The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-14

Ia hafsb
Tor such as the egenees Of the government
may require and place such Of the same a. may be r.
deemed % cause othsr 70 DC issued oos nor me
lime an 10 be issued under the Limitations and other pro
contained in the act entitled An set TO s9horL
IssT except that authority hereby given 10 issue treas
uy shall expire at the end Of one year IRON the pas
had BE- n farther enSetsd, That the President If in his
opinion shall be the interest Of the United states so to do
OF issuing the whole amount OF treasury notes su
hoIsd BY the 6t section Of this act may borrow on the
credit Of he United states such amount oil money a. ne
may proper and issue therefor stock Of the United
states for ths thus borrowed In the same form and
under the restrictions limitations and provisions a.
sa entitled IAN act for the extension Of the loan Of ls4l
and addition OF 6re millions OF dolas thereto and
SSsS That the sums borrowed together with the treas
uTy notes issued by virtue Of this act shall not in the
whole exceed the often mill OF dollars .fad
I'D further That no commission shall be allowed paid
Tor he negotiation OF he loan authorized by this act and
hanger than ten years from the issue thereof
rtAsr snasted That the treasury notes and the
under the provisions Of this act shall not bear
higher ofinlsres than six pei cent per and
psrt tbsreofshall be disposed Of at less than par.
4adb farther saasd That compensation shall be
made to any Oaesr whose salary liked by law for pre-.
pairing signing OF issuing treasury notes. nor shall any
clerk be employed the number authorized BY the
ac herein rsferedto
Il was then taken up by sections.
And the first section having been read
Mr. G. DAVIS gave notice Of his intention to
offer the following amendment;
Amend b by striking the LIST section, excepting
he suacng clause, aud also the lst Id 50, 4th, and SO
much ofhe 9th line viii include the word proper in
the "a section and aid these words That the President
Soow on the credit any money
not exceeding ten millions Of dOlars also, in the lth and
notes issued BY Of this act" also In the LIST and "a
Lines Of ID section strike out these words Treasury note.
and the"
Mr. d. said the object Of his amendment was
simply TO make the ball loan ball and 10 do away
with the provisions authorizing the issue Of treas
ury notes
sent TO the Senate, would, IN his judgment, I'M
ousstionaby have the operation 10 reduce the
nue. from customs below twenty millions. But
whether this anticipation should prove true or not,
no gentleman could deny that tho present current
demands upon the treasury viii greatly exceed our
entire aceraing revenues; and this, whether the bill
10 reduce the price OF the public lands becomes a
law or not In case IL did the deficit would be still
further increased, he had no doubt. Now, in the
present condition Of the treasury, with the with
Mexico on our hands, growing out Of the acquisi-
ton Of Texas, and other large demands for money,
the proposition, 10 my mind, Is clear aud unques-
uonable that have necessity for as much revenue
at this time as we can possibly raise without direct
taxation; and even with the adoption Of measures
best calculated to raise revenue, both from customs
and from the lands cannot raise revenue suth
Gent 10 meet the present demands on the treasury.
The present financial measures Of the country we're
inefficient, unwise, unjust In the present condition
OF the country, and OF the treasury, what was the
duty Of the Committee Of Ways and Meansi To
reform the system Of revenue so as to produce an
amount nearly adequate to meet the actual demands
on the treasury. Thai was their duty; that should
have been their business But what do that COM
mitlee PROPOSE Instead Of this just and honest
legislation that walks up 10 the exIgencies OF the
country, and meets The responsibility by making a
suitable provsion-instesd of this, they substitute
for taxation issue Of treasury notes, their object
in il being to avoid the question and the duty OF
taxation by borrowing money In the way Of treas
ury notes For one, he was opposed To that II the
country has been brought into such a situation by
the acts OF this any administration, that the
ceips Of the not sufficient TO meet ade
qustey ia wants, am not for lodging the question,
and esorting to issue Of treasury notes a sub
stitue for the honest, just, and proper legislation
which Congress should adopt at this time.
Mr. ID. opposed the issue Of treasury notes in an
other view. One object OF their issue is, that they
shall answer the purposes Of a money circulation
This will be the " lytsble tendency of them, ex
perienoe shows; and u Is in direct conflict with tn,
policy adopted by this House in the sub-treasury bill
This system was Incompatible with the principles
the measures the legislation of the majority in THU
and The other branch Of Congress, and lntrnsioall
wrong and vicious. The emission Of a government
currency he had always inhexlbly opposed, both in
the 9th Congress and at other times. He was foI
giving the government everything necessary and
it on approved and safe principles. He was fol
melting out to this administration the same measure
as he had to wing administration. Ii was with
the administration and with the present majority il
10th branches Of Congress to say whether they viii
give US the best revenue measures TO meet the de
mands on the treasury. Will they give US revenue
measure the most productive They have not; and
believe they will not.
The next question, then, is, how is the deficit to
be supplied Here is a deficit in the treasury ere
Il LII 4 IL =. e
Their, from cutting up our revenue. Here then, be-
ing apubic debt, and one increasing every day, you
will not supply the necessary sources Of revenue
for meeting and discharging 1t, but in order Il
get along temporarily, you propose 10 meet j
either by the issue of treasury notes, or by an
thorizing the government to borrow money. HI
would only 60 for an issue Of treasury notes wheI
the government was in such exigency as money
could not be otherwise obtained meet il; for sucf
apurpose, and with no view Of converting them in
to currency, he would 60 for them. But resor
to treasury notes at this time was rendered necessa
l. ny by no legitimate purposes. He would no 60 In
to the queston-much mooted--whether this gov
eminent had the power to issue treasury notes fo
the purpose of a currency; he believed not; he wal
certain they never should be substituted for taxa
ton. He went againet this humbugging the peo
pie. If taxation necessary in the present condi
ton Of our country, he went for imposing it; and i
necessary to borrow money, he went for the old
fashioned way, which would be understood dis
tinctly by all-of issuing our bonds and acknowl
edsing our debts, and not evading the responsible
ty, after the party had brought the country into thu
necessity of borrowing money, by the Elusive meas
ure of the issue of treasury notes .. .ro.. ...
Mr.. GIDDINGS addressed the committee prin
cpaly upon other topics than the bill Immediately
under consideration. He took this occasion (h'
sald) TO notice the manner in which business hat
been conducted in this hal--the open prostitution
OF Executve influence brought to bear upon mem
bers this floor in the face of this House and o
the nation. ... a., ..... ........
Mr.. TIBBATTS called the gentleman to order
as charging upon the members Of this House subser
yience to Executive influence. .,...
Mr.. GlDDiNGS said he had intended no sucl
charge; he spoke Of attempts Of Executive efforts L
influence this House. He protested against them
The CHAIRMAN requested the gentleman t,
conhne his remarks to the bill under consdera
ton
Mr., GIDDINGS, however, proceeded (amit
some Interruptions from calls to order) in discur
sve course Of remark to animadyert further upo,
the subiect--to rive his vie upon the settle m