The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-15

time; il has brought so high price in the market
as not TO be for the interest Of the government %
redeem i, although you have had surplus Of mil
lions OF dollars lying idle in the treasury while you
been paying 10 the holders this loan an annual
interest Of about III 900 600 But on the other hand
OF the 43,OOO,OOO OF treasury notes issued between
1887 and lS43 but $500. 600 now remain outstanding.
Would u not then, have been better had we eontin-
ued the use OF these treasury notes, which might
gradually have been absorbed by the revenue as it
accrued There is now temporary deficiency If
inc war be brought TO a speedy close he was salts
hed that Il would be a temporary deficiency; and
that the receipts from the customs and the public
lands AFTER the war is brought TO a closes weuld be
ample not only TO meet the current expenses of the
government, but TO provide an adequate sum out of
which these treasury notes shall be reimbursed,
The interest upon them is not TO exceed per
cent.
But the gentleman from Keatucky [Mr. DAyIsl
objected that this bill furnished government curren
ey. Why, nobody could pretend TO object TO il on
this groaad, unless he determined 10 object AT oil
events; these notes bear interesno currency bears
interest. and as long as interest 10 payable, they
never can pass from hand 10 hand as the circu-
laton Of the country. They will be purchased, Of
course, by the capitalists as Investments.
The gentleman also objected that this bill was in
consistent with one which this House had previous
" passed and sent TO the Ssnaie-vix, the ndepsn-
dent sub-iressuvy scheme Nov thsse was no in
~s"~Assssfy - ~ va I've H0l tD44 Dali REQUIRED
after certain time tkss sohag sAsuld - ssossvs oe
paid out by the governmsnt except COLA and stvsr,
but this Get was not inconsistent with It. for this 10
nothing more than borrowing money, and the gov
eminent agents receive the evidences OF that deb in
effect for debts due 10 the treasury. Afer il becomes
due, The government agrees 10 pay H. il ought to.
The acts are not Inconsistent at ALL and even If they
were, this being a subsequent one, would 10 that
extent modify the former.
Mr.. GARRETT DAVIS When these treasury
notes are offered In payment for public lands or for
customs, will they not be receivable
Mr.. Mckay Certoinly. They are made so
by law.
Mr.. DAVIS. When so received, will not this
be areceipt Of treasury in discharge Of govern
ment Dues and in violation Of the sub-treasury law
Mr.. MCKAY, Continuing think there is no
and | will not therefore press the
matter. The gentleman himself admits that there
may be occasions when il will he proper TO issue
treasury notes; he does not deny the power or the
expediency of resorting 70 these treasury notes at
certain tines he thinks the emergency which calls
for them does not nov exist; think il does. IL
could have had my choice, | would have confined
the secretary TO the issue Of treasury notes alone
and not 10 loan. The committee will observe that
the time to which the loan to extend will be limit
ed to 10 years-which is a very short time
would greatly prefer depending upon treasury
notes to supply this deficiency which is likely 20
lie temporary one; and the government will then
save the interest Immediately from the time that il is
able To redeem them.
Mr. STANTON. did not expect the gentle
man from Kentucky, after great lapse Of time,
would refer upon this occasion to my speech made
on the Let july and am reluctantly compelled to
say few words in reply
The gentleman has said much about his contempt
for certain characters and has denounced others as
thieves and robbers; but to question from me he
has dlsclaimed all personal application Of those |
terms. have therefore nothing TO say on that sub
ject IL the gentleman had not made that disclaimer
should hnue been prepared to return him my scorn
for his contemplate repe his imputatons in every
proper way-and to return him blow for blow, |
whatever might have been the character Of his at
tack. But am glad the good sense and good tenn |
per of the gentleman prevailed, and rendered any re-
ply on NV part unnecessary.
After this disclaimer, the question between that
gentleman and myself resolves itself into one OF con-
structionthe proper construction TO be placed upon
his speech upon the tariff bill. While I am very
glad to hear the gentleman declare that he did not
intend his remarks to apply to the President; and
while do by no means question his candor vera
city, still think the obvious import Of his language
is such understood and represented IT, am con-
tent, however, that this question shall be decided by
those who shall read the gentlemans speech, refer
ring simply for the proprety Of my construction
the extracts from his former speech incorporated in
his remarks Of this morning.
As to the gentleman's application for position in |
the rifle regiment refused by the President, can
only repeat what said before, that do not believe
it had any effect upon the gentleman's conduct. |
believe him to be altogether above such motives |
Blu, think, under the circumstances the gentleman
ought to have been careful not to use language |
which was subject be construed into an angry at
tack upon the President.
repeat, sir, that am glad the honorable gentle
man has treated this matter in spirit Of fairness and
moderation, and have, therefore, nothing further to
say.
Mr.. GRAHAM briefly opposed the issue of
treasury notes, being evasion Of the RESPONSE
bility of coming out boldly and negotiating loan,
and Elusive and dangerous mode Of accumula- |
ting debt without the knowledge of the people. |
This speech of the chairman of the Committee Of
Ways and Means--ust issue them nop--this once
was the old stereotyped speech, which we had heard
from year to year during Mr.. Van Buren's admins
tralion, when large public debt had been accumu-
lated in this way. He thought in public as well as
in private affairs "honesty is the best policy" and
that the honest mode ofcontractng debt in an open
manner should be adopted now that the exgencies |
of the treasury required. He objected also to the
issue OF treasury notes, it was so convenient a
way of handing over to one administration to be |
provided for the debt contracted by preceding one,
and as inconsistent with the provisions of the sub
He thought it infinitely better, and the
best measure that could be resorted to, to borrow
money. He not for Withholding supplies, but, on
the contrary, for voting them to prosecute the war
vigorously and successfully.
Mr.. J. R INGERSOLL gave notice Of an amend
ment which he intended to offer, and briefly ex-
planned and enforced its provisions.
The hour of twelve having arrived, the committee,
in pursuance Of the order of the House, proceeded
to vote on amendments pending, or that might be
offered. ...0 .I... ....
sThe pending question was first on the amendment
of Mr. G. DAVIS strike out the first section which
motion was rejected.
The question then was on the motion of Mr.. G.
DAVIS strike out the LIST, 3D. Sd, 4th, and much
of the 9th line will include the word 'proper' in
the Cd section, and add these words "That the
President of the United States be, and he is hereby
to borrow on the credit Of the United
States any sum Of money not exceeding ten millions
Of dollars" also, in the l4th and 18th lines, strike
out the words together with the treasury notes
issued by virtue ofthis act"
Which amendment, by ayes 80, noes not counted,
was rejected
The question then was on the motion Of Mr. q:
DAVIS, to amend the third section in the first and
second lines, by striking out the words TREASURY
notes and the" Rejected
Mr. SEAMAN moved an amendment, restricting |