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

Tesentatyes announcing mat sald tlousc hdu passed.
sUndry private bills. Also, that the President OF
the United States had notified said House that he
had signed and approved the JOINT resolution Of
thanks TO Gen TAYLOR his officers, and men. Also,
the bill to refund TO the States and volunteers the
expenses incurred by them in fitting out the volun-
teers raised under orders by Generals Gaines and
Taylor. Also, the bill TO establish the collection
district Of Chicago.
REroRrs FROM COMMITTEES.
MIR. BENTON, from the Committee on Military
Affairs, to whom yesterday referred report
from the Secretary Of War in relation TO appropria.
tons by Congress for the removal Of Instructions to
the navigation of rivers Of the United States report
ed IL back with a recommendation that il be referred
TO the Committee on Printing! which reference was
ordered.
Mr.. WESTCOTT, from the Committee on the
Judiciary TO whom referred the House bill for
the relief OF Abraham Horback, reported it without
amendment
Mr.. BENTON, from the Committee on Military
Affairs reported bill providing for the erection and
completion Of certain defenees on the gulf coast Of
Florids which was read and passed TO a second
reading.
HOUR MEETING.
The Senate considered the following resolution
submitted yesterday by MIR. LEWIS
Rsolvsd hatuntl otherwise ordered the hour
ing Of the Senate shall 10 10 o'clock, q. m.
Mr.. HAYWOOD moved an amendment Of the
resolution, by the addition of the words except on
Saturday. which amendment was agreed 20.
The question recurring upon the adoption Of the
resolution, the yeas and nays were demanded and
ordered
CHER, SEWER, JOHNSON, Of Louisiana
CALHOUN, and j. M. CLAYTON, the yeas and
nays were taken, and resulted as follows
YEAs-Msssrs Allen, Ashley, Atehison. Anterior,
B3gey Breese, Bright Calhoun, Cas ChAlmer,, Cillsy
johnson Of Md Lewis Niles PsDnybscker, Rusk, SEN.
pie, SEWER, sPeight Turnsy and Yalee-27:
eron John NJ Clsyton. Thomas clayton, Corwin Cnttsn
den, Dayton, Evans, Greene Huntington Jaagin John
Phelps Sturgeon, UPham, Webster and WestcOr-2L
So the resolution was adopted.
Mr.. ALLEN submitted the following resolution;
which was agreed to:
Rssssd That Immediately after the pending special or
better organization OF the treasury for the collection
safe keeping transfer and disbursement Of public
enue shall be the special order at IL O'Clock from day TO
day until disposed Of
ISSUE or TREASURY NOTES.
Mr.. LEWIS moved that the prior orders be post
poned, and that the Senate proceed TO the consider
alton Of the (House) bill to authorize the issue OF
treasury notes and loan; which motion agreed
TO.
The bill was accordingly taken up, and and con.
sidered as in committee Of the whole; when
Mr.. EVANS proceeded TO make a very ener-
getic assault upon tbs administration and its policy
with regard 10 the finances Of the country, and its
general policy He repeated again and again the
sertions Of his speech the tariff that the wings
found the treasury empty and the country in debt
that they repenished the treasury and restored pub
lie credit and public prosperity. He then predicted
that the administration would plunge the country
into difficulties and ruin-run in which they would
be themselves involved-which, he said was some
consolation. Mr. Z. then took up the tariff est.
mates submitted by the Secretary Of the Treasury
in further to the resolution Of the Senate OF
the 18th June, calling for information and sndea.
yored TO show that the secretary had committed
fallacy in estimating the dutable imports of las
year at one and hall millions instead Of eleven and
half millions. He then reiterated his argumen,
that the bill would not raise adequate amount Of
revenue. How, then, were they TO provide for the
redemption OF these treasury notes. The wants Of
the treasury were very great and he thought that the
bill should pass Bu; he believed that the means OF
the treasury were not so limited represented by
the Secretary.
MIR. Benz ON then rose and said:
have some objections TO Ibis bill-some to a pro-
vision in the bill itself-some to the policy of resort
ing early to an issue OF government paper NV
objection TO the bill is in the authority which it con-
fers to reissue the ten millions Of treasury notes a-
thorized TO be issued. The reissue is departure
from the act Of 1897, and ia, in my opinion uniust-
fable in itself The act of 1887 authorizes ten
millions of notes to be issued, and by clause
the twelfth section requires every note 10
he cancelled and destroyed when redeemed: this
Drli authorizes reissue, and Of course puts the note
INTO circulation again instead Of destroying it, To
this reissue have two objections-frst because il
makes paper currency of our treasury notes, and
assmllates them to common baak notes. and, next
because it destroys the limitation on the amount to
be issued The limitation the issue is ten mil
lions; the reissue after redemption may double
treble, quadruple that amount; for every time the
note is reissaed il becomes new debt and has to
be paid again If not reasonable the amount of debt
uybI ran he ere afod,, midi thah
if reasonable it may be many times ten millions. In
fact, with the quality Of reissuability, no one can
tell what amount of debt may be created under the
bill. This Is great objection but the change
which is made in the character of the note is still
greater. If cancelled when paid, the notes would
be considered the bond of the government, to be
paid when due, and when paid, extinguished; but,
to be paid and put again. to do like the banks;
and this cannot agree to- We have bill for an
independent treasury, main feature Of which is
hard money payments at the federal treasury.
Can conceive it to be compatible with the character
of such treasury TO take up, and cancel
the government bonds; but to reissue them as often
as taken up, is too much like banking for me
modern banking, where the same note is shutled
out again and again, long will hold together.
This would reduce our sub-treasurer TO something
like cashier of modern Misunderstanding the
same paper ad minimum Even banks did not do
this IN the beginning-in their better days. The
Bank of England did not reissue for long time.
MT hEF EMIL from MS seat. Ii
does not reissue it pays and cancels each note
Mr. BENTON. Good! Let our government
not reduce cur sub-treasury below the Bank of
England as paper machine. Let cancel the
notes when paid, and have no paper currency.
will therefore move to strike out the clause of re-
issue in the bill; and if that is struck out, the bill
so far as am concerned may take it's course.
These are my objections to the BILL and this is
practical, and will require vote from the Senate.
have another objection not to any particular clause
in the BILL but to the policy of resoring thus early
in our war with Mexico to an issue of government
paper
Forty years ago, Mr.. President, when was
student at law, read in one of my books-an Eng
lish book, of course--these words
az ancestors In King williams time had annually
paid long their exgencies lasted even less sum
thanwe annually raise on their account they would
in time oil war have borne greater burdens than
have bequeathed to and settled upon their postey
of peace and might have been eased the instant the
gency was over"
The lesson inculcated in these words sunk deep
upon my mind, and resolved to act upon it if il