Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-04-12

WAsnlNnron. Mnrch 30. ian

WASHINGTON, March 30, 1S4l.
! Speculation is already active and busy, l per-
ceiye, ms TO the measures which are likely to be
presented at the Extra Session al Congress aud,
you may easily imagine, that they are the objects
OF anxious inquiries and consideration in the DO
| litical circles of the Metropolis.
| The Commons" holding The FURNISHINGS,
Al The first session Of thoroughly Wing Con-
gress, the public may be assured that the great a.
buse so much in vogue under the two last Admin
isrations of originating financial projects in the
Senate Will be corrected, and the Constitutional
practice restored of Introducing all bills of that
character IN The Commons"--in the House of
Representatives This will be an important re-
form, gratifying to all who are anxious TO preserve
the spirit of our own Constitution, and who nc
knowledge tho wisdom of the old English rule on
! the subject.
Funding of Mr. Fan Bmens Public Debt
| The House OF Representatives, then, will tnke
the lead: and, among the first things done, proba-
bly, will be the FUNDING OF THE PUBLIC DEBT be-
queathed to the Adininsti alton of General Har-
rison, by Mr.. Van Buren,. There nre FIVE MIL
LIONS of Treasury notes to be redeemed then
there are various debts and obligations, tho pay
ment of which was postponed or evaded in vari-
Gus ways, and on different pretexts, amounting il
is estimated at the Treasury Department, to up
wards Of five millions or more. Here is debt
Of at least TEN MILLIONS OF DOLLARS, incurred
under the Administration Of President Van Buren,,
for which he and his cabinet aud party are re-
sponslble; and which the dignity of the Govern
meni, good faith and common hom sy, require
should he provided for without delay. / say no.
thing at present of the claims against the Govern
ment, public and private, which ought TO have
been provided for by The last Administration, be.
cause they were not incurred under it. naic,
only those obligations which were created Will,
Mr.. Van Buren, was in power.
Opening of .Me,o Books.
The public debt of the late administration he
ing provided for the administration of Genera
Harrison will open NEW BOOKS. 1t will be neces
sary to furnish The Treasury with means to NEE
its proper liabilities and engagements. The Sec
reary Of the Treasury, it is understood, has arr
we'd at the conclusion that there will not I've fund
to meet the actual wants OF the Government be
You'd the first of August.
1t is calculated that revenue of from t,Do an
a half 10 three millions OF dollars can he raise,
from the customs by taxing articles which are nov
duty free or increasing the rate upon others whic
bear very light duty. This would not only no
violate the compromise Act, but would he confy
mdtory of it--for there is in that enactment M ex
press provision, contemplating the very exigenc
that now exists, and allowing an increase OF taxa
ton in case of deficiency of revenue TO meet tn
wants of the Government. Mr.. Benton himse
has concUrred in this view of the Compromis
Bill and of the propriely of rcsortng to the con
dItiona provision have mentioned, in the pres
ent state Of the treasury.
TO raise revenue from customs, however, is
slow process; end it may he found actually ind:
pensa3le to supply the immediate wants of III
Government, and preserve the national faith
put the Treasury in possession Ct funds, withot
the delay incident TO tariff. Should this he IN
case, loan will unquestonably be the policy
the Whigs-to borrow the money requisite O
United States bonds
While these supply bills are under considerable
in the House, The Senate, it is probable, will
:. occupied with matters intimately related to the
beneficial operation throughout the country. 1t
Sub-Treasury system will be laid low, by the n
peal of the act creating it and this great INcUpI
upon the financial operations Of the GoverDme
and the country being removed, bill for the e'
tablslinent of National Bank will be speedi
introduced