Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-15

900; provided that the hereby appropriated be ca
pended, under the direction Of the Secretary OF tn
Treasury, in fitting and preparing said building Tor To
use of the collector of the port Of Boston and his off
cers and not in continuation Of any ornamental part
thereof,
Mr. WINTHROP moved an amendment to in
crease the amount to $3.50 600, and 10 strike out tn
proviso.
After discussion of this amendment by Messrs
WINTHROP, UNDERWOOD, FILLMORE, PAR
MENTER, and SMITH of Virginia
| On motion, the committee and reported pro
gress.
The question was taken, and the House adjourned.
IN SENATE.
Saturday, .7prit Q, 1912.
THE LOAN BILL.
| On motion of Mr. EVANS, the Senate proceeded Il
the consideration Of the Loan Bl-the question imme
diately pending, being the amendment of MIR. Walker
to recall the proceeds of the public land, and pledge
them to the payment of the principal and interest oil
the proposed loan.
Mr. WOODBURY. agreed with Others that the cri.
sis was alarming one in our finances. de was will
ling overlook much Of form, and all of subordinate
importance, and all Of mere politics or parties. But
vital to sustain and restore public credit, and, IT
possible win back public confidence in fidelity and
| skill. What was the best mode of doing this? The
bill was at all necessary only because loan Of last
July had failed and because our Treasury notes olast
January had failed We had greatness, population,
territory, glory if you please, bot had credit Had
recent conduct deserved credit
/. We had refused pledges of lands to secure the
credit of the Treasury notes.
2. We had increased our expenses in profound peace
3. We had given away our whole land revenue when
most in want.
q. We had yet imposed no additional taxes OF any
kind.
How then could we expect TO succeed in this loan,
unless we changed our course, and recalled the lands,
and reduced expenses?
One mode of relief was 10 remove these causes ofour
present embarrassment, by taking hack three millions
of good and permanent and dispensing with SIX
or Sc millions of increased expense Ii not do this,
then at least recall the lands
| l. For an additional pledge or security
| 9 For a reduction of the deficit by three millions.
g. For additional means, certain TO pay interest and
principal.
He argued all these points at length, and cited
inerous facts in favor Of them.
He then considered another view OF the case, that
unless the lands recalled enough to pay expenses
so enhanced, and interest the debt could not be OBJ
tanned from the tariff by any increase Of duties. We
should in the end be forced into direct taxes and excise
The imports would fall off under higher duties also
under cash dutes and the Bankrupt bill, and the ces
saton of any loans from abroad being brought home
merchandise lie went fully into this
He next commended that the recall and pledge of the
lands was in accordance with the spirit of the dstribu
ton bill and also of the original princ pie of any dis
tribution which applied only to surplus, while now
we had most arnentuble deficiencies.
He argued at large that such course as the amend
ment proposed would increase the confidence of CAPT
tasts in our ability and disposition TO meet our engage
ments. We now went into the market with change
able vacllatng, spendihr policy, and LETT all secu
rity and confidence aAoat. We must lose, IN interes
and discount, three millions probably on the eleven II
the course of the twenty years At least we must pay
quite eight or ten per cent, by such reckless course
and burden the next generation with the whole debt
which they might regard as usurious and IN the spIr'
of Shylock. Never form, except in 1873, has LOAF
like this been offered for twenty years, and to be OBJ
tanned at every sacrifice That ended IN eight pc
cent and this must terminate in like manner. W.
must also incur debt of six seven millions more II
this year if not changing our policy, making the whole
near twenty -four millions instead of seventeen.
The country was thus burdened with long ant
permanent national debt in profound peace. All on
farms will be mortgaged forever, and that generally Il
foreiqners We also violate the resolution of MIR. Clo
10 supply more within the year, and thus vaclate IN
month to the other side of the compass We throw OF
or POSTPONE six or ten millions for whole generation
Ample details were given these points. The Presi
dents land message was highly com mended. On on.
side there prudence caution ordinary usage; on tn
other novelties, experiments sacrifices, dsnPponi
ments and ruin, wider and deeper. Our bane and an
tidofe both before u.s.
This speech will be given in full hereafter. Tn
above is only skeleton Of some few Of the points urge
( in it,
Mr.. PRESTON expressed desire 10 speak on tn
subject pending, but
MIR. MANGUM observed that he understood ther
were other gentlemen his side who int ded to spea
if afforded The opportunity; and it near
{ o'clock that il was evident the debate could not
closed this evening He therefore thought it would
best 10 adjourn.
MIR. CALHOUN minated his intention to addres
the Senate for short time the passage Of the BILL
After short consultation not heard in the Reporter
gallery, Mr. Mangum proposition 10 ADJOURN was VIII
drawn; and
Mr. PRESTON proceeded with his remarks. II
took cursory review of the present condition of til
Government and urged the necessity Of immediate az
ton for its relief He attributed the discredt of th
Government the outstanding Treasury notes OF III
late Administration, and the financial policy pursue
by il while it had charge Of the Government. II Wa
in consequence Of the Ubiquitous tendency of that pt
: lcy that the Wing party had been 80 unanimousl
called into power, and for the purpose OF changing
and establishing a sounder system But when III
y Wings did obtain the rens of Government they had
take Them under great and embarrassing difficulties
They had empty Treasury, an accumulation OF pos
poned duties Of Government, large unfunded del
calling for Immediate payment, decreasing tariff, an
i no sufficient law to provide adequate means Tor carr,
ing on the public business. To remedy all tins vi
the work Of time. The consequence OF such sta
of things was seen in the present want of credit
" the imperative necessity which calls for the imm
date passage Of this bill The crisis is now come tn
there can be no longer posiponement, even lor da
There is no alternative between this measure and r
. sort to Treasury notes Would Inc senator from ne
Hampshire MIR. Woodbury. now propose new Isst
of Treasury notes. to raise the means necessary to
lieve the Government from its present difficulties?
Mr. WOODBURY. said he would not issue ano,h
dollar of Treasury notes. but he would author re oa
founded pledge Of the proceeds of the public LAM
!, TO fund the Treasury notes already outstanding.
Mr. PRESTON observed that it was then evide
no one continued advocate tie Treasury note sy
$ tenn and that unanimous assent was given to the ae
native Of funded debt This was the policy whit
the Wings had promised as the only way TO get rid
the Treasury note system-a system which broke dow
Is the late Administration.
He commended that the Administration now in pow