Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-02-12
THE SEVENTH WEEK OF THE
SESSION

is over and gone, and we wish from the bot
bonn of our heart that we could conscen-
tiously say that any thing had occurred,
during its passage, from which we could au-
ger favorably for harmony or efficiently in
the action of Congress. In the House of
Representatives, on the contrary, most of
the last week has been spent in Improbable
and sometimes angry conflict upon ques-
tons which, let them issue as they might,
had no necessary relation to the various
and important national concerns to which
Congress is bound by every consideration
of patriotism and duty to devote all its pow
ers and all its intellect. We trust yet, how
ever, to sec the House vindicate its charac-
ter by resumption of the habits of order
and elaboration which are essential to the
successful discharge of the duties which the
Constitution has devolved upon it.
The only business of importance trans
acted in the House of Representatives du-
ring the last week was the passage of the
bill to repeal the Bankrupt Law, which is
now before the Senate, in which body it
has received its first and second readings,
and is expected to come up to-day for fur
Their consideration. On the probable fate
of that bill we have no remark to make, ex-
cept one, suggested by an intimation we
have somewhere seen, that, if the existing
law Of Bankruptcy be repealed, an entirely
new act embodying desired amendments,
may be passed by Congress to fill the chasm
caused by the eradication of the existing
law from the statute book. Whereupon
we say, let no man whoss friend to uni
form bankrupt system in any form, or un-
der any modification, delude himself with
the vain Imagination that any other bank
rupt law will ever be substituted for the
present. or that the system now established
by law will ever be improved upon in any
other way than BY amen5uasaIs sengrafted
upon that stock.
In the Senate, the oil 10 s1;11-ize the T..
sue of Treasury Notes 10 supply the def
cheney in the Treasury. winch mad pre-
vousy passed the House Of Representa-
tives, has been passed, with amendments,
the principal one Of which goes to strike out
the proviso revoking the authority to bor-
row remaining to the Treasury under the
twelve million loan act of the Extra Ses-
sion, to the extent, whatever it may be,
that Treasury notes may be issued under
this bill This leaves the bill simple ag-
thority to reissue Treasury notes to the
amount Of Ave millions of dollars, (being
the most convenient, if not the only, mode
ia which that amount can be borrowed in
time 10 meet the present exigency0 in adj
dition to the yet unexecuted authority to
borrow money in different. and, where
practicable, preferable mode. Precisely
such an enactment, the reader will recol-
Iect, was recommended by the Secretary of
the Treasury in his annUal rrnort IN Gon
gress, as one of the means of meeting the
deficiency of over fourteen millions Of dol
lars in the means of the current year. caus.
cd in part by the debts entailed on the Wing
Administration by its predecessor, and in
part by the reduction of the imposts, in thi:
wear, to the minimum rate established by
the compromise act. We quote the Score
tary's report:
ITO meet the deficiency in the year 1912
amounting to Sl4,2l8,570 50, it is respectfully
recommended TO Congress 10 authorize
81. An extension OF the term within which tn
residue, not yet taken Of the loan already au
thorized shall be redeemable, amounting to, sa
$4,000. 900.
20. The re issue of the Treasury Notes here
tofore authorized by la~' amounting to five mil
lions Of dollals.
This bill returns to the House Of Repre-
sentativcs for reconsideration, because o
the amendments which have been made t
il by the Senate. Should the House agre
10 the amendments. Congress will hav
made an important advance in the bushes
of the Session, by taking the first step to
wards providing ways and means for car
ryng on the Government.