Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-08-02
FROM WASHINGTON.
Correspondence Of the Journal Of Commerce.
MnNnAY July 10.

is about to expire This subject will probably
give rise to some discussion in Congress
loan Bill passed.
The Loan Bill was again taken up. some de-
bate ensued. Mr.. Calhoun, who was entitled to
the floor, spoke very ably in opposition to ine b
lie commended that it was the privilege OF Oo",
giess to withhold us well as to grant supplies ana
that it was their duty to withhoiu them, Unless
tbev were well satisfied that they necessary,
ard that by rctrenchmept and reform they could
no, ha avoided. If tie administration OF the
Treasury ly the late Secretary had been contInu-
ed there ,sould, doubtless, have been an abund-
auce in the Treasury AT this moment. The loan
for twelve millions would not be Immediately cal
led for aud it would lead to eXirnvagnnct for ex-
perence taught us that every dollar that was put
in the Treasury WINS always expended.
Mr.. Nicholson opposed the bill as unnecessary |
Mr. Woodbury. maintained that Treasury notes
were the most convenient and the cheapest FORM
of meeting the present emergency. Tie admitted
that the loan would benefit the large capitalists
and corporations, but the treasury notes would 80
~ the community generally, and every man who
had n hundred dollars to invest, would buy q
Treasury note. The Treasury notes were also OF
II great public convenience, nasmuch as they FUR
nishcd medium of exchange. The commercial
embarrassment, during the last four years, would
have been infinitely greater than they had been,
but for the Treasury notes, which enabled remit
tances to be easily male Again, the Treasury
notes were convenient rs the medium OF payment
Ot public dues at the llHu Offices unu lHe ru9t""
houses They saved the cost of transporting Sl'e-
Gle md The risk of holding bank notes. The cx
ucricnce of other nations had shown that Treas
ury notes were preferable to n loan where they
could he used. England and France mIade use OF
them. In our country, they had been used by
H., best financers MIR. Dallas, Mr. Gallan, and
Mr. Crawford had recommended them. Mr. w.
could prove that we should lose outright one and
IL half millions by Tins loan FIRST we lost one
er cent interest, than the entire interest OH tree
millions not wanted, and Tie eXi'eisrs oil AN agent
10 effect the loan. The whole Uss would amount
TO halra million year FOR three years. The Irea-
sury notes, on the other hand, cost not dollar.
and could be Issued in sums suited te the wants OF
the Treasury.
MIR. Clay said he considered this spee,h as
formal eulugy on Il departed policy, anu lie chuld
not find il in his heart TO interrupt the inoufhinI
ceremony. He had earnestly pressed the necessity
of passing this bill on Saturday The Senate
pospoucd il to hear one speech, aud we have al
rendy heard three. Without gong into any nrgu
ment he would simply say TINT there was deit
of ten millions for Treasury notes. that, he pre-
sumed would not be contested. That debt, said
he, addressing the opposition, was creae,Iby you.
You left no provision for its payment. O. How is it
to be paid for take ii for granted, that il Is TO
he paid. II cannot be paid out OF the accrllng
revenue-tlat is inconIesjiblc II the accrlllng
means would absorb the debt and pay the ort'ina-
ny expenditures it would he well, hut the fact is
:"
meet the current eXpei $.
Mr.. Clay wished TO cal the attention Of Tie Scu.
ute and OF the country 10 the tact that It had been
openly announced here for the first time since the
late war, by the leaders of the opposition, that it
is their intention 10 stop the supplies the gov
ernmen The first consequence of This policy if
it succeeded, would be that the government would
be unable TO fulfil its engagements nnl to carry on
its operations. The next consequence woald he
the dissolution of the government. If It's means
were stopped, its march on ITS glorious career must
lie arrested This avowa! of design to stop the
Supplies was never heard before, except from the
federal leaders in the late war.
Mr. Calhoun snid The Senator showed TINT he
defeated in the argument by his attempt 10
inssate the position OF his opponents. lie (hr.
Calhoun had said that he was no bound TO grant
supplies in time of peace unless it could be shewn
that they were necessary. The administration
was bound to shew also that the necessity OF the
supplies was unnvoidab e-that i. could not have
been avoided by economy, &c. He hnd drawn II
distinction between war and peace. 10 Withhold
supplies in a time OF war, for the purpose of for
chg peace, was moral if not legal treason.
Mr. Woodbury. said the leht creacdhy the
excessive appropriations which were forced upon
the late administration, without corresponding
means tn meet them.
MIR. Clay. BY whom were they forced?
Mr.. Woodbury.. BY Congress. But they not
only made eXtravagant appropriations, hat lhcy
refused TO Stop the leaks OF the revenue, by pas
sing laws to regulate dra - backs and To explain
tie Tariff laws, by which refusal the treasury lost
rs much us The whole amount Of Treasury notes
now outstanding.
Mr. Clay reloined and said the opposition ought
10 he ashaired of ii emselvrs to seek shelter from
the charge of extravaganza 10y drawings d.stnc-
ton between the executive and the legislative
branches of the administration hope, he said
ace shall never c0ndcsccnd to so mean and skulk
ing nn excuse for our acts
AIR. Benton spoke at length against the bill. Fl.
naly the bill pnssed-2} 10 30
In the house the Forfcalion Bill was again
taken up, and discussed 10 new arguments were
offered against Notifications.
Mr. Mckay commended that they had not been
neglected and that they ought to lie in a gOot
condition. after the expenditure upon them Of sLcl
large sums in the last twelve years.
Mr. Randall OF Md, and Others, cOntended, il
reply, that the forts were III very neglected aId
shumeiul condition, even when completed
TUESDAY. July 20 lSil
HOUSE OF REPRESENTATIVES,
A message was received from The President o
tie United States, communicating II report iron
the Secretary of State, in answer 10 II resolution
of this House calling Tor Information ON the sub
ject of American prisoners confined for Slatc OF
fences ia Van Diemap's Land
The residue of the session. falling somein;
short of the usual duration, was devoted 10 tin
consideration Of the Fertilization Bill. A mum
. Der Of amendments offered, all Of whel
were voted down with great decision. Even III
amendment of the committee of the whole, slrk
ing out the appropriation Of fifty thousand dollar
for the forts OH The Pea Patch Island, in The Rv
ef Delaware, was nOn-concurred in by the House
And the bill, as originally reported lay the Com
mitee of Nays aud Means, passed the House l.
the overwhelming vote OF yeas l4S, nays GO, III
most triumphant vote OH record this session.
Mr. Wise gave notice Of his intention 10 NOV
that The House, tomorrow, go into committee o
lhe Home Squadron Bill.
IN SENATE.
The resolution of Mr., buchanan, lfor list {
removals, amended 10y The Wings so TO embrac
all removals from March 4, 1929 to this time,) wa
this day adopted. Mr.. Benton delivered his view