Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-01-11
aeTH CONGRESS. SECOND SESSION


to the first revenue bill from the House, providing
for the taxation of all paper money, and moved
for the printing of an amendment of this charac-
ter. Ruled out of order. what think the peo-
pie of being taxed for every dollar oftheir money
issued according to the laws Of their state p
What becotnts Of the great democratic doctrine OF
state rights" if the federal government can thus
interfere with state legislation? Observe TINT this
plan of Benton assumes that the federal govern
ment can PIT down state banks by taxation, for
if it can tax at all, it can tax so high as TO be a
complete Introduction of banking yea, it can in
the same way put down factories, colleges, rail
roads, canals, and every state institution. Ben
tons project is to tax bills of $50 or upwards
per cent. per annum; of IS and under S20 9 per
cent. per annum and TO be increased | per cent.
yearly until the tax amounts to 12 per cent. per
annum on notes less than SIS, per cent peran-
mum, 10 be increased 2 per cent. yearly until the
tax amounts TO IL per cent per annum.
In the House, the bill making an appropriation
OF Sl5l,352 80 for naval pensions Ito supply the
loss Of the naval pension fund, occasioned by the
misnanagement of the administrator was a.
mendtd by adding clause repeating the naval
pension act of 1887. When this bill was under
consideration ''
Mr.. Adams rose and addressed the committee
at great length on several important subjects con-
nected with the financial policy of the present
and late administration making no opposition
however, TO the passage of the bill, but strenuous
~ urging The maintenance Of the public faith in
violate.
In, tioo 4, 4 4
great freedom upon the remarks of The President
and Secretary OF the Treasury, put forth in the
annual Message and Report,-,ouching Nation
al Debt md State Stocks. He showed that the
Administration had advanced in reference to this
as to other matters, of opinions and put in
practice policy totally uni Ike that proposed. 1t
had created directly Debt, and lone more forthe
assumption of Slate Debts. The General Gov
emmett it was well known WINS bolnd to pay sew
eral heavy debts which were due for various OBJ
jects. Funds were invested in Stocks on account
of Indian Annuitics and on account Of the Smith
sohnn Request. The Government was liable rs
the trustee party for the payment of the full sum
invested in Stocks, ; liable for ali losses, and for
all diminution in value.
Proving this MIR. Adams proceeded to show
how the President had invested Government
Funds The amounts for Indian Annuities had
been invested i'll State Stocks which were pur-
chased ms high as premium Of q per cent. and
sold for 81 per cent under their par value, and at
a loss 10 the Government Of al per cent upon the
purchase The entire Smithsonian funds had
been invested in State Stocks, and in the Stock of
the State of Arkansas.
half million of dollars, the amount of the
Smithsonian bequesr, bad been invested in Arkan-
sas Bonds 5 of 500 600 being in the possession
of the General Government. The British Cold"
bad been but three days in the MINT before 1t was
in sovoreigns marched off to Arkansas and made
a Bank of. Yes, said Mr.. Adams, ringing the
change upon British Cold" much TO the aln,ise-
meat of the members, all those mint drops, Brit
ish sovereigns, by an act of Congress, in provs.
ion snuggicd into Bill referring to the West
Point Academy, was sent 10 Arkansas and made
Bank Of
The friends of The President, said Mr.. Adams,
have told us that British Gold has had its effect
and influence upon our elections. 1t may be so.
We know that the British Gold, to the amount Of
more than half million of dollars, went from The
mint TO Arkansas II, The order of the President.
We know also ,hat the State of Arkansas gave its
electoral vote for The present incumbent.
Mr.. Adams also called the attention of the
House TO the important fact that the President and
Secretary of the Treasury, in the Message and re.
port, had recommended as late us the 9TH instant
That no appropriations should be made except
those included in the estimates. In contrast with
this opinion he stated that in Report from the
Treasury Department. bearing an earlier date =
the LIST nstant--the Secretary has said that SI3U,-
900 ought to be appropriated for the Naval PEN
sion service, and yet no mention was maze oil thls
sum in the estimates .-....
Mr.. Adams also showed that the President had
in June last the appropriation of
S50,001 for this service. Congress did not attend
to the recommendation, and yet the President i'll
these and other matters, congratulated himselfup-
OH the diminished expenditures Of the govern
ment for the year past. Had the Recommended
tons of the Executive been complied with, much
more would have been expended than was eX-
pended.
Tuesday, Dc. 30. The Senate met and adj
iourned after the death of Mr.. Grundy had been
and the usual resolutions adopted.
In the House, Mr. Giddings moved 10 recon-
slider the amendment adopted yesterday on the
pension bill, repeating the act of 1887. Mr.. Adj
ans sustained this motion, and made strong APP
peal 10 the House " not to wreak vengeance upon
widows and orphans, because Congress had was
ted the property to which they had right" The
discussion was continued until the announcement
of the death of Senator Grundy, when the Gus
tomary resolutions were adopted and the House
adjourned.
Wednesdoy, Dec. 80 In the Senate bill to es-
tablish n uniform system of BANKRUPTCY was repor-
ted by Mr.. Crtenden. IL is made the order of
the day for the 7lh inst. Mr. Calhonn's bill 10
cede The public lands to the new States on GER
tain conditions was reported by Mr.. Norvell with
out amendment. Mr.. Benton gave notice OF his
intention to introduce at an early day bill to re-
peal the duty OH salt and to abolish the fishing
bounty.
The House was engaged, all day, on the sub
ject OF Navy pensions. The correspondent of The
N. Y. Courier says: The debate to-day was ami
mated aud interesting. Many members spoke,
bu, none Of them seemed TO comprehend the sub
iect SO fully as Mr.. Everett and Mr. Reed The
whole subject of Navy Pensions is now fully and
fairly before the House the result of the present
debate will be that hundreds Of widows and or
phans will loose the pittances they enjoy and
that all the officers and men nOiO IN service, who