The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-07
LS2n III IllT|@

the resolution heretofore Submitted by him, directing
the Secretary Of the Treasury to inform the Senate
whether the Government can in the present exigen-
cy of affairs be carried on without recalling its
vice the derived from the sales OF the public
domain, and which by existing act is set apart for
distribution 10 the States; or without drawing from
the people, in addition TO their present taxes,
amount equal To that revenue, and In consequence Of
Its Distribution by means OF increasing The taxes now
levied upon them, in the form Of tariff duties OF, by
imposing new and direct tax upon them or, by boz
rowing upon their credit, in the form of direct loans,
OF OF Treasury notes, TO be paid eventually out OF
thor labor and property and asking it, in his opinion,
me Government can be so carried on, without recall
ing the land revenue, increasing the taxes the
loans to amount equal to that revenue and in
sequence of its distribution; then which of those al
ternatives WILL in his opinion, be the economical
the people the recall OF that revenue the taxes or
the loans Also that he be directed to lay before the
Senate The estimates and the upon which his
opinions may be founded.
Mr. RIvEs, at the time the resolution was submit
ted moved to amend it by striking out all after the
word RESOLVED" and inserting, g that the Secretary
of the Treasury be reced to report to the Senate
by what means adequate provision best be made
for meeting the necessary expenditures OF this Go
vernment, in the present condition OF the country
submitting his plans therefor in detail with estimates
of the probable product of each source of supply
proposed; and also to what extent retrenchment in
the various branches of the probable expenditures
are likely to arise from the cessation diminuton
of charges on the Treasury now existing, may be
farther effected by wise economy, adapted alike to
the wants and resources of the Government
The question being on agreeing to the amend
ment,
Mr.. ALLEN called for the yeas and nays which
were ordered, and being taken they were-yeas Is,
nays l8-as follows:
YEAS.-Messrs. Archer, Barrow, Bates, Bayard,
Berren, Choate, Clayton Cuthbert, Evans Graham,
Huntington, Mangum, Merrck, Miller, Morehead,
DI,nIxxg
Smith, of Indiana Southard Tallmadge, White
IS.
NAYS.-Messrs. Allen, Bagby Buchanan, CAL
houn, Fulton, King, Linn McRoberts, Sewer, Smith,
Of Connecticut, Sturgeon, Tappan, Walker, Wilcox,
| Williams, Woodbury., Wright, Young.-l6.
| So the amendment agreed to and the resolu-
tion as amended then adopted
The joint resolution authorizing the Postmaster
General to renew the contract for carrying the mail
between Mobile and New Orleans, ordered to be
engros,ed for third reading.
THE LOAN BILL.
The Senate proceeded to the consideration of the
Loan bill.
Mr. EVANS explained briefly, the provisions of
the BILL and the necessity which at present existed
not only for its adoption but for its speedy adoption
and he expressed the hope that the Senate would act
on it with little delay possible Its prominent
provisions were not more than two or three, which
| might be regarded as of Importance. The first,
was authorized by the act of the last session, which
authorized the President of the United States, when
the emergencies of the Treasury rendered it
cessary to borrow to the amount of twelve millions
| This bill authorized the extension of that act to
the amount of FIVE Millions and proposed to
| invest the Secretary of the Treasury with the
power to negotiate not only the additional
| five millions, but the untaken portion of the
former loan, about six millions, the best terms in
the market. 1t repealed the proviso in the former
which n
der par" fhe authority, therefore, which this bill
gave to the Secretary would enable him to negotiate
the stock at the highest rices which he could obtain
for it. Another prominent point was the extension
Of the term for which the loan might be taken. By
the act of the last session the stock be issued
be edeemabe at the end of three years. or at the
pleasure Of the Secretary, after certain notice. at such
time he might select; that was TO say the Secreta
ry of the Treasury, the time of issuing the stock
must make it redeemable at the end Of three years.
or within three years, if he should think proper
to do So This bill proposed to extend the term
within which the stock was be redeemed to TWEEN
ty years, and it authorized the Secretary of the
Treasury, at the time Of making the contract TO spe-
city and enter into contract for the exact period
when the stock shall be redeemed The first section
| of the bill merely extended the time in which the
stock shall be taken. The act of last year limited
it to twelve months from the day of tho passage of
that law but this bill proposed to extend another
year. The sixth section simply required the Secreta-
ry Of the Treasury to report his proceedings under
the act the seventh section merely declared that
much of the former act not modified by this BILL shall
remain in force and the ninth contained provision
that all Treasury notes which have fallen due and
| not paid shall be redeemed whenever the situa-
ton of the Treasury shall admit of their redemp-
| tion and interest on them shall be continued
until II ey shall have been redeemed. Although his
bill added five millions to the former loan, it would
not increase the public debt the money was
CURED to redeem existing obligations. At this time
there were Treasury notes outstanding to the amount
Of 1854 900, many of which were falling due with
in short periods being receivable in the payment of
public dues, and therefore it obvious that if the
Government required all its current revenue to meet
its current expenses, it could spare portion OF It's
current revenue to meet the Treasury notes, and
hence they must look TO other source for re-
| lief This loan required mainly for the redemp-
ton Of these Treasury notes, and they wanted an
outstanding notes. added to that which had already
been redeemed with the derived from the
| lands and the customs. He then alluded to what
would be the probable receipts from the customs dur
ing the present year. showed the pressing necessity
for the passage of the bill, and expressed hope, in
conclusion, that similar had been re-
peatedly discussed, Senators would permit the bill
| TO pass without unnecessary delay.
| Mr.. WRIGHT obtained the floor and proceeded
to reply to Mr.. Evans and to state the why
he would oppose the bill, but, without concluding his
remarks, he gave way for motion TO adjourn, which
prevailed
From the Neic Hampshire Patriot