The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-15

msnt which 10 the effect that the treasury notes
authorised by this hill should oily he issued 10 the ex
tent ofthe deficiency in the Ssn authorised by the
June as that was taxi up, the notes to be can
cellled. This wonlj enable the public to choose be
tween the two kinds Of securities.
Several gentlemen sprung to the hoor but the Chair
man assigned ito
on an amendment which he intended to offer at the time
which was to strike out the provso Of the BILL and &c
provide that the notes issued under the authority oil th
act should be considered in lieu Of the same amount O.
the loan Of June last 1t had not occurred to him until
yesterday that in acertain exigescis under ths o and
the loan BILL the Secretary sfthe Treasury would he
empowered to borrow greater amount OF money than
the exigences Of the Government requed or at least
more than he was willing 10 vote at present The Loan
Bill authorised the borro wing OF twelve millions. and
his amendment would permit that amount to be raised
making for one wear seventeen millions than the
dei lived from the OF the Government.
or this amount eleven millions and hst are suhectt TO
the future disposition oihe Secretary being the balance
Of the loan and half millions and the FIVE millions
of Treasury notes. authorised by this bill He will
ing that the amount of Treasury notes should be increa-
sed to the extent balance othe Loan provided the
further execution Of he Loan Bill should re forbidden.
To proper decision a. to the prety of his
proposed amendnent would be necessary to examine
the annual report sfthc Secretary the condition Of
the finances The estimates for the expenditure of the
present TO $40 sol 0o IS the amount efrs
venue for the year. lusive OF The lands SIS O
leaving ads6cency ia the revenue Of 6S de-
duct from this the balance OF loan, end the five mil
liens of Treasury notes authorised of this bill sl
0o0 and there still remains be provided for s27Iss70
g. Then after the balance the lean is taken and the
Treasury notes authorised by this bill and there will
other means. The amount Of he public debt In the shape
outstanding Trearury Notes. and loan subscribed f,r
under the act Of June last Is SLABS oe5 7g this ad
the balance Of the loan Sc sos 0 the Treasury notes
authorized by this bill, s500op00 and the
cessary 10 be provided from other $40 6s
and the whole amount of he pubic debt at the end Of
the year will be SIS oa6 1856 SO boing trfe short of
thirty millioAs Of dollars Deduct from this amount
the Treasury notes which it is calculated to redeem
ring the present amounting ~ o00 aud there
At the close of the ear debt sf S2i 1850
without comparing the estimates for ls49 Of nearly thir
ADMIN
traons which have been deemed he would
merely look at some items of very large amount, and
contrast them with the expenditures for the ohec's
last year The expenses for he civil list estimated
At S350oe0 more than last OF which item, and
sass the largest one, would be dispensed with, being
expenditures of the civil list year mounted to
s4sl5,S6a 81, but in til were included several
Items which will during the pre-
emit year. Thus, for taking the sixth census $500,
for surveying the boundary line between the
~ lne amounting in the aggregate to S74l 800 600
But the principal Increase the War and Navy De-
Parments; but without ransiog to examine the esti
mates for Qualifications which exceed far those Of
last year as the svlst he would pass the
item Of 5s5s59 81, for objects Of internal improve
ment, such as removing distractions from view s. con
structing brsakwaers repairing piers &c. &c These.
or most OF them before the committee of WAYS and
means OF the last session, and the Chsmon knew what
MS couiss had been in relation TO them and the House
could anticipate what his vote would be when they
again came up for confederation The estimates Of the
Department were not for establishment for if So
they were entirely inefficient; and il for peace mea
sure was such he not pre- pared 60 for
The cstim for the Navy during the wear
70 o2eS 2S7 % the expenditures for the branch
service during the past were So 22s ss7 co. be-
ing an increase Of S3973ses as nearly millions
Of dollars and this the large appropr
aons at the last session II the homer and the
Of the country manded these expenditures ne man
they were still to be ssrutinz cd by the Committee and
sanctioned by Congress Let it not he said tn at they
hadto provide for those est mates unit they were
sanctioned by Congress and then it would be compe
tent for Congress 10 prorde the at present
They were new called upon, by providing the means
sanction all these estimates in and that he was
not willing to dc. When, at the last session. the Loan
Bill was before the Committee he was opposed to the sx
tension Of the loan to eight aud voted to reduce
three The former period too short tempt invest
ments BY capitalists and longer than, his opnisn
necessary for the Gov. rnment with an economical ad
ministration OF its affairs to exnguish It. He proposed
an issue Treasury the whole amount twelve
millions, as he maintained the superiority Of treasury
notes to funded debt in government OF actuating re-
venue like the United States They enabled redeem
its outstanding debt. whenever condition of tres
sury would permit, instead Of placing it out of its power
for eight years to do He knew there danger from
the abuse OF treasury notes. well treasury bonds Of
funded debt as was exhibited by the melancholy exam.
pie by the States and he feared m AZ the or
part Of that history had still written He was the
decided and incorporating advocate of economy re-
trsnchmeni andr 70 m in the affairs Of the Cover nen.
Treasury the revenue derived from the sales Of the
public lands. This would amount on an averor,. to
tive millions annually. end the revenue froaa IMPORTS
twenty miio Us Giving annual evsnue Of TWEEN
~ two millions Of collars. Then, If the expenditures of
me government we're reduced TO twenty millions
ally, which he thought they might be comp1,iby wi
IN emcient administration Of the government, and
there would be an annual surplus Of two mil.
Lions, which might be applied to paying of the
public debt BY repeating the Distribution Bill and
administering the Government principles of eceno
my the credit Of the nation would be restored, and they
would no longer be under the humiliang necessity of
hawking their bonds about from hank to bank and from
broker broker The way preserv the credit Of the
nation was by preserving the reverence Of the nation
and that all that to restore conJencr
In its ability to meet ell its engagements He Thought
that reforms were necessary and Practcle-by touch
ing the Departments here with free anda bold hand
by reducing the the expenses Of Custom Houses at
large sums collected and large sums wer, souan
dered aad by abolshng Others whose receps did not
pay their expenses by reference in the Post Office De-
partmen and branches Of the public service
with it BY areduction in the number of the mns by
touching the army not with III Ia but uaic ous hand
and he could only alludet to military siorekeepers
Mr. BorIs.-Any allusion to the at Frankford =
(Laughter)
Mr. GrLLMER said he hsd alluson 10 none in partau
lar by retrenchmebi in the expenditure Of Congress
reduction Of mileage. He had merely glanced at those
points in which reforms were practicable opportuni
ties would occur losg when he would be able 10 en-
large upon them "Econeay, rerenchment and reform
had been the watchv ods Of political partzsns for
time the memory OF nun runneth to the contrary
and he wishes to ascertain whether they were mere
useful before election but useless n
ascertain whether they were great political truths
applicable to and Preservsve Of republican form of
or were mere humsug.
Mr.. Charles ISGERsoLL called the attention of the
Rouse and the country to the singular fact in
Tine Of profound peace and tho country teeming with
million ofdollars warrants, actually drawn and snd
He had said the country in of tecinq pros
perity he repeated II ell her great branches of bust
ness were in successful operation In agriculture the
earth had yielded her rich products plenuly and the
barns and granaies were grooming sder their burdens
IN commerce., our vast mercantile marine second only
by 900 900 tons to the colossal arne of Great
'ur ships have hsd full employ at profitable raes
and our manufacturers are doing excellent bus
hess. Our only suiIerngs those produced bv mis-
government, and vtated and fraudui. n, CURRENCY
These evils were all pervaing and the disorder was Sc
intense that chaos had almost come again And he for
,ne. was going TO that he lad of it, for out of
het chaos with the abundant and resisess
energies Of the country, light must come. How
was that desirable result to be accomplished y
,empshejl Not by the measure before them nor bv
IT. antagonist measure in the minds of OF the M
,ers, the 10 N bill. He cred them both like wi
his difference, that treasury notes adnrbe ex.
'edient for an esigrncy; but that the condition
Things at the present time when sock Of every des
'rlpion are at runous depreciation when those of
AIS own state, which he hsd bought and sold at Ii2
we're a. % CT below and United States per cent stock