The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-07-20

an increase Of duties Under our Goyernment. the
tariff system always worked unequally. This was no
argument against the system, but that duties should
be Kept as low as possible to meet the wants of the
Government. lie believed this investment of power
10 borrow twelve millions unnecessary and should
vote against the bill.
MIR. WOODBURY. had objection TO the form Of
the bill, and that also involved substance as well as
form. The bill would ur,duce A loss OF one and
hall millions dollars. Treasury notes were used with
much more convenience BY this bill they admitted
but large corporations TO invest in this, whereas in
treasury notes every person could invest TO amount
as 10" as Soo Treasury notes great conye-
nenee IN receiving dues and saved the transportation
of specie They were also proved from the expert |
ence OF France and England preferable TO a loan He
referred TO the opinions Of Crawori and GalIain who
preferred these notes loan lfthis loan were to
be made, 1t ought not 10 run but a year.
As to The loss ny the loan as the gentleman from |
South Carolina had said, there loss of two per
cent and the interest OF the money before il re-
CURED, made one per cent. more. Bulwe were losing
the interest OF three millions do lars The Secretary
OF the Treasury had said if there no power to
issue treasury notes there should be three millions
in the Treasury. Under the loan BILL they had to
employ an agent and give him salary at the rate OF
twelve thousand dollars. These all amounted TO the
loss Of one and half millions which was more than
was required oi the expenses Of whole session. and
more than enough to defray the expenses of foreign
intercourse for two years. The Chairman Of the
Committee SAID they did not know when the Treasury
notes were TO be presented but did they not know the
amount issued and the amount redeemed, and thus
the amount outstanding as we'll the amount OF the
loan. But besides the losses, there was great profit
by loss destruction of these Treasury notes, which
we're returned to the Treasury, which had
amounted 10 one hundred thousand dollars.
Mr.. CLAY said there had been sort of funeral Gu
logy made by the late Secretary of the Treasury
his old friend, and he would disturb the solemnily
OF SO atiectionate scene. But he would say word.
On Saturday they pressed to lei this matter lie
over for speech They had now had three, and
how many moe2 Nous rerrons. He had given state
ment of the wants of the Treasury bat for the sake
Of the Senator from Tennessee he would present 1t
in another view We were in debt ten millions for
Treasury notes and this was made by the late Ad-
minlstration. Ii debt Of their creation their
financial operation. That could not be contested. lie
wanted 10 know how this debt was TO be paid Either
by absorption of the current receipts Of the revenue,
or in the manner Of this bill. But the revenue was
now deficient the current receipts not adequate
to the current expenditures. Since this debt was
created and TO be paid and could not be by revenue
how it to be paidl They proposed to pay it by
an honest, old fashioned bond that the people might
know the amount. They must either pay II in this
manner or give more and more Treasury notes, which
II necessary, he could show the most inconvenient,
onerous, and expensive OF any other form. Here
was most unexpected opposition TO the payment Of
their own debt but il was openly asowed by a
leader, if leaders of the Opposition that they would
stop supplies Of Government What would be the
consequence First, TO dishonor the Government;
anu next Virtual ulsSOIutOH OF the JouefnDeDli
and he called the country to witness this arresng
the progress of Government, by withholding supplies
for Government--a principle which he had not heard
avowed since the late war, when not only opposition
was made to raising men, but after that for their sup
plies and this done by those who bad made the
debt
Mr.. CALHOUN had said he not one of those
who believed that when deficit made they were
bound TO supply it until the made out and II
was shown that all due economy and precaution had
been usa1 (,nuId The 1pn fhis1 He had
further SAID that, in time OF war, Withholding sup
plies was moral If not actual treason. When the
Senator answered that he wished him TO meet this
proposition, and he might make the most he could
OF il.
Mr. WOODBURY. spoke Of the Senator's refer
ence to his euogy Of his old friend which he had said
served him very well. He then briefly further opposed
the bill
Mr. CLAY said the extravaganza of the late Ad-
minis,ration was longer contested; but il was not
the Administration proper, not the right honorable
gentleman lately at the head of the Treasury, but
Congress which did not choose to surrender the con-
sllatlonal duty OF making appropriations to the Lk
ecutve Department. and therefore il said that
Congress was responsible What sort Of defence
was this II cut into two moeties the late Admins
tralion, and placed the Executive Department in the
attitude Of representing the Legislative Department
They now said, don't reproach Van Buren, and his
Secretary OF the Treasury--oh! We are blame
less-do not animadvert u.s. but on Congress-
What sort Of an Administration was that : They
ought TO he ashamed of II and he ventured to say
that this Administration would make such de
fence. Where the veto power, which could
have been exercised it these appropriations had been
objected To
The gentleman seemed disposed to atone by curl
Gus manner for his former mlsdeeds. The late Adj
mnstration granted too much and therefore he would
not vote any now. He appealed to the Senator from
New Hampshire if fair for them to 90 along
with US in paying their own debts He could not but
hope that reconsideration of the case, the hon
NJ Nz,t
MIR. WOODBURY. said in case of a deficit in the
Treasury would be proper to resort TO the raising OF
the tariff.
Mr. CLAY asked if the Senator really thought
that Congress had any right to make appropriation be-
yond estimate.
MIR. WOODBURY. said they could not make in
udcious appropriations bnt could, if necessary APP
propriac beyond the estimates.
Mr. BENTON then took the floor, and spoke at
length declaring that this extra session OF Con
gress useless and taking wide range of remarks,
which he preaced by declaring that they were for his
constituents and therefore vt was lmnatenal to MN
when they were delivered
The question "shall this bill pass 7" was then taken |
by yeas and nays, and carried by the following
YEAS-Mcssrs. Barrow Bates, Bayard Berrien, !
Clay OF Kentucky, Clayton, Dixon, Evans, Graham,
Henderson, Huntington, Kerr, Mangum, Morehead, |
Porter, Prentiss, Preston Simmons, Smith of lndi- |
ana, Southland, Tallmadge, White, and Woodbridge
Pa
NAYS Messrs Allen Benton, Buchanan, Cal
houn, Clay, of Alabama, Cuthbert, Fulton, King, |
Linn, Mou,on Nicholson, Pierce Sewer, Smith, ofCt.
Sturgeon, Tappan, Walker, Woodbury., Wright, and
Young-20
Thus the bill passed
A message from the President was read, informing
the Senate that the act to prevent hostile ncurslons
by citizens o. the United States, into the territory Of
foreign governments, had xpired by its limita
ton and recommending the passage Of an act of sm
lar character
The Bank Bill was then announced the unfin- |
shed business and on motion Of
Mr. MANGUM, at half past two o'clock, the Sc