The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-07-19
TWENTY-NINTH CONGRESS-.
Senate.
WARRINGTON, July II, l846.


After the morning business disposed Of Mr. EVANS
called the loan asd treasury note BILL upon which he
made exhibit of treasury calculations in reference
before the Senate He showed sunry discrepancies in
the Secretarys cypherng and that he must ncontest
ably in his anticipations fall short nine millions of dol
lars The exposition of Mr. Evans Designed to show
to the Senate the necessity Of keeping up, in good
for the indispensable loans which devolve upon the
government
Mr.. BENTON arose next; and Mr. Lewis turned round,
and Sewer and McDufie and Calhoun because there
was some misgivng among them all in reference to Old
Bullion; but notwithstanding all this, the very first
objections to this bill. They could be easily obyated
it true but still he had some objections He made
objections to this early issue of treasury paper He did
not want to stop the bill but what would the people
think of thus early creating recreatng public debt?
His objection to the bill was the clause providing for the
reissue of these treasury notes. that their return
the Secretary of the Treasury shall others Of like
value to be issued. He objected to this reissue The
act Of 1887 for the issue Of the treasury notes. made
provision for their re issue but expressly prohibited
such reissue. Yes, sir for fear that issue might
pc misconstruea to reissue, a clause was
Inserted sir in the bill of 1897 providing That nothing
herein shall be construed to authorize the reissue of said
notes. object the reissue here authorized because
it assimates itself to common banking-and object to
it, sir because this authority of reissuaby all
limitations to the extent of the debt to be incurred
For instance sir, il you reissue these ten millions once
you have debt of twenty mions-and il you rel issue
them again. sir you have debt Of thirty millions There
Is no end to the end to the authority of extend
ing it He would prefer therefore to strike the
hority to reissue He opposed to the banking sys
III Il
IRENE necessity othe which can excuse This expe.
dent OF treasury notes In 1857 sir the banks had thirty
millions OF the public money in their vaults, elsewhere
The government laid down bright night, without
dreaming Of the hazard Of these thirty millionaire CO.
vernment laid down and went to sleep, and walked up
ut morning and found the banks shut down tight and
nobody there to open the doors. The money gone
SIR The government in danger Of dying ofmers in
anition was then member Of the Finance Committee
and as such preferred loans to treasury notes have
always measure of policy, regarded treasury notes
the last rcsor-the last desperate resort Your first
resOr tn air
and the reissue Of paper promises is the last In the
matter of taxation the people would take to hold
their representatives responsible in the expenditure Of
the money-t was the same to great degree of loans
but in paper issues the people all in the dark
the extent Of the liabilities incurred their account
.us: England which had resulted in debt aps Of
upon poserity-but pay CO. to the extent of our
resources In this view he thought taxation was re-
CURED upon tea and coffee and they ought be taxed
before resort to borrowing but by ali means before
driven TO treasury notes. But said that tea and
than iron wool and especially salt-why should
these be taxed and tea go reee Why should tea and
coffee be exempted, when we in need of all the
venue we can raise But it would seem, and | cannot
tell Why that If the question asked, upon
what meat doth this Julius feed the answer would
be tea and cofee3 am for taxation taxation first
as far as it will goor short loans the paw
able on return and To be sure we have an
alternative the BILL allowing the President either to
borrow to issue Treasury notes but the same reason
which induced us give the alternative will induce him
STRIKING off nap. and nnora ss means Of
tive way ofcreatng large debt move to strike out
sir the authority to reissue and upon that resolution
Mr. LDwrs said there was no telling what effect this
amendment might have upon the bill lie moved, there
that the Sen ate resume the regular order.
THE TARIFF
The Tariff bill was next taken up and Mr. Davis hay-
ing spoken for nearly two hours in continuation of his
marks Of yesterday, wound up with formal protest
against the BILL chiefly because Of its inequality and
that encouraged foreign manufactures to the detrment
Of our own.
Mr. MDvyrrr, twakRg up the main aisle on his staff
The Vice President thinking he had risen to speak
acknowledged him as the Senator from South Caro-
Mr.; MeDurrrr. with considerable smphasis) "Isay
The View rnr,rprrr asked If any amendment was to
port the bill Of Committee and was nearly through
with that duty when
sire to speak and asked that for his accommodatien the
Dill might be postponed till tomorrow
asha,o ana 4 a osenssd He anxious to close the
ueose ana much further prolonged on the other side
would certainly provoke senators on his ia. 10 r.niv
III yohnsoS OF ND alter hearing the senator's rea-
sons was not surprised that he refused 10 In
posponement But if senators on the o,har "a. IA
heard nothing already to provoke them he 1 no, Srn
sion " VIZ "'so"'-
Mr.; SEWER Gin his seap-Yes, its great ,err,,.,..
amt IL "''auon'
Mr.. JoHSsoS pid that the mistakes pointed ON, H., A..
Senator from Name, (Mr. Evsns in the tables of h
wanna 10 q be ne ought anything
rejoinder move to postpone the bill till tomorrow =,
IL o'clock. ="
MIR LEWIS was anxious TO have the vote takan IN
Thursday or Friday upon the BILL several Senators on
ms SIDE were anxious to home II he had any surety
that tho vote should be taken next week he would not
object 70 this postponement
Mr. JOHNSON hoped that no more private convenience
would De urged in precipaiing so important question
to formal vote He thought the vote could be had by
Saturday next, tomorrow week)
Mr. McDUFrIE believing in the good faith of the sena
tor from Maryl withdrew his objections and the viii
was postponed till tomorrow, at IL O'clock.
lot of army correspondence read and ordered to
be printed Letters from the Sscretlry Of War TO Gov.
srnors Of States and volunteer commanders Ordered to
be printed
Mr. ArcHEsos thought II might be inexpedient to dis
close this correspondence and moved reconsideration