The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-01-14
gwentpa Srpenth Codarsss.
SECOND SESSiOi
IN SENATE.

THURSDAY, Jan. IS, 1912
Mi PkENTlSS presented petition, praying for
the repeal OF much OF the act of Congress, per-
mits Postmasters to frank letters for individuals in
certain cases.
MIR BUCHANAN presented memorial from ci-
.es OF Lancaster Pennsylvania, setting forth that
city as the most eligible site for a national foundry
Mr. WOODBRIDGE presented the petition Of
snndry citizens of Kalamazoo, in the State of Mich
ga calling the attention of Congress TO the defence
less condition Of the Northern Lakes.
Messrs. HUNTINGTON, MANGUM TALL
MADGEa MILLER, WRIGHT, HENDERSON,
pOhTEh, KERR, BUCHANAN, BERRlEN ,MER-
KIM WOODBRIDGE, CLAY, and WALKER,
presented large number OF petitions, some against
the repeal Of and Others adverse to any interference
whatever with, the Bankrupt law.
MI fOUNG presented the petition Of William
Eimore, OF Illinois, asking for grant of land in aid
OF an orphan asylum and manual labor school IN
The PRESIDEN laid before the Senate the an
nuai report OF the Commissioner of the Public Bud-
ings, stat. NJ the manner in which all appropriations
Tor the public buildings and grounds have been applied
during the year lS4l.
nee OF Commissary OF Purchases for the army of he
United States; which was read a first and second
time.
Mr. GRAHAM, from the Committee on Claims,
20 which the subject had been referred reported the
bill, with an amendment for the relief OF Ephralm
Sprague
The bill for the relief of James H. Relfe the bill
tor the relief OF William Depuyster and Henry M.
CIuger, and the bill for the relief of Caleb Addy
We're seyerally engrossed for third reading
THE BOARD oFTHE ExcHEauER.
The motion to refer the project Of the Secretary of
the reasury to select couiniiee was announced by
Tue Chalr as the special order.
MIR. BENTON remarked that, in 1896, for the first
time IN England exchequer bills were issued TO serve
only temporary purpose, ana that in the course of
thirty years they were all Withdrawn from circula-
ton; but il was left to Sir Robert Wapole to revive
TINS scheme, and for similar To those which
they now heard advanced why the project of the Sc
cretary should receive favorable consideration. AT
The period OF the first issue in 1927, under the new
system, the national debt of that kingdom was forty
millions ofpounds sterling now, it was nine hundred
millions OF pounds sterling, and il could be proved
that this immense debt grew up in consequence of the
issue OF exchequer bills 10 indefinite amount AS
he had always been opposed to the issue of Treasury
notes, even when proposed by his own party it was
certainly not to be supposed that he would give any
countenance to this plan, coming from the party in pow
er Besides, he looked this measure as a
mode OF altering the Constitution by a SIM
pie majority of Congress- instead Of by three
fourths Of the Legislatures of the several States
The convention who framed that instrument refused
TO retain the words "and emit bills !" and he looked
upon this measure as supplying that which was trick
en- out In order to relieve the people they had now
scheme similar to those Of John Law and the South
sea puooie and all me cant and jargon, all the old
phrases which had emanated from the Owl creek
wild cat, red dog, and coonbox bank and which had
dlsgraced every one of them had been again broug h
forward In support Of the measure now before them
and he supposed that they would be told that the paper
OF this excheque. would be convertible into coin, that
it was better than gold, because it was more conve
nent to carry, and gold could be procured for it when
ever 1t, was wanted and that it would certainly bt
paid But all this was slang, and had been worr
out in the service of the banks. If they want
ed to see a good state Of things let them 90 back
gold and silver but ifthey adopted this scheme, the,
would have nothing but lampblack and rags
| The question was taken on referring the report O
the Secretary ofthe Treasury To select committee
nine, and it was decided in The affirmative and then
! The Senate adjourned until Monday next.