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

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 Admnistra-
ton and other accrung revenue they should only
vide for the present year
What then, were the necessities of the present
yeari He then, in an 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 deductng million for his error that
there a deficit OF two and half millions, What
ne1tl He admitted that reserve fund was necessary,
and would add one million; that would bring it to
three and half mllonsi for this he would vote most
cheeriully What next7 The Secretary said
he wanted three millions for appropriations and
he had omitted an appropriation of one million and a
half more. Adding these, made from eight to eight
and halt millions deficit. As to the Treasury notes
he 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 Of these new appropriations be spent
this year. would reduce il to six millions This was
proposed by the amendment and he would vote il most
chcerfully
Mr.. EVANS was very glad that tie Senator had
got to understand the report of the Secretary of the
Treasury What was the state of the Treasury II
had about one million dollars on hand and all the
Treasury notes which had been authorized having
been issued there was no resource, except the
treasury,
and no one would think it safe. Now, what would
he the requirements The deficit estimated by the
Secretary of the Treasury two and half mil
lions. There was 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 u 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, bnt excluding
mnue M ed
expenditures ss2S s37 l66 What were the
means of the year lie specified them; and esmat-
ed, including all the anticipated receipts from all
sources, al n25 2S3 000 This left deficit Of about
three and hall millions this year and when they ar
rived at the end of it, there would not be dollar in
the reasury II would be proper TO provide mil
hons for contingencies, which was the least sum
former Secretaries of the Treasury thought they could
get along with They would then want %, $780, 600.
If they then added new appropriations of two mil
lions dollars likely TO be made this session of Congress-
1t amounted to seven and half millions dollars, ne
cessay TO be supplied for the service of this year He
did not see how these expenses to be greatly d-
nlnlshed. As TO the means of the year. he did not
rely entirely on the estimate, and every days expert
showed doubtful whether the amount would be
equal to that anticipated The receipts from customs
were falling of, and it was thought they would be
great in the latter part of the year in the former
For he first six months ofihey year they had amounted
10 100000 They could moi be greater Tor the next
sx months but the Secretary Of the Treasury had
ten months after the LIST of March The deficiency
from tins source below the estimate Of the Secretary
must then be two millions dollars at least This ad-
dfd 10 the seven and halt millions, won d make nine
aud half millions his would bring us to the end
81 The year and we shou u have two millions hand
There would then be requirements Immediately by ap-
proprations of some thousands Of dollars Last year
by appropriations made the short session there were
Sioo,o'o called for Immediately. Was it then
sonabe to provide loan of twelve millions :?
pyp IN he fact nj
was not 10 be borrowed now, and draw interest but
that the President should borrow it from time time,
as required. Surprising they did not want but six mil
hons, were they to borrow twelve millions Not at
az. The only difference between this bill and the
Treasury Note bills the form of supplying the
means required The object Of The loan OF twelve
millions was to supply that which they knew to be the
existing deficiency in the Treasury this moment to
redeem the Treasury notes that will in, and TO
guard against contingencies and fluctuations He
proceeded at some length to show the necessity for
thus he thought the attention of Congress could not
be gwen too early supplying the OF the Trea
sury and could not conceive il unreasonable to give
the President authority to borrow, as required
a sum not exceeding twelve millions of dollars.
MI WOODBURY. said they were urged to take
up this bull on account of Emergency, and yet the
great part of the gentemans arguments were to pro
vide for next year. And in doing that the past AID
ninistration was caechsed for having left no marks
OF their Improvements they accused of having
spent much money, but left no outstanding appro.
puations In two years alone Congress appropriated
thriy-sX millions more than ordinary appropriations
that were asked by the late Administrations All the
debts caused by the past Administration if the pen
dInres had been ordinary and extra session would
have been no debt at all If deficiency were not
wanted, why were not the public lands now broupbt
into marketh He did not say they were kept back for
DIST button next year~but il an oversight that
they were not made available funds. The gentle
man had said Treasury notes mig hi in but that
they could reissue others. How then did they dnin-
nj fba Ia ~
gentleman also asked with all he means the past Ad-
hinlsralon had, what they had Accomplished There
was not a ibcraliiy in means, when they called them
was Ike calling spirits from the vast deep, they
would not come. lie would answer, that they had
carried on a bloody and expensive war-had erected
public bulldngs-had exnguishcd Indian titles to the
amount of millions millions; and more than that
they had extinguished the whole remains of revolu-
tlonary claims, and had rescued the widows and FAM.
hes Of old soldiers from the almshouse and with all
this, they had created debt. But what did the pre-
sent Administration propose2-to make national debt
OF twelve millions for This loan sixteen millions for
National Bank and three millions for distribution;
making debt of thirty millions and this ali
under reform and economical Administration.
he amendment was father discussed, by Messrs
3. EVANS, WOODBURY., CALHOUN, CLAY, OF
kentucky, WRIGHT, AID YOUNG, and was then
rejected, by the following vote
YEAS-Messrs Allen, Benton, Buchanan, Cal.
houn, Clay, OF alabama, Cuthbeu Fulton King
Linn, McRoberts, Nicholson Pierce, Sewer Smith
ct Connecticut, Sturgeon, Tappan, Walker, Viii
lpns Woodbury., Wright, Young-2l
NAYS Messrs Archer, Barrow Bates. Bayard
Bcn'en, Clay, Of Kentucky Clayton, Dixon Evans
Graham, Henderson, Huntington, Kerr, Mangum
Merrck, Morehead, Phelps, Porter Prentiss, Preston
summons. Smith, of Indiana, Southland, TaIlmadge
White Woodbridge-26.
Mr.. KING asked when evidence to show that thi,
amount was not necessary had been produced how
gentlemen could reconcile this unwillnrness 10 re
ducr this loan to their professions when the bill wal
tta mil ha Kan. fAr lx,,, w.. L.l A.
ALE To show than nine millions deficit-why
Then, would they borrow this three millions mnre thar