Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-01-23
CONGRESS ON MONDAY.
Correspondence Of the Baltimore Patriot.
WAsHiSoroS, MONDAY, Jan. 10, Is4I.
HOUSE OF REPRESENTATIVE

Correspondence Of the Baltimore Patriot.
WARRINGTON, MONDAY, Jan. 10, Is4I.
HOUSE OF REPRESENTATIVES.
THE TREASURY NOTE BILL.
The House then, in execution Of the special Or
der, resolved itself into Committee Of the Whole
on the state Of the Union, (Mr. John q. Adams,
OF Mass, in the chair) on the bill reported by Mr.
Jones, Of Virginia. from the Committee on Ways
and Means, TO authorize the issue Of FIVE millions
Of Treasury notes.
The bill was read by tho Clerk, and is ~ iol-
A BILL to authorize the issuing of Treasury
note-.
Be IL endetsd 6y the Senate and House Of Repre-
seniaiires Of the United STATES Of .msriea IN Con-
gress assembled, That the President Of the United
States is hereby authorized to cause Treasury notes
TO be issued for such or sums as the exigen.
cies OF the Government may require; but not ex.
ceeding the sum Of five millions Of dollars OF this
EN- sson, outstanding at any one time, to be reim-
bursed IN the last quarters of the year, il the condi-
ton OF the Treasury will permit IT, and to he issu-
ed under the limitations and other provisions con-
tanned in the entitled "An act to authorize the
issuing of Treasury notes." approved the twelfth
day OF October, one thousand eight hundred and
thirty-seven, and as modified by net entitled
Additional TO the act on the subject Of Treasury
notes." approved thirty first day of March, one
thousand eight hundred and forty, except that this
law shall expire in one year from and after its pas
sage.
The deba.e was opened by Mr.. JONES, OF
Virginia, in speech Of which the Reporter of the
National lntelligencer gives such n sketch as the
brief time allotted would allow.
Mr. JONES desire he sail very briefly 20 a: =
sign the reasons which appeared to him to render
the passage of the bill necessary and proper Ii il
should appear that the asked in il were real
ly necessary to enable the Government to meet with
punc,uality its numerous engage ments and to pro-
serve Its faith unbroken, II seemed to him q az 70
other reason need be assigned TO enttle the bill TO
the favor Of the committee. We might differ among
ourselves as TO the best mode OF furnishing the relief
required by The Government, but he wassure that
1t was an object near the heart of every Represen-
tative to the Government their own choice res.
cued from that degradation into which il must sin
should the aid, which was really necessary, be
withheld.
A careful review OF the report of the Secretary
OF the Treasury would, he thought, sathfy every
gentleman that the measure now introduced was
not intended to provide for any permanent def ier-
cy which was supposed would exist in the reve-
nue. at the close of the present year. For, il the
Secretary of the Treasury right in his estimates
and If the appropriations made by Congress should
be kept within those estimates, the revenue for the
year lS4l would he amply sufficient to meet III the
current expenditures of the year, and for the re-
duclion OF the four million FIVE hundred thousand
dollars OF outstanding Treasury notes. together with
that portion OF the public debt, funded and unfun-
ded, that would fall due in the course OF the year.
But II was intended to the credit Of the Gov
ernmt nj MS 10 anticipate and that only for short
Time, the revenue OF the Government; for, so une-
qualy were the receipts and expenditures throw n
upon different periods Of the year, that il mus. be
apparent that with means most ample TO meet all
the Liabilities OF the year, yet those means might
not be received IN time 10 meet the liabilities as
they were expected TO arise For example, il we
were to rely on the report OF the Secretary Of the
Treasury-and he (Mr J.) knew of no source from
which more correct information could be derived
the heaviest expenditures during the year were ex-
pected TO fall upon the FIRST quarter Of the year,
whilst the heaviest receipts were not expected 10 be
realized until the third quarter.
lie would call the attention Of the Committee 10
statement submitted by the Secretary Of the
Treasury in relation to the liabilities of the Gov
eminent during the htst quarter of the wear. and
the means OF the Government TO meet them.
Mr. J. being about to read
MIR BARNARD desired TO be informed whether
the gentleman was reading from manuscript
MIR JONES replied that he was. Ii was a state
inent showing what might be the amount of re-
venue.
Mr. BARNARD. A statement which has been
printed.
MIR JONES. No. II was furnished 10 me in
answer 10 call made by me for my own inlorma-
ton.
Mr. J. then read as follows;
Estimate for the first quarter SAL ending March
]. RECEIPTS.
From duties, considering the large drawbacks and
reiundIng under new judicial decisions, unless the
law Is specially amended, not over S3OOOOOO
From sales OF lands, unless the banks
resume specie payments immediate
r, ly, not over 100000
From miscellaneous sources and from
indebted banks, IL further time is
gwen 10 those in Natchez, and the
Bank Of the United States pays its
balance, as expected, TO special
object, and not Tor general purposes,
only about 10000