The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-21

equal to that revenue and of A.
them in the form ofsri duties; or by impesinr new
ana direct tax upon them by borrowing up,n their
crean In the form OF direct loans Treasury notes
And ~ in his opinion, the Government cannot be -
carried on without thus realizing the land ar
increasing the taxes aud loans to amount equal to
that revenue, and in consequence of its disr;hu,on
then which ofthese alternatives WILL in his opirion he
taxes the loans Also that he be arnc,sS
to lay before the Senate the and the
upon which his opinions may be founded.
| Mr.. EVANS said he should like to know what mar.
tcular information was required, that was not com
municated In the annual report Of the Secretary
He could hardly see any cessity for the informa
uon asked ior unless II was sought TO obtain repe-
tition of what was TO be found in the Secretary's
report.
Mr.. ALLEN said if the Senator would refer him IN
that part OF the report or any other document in
which the Secretary had informed Congress whe-
ther IL was more economical TO conduct the govern
ment with the money from the public lands, or by a
| tax on the people, his enquiry would be answered.
Mr. EVANS said as he saw no necessity for the re-
solution, ne would move to lay ii on the table,
Mr. ALLEN defended his resolution The distribu-
ion OF the proceeds of the public lands had laid the
foundation for new taxes the people and il was
right that they should know which was the most
economical mode OF administering the government.
Mr. EVANS still not satisfied that thew had NOT
all the information, if they would look at the docu.
ments, which had been furnished to them re-
ference TO the documents would give them know
eoge OF the condition of the Treasury; and if there
were al deficiency it would OF course be seen
that the deficiency was TO that extent created BY the
amount drawu away Of the proceeds of the public
ano' lie supposed they could all comprehend that
aswell asthe Secretary of the Treasury. He was
aware OF their power TO call for information from
the Secretary, but he thought their power was ex-
nausted when they had asked for information; their
power did not extend to call for arguments.
Mr.. fIvEs said he should vote to lay the resole-
ton on the table, because of its FORM it being call
Tor an argumeRtative report. But il this resolution
were laid upon the table he would move such re.
solution as would call for such information as would
be pertinent. d
MI. KING suggested the propriety Of allowing the
resolution to lie over that i might come up to.mor-
row, IN such an amended form as would meet the
views OF all gentlemen.
Mr. ALLEN said 10 remove all difficulties he would
strike out the words ''hs reasons"
Mr.. EVANS said it was quite as easy to otter a
new resolutonj and, therefore, he pressed his mo-
ton.
After few words from Mr.. ARCHER, the ayes and
noes were taken on the demand of
MIR. ALLEN, and the resolution was laid on the table
by majority OF % TO IL.
The Treasury NorE Bal.
The. Senate took up the Treasury Note Bill as in
committee OF the whole, with the amendments re-
ported by the Committee of Finance. The first
amendment was merely verbal and was designed
to avoid the misapprehensions that the Treasury
notes on being returned TO the Treasury were re-
lssuabe. The next amendment was Intended to
bring back the bill to its original state on Its intro
ductlon into the House of Representatives where it
was so amended as to make the hive millions OF
Treasury notes part of The loan OF $l2oOO 600
Mr.. EVANS said the second amendment moved by
the Committee one Of substance; the other
was but one of form. II was an amendment OF the
House of Representatives which the committee
proposed to strike Out--an amendment which, al
lowed to remain, would in effect repeal so much OF
the loan OF the last session as II was now proposed
toprevde by the issue of Treasury Notes II was
substituting an issue of S. 100000 instead OF the
tee # Finance did not desire to substitute It In lea
Of tae lo~a of the last session. but to make an IN
cependen! grSat In addition, OF 80 much money
ior i1e hscaf Wants of the treasury and ne
supposed on this matter he should be expect
ed to make some explanation OF the condition OF the
Treasury both prese and prospective least far
ty of the passage of this bill. He supposed every
Senator was aware of the present condition Of the
Treasury. The Secreary's report showed that on
the FIRST OF January now passed, there would be
deficiency amounting to something over 100000
and nothing had been done since that time TO re-
lleve the necessities of the Treasury, or 10 supply the
wants Of the government. But on the other hand
aRpIopnsons had been made money had been
and in his opinion, the Treasury Is now IN want OF
81, Oc0OOO, to meet present pressing demands Well,
they had the fiscal statement OF the Secretary OF the
Treasury Oh the table, by which, during the first
quarter of the year the estimated rceepts-and they
could be pretty accurately estimated-were shown
to be insufficient by about three millions and three
quarters, or at least something over $3.090,O00 lie
had not made any very particular inquiries, but the
Senate knew it was about this time that advances
were to be made to various pension agents,
Of about $l,o00,OO0, to meet the same-.annuai
demands, which was one OF those tha,, above all
other demands, should not be delayed! 1t was now
nearly year since, the other branch of the 60
vernnent, he advocated an issue Of Treasury rotes,
and he said that it would be the last time he should
be called upon to do so. He bad no expectation
thsfa last there he nv
cessity for resortng to this mode OF relieving the
Treasury. II had been his opinion that they had
not taken early enough to ascertain the proba-
bic wants of the Treasury and supplied those wants
bat he knew not how, this could be laid to the
| listing administration, for at the extra session he
supposed they had provided by authorxng loan OF
$4,000 900; and If that had been negotiated, and
the money had been obtained, there would have
been necessity for these Treasury notes. They
Therefore, early September anticipated the
wants OF the present year, and provided tor them;
but various circumstances had occurred, which had
rendered resort to a loan lmposslbls. The ques-
| ton then came back should they resort to that
mode which he acknowledged he did net prefer, but
which he elt constrained 10 accede TO at this mo-
ment, as ne had done enc year ags,st the earnest
solicitation of the head o. the Department The
circumstances are similar, except there was IN the
| Treasury some where about nlllion OF dollars
TO issue under foaner laws, whereas now they were
Largely indebted and the power to issue treasury
notes was less. They were in an srresisable emer:
gency .hen, to- the necessity of which they could
not shut their eyes, without endsngering the credit
of the government; andsin such an emergency they
as they approved; because those Of which.th they did
approve, in The emergency could not be made svai-
able. Now, respecting the amendment proposed,
Its effect would be to.auhorzs an lndepe ndent Is
sue of notes TO meet the present and the pre-
sent emergency Of the government. Still leaving
power to obtain the residue Of the loan-six, or six
and half millions of delars-during the current
year If 1t ssOnld be wanted. And here ne was Called
upon for brief explanation, and it should be very
brief one, Of the condition Of the treasury and he
thought il would appear. ifthey were guided BY the
experience ofthe past years, hat the residue Of the
Lean would be necessary besides these Treasury
Notes. What were supposed TO be the means OF
the present year, for they commenced with nothing
| in the Treasury. What were the resources Of the
year The Secretary had estimated them at SIS, :
600, go from customs (; and from miscellanies and
incidental sources Sl50,Q00, with power 10 issue