Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-01-20
rwENrY-sEyENrH coNGREss--2d Session.
TREASURY NOTE 81
HOUSE OF REPRESENTATIVES,,

subject or debate, Mr. o. proceeded 10 address lie COM
mtce.
lie said it was far from being his purpose hinder or
delay the passage of this bill he desired to submit a
few facts and considerations which ought to be regard
ed before il passed. in stating these he should contne
himself strictly 10 the merits Of the question before the
committee lie would, in the first place, read by way
Of argument, aud part Of his speech, amendment
which lie designed to offer when it should hereafter t
in order 10 do So
The amendment, IS it met the ear of the Reporter,
tbs 10 strike ont the pToviso in the bill and to
insert ne following: Provided, that the Treasury notes
issued nder the authority of this bill shall he deemed
and IA nsto be in lieu Of an equal amount 10 the loan
aulhoFs fbyhlie law Of Jolly, l5il. J..
1t I'D 81 occurred To him until yesterday that under
the bill lis present ior there might be raiscd partly
by the issue Of these notes, and partly by negotiating
the loan already authorized much larger amount OF
money than it in the contemplation Of Congress 10
grant and larger than Mr.. G. was himself disposed 10
sanction by his vote.
lie would invite the attention Of the committee TO a
few facts which lie had obtained from the authority OF
public documents submitted 10 this House. AT the last
Of Congress loan was authorized to be taken
up 10 the amount Of twelve millions Of dollars: OF that
amount six and halt millions renamed, as yet, not
obtained Now the present bill contained no provision
repeating the loan act, and If this should become law
that would still remain in full force and virtue, and 1t
would be therefore competent for the Secretary OF the
Treasury first to issue the full amount OF Treasury
here authorized, and then 10 take up the remain
Ing blancc Of The loan. lie was aware OF the prosso
winch declared that, IT, before the whole OF these notes
should have been issued, the residue Of the loan should
be obtained then the power issue notes was 10 cease
This proyiso would in the given contingency prevent
The issue Of part Of the notes. but IN another contn.
gency il fully authorized the emission of the whole
amount Of five millions For all the Secretary had TO
do would be 10 issue the first, and then, he might
obtain the loan afterwards, which was but another use
Of the Governments credit. BY this means he could
get an amount uf eleven millions and hall. This, to
be sure, would be objection with MIR. G. provided
was made apparent that the eyigences o! tie public
service demanded that amount # The whole sum c Tins
was really necessary he ready TO vote II.
But with view 10 see whether such were, indeed,
the case he would take glance at the actual state Of
the Treasury.
Oh the loan authorized last session. about five mil
lions and half had already been negotiated The
whole SUN amounted to twelve millions Add TO this
the present FIVE millions in Treasury notes, and !;
would make seventeen millions over and above the or
binary revenue which would be available to the Trea
sury within less than twelve months. Now, MT y.
not prepared to grant such m amount. lie wonid
20 far to enlarge the amount OF notes to b. issued
aud half Millions as 10 cover the balance OF
the loan not ye, t-len up.
The annual expenditures for The year lci2 were esii-
mated H. the Treasury report at S.F21'l ,ooo. ihe
for the time, exclusive OF proceeds OF Tie
public lands, estimated at SlS,a12li0; leaving q
deficit Of Slips $40. Daductng the join; amount Of
loan and Treasury notes VIZ eleven and hall millions,
from the above, would reduce the deficit 10 321s,o10
80 tin, should this bll, 20 into effect and the whole OF
the Of the loan be obtained, there would Still re-
main deficit in the OF the Treasury Of near
three millions Of dollars.
II, then, Tie estimates Of the Treasury were 10 be
taken IS safe guide il appeared that even the sum IN
the bill, would not be adequate 10 the public wants
The public dent was stated nj present 10 amount to
Sill - c- add n this six aud half millions, The oa.
lance Of The Loan FIVE millions of Treasury notes, and
a. q n = nd /.
make an aggregate debt Of S,9l713G Deduct from
this seven aacns of Treasury notes, 10 be redeemed
within tie cal year, and it still left debt oil 81 49,,
900.
Now, lie asked the committee to pause moment
Without CON pairing this Treasury estimate oil thirty
two millions for the public expenditures OF the present
year with The estimates Of former years, with the ex-
hausted state Of the Treasury he would ask the Com
mee 10 look al few Of the items which went to
compose The amount.
I'm the civil Isl, as compared with last year. there ap.
pearcd 10 be an increase Of $3.50, 000 OF which l'o,-
900 were for carrying into effect the Bankrupt law
This he hoped, might be saved. The aggregate Tor
the civil list last year, had been Si,6l3,363. But N
this amount were embraced number OF items which
would not rccur during the present year, or for years
to come One the expense OF the 9th Census: ano-
Their was for the survey Ct the boundary line OF Texas
another for tic survey of The Northeastern Boundary;
making, in all $40. This was to be deducted
The chief increase occurred III the estimates Tor
the military and naval establishments. MI U. "ouid
not no into the estimates for Publications; bnt would
look AT The enormous item Of 81 565359 for works OF
Internal Improvement. II he lnis,ook not, many OF
these objects had been submitted at the Extra session
the Chairman would remember how they Jared. Mr
G. could not 20 for them now lhis appropriation oi
over million and half not asked rs war Inea-
sure and peace measure II could not meet win MS
support. A. x
asst wear these amounted 10 Sl2J,o-O; THIS year 70
IS 203, 2-7 being increase OF S59'o,ooV, nearly
millions. :,
rflere some explanations took place between Mr..
SaItons,al and Mr. G!mer The former correcting some
of his statements and the latter insisting upon and de-
tending them
On the whole there was an aggregate increase o es
tmaed expenditures TO the amount Oh ABOUT seven '"
lions.
Waving all purpose Of going into any discussion a.
10 the proprey of these estimates he glanced at them
merely with view TO show the present wants OF the
Treasury. .,.,..-.-
they must now be provided for. That was
not The state of the matter; these amounts were es'
mates merely they had yet to be submitted TO The &C
ton of the appropriate committees yet congress were
indirectly called to meet them IN advance IL was
not yet certain they would be needed at all events, "
wns not necessary 10 meet the whole amount now III
Inc committees should sanction them by their reports
il would be time enough then TO provide Tor them lie
was not hms satisfied of the necessity oil many oil
the items. And rs it might turn out ihat they were
not necessary he thought there was no necessity OF
providing for over six and half millions, the balance OF
The oan So far he ready 10 60
At the extra session, Congress were told hat me 70
comment would stand in need of loan Of twelve mil
ions, exclusive Of the from the public binds
Both in the Committee of Ways and Means and after
yards in the House Mr. G. had opposed extending the
terms of that loan eight years, as was at first pro-
posed he preferred issuing Treasury notes Tor the whole
sum; but that proposal had been voted down. lie then
moved to reduce the term of loan 10 three years lie
lad been opposed eight years. because he thought that
while the time was too short to present temptation to
capitalists to make Investments il was longer than ihe
Government would be in want of borrowing, provided
iue economy were observed in its expenditures MI "
maintained that Treasury notes were preferable 10
unded debt in a Government Of fuctuating revenue.
Ours was such Government we had now no revenue T
,ut that derived from the customs. The Government
lid its whole duty when it fixed the rate OF duty 10 pe
,ad 1t did not por,-il could only estimate accord
NJ to its best lights what the amount OF imports
would be but this il impossible to do with any
hing like accuracy-the amount would constantly
lucua.p The difference between Government noles