Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-07-16
No. 20.--VOLTME XXXFliI.

No. 20--VOLTME XXXFliI.
directors are to pass judgment notes for discount:
they will pass juigmem. that their good and
none osher, and thus loan to themselves all The pub
4 Tic funds lie wished II TO be borne in mind that this
IS public money- belongs To the people: vet the d-
recors, the Government officers Of the institution may
Dan II all 10 themselves and their friends contrary IL
The spirit Of the retained clause Of the Sub Treasury
la"'. The Senator from Kentucky says that a orcat
deal mus, be lett to he Administration The pr.slJsp,
las the appointment, Of three directors, and may mia.
ence two: and ,hus, through III dSc5c,ionar; power
~ The Administration, may control the pubic purse
wen a The sword, and al for his reelection
&c Thus toG come here pass this measure .
tfo! future elections Sc With regard 10 members Of
congress- ne was the FIRST thai found that part Of the
report disclosing the secret Of tie Bank loans them
ne found il hy accident and told i t. the farmers and
liey were astonishei All recollect the effect
from forty to fifty members of Congress had borrowed
more money in five years than they received from the
treasury for their services. They better paid BY
,e bank Than hy The country aud therefore served the
Bank best What saftty could there be against suc!
influence:
We vii talk of these things on entering the broad
arena before tie people, where silence can lie m
posed when tins act Is passed, and Will haze to re-
peal u. Gentlemen may fir the present entrench
themselves behind the shield OF silence, but wil, The
i"hf 1lnsJ they .hage snned their day Of grace
$40 900, stood, ayes y, noes y.
The vote excluding members of Congress from
becoming borrowers, stood, ayes ~ noes ~.
HOUSE OF REPRESENTATIVE
LOAN BILL.
The House again resolved Itself into Committee OF
the Whole on the state OF the Union (Mr. Briggs, OF
Massachusetts, IN the char lie bill authorizing
loan exceeding twelve millions OF dollars.
The question beng on the mo,ioa to strike out the
enacting clause Of the bill
AIR SALTONSTALh advocated the bill with much
rarne.tness After some prcl:mnar. remarks he SAID
Wlat hilts - hill al n formidable sound
and of an unusual scuad: for il Is many years since
have had bill authorizing loan, arc appearing
the letter OF IL title 10 be bill 10 creae al add
to the public debt II IS bill To nut "fiSe The
President OF the L. 5. To borrow, at All interest OF >
per cent a sum not exceeding twelve millions OF dol
lars the debt be rredeemable unil after eight years
There Is another feature III, bill, in 'he fourth
lion, authorizing the Secretary Of the Treasury 10 re-
deem such part Of the stock he with any sur
plus which may be IN The reasury MS Is the
substance of The bull.
Now, said Mr :, the question is whether such bill
is necessary: And whether It is exprdien': am of
opinion that it is both necessary and exPccIe" ne
country IN debt; nr the question Is not about creating
4 debt-thc debt exists is II wise That III" d. ~
should be quida,ed aud then paid oil by lnsialnens
from year 10 year tina. may take ;rosl' start
That the question. The whole N the hi IS not
Of necessity be borrowed; but only much OF as
shall be found 10 be necessary ! had last year the
honor to be mcmbe. Of the Committee Of Ways and
Means, and 10 serve that committee IN company
with my respected friend from Virginia, islr Jonesl
who then the chairman Of that committee, anu
then looked somewhat closely INTO our sca! concerns
and hence part, the deep interest feel III The tate
Of This bill | say that the President is not laid un-
der the necessity, by Tie language Ut this bill TO Dor
row the whole ii the twelve millions Of dollars, IN
less that amount shall apprarto be IndsFensabiy need
ed and has given me great pleasure 10 witness tie
{ xpression, all round thus hall, d tie Utmost conf
dcncc The Chief Magistrate, that he wll n, stretch
or transcend his Official power IN that sentiment 81
confidence most fully concur, and express Il here
with the utmost satisfaction. Ii the money shall not
be wanted il need be borrowed, aad lie power 10
borrow II can do harm, u may De taken W from
time 10 time the money shall be wanted
Mr. 5. then proceeded 10 detailed account OF the
Of the Treasury, and touched upon variety OF
matters connected win the last ana present AunS
trat,ons
Mr. WISE said lie had merely risen 10 note the fact
that today bill before Congress 10 iumd tcut 81
Twelve millions at interest OF per cent, "hich
with lie attendant expenses, would &c equivalent 70
per cem,-and to prrppuatc that deb, upon the coun
lry for eia years and that yesterday bill had passed
tie Congress 10 empty the Treasury lie wished
merely 10 notice the connection between the different
parts OF tie general system, winch went To empty the
Treasury with one hand and - supply BY loan with
The other He rose iphatcaly sieak /, Buncomhe
When IL home i SHOULD Lc inquired what he was do
ing lac would have THIS answer gwen, ne Is hshiing
sysr,n in detail lie would not look n these measures
separately; he looked the system, which was sys-
ten OF dlsributlon-of ta!ii-ord OF funded debt =
ne agreed with tie gentleman from Massachusetts,
lr Saistonstall That man had ever asserted DIS
inctly that public debt is public blessing. but
here system OF two parts, demonstrating hfS',"
system Of perpcua:ing Slate debts D. afcf.'nT 'hc
means Of carayagan>e ana, secondly, peFPc,ia'ins
the Federal debts by taking money IRON! tir eo'ra
Government, and making Gr:.cit when must ne sap
pi,ed BIZ Il Lean. lie would nnt debate whether tie 90
yernrnt had been always debt. or not, since l-5.
but he would say that deb, Las existed ever since tho
ii, -trll1uon bill passed the :nse IN l>'o lie was not
the apoi,ss Of the lat, Administrations but there was
one SIN which must not b. charged upon that Admins.
traiion that was the sin Of funding pubic debt !!
they did create deb! they paid i as fast as they could
They had never brought II bill t. loan twelve mn
hens oil dollars irrcdeemabc III eight years lie haa
not RISEN 10 make speech, bat on!; I" say that ne
could support this system q afi, distribution, ana
funded debt any shape whatever.
Mr. WATTERSON ii Tennessee rose and sad
Nj. Chairman. The gentleman from Massachusetts
rilr Saltonsial who has :S taken has seat disca'm
cd al intention 10 harrow ~ the party feelings OF tins
yet his who" speech, from beginning TO
end, TRADE OF aeise AGAINST te ias' admhs'ra,
ION He says those who are now i'll power inherited
d,b q: TIVE sc millions from those who have just gone
ont d, puwer THIS | dcuy. The Secretary Of tie
Treasury himself, with all lis disposition 10 hunbus
and impose Upon the country, only makes deficit 1T
the nd q tins year Of SGCoG9ii IL; after including
near til &C millions Of new appropriations that We are
cal!cr upon 10 make at TINS extraordinary session Of
Cs,grcss. But SIR, the report 1T the Secretary has
ieen ably and triumPhany exposed by others, that
Will content myself with giving IT passing kich and
hen 20 IN the statement oi some p!ain, stubborn
acts, reply II maHy false CHARGES that have been
made against the parry wth when II ny PRIDE an!
ny pleasure 10 act, and perhaps before conclude,
pay ea1S ttDs ~sEo' 'Joe ~ - a. III &.
rng tins year
as; year there was expended, .ncni-
mo the redemption OF Treasury go, - !,
notes