Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1842-01-25

and the mastery address of his Drill Sergeant of the
Enquirer has been in active requsition for several
weeks to no purpose. Who the Wings will place
in nomination it is utterly impossible to predict We
shall have his name before the public in a day or
two, | think | will endeavor to furnish you with
the particulars in relation to the Treasury Circular
tomorrow.
Thursday, Jan. g.
In the Senate today, Messrs. Huntington Man
gum, Tallmadge Miles, Wright Henderson Por
ter, Kerr, Buchanan, Berren, Merrick and Clay
presented petitions principally from New York.
against the repeal or p0stpOnement Of the Bankrupt
Lac
Private petitions presented, and private bills
considered, without final action
The Exchequer plan was debated at great length
by Mr.. Benton who opposed it and recommended
return to the Sub Treasury System.
The debate on this ject was then terminated by
the reference of the plan to Select Committee, of
which Mr.. Tallmadge, no doubt will be Chairman
having made the motion for its reference.
In the House, Mr.. Stanly gave notice that he
should introduce, when in order, resolution pro-
viding for the discharge of the Committee of the
Whole from any bill at any given time. He said
from the course pursued on the Treasury Note bill
now under consideration, it was demonstrated that
such a resolution indispensable to the transac-
ton of public business
Mr. G. Davis gave notice of a resolution to re-es-
tablish the one hour rule.
Mr. Fillmore again asked leave to offer his reso-
luton to terminate the debate the Treasury Note
Bill to the reception of which Mr. McKeon object
ing, Mr. F. moved a suspension of the rules for its
Introduction; which failed-Yeas 49, Nays So
not being twothrds
The House after some further conversation on the
subject of closing the debate went again into Com
mittee of the Whole (Mr Hopkins in the Chair,)
and resumed the consideration of the Treasury Note
Bill
Mr.. J. r. Ingersoll in very able speech, defend
ed the bill, expressing his preference for loan
Treasury Notes, but showing that by the principles
of the bill both the system of Treasury Notes and of
loan were united either to be pracsed as required
by the interest of the Government
MIR. Gilmer opposed the bill as it now stood, con-
tending that the amount proposed to be raised was
greater than necessary, examining, in proof of this
the estimates of the Secretary of the Treasury, and
arriving at the conclusion that no necessity existed for
more than six and half millions dollars, for which
amount he would go. He maintained that Treasury
Notes were preferable to funded debt IN Govern
ment of luctuating like ours but that by the
most rigid economy, retrenchment and reform, the
necessity for their use should be obvated as far as
possible.
Mr.. c. J. Ingersoll, with the display of more pro-
found talent as usual than consistency, opposed the
BILL declaring that neither the Treasury Note or the
Loan system should receive his support, until the
Government furnished the security for its debts the
want (which was the of the unwillingness of
capitalists to loan their money to Government which
otherwise they would be willing and eager to do,
there being now plenty of money in the court rv--
Chaos had come over the financial affairs of Govern
ment, and he cared not for IL as the Government
would be brought to feel the wants of the people, and
come forward with a sound system for their relief
this system not being of this character
Mr. n ~
uniformly voted against previous Treasury Note
Bills, concluded that he should vote for this, if an
amendment which he should offer, limiting the pow
er of the Executive under this bill to The present
sion of Congress were adopted the object of which
was to force Congress before they ad ourned to adopt
some permanent system of revenue on which, as
well as a system of finance he hoped they would at
this session act He said that causes had operated
and were operating to produce scarcity of money
in the country among which was reputation ofthe
States and the enormous drain of specie from this
country in payment for foreign goods which had
been ordered in large quantities, in anticipation of
the duties which expected to be laid this session
He stated the fact that his way here, he was in
formed at Boston, that in the last five or six weeks,
onethird of the capital of their Banks had been
ported, and by this time he presumed it amounted to
one-half he took it to be the same with the Banks
of New York, from which the Banks of both cities
"Sio iOu'iy anu Wll lllill u CUS HOL
an improbable opinion that these Banks and the
B9nhs Of the Eastern country aoould IN The end be
brought to suspend specie payments They should
act upon the Constitutional mode of a Tariff, and
raise sufficient for the wants of the country,
and relieve themselves from the necessity either ola
Loan or Treasury Notes.
About half an hour having been consumed in a
quarrel f0f adjournment the Committee resumed its
session, and
Mr.. Thompson of Miss. at some length opposed
the bill
The House adjourned about six O'clock till to-
morrow, and the Senate adjourned to Monday.
TUMULTUOUS DEBATE ON TIRE RE-
PEAL OF THE BANKRUPT LAW
Correspondence cfhe Y. Y. Tribune.
Washington, Saturday. Jan. Is,
The House of Representatives have been to-day
during session of five hours and half involved in
wild and tumutuous disorder and excitement-to