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

He had other tables before him which to show the
amount of Treasury notes outstanding the st November
1887, and the first of each consecutive MONTH The
bic long read, but he would quote few items On
the lst of July, 1888, the amount outstanding was
SIS, 344, 0l4 in April, 1899, it ST. 500 1872 in Sep
tember 1910, it 81, $685. SOP in July, 1884, was
,345, $685. in November 1912, it Sl0 039 056 in
February ls43, Sll 1877 in February, 1874, il
was SO, 657, 473 in January, ls45 81 1872 063 and
in January, 1916, it down S577 sos. The gentle
man from Kentucky would from this that in
years when his political friends had been power the
amount of Treasury notes issued had been very large The
gentleman however, insisted that instead of issuing Treasury
notes, the Government must resort to direct loan. But
what were Treasury notes. loan in another form The
gentiemans friends bad tried the plan of loans July
ls4, and it failed that they had been obliged last
resort TO Treasury notes.
Mr.. G. DAVIS inquired of Mr.. McKAr whether be had
not voted for Treasury notes when issued by Wing admin
sration ,
Mr. MCKAY replied that he did not distinctly recolec but
thought il probable that he had How had the gentleman
from Kentucky voted on that subject
Mr. G. DAVIS said that be had always voted against them.
Mr.. MCKAY. And all your political friends
Mr.. G. DAVIS. No.
Mr. MCKAY said that there in these inerroga-
tories The gentleman knew perfectly that the Of Tea
notes had been resored to by both parties There
difficulty which always attended resort to loans
well known that capitalists would not invest in Government
loan unless it bad long time to The Government,
would have to make rredeemable for twenty thirty years
before would be taken up From the tables he had
read appeared that between the years 1887 and s43
issue of Treasury notes had amounted forty millions
and yet the amount outstanding had been reduced little
forty thousand dollars When loans had been resoed
to, the Government had been obliged pay high of
teres and, owing to the length Of time had rum the
Government had not been able 10 redeem il till with sur
plus lying idle IN the Treasury had been obliged continue
paying interest to the amount OF million of dollars year.
He put il to the gentleman from Kentucky say whether il
would not have been better economy that
sorted to Treasury notes. which the Government might have
paid off as became able He thought would be good
economy to adopt that plan There was at present.
temporary deficit which would cease TO exist il this war
should be brought TO early Gloss. In that the tariff
proposed TO be modified and the land revenue under the
BILL lshould both these bills become laws would afford
ample of paying off the Treasury in this bill
They were to bear interest, but in over six per
cent.
The gentleman from Kentucky bad great horror Of these
notes, because he considered them Government currency
but nobody surely could with any show Of reason pretend
that they were paper currency. These bear
were currency, the Of them, while subserved the
purposes Of the Government might be made great
ence 10 the country also
Another objection urged by the gentleman was, that the
issue Of Treasury wholly inconsistent with the
quemcnts of the sub,ressury bill but Mr. Mex. could
inconsistency at all between them II that the
subtreasuy bill required that after certain time money
should be paid and received into the Treasury only in gold
silver but the issue Of these notes merely form of Dor
rowing money. Where the Inconsistency between the
two But, If the two inconsistent this was
terered.
Mr. DAVIS inquired whether these Treasury notes were
not to be receivable the land offices in payment for the
public lands
Mr. MCKAY replied that they would
Mr. DAVIS asked whether this would not be direct
and papabe violation of the requirements Of the subtreasuy
bill ,
Mr. MCKAY still insisted that there was no inconsistency
between the two and, BESIDES the gentleman had himself
admitted that there might be occasions when would be
proper to issue Treasury notes. and when he himself would
vote for such but be insisted that the emergency
did not now exist The Committee Of Ways and Means
thought that did and, for his individual part Mr..
Mex should have preferred that the whole amount provided
for in the bill should have been raised exclusively Treasury
notes and that the alternative Of loan would have had
place Ia IT,
Mr. STANTON here obtained the floor and entered into
speech, in which he made sundy personal explanations
reply to Mr. TiHnArTs, (who, il appears spoke time
during this day but Reporters in fitting their copy
together, have in way omitted any mention of him.
Mr.. GRAHAM said that he had been a member OF Con
gess at the time when Treasury were issued by the
Government to meet the deficit occasoned by the running
down Of duty under the compromise act and he remembered
well TO have heard from the then chairman of the Committee
of Ways and Means the very sereoyped speech which
had now been made IN their hearing The plea Of the Gov