Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-03-11
RICHMOND, VIRGINIA, THURSDAY MARCH H. 1s4l
TWENTY-sIxTH CoNGREss---2d SESSION
SPEECH OF MIR. COLES of ViRGisIa,
On The Treasury Note BIZ, dsiicered IN the House 81
REPRESENTATIVES, Feb. 9, ISL.
Mr. COLES oddrcsscd the Committee as follows:

SPEECH OF MIR. COLES OF ViRGIsA,
On The Treasury Note BIZ, deiircred in the House q
Representatives., Feb. 2, ISL.
Mr. COLES addressed the Committee as follows:
Mr. Chairman: 1t has not been my practice to engage
in the general and protracted debates which have 80
frequently occupied the time Of this House, and ex-
hausted the patience of its members. have, upon
such occasions, given place TO others more anxious 10
speak, and con,en,ed myself with a silent vote.
| We on the eve of unknown changes II is
declared from high sources, that eventu revolution
in the policy of the Government is at hand. MA
questions have been introduced into this debate, winch
have not been decided by the people and winch deeply
involve their individual and political condition The
present discussion may not enlighten the country but
It cannot tail 10 excite universal interest," anu that de
gree of solemn reflection which will enable the public
mind wisely 10 instruct those who TO come alter US
In this respect it of the most important debates
that, AT any tilne has taken place IN this country II
further apology necessary for departing from my
usual custom trespassing upon the attention oil
the committee, il may he found in the fact that i'm
portant interest Of my constituents has been brought
under review. and my course, IN regard to 1t. paru
culariy alluded To- The tobacco trade has been INTRO
duced in with retaatory dulles-the eflrc
of which may be 10 enlist that interest into the dan
gerous combination with manufactures, for the es.
adjustment of system Of unlimited taxation Under
such circumstances, it is my duly to remain silent nc
! longer.
Shall vote for the bill on your tuble-not party
measurement favor the coming the departing Ad-
inisiration-bu to provide means for the Executive
faithfully to execute the laws. If SIR the new Prcsi-
dent and the party who have elected hun, shall truly
aim accomplish what promised Tor them IN my
portion of the union they shall have, with little eS-
cepton my hearty cooperation IN whatever station
| | may be placed. If they shall reform real abuses,
reduce expenditures, oppose distributions out OF the
common fund, oppose taxation OF the whole 10 en-.
rich favored portions OF the community, oppose n
National Bank and If they shall honestly ann 10
thn,r fnr he
strict conformity to the Republican maSms OF Jeifer-
son; then, Sir it will cost me no change oil my previ-
Gus course 10 lend my cordial support. All these
promises were made knew better than TO believe
they would be fulfilled, and vn,ed against the sue
crssful candidate From an intercourse with members
OF both political parties, from their votes, and from their
open declarations, At hs well rs al former sessions
Of Congress, have just as little hope now as had
then that any such results will take place. No, SIR II
is evident here and will shortly become palpahr to the
whole country that the reignng policy of the ad
minstration must tend in 4 contrary direction. My
position, should again be lonorcd with seat on tins
floor, must, necessarily, be in the opposition. IL WILL
though, Mr.. Chairman, be frank decided, ana deter
mined opposition TO measures which honestly believe
will be disastrous 10 important interests and dangerous
To the safety of free institutions, which all that
hold dear mainly depends. Nevertheless, shall not
lend my representative character (ater the example oil
others to njure the interests md honor of my coun
trv TO create confusion aud distress, order t. render
a party ohncx to the people whs have, as think,
been unfortunately entrusted with the management OF
their public have had no personal lavnrs
ask of tue President, and have ittle for the
smiles or the frowns OF his II has been mi
object TO perform my duty to the Constitution and |"
the people; and shall be my endearor to require the
performance CT the duty BY the executive ncum
bent, whoever he may be
The bill under discussion proposes to authorize the
Secretary Of the Treasury 10 issue five millions Of
Treasury Notes. Does the condition Of the Treasury
require additional means, and If So, IS this tie best
mode Of supplying them: are questions 10 be con
sidered.
II IS not remarkable that there should be Difficult
t. III clearly understanding Treasury reports |, IS
no new thing, and has occurred from the days d.
General Hamilton, 10 tho present tme.--The business
Of the Treasury embraces such variety OF SUBJECTS,
aud such multitude OF Details that II Is Impossible
50 to condense it, to make bllance sheet that
can be fully comprehcnded al glance. The Secre-
tarv Of The Treasury, in his annual report, submitted
in December Inst says, that according I" the estimates
made BY the different departments, Of what would Der
CURED TO be paid the last quarter 81 the year clO there
would be balance o pended appropriations on the
lst day Of January ls4l Of Sl0,ai!G5 In that event,
there would have been little no balance in the Trea.
sury the last named day. But tho Secretary havng
two months 10 jud FROM OF different OPT
Mon and estimated the payments Of the last quarter Of
$40, at about I've and half millions, which would
leave a balance on hand on the first OF this year, Of
about one and half millions, and balanc" Of
pended appropriations Of over thirteen millions. The
Secretary appears 10 have been right since not
so much as i,s estimate called for, and III
ouence the cash left hand we'll The amount Of
unexpended appropriations, were something greater
than were the time ni ms report calculated
Precise accuracy cannot be arrived at IN these amounts
until the accounts can be received from the remote
pants of this esienGcd conrderacy. Nor IS, import
ant for all experience justiies the expedition, that
the amount of appropriations remaining uncxpcndcd a;
the end Of one year, will about equal and Offset HAT OF
the preceding. We may therefore fairly calculate that
the amount remaining unexPendei on the LIST day Of
January, 1912 will nearly quite equal The amount ex
istinr on the lst day Of January, eil leaving the
means of the year free to meet the amount OF perma
nent and appropriations
Unexpended balances Of preceding appropriations
necessarily exist at the end of every year They al
WAYS have existed and always must exist without any
reaard 10 the amount of money in tic Treasury: be-
ing sometimes greatest when the surplus amount IN
the Treasury largest Appropriations are made Ivy
one session Of Congress, not for the service of the
year alone but to continue the operations OF the CO.
ycrnment until the close Of the next session If this
were not the case, and there at the end If tile
wear no unc1pended balances OF appropriations very
large portion Of the public service would have to
stop until Congress could pass the usual appropria
tion bills which is frequently not done until June
| or July. No matter bow much money might be
in the Treasury, not dollar could be drawn out with
out an appro OPERATION made by law. What then would
be The condition Of the army and navy together with
all of your public works, without funds from the end
of one year to the middle oil July IN the next ihs
balance of unexpcnGed appropriations IS denominaed
debt, which in fact cut Of the customary and
necessary action Of the government. An appfopria-
ton is the authority 10 pay on, any money that may
be in the Treasury, for specified objects The amount
of unexpended appropriation At the end of the year,
is ascerained without difficulty, by deducting the
amount Of payments from the whole amount Of uppro-
priatons authorised by law. The SccretnIys report is
made up before the end of the year. and he is obliged
of course estimate the payments for the last quarter
He states with certainty the actual payments made in
the three first quarters Of 1870 at S2I ,l2S Al
And estimates those expected in the
last quarter, Gncluding $425,cOo for
| the redemption of Treasury notes,
| and S3O527 II cents, for balances of
| funded debD at 5,4o',327 IL
This calculation would make the pay
ments of 1910 S26,643 CSC II
Leaving in the treasury the lst day
of January, 1S4l, 15sO,a55
he accounts nj hay rpndered n