The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-17

The government, with thirty millions Of dollars
in banks, found itself one morning without shll-
ling in hand; and Congress was called together to
provide the means OF keeping the government alive.
IL was a case of life or death; and the proceeds OF
taxes would have been entirely too slow to have
prevented the open and declared bankruptcy Of the
| treasury. Under these circumstances, the resource
Of taxation was impossible; temporary loan was
the next resource, and upon this the Finance Com
mitted Of the Senate resolved and that IN opposition
| TO the Secretary of the Treasury, MIR. Woodbury.
who recommended an issue Of treasury notes.
The committee condemned this resort; but final
ly yielded 10 the secretary on his hrm assey-
| eratOn that loans could not be obtained in
time TO prevent the catastrophe OF bankrupt
treasury. Under these circumstances the treas
ury note act Of 1887 was brought in, but guarded
with many provisions to prevent the notes from
sliding into currency, 30 as 10 make government
paper money. The act of 1887 was guarded, and
doubly guarded, against that evil FIRST in giving
thoriIy 10 ISSUE without authority reissue notes.
and then by special clause expressly forbidding
reissues, and positively requiring each note TO be
cancelled and destroyed when once redeemed by
the United States. With these guards, and some
others, the bill was passed. voted for IL, but with
a reyulson Of stomach almost conyusiye, and with
misgylng Of the heart which proved TO be prophet
&c. In little time the guards were all broken down
reissues ofthe same notes legalzed and these
notes entered and len the treasury bank notes
enter and leave bank. OF course | did not vote
for this overthrow of the guards which had assist
ed TO set up; but the want Of my vote made no diff
ference. The mischief had been done in the first
step once issued treasury notes were strong enough
TO reissue themselves, and slide into paper cur
| rency.
These are my objections to the bill itself, and Of
It's policy. The policy Of this early resort to a
means Of supporting the government which, from
lts dangerous and seductive nature, should be left
| for the last, and the almost desperate resource.
Taxation should be the first resort; and here must
say that utterly object to the omission Of any fair
objection Of taxation from our revenue bill. Tea and
coffee are left out Of that bill. Certainly !
should like TO leave them out, and a great
many others, If there was necessity for tax
alton. But there is necessity. This treasury
note bill proves the necessity, and am for taxing all
objects fairly taxable. Taxes first, loans next
treasury notes last, is my creed; and have idea
Of hinching from my own duties under the assump-
uon that the people will not do theirs II is the duty
OF every generation TO pay its own debts as well
TO hight It's own battles. Our constituents will pay
tax on tea and coffee If necessary and that tax is
now necessary. But modern idea has sprung up,
that tea and coffee are necessares Of life, and must
be free, while iron, salt, woollen, and FIRE pay
tax. According TO this idea tea and coffee are the
hrs Of neeessariesi and IL the question Of Cassus to
Bruus should be answered. Upon phai meats doth this
our Julius tesH the would be tea and coffee
Not so tbs people. They honest brave
as ready 10 pay their own debts 10 fight their own
battles. We have no wars in which the people have
no interest: our wars are their wars: not so with
Great Britain when the foundation Of her public
debt was laid on loans and exchequer bills in the
time of King William and his successors Of the
house OF Hanover. Continental wars, in which
the people Of England had no interest were
their portion, with the houses or Orange and
Hanover. Security of the Dutch barrier, reduc-
tion OF the French monarchy, settlement Of the
Spanish succession, maintenance Of the Germanic
liberties, were then the causes Of English wars
Ministers and the Parliament were Justly afraid TO
TAX the people for such wars: they therefore taxed
rosterity! They made loans, and issued exehequer
olls and Of the burdens which these threw upon pos
terity, II was that Mr.. Justice Blackstone justly
complained. But our wars are our own; they are
the wars Of the people, and the people honest
rs brave, and will pay their own debts as we'll as
light their own battles. They will pay a tax on
Tea and coffee rather than 60 in debt; they will bear
burdens rather than throw them upon their posteri-
~. What father is willing to throw debts upon his
SOM What government would wish to burden pos
terlty! Every generation will have its burdens
to bear-its own battles to fight and its own taxes
to pay-and should not be burdened with the debts
Of its ancestors. The present enormous British
debt has its origin in the unwise and cowardly
policy of throwing burdens upon postcrity; lei
US avoid what we have seen so fatal among Eng
Iish ancestors
Taxes first, loans next, treasury paper last, are
my resources; but here we begin with paper; for
although the bill has alternative clause that tn
President may either borrow or issue notes, vet
the alternative is nothing The issue of the notes
is the easy and the seductive course; and for the
same reason that we refuse to order the loan, he
will refuse to make it.
THE TARIFF.
On motion of Mr.. LEWIS, the Senate then pro-
ceeded to the consideration Of the special order-he
bill to reduce the duties Imports and for other
purposes.
Mr. DAVIS r.s,,oJ ,n5 ,o,.l,,a.l L.; ...-,.
in opposition to the bill
When Mr.. ID. resumed his seat
Mr.. McDUFFlE called for the question.
Mr.. SEWER demanded the yeas and nays.
The bill being still in committee,
The PRESIDENT said, ''The bill is still open
amendment"
A pause.
The PRESIDENT. limo amendment be offered
to the bill, it will be reported to the Senate.
The presiding officer proceeded to report the bill,
when
Mr.. JOHNSON, of Maryland, rose and stated
his desire to address the Senate in explanation of
the considerations and views which would govern
his vote. He was not, however, prepared to go on
tonight, and expressed the hope that he would be
allowed until tomorrow morning to prepare him
self. He desired also to know whether any of the
gentlemen from the other side of the chamber in
tended to speak upon the bill.
Mr.. McDUFFIE replied that although he was
disposed to extend any and all courtesies that we're
proper, duty to his constituents and the people for
bade that he should consent to any unnecessary de-
lay with reference to the bill under consideration
In reply to the inquiry of the honorable senator
from Maryland, he would say that it was not the
intention of the friends of the bill to deliver any
speeches upon the subject but to let it stand for it.
self. A continuation of the debate, however, on the
opposite side of the chamber might he feared, pro-
woke discussion.
Mr. JOHNSON, Of Maryland, said he thought, if
the gentlemen upon the other side of the
chamber were to be provoked into discussion,
they had received provocation enough already
from the senators from Maine and Massach usetts,
who had addressed the Senate either in relation to
the merits of the bill the accuracy of the present
chancellor of the excheguer; and he was sure that
nothing which he (Mr. j. could say would have
the effect of bringing any gentleman upon his feet,
who had been deaf to the able appeals already
made. Mr.. J. also expressed the opinion that the
vote might be taken by the last Of week at the
latest. In conclusion, he moved that the further
consideration of the tariff bill be postponed until to-
morrow morning
Mr.. LEWIS opposed any delay of the bill. 1t