The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-08
REMARKS oF MIR. WISE,
ON THURSDAY.
PROPOSITION TO REPEAL the DISTRIBUTION BILL

PROPOSITION TO REPEAL THE DlSThbtitoN BILL
The gentleman had laid down the ID proposition broad
ly, that whilst the General Govern nen has not sou
and silver in its Possession TO pay ITS debts ys iIsa
sury notes could not be Iesored toi ana ,ha' 'n' o
vernment is baund to pay It's debts ~ 'ne "'',y ne
silver. II he understood tie gentleman f'eht, 'hat
was his proposition. He (Mr w repudiated thai
doctrine he held that god aud SILVER was not the
only legitimate currency 81 TINS Government
might be- demanded but the creditor might take MI
w was understood To say) any medium that VS. OF
fercd To hun. Ii the proposition OF the gentleman
were true, that the Government only dsburse gold
and silver, what followed The harsbness OF The
Sub Treasury itself If the Government must pay
out alone gold aud silver, it mus9colleci alone gold
and silver
The gentleman had talked about the unccnsiitu
tionalty Of issuing Treasury notes II the Govern
men could not get gold and silver 10 pay It's debts m
was it not bound by the principles of common honesty
at all events TO give the public creditor evidence OF
its debt I Could not the Government, as well as an
individual, give its bond Was Treasury note
any thing more than evidence OF debt
The gentleman had said that the Government oil
the United States could not constiutonally pay lis
debts in Treasury notes He MIR. WI concuued
with him in this A Treasury note did not pay Inc
debt; on the contrary II established the deo', ana
that was its only object II was soleclsm In terms
to speak of paying debt by giving bond; the very
fact Of giving the bond acknowejg neni OF the
debt. II the Government did not owe debt, he
agreed that il could not issue Treasury notes but II
il did owe debt il was bound if il could not pay it
to give ev dence of il.
lie had been friend heretofore to Treasury notes
Ii was only at the last session of the last Congress
that he countenanced them at all. When the Gov
eminent owed debt and could not pay it, the ques-
ton was then presented, il was now whether they
would wait for the restoration of trade, of rev.
enue resulting from trade, resort to temporary
means until real means could be obtained, or to
high tariff and funded debt for that was the issue
btnhx ls.h
The debt they contracted last session had done al
most as much to destroy the credit of the Govern
ment as the doctrine of Reputation itself What did
they now see; The Government bonds refused in
the market. And Why The fact ought to be known
and sent to the People When they were about TO
fund debt and negotiate loan, they did not nego
tate such loan it ought to have been If they
intended to have negotiated loan they ought to have
given sufficient time for il TO run. Three years
only was given the loan had entirely failed; the
credit of Government was disgraeed and it
would require twice the time that it would have done
four or hye months ago, to obtain the same amount
OF money He had been opposed to the loan, because
he had expected or had feared that il would result
II had, and bring disgrace on the credit of this Gov
eminent. 1t not his fault that this disgrace now
attaches TO Government. If they wished to provide
permanent ways and means for Government and they
could not collect them from the revenue, let them
come boldly before the country, and say that they
required loan and whether not the Govern
ment would require ten or twelve years to pay it,
that time would be required to tempt investment.
If man was honest in his public principles he need
never fear to avow them. If they owed money--if
the public service required money--le them tell the
People. He was for an enlarged public service in
the various Departments of Government, especially
in our Navy. He was for paying the public debt
every dollar of it, and that rapidly and for providing
the ways and means to pay it; but in negotiating
loan for the mere scarecrow that would be raised of
funded debt, he would not skulk back from the
eight years to three years for to run and disgrace
the Government.
If they required loan, let them come cut and
fund the debt He said to his constituents from the
prognoscs now before him, he apprehended that this
public debt was to run out to forty or fifty mil
lions before it would be arrested for in the midst
of this general bankruptcy distribution on the one
hand and taxation on the other, of short loans and
disgraced credits-God only knew when il would
end; and he gave notice that as the first means and
one OF the most important of providing WAYS and
in this state of the Treasury he should if the
Chair would entertain the proposition and no other
gentleman proposed it, that proriso be added 10
this bill that the proceeds Of the public lands ,chich hare
come into the Treasury since the operation of the dstrib
tion act and that may IN hereaer shall be applied
first 10 the payment Of the public debt-and these proceeds
tcould pay ne deb-beore amy Treasury notes are issued
under this OIL prordng, also, that ,chen there are no
proceeds Of the public lands the Treasu these Treas,
y notes shall be issued He mored IN, amendment to that
effect.
Mr. FILLMORE desired to say, that if the design
Was " ueeat tls Dill, and prevent the relief of the
treasury by the supply of Treasury notes it might
afford, there certainly could be no more direct mode
OIL doing II than by Offering this amendment
MIR. WISE assured the gentleman from New York
that he was the last man who would throw any thing
IN the way OF meeting the demands of the Treasury
Mr. FILLMORE hoped the gentleman would
Withdraw the amendment, then; the Treasury was
now exhausted.
Nh WISE said he knee that He had been rafting
on me Treasury since he first got here and not dollar
mad ne got The members Of Congress oughtto be the re,u
last 10 be supplied they could not feel as Others feel u-
less mey tcaued as others cait for their supplies He
eoud DC glad 10 Standing a,c that the Legislature de-
P%fmenf, icho are bound to furnish supplies shall nerer
De supplied until the People paid and ,oh rietr to
facilitate hts, and ,c desire 10 hinder This measure
Notwithstanding the proestation Of his friend he ,co,d
more the amendment