The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-04-06

invest the Secretary of the Treasury with the
power to negotiate not only the additional
i've millions but the untaken portion of the
former loan, about six millions on the best terms ia
the market IL repealed the pfoviso in the former
act which provided that no stock should be sold un-
der par The authority therefore, which this bill
gave TO the Secretary would enable him to negotiate
the stock at the highest rces which he could obtain
for II. Another prominent point was the extension
of the term for which the loan might be taken. BY
the act of the last session the stock to be issued must
be iedeemable at the end of three years. or at the
pleasure OF the Secretary, after certain notice. at such
tine as he might select that TO say, the Secreta
ry oil the treasury at the time OF issuing the stock
must make II redeemabe at the end of three years,
or within three years, if he should think proper
to do So This bill proposed TO extend the term
within which the stock TO be redeemed TO TWEEN
" years, and it authorized the Secretary of the
Treasury, at the time Of making the contract to spe-
city and enter into contract for the exact period
when the stock shall be redeemed. The first section
OF the bill merely extended the time in which the
stock shall be taken. The act of last year limited
It TO twelve months from the day of the passage of
that law but this bill proposed to extend it another
year The sixth section simply required the Secreta-
ry of the Treasury to report his proceedings under
the act the seventh section merely declared that
much of the former act not modified by this bill, shall
remain in force and the ninth contained provision
that all Treasury notes which have fallen due and
not paid shall be redeemed whenever the situa-
ton Of the Treasury shall admit of their redemp-
ton, and interest on them shall be continued
until they shall have been redeemed Although his
bill added five millions 10 the former loan, it would
not increase the public debt, the money re-
CURED to redeem existing obligations. AT this time
here were Treasury notes outstanding to the amount
OF 10 600, many of which falling due with
In short periods, being receivable in the payment of
public dues, and therefore it obvious that if the
Government required all its current to meet
Its current expenses could spare portion OF its
current revenue to meet the Treasury notes, and
hence they must look to some other source for re-
lief This loan was required mainly for the redemp-
ton of these Treasury notes, and they wanted an
amount of money at least equal to the amount Of the
outstanding notes, added to that which had already
been redeemed with the revenue derived from the
lands and the customs. He then alluded to what
would be the probable receipts from the customs dur
ing the present year, showed the pressing necessity
for the passage of the bill, and expressed hope, in
conclusion, that similar measures had been
peatedly discussed, Senators would permit the bill
to pass without unnecessary delay.
Mr.. WRIGHT obtained the floor and proceeded
to reply to Mr.. Evans and to state the reasons why
he would oppose the bill, but, without concluding his
remarks, he gave way for motion to adjourn which
prevailed