Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-09-02


Of IS. 100000 more. mikise in all authorized AZ IN
present session eli, AIS 900. OF this AMOUNT, thu
authorized at the present session, there was alreed,
negotiated o., SIS 900. leaving out Of th,t loan ye
|. to be taken s9.6fs,0o or about Stoooo0o0 nov
n | authorized to be taken.
a Mr. sPRlGG made on inquiry. which was no
= heard by the Reporter.
MIR FILLMORE. So far ~ negotiation went
most Of was negotiated at 97t cents the dollar
the remainder Of IL small portion, uas taken a'
par.
+ The presen, liabilities OF the Government tMr F
eon,inucd) were, week ago last Saturday, 1881
| 900. which were present demands, and for which
, the Government was liable TO he called on at any
, momen and to meet these demands not one dolai
, was available. There was small amount OF money
IN the Treasury to be sure, but not more than
enough meet the demands for try:st funds and 70,
the public debt. Therefore tho question had pre-
scented itself 10 the consideration OF the Committee
~hehe,' when there was present liability otal-
most 81 ,Oo0, 900 oa the Treasury. and when there
was authority to sell this stock Amos, to amour,
OF siOOo00c0, Mt any discount the Secretary of the
Treasury saw tit was it advisable to permit the
stock TO be sacrificed to the Shyocks Of the coun-
Try without offering some alternative TO the Seero
tary by which TO meet these liabilities without sub
jectng himself TO so great shave.
The committee had concluded that il was unscaso-
nable TO force this large amount Of oci the
this time and compel the Secretary OF the Trea
sury to submit to any exac,ions that mightbe forced
on him by money-lenders, without having somc alter
native. The first question, therefore, was whether
low its par value. Ii obvious that ii this was
done, 1t would instantly strike the stock down TO
that point IN the country. They had, therefore,
considered that was to limit it, and, it
was limited at all, any other mode would but dis
credit our own stock in market, and they had
thought unreasonable either to dscredit stock
in market by fixing the minimum at which it should
be sod or permitting the Secretary Of the Treasury
to 60 into market and sell the best prices he could
obtain.
The COMMITTEES hal thong il injurious to the Trca-
sury to suffer the stock TO be sod below par when,
| il the tariff bill passed, which they hoped would
soon take place, it would come up-Ihat il would De
injurious TO those who had heretofore taken stock
aud that would be injurious TO all the stocks OF the
several States oil the Union, that the United States
sock here should be suffered still to depreei-
ate, because the Secretary ofthe Trea sury had
Tentative to meet the instantaneous pressing de-
mands OF the Treasury, but to sell the stock at the
best prices at which it would be taken.
They had. therefore, thought it best to give him
the alternative to issue limited amount Of Trea.
sury notes to meet the pressing demands Of the
Treasury. Mr. F. oush, to say that the committee
were not unanimous in this; there one homo
rable exceptions; gentlemen of that committee
now before him, (Mr Boits,l was unwilling that
Treasury notes should be Issued, although he (Nr
b. believed il was right TO limit the sale OF the stock
atpar.
MIR F. had no deep solcitude on this subject; his
object and ambition, and that OF the committee,
had been 10 do ali they could 10 the credit and
honor Of the country from suffering from the
i OF the present Executive.
| MIR Bolts Ia member of the Committee of
Ways and Menns-certain portions OF whose re-
marks were ndisnctly heard) was understood to
say that he felt 1t his duty 10 state the reasons Why
he should vote against the bill, rather for rhs
motion he should make before he took his seat. He
vas IN favor OF The LIST section OF this bill, limiting
the sale Of the stock Of the loan at par, and he had
uniformly been opposed to the issuing Of Treasury
1 notes under any and all circumstances.
e One reason operating on him for resisting this
& MAJ he atn kara
he did not believe that the necessities of the coun-
try required that they should give authority for the
I issue Of Treasury notes. he WAS understood to
] refer TO remarks Of Mr. Adams on former occa
sicn and said tina, they had had assurance that If
this tariff bill should pass the loan would be taken
in one day; and that Of itself absolved this House
from the necessity OF authorizing an issue OF Trea-
sury notes.
The second reason which operated on him, and
which ought TO operate en- every gentleman who
was in favor Of protective tariff, and anxious
that the bill which they had now passed should re.
ceve the Signature Of the President was that if they
presented q tariff bill on the ore hand, ard Trea
sury note bill on the Other TO the President, they
held out the strongest inducement TO him 10 with
hold his signature, inlsnueh as he had already de.
cared that it was the highest protective tariff bill
that had ever passed.
They had been told tina, sl2, 600, 900 revenue
only would have keen raised by the other bill. IL
had since been ascerained that there was 4 small
| error OF 90 000.00c But ]: would be borne in mind
that some 100000 had been struck from the bill
the articles OF tea and coffee; that the amount
according TO this calculation, again reduced to
| sl2,000O00. Now, MIR 3. asked gentlemen in "a |
o. protective tarff, what might be the conse-
quenee oil presenting the President bill which he |
said would furnish insufficient revenue, and Of pre-
senting a. the same time 4 bill that would enable |
the President 10 carry on the Government This /
was a reason he had for opposing the issuing of
| Treasury notes.
gentleman asked him how he would supply
the wants Of The Treasury: he had already said, /
that If the tariff bill succeeded the loan would i'm
media,ely be taken u: par. He had not doubt |
! that Il this tariff bill succeeded there would be no
manner Of difficulty in negotiating the lo.n az par;
and believing that The sale Of should be limited
al this time MIR 3. moved TO amend the bill go a. /
to strike out tia, portion authorizing III. ISSUE Of
Treasury notes, and leave only that which limits /
! the sale Of the public stock at par.
Mr. CUSHING obinined the hooT; bu, yielded it /
tor a moment a. the request OF
MIR ADAMS, who said that the gentleman from
Virginia (Ar Bousl he'd referred TO his (Mr A.'s) !
opinion that il the bill was approved by The PIesi
dent, in twenty four hours the loan could be ne |
go.iaied. Mr. A. was understood 10 say he could /
not form any defaite opinion what effect the pas /
sage ofthis bill would have on the loan. Ho be. /
lieyed that It would tend to inspire confidence with
the money lenders; but as 10 the opinion OF the |
effect OF the passage Of the BILL which he had here
toiore given, the gentleman from Virginia must
know that i! was not this bill but the bill b fore |
passed, with the addition OF two three milnos on
tea and coffee, and with clause giving to the in |
|
their debts These Two things: he could not |
give his opinion definitely to the effect OF this
! bill.
Mr. CUSHING referred to the provision OF the
bill prohibiting the sale OF the loan below par, and
providing, in case il could not be sold at par
alternative to being jewed by brokers, for the issue
| Of Treasury notes; and said the later provision !
was the only remedy which would apply in case the
| loan were not tiken. But the gentleman from Vr.
MA (Mr Boits) had said that this ought not 10 be-
| and that il the President signed the tariff bill
it would restore the credit Of the country and that
the loan would be taken. II this tariff bill was 10
become law, about which he had not q doubt, it
would have q most suspicious effect; out il go
Jog sffOrd instantaneous relief TO the Ttcasury1
The revenue bi added TO the credit of Government
by placing in the eyes Of capitalists the fact thal
means would he obtained, but II did not give those
means today, and they did not by il accomplish the
object Of saving the Government from the uvsrico
} and eupidy Of money lenders, unless they proyid
ed Treasury notes for the present exi sences Of Gov
eminent
Nj G. referred 10 the other objection Of Mr. Bolts
to the passage Of this bill, that 10y placing in the
hands Of the Pre'i1ent bill 10 relieve the wants Of
: the Government he might be induced 10 Withhold
his signature TO the tariff bill. Mr. Q. eontended
that this consequence would not follow; the Troa
sury note bill would not place in the hands Of the
President the means OF carrying on the Govern.
y moni without tariff Ho apprehended that there
was no cause whatever FOR the va'icinalons Of the
gentleman from Virginia on this point Let them
n1ra this hill nronoan1. bn nmfbdfd tty tho