The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-11
PU BLIC FINANCE
SPEECH DE MIR. EVANS,
OF MAINE,


The House being in Committee Of the Whole on
.e state OF The Union upon the bill making provision
iof the issue of five millions Of Treasury notes
M. EVANS said he felt himself called upon, as a
lien'pef OF the committee from which the Till under
CONSIDERATION emanated, TO submit few observations
upon the state Of the Treasury present and prosnec
i've as wei as upon some of the topics connected
with the revenues and expenditures OF The Goyorn
neht, "nich had been discussed and recommended to
our consideration in the annual report of The Sacrea
ry ana having intimate relation with the measure now
proposed The whole subject in ali lis bearincs i
one OF very grave Importance, and to which the sen
on OF Congress cannot too early or too earnestly be
directed Inc Dill we are now considering autho-
rzes the issue Of Treasury notes not exceeding tho
amount of five millions of dollars. Ii is urged upon
the ground OF present and pressing necessity -
Greater means than the Department is now possessed
oil are absolutely indispensable to the current ex
penses OF the Government and 10 discharge obliga-
tons deyolving upon it daily. We are assured both
by the Secretary and the honorable chairman of The
ways ana Means, II the amount now proposed to be
granted y not promptly furnished there is great dam
ger that the public credit will be dishonored and The
public faith violated However this bumiliatng con.
don OF our fiscal affairs may have been occasoned
the line OF our duty, II seems TO me- is plain and OBJ
vous IL 49, to furnish the necessary supplies and to
furnish them seasonabiy. The motion Immediately
pending Is that Just made by the honorable member
from New York, Mr.. Barnard 10 strike out the
enacting clause of the bill in other words to defeat
It altogether with view to obtain the required means
--rst, by loan, and ultimately by increase ,frevenue
10 be derived from an assessment ofdutcs upon certain
articles now admitted fee | regret that under pre-
sent circumstances, cannot concur with the honor
able member in the expediency of this proposition;
not, however, because do not deem it, generally the
most eligible mode Of supplying deficiencies
edly Is SOL but merely because il does not seem to
me to meet the present erigency. an. far from APP
proving this constant recurrence to the Of Treasu
~ notes. FOR many reasons, PROFESSIONALLY, loan
Is preferabe and revenue sufficient for all the pur-
poses OF Government, derived from the ordinary
sources Of revenue by just legislation, is better than
either But we have no alternative offered to u.s. The
pressure upon the Treasury is actually existing and
has been for months and fear that means cannot
be obtained IN the mode indicated by the honorable
member from New York, early enough to guard the
Treasury from the insolvency hanging over il.
Mr. BARNARD said he thought his proposition was
not correctly understood. He proposed to borrow
ney Tor present necessities, either upon the issue of
scrip, or upon bond and he confident the credit
OF the United States was such, that almost any
amount could be Immediately obtained upon bond]
Mr. EVANS. Undoubtedly, so far as public credit is
concerned, there will be difficulty in obtaining by
loan whatever may be wanted But can it be obtain
ed seasonably2 How are public loans contracted
II upon bond suggested il strikes me- that varies
very little from Treasury notes The ordinary mode
Is to issue proposals. and in this way invite compe
tton, and thus to obtain more favorable terms. For
this purpose, time is necessary. Ii cannot be done in
an hour day Is it designed to the Secretary
OF the Treasury with power to issue bonds which he
may negotiate in the market upon such terms as he
may see ht or as the pressure of circumstances may
compel him to acccde to3 | trust not. | cannot but
Think therefore, that the mode proposed in the bill
der consideration is the most prompt and certain, and
therefore, in the present exigency, preferable. 1t
be rendered electual, instantly. The relief is what
the crisis requires immediate Besides we must take
this or nothing This is the favorite financial eIpe-
dent to those now in power and Of the majority Of
Congress. What hope is there that they will aban-
don IT In this matter we have alternative. We
driven this extremity either to grant the relief in
the only mode the Administration desire or permit
the public faith to be broken and the national credit
dishonored.
For myself sir, prefer to grant the relief notwth
standing the Objectionable form in which it is pro-
posed; and | am the reconciled to it, from the
consideration that is the last meunless, indeed,
the Secretary finds il necessary call for another is
sue before the close Of the session. to carry him safely
through the residue efhis remaining quarter, which is
not very mprobabe--the last time shall be forced
into such position Hereafter |, trust Cong ress
will be allowed freedom of action and be permit
ted to exercise some discretion of its own, as TO the
best mode Of guarding against deficiencies in the reve-
nue., and of supplying them when they occur-a free
dom and discretion which has not been vouchsacd to
Congress for many years, What has been expe
rence during the whole of this period Of pepetuaily
recurring deficiencies 7 Has Congress been advised
seasonably Of the critical condition to which the Urea
sury has been SO frequently reduced Never The
the sessions, have almost invariably represented our
fiscal affairs prosperous and successful. Whatever
of apprehension has been expressed, has always been
in such vague and indefinite terms, obscurey sha-
dowed forth as attract little notice. and excite
action on the part of Congress. Deficiencies have
never been acknowledged anticipated in the official
documents The Treasury has experienced no diff
cutes hut such grow out of fluctuations tempo
rary in their character, and nconsderabe in amount.
Such is the general character OF Executive commuoi-
cations at the commencement of the sessions Of Con
gress But soon the scene is changed, The Trea-
sury is in distress. The public credit is in danger.
Immediate relief only can save 1t from insolvency.
A nd how are these calls made Z To whom is this
information communicated Tothe House--to Con
grcss Mo- but privately in letters to the commit
tees who have charge of all matters pertaining to the
finances Of the nation. Then follows the bill pre-
csely as the Executive recommends and il must be
hurried through just in the shape is reported be-
cause there is not time to devise any more eecual
mode Of relief This has been experience in past
years We are always upon the brink Of the prccipcc
before admonshed Of the danger Congress
has been kept in ignorance of the true condition of the
finances always assured If the great success which
has attended the various experiments which have been
tried and urcd by assurances OF Frightening pros
poets II is The Secretary persevcresto the
last The country, he tells us, is prosperous; the
finances prosperous the prospects most cheering; the
revenues of the year will exceed the expenditures five
millions Of dollars all the outstanding claims upon the
Treasury can be met all the notes heretofore issued
redeemed the public credit preserved the operations
of Government successfully conducted with balance
Of near million Of dollars in the Treasury at the end
Of the year This is the exhibition which goes to the
public This is the document which we publish and
spread over the county by thousands and tens of thou
sands and 10 which the People look for information
as TO the true condition Of their affairs The date Of
this official exposition is the 18th of December last
but it does NOT contain the information on which the
present hill is founded That transmitted to the
committee on the 2lst of December only fourteen
-. ~.la Nntu etr do mot 1nifb IN
sure but why was It not forosccn on the 7th Of De
cemberl Why was il not communicated to Us in the
annual report of the Secretary What occurred be-
tween the It'll and the DIST of December which could
not have been and ought not TO have been, anticipi
ed 10 render this issue of notes necessary nc Sc
f.r...o.l In The Est iIace