The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-14
HOUSE OF REPRESENTATIVES,

Mr. FILLMORE offered a resolution to take the
Treasury note bill out of committee to-day at two
O'Clock. Objected to. He moved to suspend the
rules. The House refused. Yeas 49, nays &C. Not
two-thirds.
After half am hour of much confusion, occupied in
various Intellectual motions, with various offers of
resolutions and other matters which were excluded
by objections, under the rules
The House resolved itself into Committee of the
Whole on the state of the Unou-Mr. HopkINs in
the Chair,--and resumed the debate on
THE TREASURY NOTE BILL.
Mr.. JOSEPH R. INGERSOLL was entitled to
the floor
The CEAIRMAN,-in obedience to an autho-
rzed expression of the sentiment of both sides of the
House Through Messrs Mckay and Fillmore few
minutes previously in favor of limitation of the de-
bate to the subject pending, Jared his intention
to conine all remarks TO the pending amendment Of
Mr.. Arnold permitting the issue of Treasury notes of
denomination of five dollars.
Some remarks were interchanged between Messrs
ngersoll, Andrews, Bronson, Arnold, and the Chair
man; after which
Mr.. ARNOLD withdrew his amendment
The CHAIRMAN then said that the debate must
now be confined to Mr.. UNDERWOODS amend
ment, providing for the issue of Treasury notes to
the public creditors alone, and prohibiting their de-
post with banks, which was the immediate sub
.ect before the Committee.
Mr.. ANDREWS appealed from this decision
The Committee sustained the decision of the Chair
without division, almost unanimously.
Mr.. BRONSON then moved to strike ont the
enacting clause of the bill, with view to open the
whole subject to debate.
Mr.. J. R. lNGERSOLL then addressed the Com
mittee, for forty minutes the general subject of
the bill. He advocated the issue on the ground of
expediency, immediate necessity and Justice He
presented historical view of the Treasury note sys-
TEN from the first resort to them under Madison and
Gallatin in 1912. He showed from facts in this his
tory, that Treasury notes might be at par at less
rate of interest than that at which was possible to
obtain loan on the credit of the Government.
He gave also an account of the action of the Com
mittee Of Ways and Means (of which he is a mem
ber) this subject and their gradual progress from
their previous avowed preference of an extended
loan to the adoption of the proposed issue as an in
dispensable temporary eXpedient under the present
peculiar, urgent necessities of the Treasury The
committee, however had modified the bill sent down
to them from the Treasury Department by adding
the proriSo TO the effect that the issue of Treasury
notes should cease as the loan should become
productive.
He presented in addition, very condensed, eflec-
tive legal argument in defence of the CONSTITUTIONAL
ty of Treasury notes. He referred PARTICULAR, TO
decisions of the United States Courts lin 1919 and
1880 by which the consttutionalty of these issues
promissory notes, was recognized and settled
MIR. Gll.MER followed with an ayowal of his de-
termination TO support the bill with an amendment
(Which II was his intention to offer at proper time)
designed to provide against the anticipating of the
proposed future loan by issue of the entire amount
OF So,u0O,0OO OF notes here authorized, which would
thus enable the Secretary 10 command much lar
ger amount of means than was now intended
lie then reviewed the proposed expenditures of the
year, commenting on various items and insisting on a
reduction OF many of the estimates.
lie urged with much energy the principles and
practice oil ECONOMY; RErRENoH MENT, and RE
FORM,
Mr. CHARLES J. INGERSOLL then spoke for
some time IN opposition TO the BILL and against the
general policy of Treasury notes
Mr. EVERETT replied to Mr. J. G. Ingersoll in
a brief speech.
motion being then made lat half past thrce) that
The Committee rise, and the vote being taken by tel
lcrs,-there was a ties TO SIS. This being no
quorum, the committee rose and reported the
fact
Nh WARD moved that the House ad iourn. Up
on tins motion, the yeas and nays beng ordered on
motion OF Mr. Wise, the House refused to ADJOURN
yeas "a, nays g..
quorum being thus ascertained, the House re-
turned into committee.
Mr. BARNARD addressed the committee in re-
ply TO MIR. c. J. lngersoll He contcnded that the
argument of that gentleman would have applied with
equal or superior force 10 the issue of Treasury
notes under the Administration Of NIr Van Btrr,n