Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-15

in his message to Congress- proposed to stop the sup
plies of Government
MIR PRESTON did not attribute motives 10 gentle
men-he had expressly stated tha-but the President
Of the U. s. was acting under different circumstances
from those controlling Congress He had acted pro-
perly and was right in recommending what he thought
proper; but the proposition was rejected with whlrl-
wind in that branch of Congress 10 which the message
had been sent. To pass it now here would be The
means of causing the rejection Of the whole bill he
other House would be the cause Of iniermnaLle
negotiation. Let the proposition to restore The land
fund come another and separate measure, let II
in any other shape and he would vote for it.
With regard 10 the difficulty rnsed about the au;ho
rty to sell the stock at less than par he would say the
money must be had, and how is il 10 be had-how, bot
by buying it, Asmuch must be paid for il il is worth
Just like provision or clothing for The soldery Of the
Government II must be had: and when the necessity
is inevitable it must be bought at whatever price 1t
commands the market lie believed it could be had
for 95 but if T. 10 per cent discount must lie pad
to get money, let it he paid He willing TO give
discretionary power TO any individual, but he woud
yield TO mperious necessity, and would therefore con-
de to the Secretary OF the Treasury the discretionary
power Of going into the money market, here abroad
TO obtain this money; and for the faithful dichargeo OF
his trust that officer and the whole Government "cud
be responsible
MIR p after dwelling at some length on the causes
which contributed TO leave the debt Of FIVE and hail
millions of the last Administration TO be paid BY The
present. charged that the lands which had been acVef
tised were withheld from sale after being SO acSsl'
tised and argued that If the Wing administration SINCE
il came into power did withhold lands from fale. ',
merely followed The precedent set it. He concluoea
by urging the propriey Of the passage OF The bl' anu
Of throwing the stock into the market to sell for wha
ever il would bring 10 maintain the honor and creo''
| Of the Government
Mr. YOUNG said he had statement before MN
which showed that when Dir. Van Buren, retired from
the Administration Of the Government, on The 50 OF
March, ls4I, debt left outstanding, and unte'
dremed of Treasury notes, to the amount wv
There had been provided for the incoming Admnlsifa
ton, FIVE millions Of Treasury notes, so that instead ~
finding an empty Treasury, there were authorized 70
| be issued over and above the outstanding amount.
sum of FIVE millions this time we were told na.
new set OF books TO be opened and the oio oop
were 10 be closed. New let mine those ne o"o
The FIRST loan in the form Of Treasury notes 0i nf
Earrson's administration commencing 'be 4n
March, 1919 and created by oct Of 9th feorUaI,
ls4I, was $4,000 600. On July 2lst, le4l, curing
memorable Extra Session, another loan was e,h.,
of Sl2000O0O. On the 3lst January le42, sp .ar,
loan of S5,000000, and in the mon'h Q, .; np IN
! 1912, an additional loan Of FIVE mllIinns' .hssen
all the enormous amount Of S270OO,oOo 10 W."
months Is not this astounding? But lei US
th. matter further The losn proposed oy oo eco
SIl, 33l, 600 including $6,33I 600 OF the mouu.s
ii loan The interest on this sum at d" PEI ee"''