Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-07-18

finance, what did they propose as substitute They sub
suted for such taxation the expenditure called for the
of Treasury notes They evaded the true state OF the
case and the naked duty Of borrowing what the duties and
the lands failed make up by borrowing under the disguise
of Treasury Mr. ID opposed to It, If the coun-
try had been brought into condition where its receipts
inadequate to wants. and far from being equal to
these wants did reach them by fifty per cent? Mr. d.
lodging the question he not for issuing Treasury
notes instead Of fair open honest provision the
wants of the country by loan.
Mr. ID. opposed to the proposed another
principles object view in the issue Of these was,
that they should into the currency, the circulating
dunn Of the country This was the inevitable tendency
Treasury notes whenever and whatever petext esoed
to- and always had been Besides, how the issue of this
Of Government paper-money be reconcled with the
doctrine and the provisions of the Subtreasury bill That
measure, proceeding from the party shicn intro
duced this Treasury note BILL required that Government
should receive its dues and meet its obligations in gold and
silver coin, and in that alone this authorized the issue OF
paper securities How they TO be reconccd When
that celebrated bill passed through the House in such
haste, who could have believed that the Government which
made such point Of its instant enactment would soon
have resored paper circulation in the open face OF all Its
arguments and most soemny avowed principles Here
they the House with bill directly in the teeth OF the
fundamental principles Of the Subeasury scheme, and nnsi-
caly vicious besides
The issue Of a Government currency in any FORM Mr. ID.
bad strenuousy opposed He had opposed long
before he honored with seat in this House. He had
always been the incorporating opponent OF the whole ys
When the question had been presented OF resorng to
Treasury of evading the responsibility
of a direct borrowing of money, Mr.. d. had stood out
against and that upon the ground which he occupied
He ready and willing to vote the Government all
proper of supply but he would do this sale prnci
pies He should insist the measures under this Ad-
mnistration he would under Wing Administration
he would facilities To the than to the other
he prepared for the stock for oan II the Govern
could raise the money needed from the tariff and
the public lands let say So and honestly and openly
to loan. Mr.. ID. held the ground that he held
! in 1872 The Government owed public debt
creasing that debt every dry and, with singular WISDOM
was the time cutting up its for
The public debt must be met and provided for and
the choice between issuing notes and borrowing money
Mr. ID. preferred to borrow.
He admitted there might be where he should
fuse for Treasury notes. but he never under any
circumstances would for their currency that
he would consent and yet that the consequence
which would necessarily follow the adoption of the present
bill II the country was in strait if the revenue insult
fcient and the public credit not such enabled
borrow he would then consent resort TO Treasury
the only left for raising money but he would
consent to their being employed currency This how
ever had not arisen could not be said that Treasury
notes necessary for any legitimate purpose. The
question whether they might consttuonay he issued
circulating dunn which had been often debated in
these halls Mr. ID. should that discussion
his part he doubted whether they could but he had
doubt whatever that they ought tobe in the
place of taxation. Surprising the difficulty in reconclng this
bill with the Subtreasuy bill could be got over, (and Mr. d.
did not how, it would abae nothing of his opposition
the This mode Of borrowing money, besides other
objections to it uncertain than resort loan stock
None he presumed would deny that the would produce
national debt, would any deny that should
money discharge it but the proper mode that
want adopt which should produce
equal to the demands of the Treasury and if there still
manned deficit then openly and directly to borrow and
knowledge the existence of peace debt
Mr. ID. utterly opposed to all attempts humbug the
people If Congress could not tax them in time its
urgent wants. Mr. d. would consent for the sake of supply
ing that temporary need issue Government bonds and go
and borrow money upon them but Treasury
proposed Mr. ID. said that he might easily enlarge
the danger Of such precedent There
hardly any Governments existence but whit had tried
to greater less extent the disastrous of Govern
ment currency. II the easiest, the convenient Of
all the modes by which Government might abuse its autho
ty and bring nation into straits When the Government
found itself difficulty, this would naturally present itself
the shortest and safest mode get but it a
lusory expedientit the of poor spendthn
merchant about TO break When political party had adopt
ed series of which brought the Government in
debt ought have the manness that debt by
alton alone On these principles Mr. ID. had always acted
and always meant and hoped act they principles
which had been tested by time they the principles
which had prevailed in the better days of the Republic and
he for not willing to depart from them.
When Mr.. DAVIS had concluded, the debate turning prin
cpaly upon the merits of the Mexican war; continued by
other gentlemen during the remainder of the day.