Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-20
HOUSE OF REPRESENTATIVE
odIUTHHy, JHIY IUi ICEI.
LOAN BILL.

SdturdaY, JHiY I'D, lcll.
LOAN BILL.
On motion of Mr. CALHOUN Of Massachusetts,
the House again resolved itself into Committee Of the
Whole on the state Of the Union (Mr. Briggs Of Mas.
sachusetts in the chairD the bill authorizing loan
not exceeding twelve millions of dollars
The question being on the motion TO strike out the
enacting clause
MT MckAf, who entitled TO the floor, address
ed the committee during "his hour.
Inc sum borrowed by this bill, he said, might be
more or less If he could but satisfy himself that there
was any necessity for lis passage; that the exgences
o. Tue Government required IT, no motive arising out OF
mere inctious opposition would induce HIM 10 vote
against It, lie would be quite ready if the wants Of
the reasury required IT. 10 for some mode Of
lief II was true that he could not vote for the bill
in It's present form Even ii there were any deGcien.
cy at the end oil the year, he thought would be but
temporary, and that, If loan to be negotiated
at ALL it should not be the terms prescribed by this
| bill
The bill gave the President of the IT, S. power Ia
borrow the sum of twelve millions Of dollars remburs
able, 10 be sure, at the will ofthe Government but
until after the expiration Of eight years. In this re
spect lie thought that the provision the bill
;ircly wrong, and that if there 10 be loan at all
it should be for shorter period or, at all events tina
il should be mad. reimhursable al any time And h,
thought that the Government would soon be prepare,
to pay off any debt which M ght he found TO exist
the end of the year.
lie had another grea, objection 10 the bill. If mo
| ney was borrowed al all, II should be solely for TIN
purpose OF paying off any debt which really did exist
This bill not only provided for the payment Of an al
legged subssting debt but of the current expenses o
the Government To this he opposed altogether
If there really was any debt let il be funded if gentle
men would but let part be applied 10 current expen
dtures lie thought that an amendment should be in
roiuced into the ball. the shape OF restriction b,
winch It's application should be confined 10 any deb
that nigh be found TO be actually existing against the
Government.
Mr. Mex here advcrted TO the opening remarks o.
the chairman Of the Committee Of Ways and Means
mir. Fillmore and TO what he Mr. Nick called The
confused and contradictory statements 10 be found IN
the report Of the Secretary Of the Treasury He would
not. lie SAID, waste tie time ri the committee nor his
own strength in pointing out TO the committee, rs had
been ably done at the other end Of The Capitol, the
discre pancies which had appeared between the mes
sage Of The President Of the L. S and the report oil the
Secretary Of The Treasury in relation to the financial
condition of the country. lie would SIM state that
Tie President and Secretary scarcely agreed in the
statement ola single fact reference to the state OF the
Treasury. OF The truth Of this declaration, any gentle
man might satisfy himself, who would look carefully at
the Two documen
After commenting upon certain material alterations
which, MIR Mex said, had been made in The report Of
the Secretary OF the Treasury, aer it had passed into
the printers hands, and the discrepancy which
existed even in the different copies OF the same docu
ment, as sent TO the Senate and House, MIR. Mckay
proceeded 70 crcisc and Gssect that document, which,
he maintained. had been drawn up IN a dlslngenuous
way and in bitter party spirit calculated to lead those
no did not look closely into The subject believe
that there was debt Of thirty one millions Of dollars.
He compared this report with the clear and intelligent
documents which had issued from the late head OF The
Treasury Department. and then read statistical state
ments OF his own 10 show the gross errors which, ne
sad existed in this report and 10 show that, whist on
The one hand the estimates of receipts from customs
and public lands were too low the estimates ofexpen
dture were tno high all Of which, he contendcd was
done to fix the public mind the idea that there was
large public debt, nc.
The result OF his investigation led him (alr Nch)
TO earnest opposition 10 the passage OF tins bill
Mr.. HUNTER of Virginia next addressed tie CON-
mtee and stated his object 10 be TO vndicate himself
from unfounded charges which had been thrown upon
his course in relation 10 the present Administrator
and to explain the of his opposition 10 the pre-
sent bill.
He expressed regret at the order in which the Chair
man Of the Committee of Ways and Means had
proper TO bring forward the proposed
for the action of the House at the present session The
first in order ought TO have been the tax bill, that II
might be ascertaned what change was to be made in
the Tariff: then the distribution BILL that it might be
known how the inheritance Of the people was to be
thrown away by distributing il among the States but,
more especially, ought this loan bill to fund the public
debt not to have been brought forward until the amount
of additional had been ascerancd But he must
meet the proposed in such order as 1t was the
rood pleasure of the Chairman Of the Finance Com
mittee to present them for action.
And now MS 10 tins loan bill Mr.. II. opposed
to it, because he of opinion that if the Secretary
of The Treasury had regard TO just economy the lnan
cial provisions which were already IN operation be-
fore this Extra Session had been called, would nave
been sufficient to have carried on Tie iscal affairs OF
the country, least until the regular meeting OF Con-
nress in December The accrulng revenue, together
with The six millions in Treasury notes outstanding,
yould have been sufficient 10 meet the current de-
mands of the Treasury Mr. Hunter opposed the bill
for an additional reason even allowing the Secretary
70 expend all the old appropriations, and all the new
which could be needed for this year, still the amount OF
deficit would be much less than the twelve millions
for which This bill was asked. Mr.. II. went on s.ow
tins By adding the Secretary estimate OF mc;.Gs Tor
Ic4l TO the Treasury notes outstanding, tfe proceeds
Of The public lands and the income trof. the custons
,oqether with balance Of S601 600, :hch the Secre
,ary had admitted in communication to the Senate,
to have been omitted in his report: which, taken TO-
pethcr would show the currert means OF the Treasury
for IS4I to be near TWENTY millions and hai
The liabilities of the year, taking all the appropria
lions made at the last Cor gress, together with all the
Treasury notes which the Secretary proposed 10 re-
deem would amount 10 but between twcnty-three and
twenty.lour millions, leaving surplus in the hands OF
the Secretary sufficient to have enabled HIM 10 wait
for the opening of the regular session There onght
however to be suL.racted from the amount 81 lrea-
notes TO &c redeelEcG II IiltS oNe' '''''o'' 80
those which were on interest OF SIX per cent oe'
cause the interest these notes did not as the gentle
man froGl Massachusetts, Mr. Sastonstai) had eflo
neou.ly stated cease 10 run from the GATE "hen 'ne
r.,es Became due If the Secretary had confined HIM
self TO the rule followed with one exception by all his
nredscessors and confined himself TO the expenditure
r. lie total annual amount of appropriations at one
session he would have had money enough to carry him
Linz IN Congress met. The gentleman from Massa
chusetts. however, had lid the committee that they
mus, vote for this b because they did no; know the ac
ua state of the Treasury, and the Secretary did know
il. unless they could show his statements ION which the
bill was fnundcd) to be erroneous Now, Mr. H. heia
directly the contrary position, and maintained ,hal
tho bnrden of proof was the Secretary and not on
the committee The Secretary was bound 10 show
the reasons why he obliged TO spend SO much Of
The old appropriations How could the committee Judge
of that necessity unless il was proved TO them oy nun
And as there any thing in the report itself calculate
10 conca,e for i, this implicit confidence Where did
The gentleman find it: in the eight millions 10 be ex'
pended over and above The annual permanent apPro-
pria,ions: in the Secretarys omission 10 STATE over
hall million of dollars in his possession: Or was u III
the eager disposition manifested throughout 10 Involve