The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-01-27
BY MITCHENER & MATHEWS.
SPEECH OF MIR. FLOYD, oFN. YORK.
ON THE
TREASURY NOTE BILL,
House of Rep. Jan. I2. ls42.

sue under this bill shall exceed five millions Of dol>
lars; and provided that the authority to issue shall cease
AS soon as the permanent loan Of IL millions, auhorin
zed, shall be negotiated and rendered available Such
said he is tho BILL and in order to see whether is nee
essary, is well to take single glance atthe condition
of the Treasury and this is the proper because
many persons wei! disposed to the present Administers
ton who believed their charges against lhoSe who pre-
ceded them and their promisesto do better, may sup
pose that all things are going swimmlngly on,
And (irst Us 10 the economy, reirenchment, and re,
form which were promised. What has been donel
The late Secretary of The Treasury Mr. Ewing in his
report to this House the Sd of June 184l tells that
the expenses efhe Government in the year 1870, the
last year of Mr. Van Burens administration, amounted
to $27, ,963 AIS d. The present Secretary ofthe Trea
sury, Mr. Forward in his report Of December 20, 194l,
to this House informs that the expenses of the Gov
eminent for the year lS41 the first year Of the present
Administration, 32, ,025, ,07O 10; and he estimates
the expenses of the Government for the year 1S42 be-
ing the second year of this Administration at $32 79l,
0I0 "; the first year ofths Administration showing
increased expenditure over the last year oMr Van Bu-
rens administration of S4 6l, ,595 30; and the second
year showing an increased expenditure over the last
year Of Mr. Van Buren's administration of $4,927535
81, or neatly fve millions shall not pursue further
this subject ofexpenditures. Ihavo simply given the
amounts furnished by the officers of this Adminsa-
traton,s sand those figures show pretty well what has
been, and what to be accomplished in the way OF
economy, rcrenchmcat and reform r
1t becomes us now.to inquire what provision the wis
dom of this Administration has made for these lncrea,
sed demands upon the public Treasury. The first n-
porlant act affecting The Treasury, the Distribution
act ofllst session. by which the proceeds Of the sales
oftie public ands amounting TO the annual average as
mount of three millions ordulIas, were diverted from
the general treasury and given to the several Saesi g.
the next act and one which ever follows close upon
the heels ofprodgality. resort to borrowing. For
this purpose law Yas passed authorsng the Secreta.
ry of the Treasury to borrow, upon the credit of the
Government the sum of twelve millions of dolvrs up.
on bonds ofthe Government; and of this loan about
one halfhas been received and expended; and as TO
he other half the Secretary in latter of the third Of
this month"; addressed % The chairman of the Commit
tee of Ways and Means, says.
'Immediaely after our first conversation relative to
the views of the committee upon the subject of a loan
as means ofsuppying the wants of the Treasury, l
addressed private letters to correspondents in New York
and Boston, for the purpose Of asceainng the pracii,
cabty offs selling stocks lohe amount lof two or three
millions, provided the term of reimbursement should be
enlarged to twelve years. The information received
was entirely decisive to the mpossbiiity of obtain
ina unythn5 like adequate supply in time to relieve
the existing PRESSURE and think it may be confidently
anticipated that long the present state of the mon.
ey market shall continue the prospect ofborrowing a.
ny considerable amount of money in the United States
Is quite hopeless. resort 10 Europe tor loans will be
indispensable; but the delay that must necessarily inter
vene will be such that unless other mode OF sup
plying the wants ofthe Department be provided by
Congress- the greatest embarassmens must ensue. Un
der these circumstances. have no Iesat on in recom>
mending an issue ofTreasury Eotes, as measure Of
obvious necessity u.s. 20 ~. .N:.-..- r.-.a
What a spectacle! While those who passed the dis
tbuon bill, are boOsting of The splendid donation
made 10 the States by absacing te land revenue fom
the Treasury, agents of your Government are sneak
ting about from bank to bank and from broker to broker
criDging before he money lords Of New York and Bos.
ton, and supplcung for small loans TO reeve the ex-
listing pres sure" And with what efeci Why your
obligations arc hooted pt by the capitalists un-
marketable commodity; your Secretary says his nfor-
nation is "entirely decisive as TO the impossbily of
obtaining adequate supply tha t'tIc prospect of
borrowing in the United States is quite hopeless nay,
more, are told that part ohe loan which has been
taken, has been resold in the money nake, for ninety
five cents on the dollar. In addition TO the six millions
which we owe on the l4n o!ast July, there were out-
standing on the LIST Of this month, nearly millions
Of dollars of Tr easury notesl and nese too, VIC
told, pass at discount To what wretched pass
have things been brought bya bad administration for
ten short months; whu,a Rower ofdoing evil has been
possessed, that could Accomplish much in briefa
time. Anarional debt of six monsl debt on ETrea~
sury notes already issued of nearly millions! expen-
Of the Government daily accing the ofthir-
tymions ycarl the Treasury empty ,notorousy emp
ty and worst ofall your credit is gone; for Governs
ment securities selling alta discount and you cans
not borrow dollar And what is proposed as a REM
edy for this most disastrous state Of hingsY Why sir
an issue of moro treasury noesand will ths afford the
necessary relief A loan such is already authorized
is more desirable investment for capitalists than rrea.
sury notes. yet they will not touch it. What reason
can there be then, to suppose they will invest their
money in Treasury notes But perhaps it is not espec
ted that these notes will bring any money into HE Trea
sry, and that they only to be used for the purpose
ofsSis(ylng the creditors of The Government How
afelhey to do tFsl, Those already issued are below
par; an increasedissue will make them lower CAN'T
be possible ,hatyo intend TO pay your debts in depre'
outed pape -ti the public creditor is be told that
he must take that or nohingl The difficulty in your
voy Is not 30 easily avoided You cannot shake il off