Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-04-02
From the National Intelligencer, March IA.
THE THIRTEENTH AND FOURTEENTH



of the Session Of Congress have passed away
without any;e effective progress having been made
in the great business Of the Session, except by
the discussion in the Senate OF those fundamental
principles, out Of which, il at ALL a system Of pub.
lie policy is TO be re erected worthy of the pres
ent consequence and future destinies Of the Re-
public Measures, instead OF the principles which
lie at their foundation, would have been introdu.
ced, and we dare say by this time matured, in the
Senate, whose members appear not to be nsen
sible either Of the duty or the responsibility which
the ex'gency Of public affairs devoves upon them,
but that under the Constitution it belongs to the
Representative body to originate such measures,
the Senate having only, in respect to bills "for
raising revenue" the same power as it possesses
in regard TO appointments 10 Office by the Presl-
dent: that u.s. the power OF concurrence, with the
additional power, however, Of proposing amend.
ments. Upon The measures necessary to raise
revenue, therefore, the Senate cannot act, other.
wise than by the expression OF abstract opinion,
by which expedient, resorted to on the present
occasion, it is hoped that some time may be saved
which would otherwise be consumed in debate
upon the House Bills when they come before it.
Hence the Resolutions proposed by Mr.. CLAY,
and the Debate which is now going on upon
| them.
The Senate, then, has done all that is in its
power TO expedite the public business, whilst
weeks and months are passing away and the
House Of Representatives has not yet approached
either OF the great inevitable questions OF the Rev.
enue and the Currency, having already occupied
much time, including nearly all Of the last two
weeks, in the discussion Of questions OF minute
proportion or consequence, in comparison with
those which yet hang with heavy aspect and no
very happy porent over the remainder Of this ses.
son. Meantime, as the Secretary Of the Treas.
ury has officially Informed the House, the expe
dent OF Treasury notes to exc out deficient rev.
enue, though the only one by which, when il was
lesorted to, the Government could have been en-.
abIed to keep the wolf from the door singl day,
| is known to be sufficient for the immediate
wants of the Treasury. And, worse than ALL
the revenue from imposts being nearly al! paid
into the Treasury in the new Treasury notes, the
specie received for duties is not sufficient in
amount to pay off the old Treasury notes ISSUED
twelve months ago to renew previous issues now
daily falling due; the consequence OF which is,
that the bank at New York employed by the
Treasury to redeem the Treasury notes, when ar.
irving at maturity, out of the proceeds Of the GUS
toms, has been obliged, within the last week, to
suffer the Treasury notes to be pro ested for non
payment The Treasurer Of the United States,
it is said, has been on nilsson to New York,
in the hope Of making some arrangement for
patching over this financial disgrace; but has not
succeeded. What spectacle is not this for
great agricultural, manufacturing and eminently
commercial People to exhibit. What disrepu-
table predicament for it to stand in!
But, admitting all this to be true, it may be
asked, how could the House Of Representatives
have prevented iG To which we answer, Most
easily. The Wing Administration had not been
week in possession Of The reins OF Government,
just year ago. before it was discovered that not
less than twelve millions Of dollars Of money
would be necessary to supply the absolute def.
cheney OF means for meeting the existing appro-
priations for the public service; and, Congress
being convened for the purpose Of supplying this
dehc,.,H"v loan to that amount was recommen.
ded hu - ,ho, "orretary Of the Treasury, and
authorized, but upon terms .(o'-~. ;,s ob
advised by the Secretary which delicate.
ject. Upon the strength Of the grant OF this loan
considering it already as money in hand, Con-
gress added several millions to the existing appro
priations, thus enlarging the deficiency which the
loan was TO have supplied had it all been taken
Soon after Congress came together al THIS oes,
slon nearly three months ago, the Secretary o.
the Treasury very plainly and explicitly disclos-
ed to the two Houses, in his official report, the
actual state and prospects Of the Treasury. He
told them, in the first place, that there would be
a deficiency in the Treasury on the first day Of
January Of more than six hundred thousand dol
lars, and for the whole year deficiency Of means
to the amount Of more than fourteen millions Of
dollars; and,to meet this, he recommended to Con-
gress TO authorize an extension Of the term within
which the residue, not yet taken, OF the loan al
ready authorized shall be redeemable and the re.
issue Of the Treasury notes heretofore authorized
by law, amounting to five millions OF dollars the
balance still required, Of S2,7l8,570 Is, togeth
er with an additional sum OF 100000, "a sur.
, plus deemed necessary in the Treasury,) to be
supplied from additional duties upon foreign al.
ticles imported. or these recommendations the
two first were responded to by the Committee OF
Ways and Means with the prompttude which
) distinguishes the action Of that Committee. But
no part of It's report was acted upon by the House
until the clamor Of creditors literally beseging
: the doors Of the Treasury induced the House to
pass the bill for reissue Of Treasury notes;
whilst the main proposition, the extension Of the
term oil the loan, upon which, as every business
, man will at once see, all the operations Of the
Treasury for this year must essentially depend
a proposition so reasonable that not doubt con.
corning it can exist in the mind of any practical
man-stil sleeps quietly upon the table OF the
House. As for the third branch of the Ways
and Means, the revision Of the Tariff, which
ought to be completed, in view OF all the interests
concerned in it, as well as that OF the Govern
ment, within sixty days from this date, or at least
before the Both OF June next, the day on which
the duties under the Compromise Act came down