Of ne Baltimore .7msriean.
HOUSE OF REPRESENTATIVES,


MIR ADAMS offered a resolution directing IN,
Secretary OF the Treasury to prepare statement O
Stocksssued Ivy the several States and Territories
including the District OF Columbia, the existing stat,
OF the Public Works IN those States *. and to re-
port at the commencement of the next session OF
Congress. Laid over for one day.
The House then went into Committee Of the
Whole, MIR BRIGGS in the Chair.
THE LOAN BILL.
MIR ]. w. JONES rose and said he should en-
deavor To demonstrate that there was no public debt
and therefore no necessity for this loan. IL was
purely financial question, and as such he should
treat rt--tle said that he must characterize the
port oil the Secretary OF the Treasury as delusye
deceptive, and calculated to misead the public mind
NOT intentionally lac was willing To believe on the
part Of the Secretary. To show this he took I'M
two statements from the Secretary Of funds in the
Treasury and the statement of the President, no
two OF which agreed, and he would prove that
neither were correct, by upwards OF a million of dol
lars.
MIR J. then went on to show that there was a dis
crcpancy Of upwards of SIX millions OF dollars, be-
the estimates of the President and the Secre-
thry, on the revenue for the year lSil. He stated
that the subject of deficits the Secretary could
easily have made deficit of fifteen as well as of
hive millions OF dollars; and yet keep within the
limit of outstanding appropriations. The Chair
mans hammer brought the genllemin to his seat as
the hand of the clock pointed to eight minutes past
eleven, and
MIR G. DAVIS took the floor, and advoc ,tet the
passage of the bill. He went into full examina.
ton OF the report OF the Secretary OF the Treasury
aud compared the different appropriations asked
for with the acquisitions made 10y the Secretary OF
War and Secretary of Navy. He then went on to
show that many of the public works for which ap-
preparations had been made, and been suspended
by the fat of the late Executive and the sums set
npSrt for them had been used for other purposes
thus erecting debt which has thrown upon the
present administration; leaving works of immediate
pressing Importance neglected, that il was irnpcr-
alive on the present Executive to proceed win them
IN order to their preservation and thus this loan
was rendered necessary.
MIR w. Z. DAWSON said that the unexpended
Balance OF appropriations on the FIST OF January
1871, was upwards of Sl2, 200 OO0-thc amount of
Treasury Notes due IN the course of the wear was
upwards of $4,000 ,00J-and that the las; Congress
appropriated the sum OF upwards OF SIgOOOOO
making more than $50 100000 Of debt on the fourth
OF March, ls4l. He said that there could not be
more than 81 e00, 900 of revenue from all sources
4 meet he above dem7nd, which would certainly
c,mc upon the Treasury before the first of January
1912. After giving full investigation Of the whole
subj c. m mastery manner, he said | have thus
shown that there is debt of Sl4,000,00O, and call
upon gentlemen TO make a provision for paying i,
IN such manner as the people will understand il
and not 10y the issue Of Treasury Notes as was pro.
posed, which was a debt OF the worst kind, and
which the people could not understand
MIR ATHERTON spoke IN opposition to the hill
but did not Throw any new light on the subject
MIR FILLMORE offered an amendment TO the
first section OF the BILL providing for the loan AT n
interest OF SIX per cent 10 pe payable at the option
OF the Secretary of the Treasury after six mont hs,
notice, and at events after three years from the
FIRST OF January mex. He stated tina, there lad
been wish expressed in the Committee that this
Administration should pay off its own debts with.
IN the period for which It was elected and 10 rnee,
those views this amendment was offered and he
showed that the proposed interest would amount 10
exactly the sum which we were now pay.ng ON IN.
issues OF Treasury Notes.
The hour Of two o'clock having arrived the de.
bate ceased aAd amendments were then offered and
Vo;ei on in silence.
Mr. Gll-MER offered an amendment substituting
aproyison for the issue Of Treasury Notes instead
OF making loan, which was lost.
Mr. Mckay moved to strike out the words "rron,
the first OF January next" and making the loan nav.
able al the option Of the Government, which was
lost.
The amendment Of Mr. Fillmore was finally taken
up AMI passed
The bill was then read through by sections. and
passed the Committee, which then rose and renor,.
Cd the same TO the House with amendments
The SPEAKER resumed the Chair
MIR MORGAN moved the previous question nm
each section, which was seconded.
After the bill had been acted upon by sections
the question was taken on the engrossment of the
bill and the third reading byyeas and nays, as fol
lows: yeas l27, nays 9I-muiority SO.
And on the question on the final passage of the
bill, the yeas and nays were ordered and there M.
Peared for the BILL yeas 1874, nays g3-maiority 81.
And the House adjourned at 4 minutes past ) %.
clock.