Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-23
So the resolution was adopted.
nd then. on motion of Mr.. FILLMORE,
The House adjourned until Monday, at ~ Q clock
.HondaV's Proceediags.
CONGRESSIONAL ANALYSIS.
SENATE

The special order, the bull 10 create natIonal deo oy
\ loan. preliminary 10 National Bank, taken up
Al an earlier hour than we expected Mr. calhoun
concluded his speech just as we reached the chamber
We can therefore give point OF IT, IL VIII be pup
shed as soon as practicable and Land before the cou'
Try. - -, :, ~,
Mr. Nicholson Of Tennessee followed Mr. Calhoun.
He showed that taking tie criterion that all experience
confirms and none disputed III the Senate, That the
appropriations Of the previous session should be the
measure If expenditures Of the succeeding year. there
was M auoory for the bill before the Senate, or Tor
the extraordinary session OF Congress lie then en-
tered on explanations Of the condition OF the treasury,
10 prove that The deficit for which supplies were de-
manded, grew out OF the management .! thosc WIZ
souuh, a debt as the consequence.
notwithstanding this contrived deficit, as was
shown by Nlessrs Woodbury., Benton Wright, Cal
houn and Others Mr. Nicholson declared his WI
lngness 10 grant ample supplies TOR The actual dehc',
as made on, BY the Secretary Of the treasury h'seh
fir tc near but was unwilling to violate all the hlea
snres which the just jealousy OF free Governments had
every where imposed, which made supplies ahnnat.-
SIX millions had been stated by the Secretary as cover
,nr ms own most lavish expenditure icr the year. m
GLIDING the extra session appropriations. Inns sum
was duubled by the loan ball. and triped by the re-
tanned o r.ssunr the redeemed Treasury notes
/ This was giving power TO make loan OF eighteen
millions to provide for deficit which, according 10 the
Secretary own showing, could not exceed s'1,
Mr. Nicholson sad he was not inclined TO distrust
The present President, hut II was against all pfhcPe
and sel,,nu most dangerous precedent 10 leave Inc
absolute. mower To take such immense and unneces-
sary sum off Of the people, at tue discretion OF any
one man lie asked If the proposition were now mace
10 authorize the President to levy thus sum by an uhos
aused tax would 1t he tcerated for moment, uhoer
a,y circumstances much less under those character
Iztnr the unreasonable demand which asked greater
loans thar the exlgency required; me power - iase
eighteen millions BY loans, was IN effect, power 10 Tax
, the people beyond that sum. Every borrowed doiiar
besides accumulation OF interest, carries win te
expense of collecting IL from the people.
Mr. Nicholson referred to striking passage IN IRE
sident,al Inaurural which declared that there was
enough of power in Constitution 10 make dfs'
potism il combined, lie SAID The suggestion haa struck
deep IN his mind lie applied II 10 the case before the
Senat where the power to fill the Treasury win e'sh-
teen millions Of money was gwen 20 one nun, ano "
fyg the burden Of debt TO be drawn by taxation
with its increased membranes of interest and cost oil
collection as a yoke upon the neck OF The nation Bu,
he looked upon this As light IN comparison 10 the sys
ten of measures i; was 10 draw alter IL.
The loan drew after It distribution OF the pubic do
man, high tariff, and its consequent pressure upon
| the different sections of The Union
MIR CLAW had been the first To set laxures Tree oil
duties make the onerous tax WORK avorabiy Tor Inc
| manufacturing section Now he was ready to run "
the lax on Injuries, and add 10 them by taxing let
and coffee and other comforts oil all classes, wthou
diminishing the tax those articles held 10 be abso
lutte necessaries. The effect of this in Tennessee MIR
Nicholson explained He SAID the people there paIe
as much in proportion Of the taxes as any in ti'
| Union and less Of the public money expended u
Tennessee than any other State uf the Union ]
/ the amount, taken from the State in return
cd in disbursements, although the money might chang
hands the State, as whole, would be the poore
or suffer from the drain of capital. If caught M
estimate right, he said they paid about million II
taxes and received back about five hundred THOUSAND
| dollars in disbursements
| Mr. Nicholson said the National Bank was necessaf
as the machine to work the whole system Of debt, DIS