The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-08

with copy Of an abstract Of the returns were also ap
proPriately referred.
Mr.. FILLmonx then moved that the House 20 into .
was agreed to, and
Mr.. HoPxISs was called to the chair.
| The New TREAsuRv Morris Bill
| Mr. EiLhoRE moved that the bill to suthorize Nh @
issue OF treasury notes be taken up, which agreed
Mr. FILLMORE said, he had but few remarks to mako
IN explanation oil the motives for reporting it, From ts
charsctsr being mere temporary expedient az not
necessary 70 go into extended Of H. or Of
the causes which produced the deficiency was intend
bill was reported authorizing oaa to supply the de
ciencyi or when another bin which had been recon-
the taro duties, brought in From the report Of
the secretary o the Treasury would be perceived
hs S Of the
mons Of dollars, and means were suggested by which
THIS deficit might be supplied, being extend the time
ior the balance OF the twelve million Loan an issue OF
treasury notes. and an an increase Of the tariff When
the subject first before the Committee of WAYS and
Mesn majority were decidedly the issue Of
treasury notes. and came to resolution rep,rt bill
to extend the time Of the Loan and instead OF treasury
notes, to add additional Ave millions to that Ioan
After that bill had been reported, the Secretarv
made another appeal to the Committee for Treasury
Notes but having taken into consideration, they
still unconvinced of the necessity for them. But he
thought would best subserve his purposes to send the
document which had been placed their tables this
| formation Of the House.
The correspondence between the secretary Of the
l
then read. -
| Mr. FILLMORE, in continuation said il would be per.
ceived that the anticipated deficiency in the Treasury
for the first quarter Of the year. ass and the
question arose how that deficiency be
Not by the revsnue by the loan that authorised
at the last session for IL the time for redeema
by was extended it would take three or four months
to negotiate in Europe before the proceeds were avail
able to the Treasury. The Committee had therefore
come to the conclusion that If he credit Of the Govern
ment was to be could only be done by an is
Of Treasury notes. He had always been opposed to
Treasury notes, and would not be in their favor
| II there was not the clearest evidence of their
from consttasioSal serupiae but as to
pedency. Some OF those with whom he acted, howev-
or, had constitutional doubts, which principally
drawn from the posthumons work Of Mr. Madison the
proceedings in the convention He thought they should
refer to the constitution selfor its meaning and that
NJ expressed himself strongly in opposition to Treasury
notes. he President he again and again
expedsncy Of the there was any other mode
by which the plghted faith Of the nation could be pre-
Mr. DAVIS, of Kentucky, said he Of those who
yesterday voted lay the bill the table, and briefly
assigned his for it, He did not deny the power
OF the Government issue Treasury notes. for the pur.
pose of borrowing money, but they had pow r to
issue them as currency. The object of this emission
was that the obligations Of the Government might be
discharged by this paper instead of gold and Silver,
the only media recognized by universal law in which
debts can be paid He thought it infinitely preferable
that the time for the loan should be extended than to
well call themselves the Loco Foce party once be
ton.
Mr.. WISE said if he understood his friend from Ken
party He said that gold and silver the only
media recognised BY universal law by which debts
debts in no other. And what follows why, If govern
ment must pay its debts in gold and silver, must cell
leet its revenues in gold and silver. But the argument
OF the gentleman from Kentucky was that il the govern
men has not the means of paying its debts must not
give its creditors the evidence Of the debt; and Trea
sury notes were nothing more than the acknowledge
ment of debt and if they become available the ere.
ditor evidence of debt that incident their
the issue to be high tariff or funded debt and he
would say to his censttuents that from the indications
mo 70 Or he Y0 rum
rested He considered the difficulty in negotiating
the loan of last session was oecasoned by the want
length OF time as to make il proper investment.
There wss nothing gained by skufking, and striving
and direct in his purposes need fear 10 avow them
to the people Of this country He in favor Of en-
especially in the Navy and he was for paying the debts
Of the Government. AS commencement to remedy the
present state Of financial affairs he would set apart
p pS zee e -. s.Fs bore a li' s-ieH''r'e
AZ. FILLxoEx ~ }esie1 to the stpfi ,~~e- f'nr
nt1e did not sish p a0srsasssti'aa pas ~
Ms wrs assure ~ frisaa frgr Nss aols hetsd
no M sue e lsssn.'sf -. .r..
want and waiting the action of the House on this bill
Mr.. WUE-And |, sir, have been waiting on the Urea.
sury since the commencement of the session. Neither
pay mileage had he received and sooner than ose
even the one.ourth Of per cent treasury note.
he would wait till the close Of the session.
The amendment OF Mr.. WISE was then read, and pro.
vded that the proceeds of the sales Of the public lands
should be applied 10 the discharge of all the liabilities Of
the government and that treasury notes shall be Ia
sued long there funds arising from the sales
of the public lands.
Mr.. ARSoLD commented on the sngularity of the
course ofthe gentleman from Virginia. in advocating the
issue of Treasury notes, while at tho time he de-
cared he would not receive them for his and mile
age;
tributed TO him by the member from Tennts He
said he would wait until the close of the session. before
he would permit himself to be shaved Of quarter Of
one per cent on Treasury note.
Mr.. ARNOLD said it amounted to the same thing The
gentleman from Virginia had money and credit, and
could afford to lay back but what sort of situation
did put those in, who were in the same predicament
(aughter) and who depended upon their per diem for
their dinner. (Grest laughter)
Mr. FILLMORE said he had hoped upon his first appeal
to the gentleman from Virginia, he would not have
pressed his amendment as he felt convinced they got
into discussion on the repeal Of the Distribution
but since gentleman had felt his duty
in his ndment he would object to it as out Of orde
Mr. WELLER said, it about the time TO 90 to din
ner he would move that the COMMITTEES rise
This motion being put, and Carried the COMMUTE y
and reported progress, and the House adjourned
Philadelphia.
Correspondence of the Herald
PmuLApELpmA, Jan. z, 1872.
The business in stocks to-day, was informed BY
broker, was not to any great amount, but ihowed
afarther falling off in prices The stocks Of all the
banks that were brought into the Market showed
a decline in price, aud the stock Of the Mechanics
Bank and Pennsylvania Bank, reached lower
point than ever before. Pennsylvania State fves
also declined one dollar share, the highest bid
being GAG; and this, too in the face Of tho Cover
nor's assurance that the February interest would be
paid. What all this bodies, is more than can di-
vine. 1t is very currently reported that the money
is not in the possession of the Pennsy lvania Bank
for the psrpose, where it has usually been.
The truth is, the tone Of the Governors message
ON the suhiect Of a resumntion is not satisfactarY