Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-09-02

sort OF apology, anu plea Oh Necessity, Is Haue 'o' "
burnipp of the Caroline, with expression oil regard
far the sacredness OF neutral rghts-nothlng is SET
tied upon these points, and the President is understood
to declare in his message accompanying the treaty
ba, he does not deem necessary 10 urge the consider
alton of those matters further.
The correspondence is interesting, and most ably
conducted At another time abstract of it vii! be
furnished. Courier d Enquirer
THE WANTS OF THE TREASURY.
On Saturday. the acting Secretary OF The Treasury,
Mr. hlcClintock Young, IN the absence OF the Secre
tarv Mr. Forward laid the following letter before the
Committee of Ways and Means, calling Tor new Is
sue Of Treasury notes 1t will be that the acting
Secretary Of the Treasury claims that he is authorized
By the law giving authority TO raise money by loan 10
issue certificates for the payment OF debts by the De-
parlment - ~ con,
TREASURY DEPARTMENT, Aug. ~, lS42.
neutrality-suspicious. for large amount having al
ready passed Congress, and bills being now pending
before the two Houses which may require further sums
to he paid out Of the Treasury, seems 10 be The duty
of this Department. under existing circumstances 10
| apprize the Financial Committees OF The senate ana
House of Representatives of the dscredit with which
the nublc service threatened unless some measures
shall be adopted 10 provide for the burdens imposed on
the Treasury by law.
As The pressure will be immediate, in consequence oil
arearages caused by delay appropriations the remedy
should be of such character as may De mace iorn"ln
available for the public exigencies
In rejecting on this subject, have not been able TO
devise any mode o! meeting the present emergency
which will be open to fewer exceptions than 10 grant
express authority TO this Department to issue Treasury
notes instead of such portion of the loan remaining I'M
negotiated may be deemed necessary 10 meet The re-
CURED payments out of the Treasury
II will doubtless be borne in mind that under the
I'd and Sd of the act OF the 10th OF April last
this Department empowered to issue STOCK GER
tifcates in convenient sums transferable Tor delivery
payable either on six months notice or at any specl
fed period within twenty years, and carrying interest
at a rate exceeding six per cent These clauses
authorize the Department 10 issue pubic obligations
of the general character and attributes as irea'
sury notes But, before undertaking 10 exercise the
mower thus expressly conferred for the purpose OF
meeting claims the Treasury, would be very de-
srabe that the securities against forgery, as well as
the uniform practice to official signatures hereto
F., fore applied Ly law to Treasury notes, should be
adopted Ii would also add much 10 the public conve-
nience and enhance their credit should they be made
receivable BY law, Treasury notes are, IN all public
payments and reasonable in the same manner when
ever redeemed during the year, should The wants OF
the Treasury require In shar II the authority to issue
stock certificates be changed for the issue OF Treasury
notes as heretofore, greater security and availability
would be furnished. trust therefore, that the Com
mtee OF Ways aud Means will excuse my pressing
this subject upon their immediate attention.
! am, Sir, very respectfully,
Your obedient servant,
McCLINTOCK YOUNG,
Acting Secretary Of the Treasury.
Hon Willard Fillmore,
Chairman of the Committee of
Ways and Means, H. R.
After the reading of this letter in the House, MIR.
Gushing entered into explanations of the condi'
ton of the Treasury, and the means that must be re
sorted TO if Congress should refuse to provide Tor the
exieencies of the Government He intnated that the
loan bill authorized the issue of certificates, transera
bile by simple delivery and these might be resorted TO
by the Treasury.
Thc section of the loan bill referred to by Mr. c. is
in The following words:
| Section g. That the certificates hereafter TO be is
sued for said loan may, when required, be in such form
shall be prescribed by the Secretary Of the Treasury
so that the stock may be transferable by delivery Of the
certificate, instead Of being assignable ON The books OF
the Treasury
Mr. Fillmore, who entered also into explanation, and
denied that such had been the intention OF the commit.
tee who reported the loan BILL of those who passed
it. or that certificates could be issued for debts due by
the Government The intention was TO issue certlti'
Gates for loans, and not debts.