The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-07-27
27TH CONGRESS,--1st Session.
Reported for the Nev York Express.
IN SENATE.
Friday. july. 16.

LOAN ELL.
Mr.. Clay said as there was nothing before
the Senate, he would appeal to the Senate TO
take up the Loan Bill BIZ general consent. He
repeated what was the condition Of the Trea.
sury, and hoped there would be no objection TO
take ii up. If opposed now. he would move to
take ii up al subsequent part OF the day.
| Mr. CLAW said the conversation which had
Just taken place, rendered it unnecessary for him
to be SD elaborate in his statement as he other
wise should have been. 1t was undeslond, that
there was on the 4th of March last, an unexpen-
ded balance of SO l2 millions OF which "a mil
lions two hundred and ten thousand dollars were
expended, leaving about niue millions. There
was an additional demand of TWO and half
millions from the War Department for defences.
This made nearly twenty seven millions. Then
there was an omission IN the report CT the Sec
| relary of the Treasury for Home Squadron.
and the purchase Of naval stores, amounting to
million and hall.
| Mr.. Clay showed that the Treasury notes had
been exhausted and that the IL millions require
to be raised by This Bill would be necessary for
the purposes of the Treasury. He then showed
that there would be deficiency of means this
year, including the Treasury notes to be re-
deemed. OF nineteen millions and half He
further stated that the revenue from Customs
for the last six mohs had fallen below the low
est estimate, being only five millions seven hun
dred thousand dollars.
! MIR. Wright moved an amendment, prohibi
| ling any portion Of the loan from being applied
to the payment OF the proceeds of the Public
Llnds, or the liquidation of such Treasury notes
as not due till next year.
Mr.. Clay moved slight mobilization, which
was adopted.
MIR. Wngh; thought the opposition strange
The Senator from XIV. and himself had The same
oh Z xra o(
To give his vote for sum much larger than could
be required by the wants of the Government uu
less Ii was proposed To apply any part Of the loa;
to the Gistribu ioE.
Mr.. Huntington said a few words t. show the
improperly of neddlipg wilh-the Distributor
Bill, in this bill.
MIR. Sewer had not heard any thing TO con
viuce him that the amounnt of this loan was no
greater THIN was necessary to pay the actua
debts of the government unless part of thi:
| loan is to 60 10 the distribution He would no
therefore 90 for so large loan unless YOU adop
the amendment which says in effect take GU
what you want for the public debts but do no
! touch any beyond.
Mr.. Wright then said he wished to show lha
Ihe balance OF his amendment was b ghly i'm
portant The Senator from XIV. had State
that his bill did not contemplate the application
oil this loan to carry out the distribution OF til
proceeds of the puhlic lands, aud 1t was his in
tenton TO engrail in the body of the bill a prohi
bitory slause TO that effect.
Mr.. Clay thought The amendment could no
be taken. He in all candor believed there wa
no intention so to apply the loan, but he did NC
desire to lie up the Government so that legisla
ton might not direct such application at an
time when II might be deemed proper.
, Mr.. Clay said there would be 1-2 million
wanted this year with. ut reference to Treasur
} uotes. About ten millions of these notes are il
circulation.
Mr.. Clay of Ala. considered this the yer
time for inserting provision which woul
operate as restriction, because it would hav
been founded on facts. He was opposed to III
Land Bill. He did not think we should borro,
Tor the purpose Of distribution, and he should vot
against the amendment,
. On motion of Mr. Preston, the Senate went in
u 10 the consideration of Executive business, an
then Adj