American Republican and Baltimore daily clipper. [volume] (Baltimore, Md.) 1844-1846, 1846-06-03
[Repored for the American Republican,
FIRST SESSION of the goth CONGRESS-
WASHINGTON, June 2, 1916.


Mr.. Lewis submitted a resolution calling OF
the President TO report to the Senate what a
mount of money for the present and next ifs
cal years would probably be needed for prose.
cutting the existing war with Mexico-and il
the supply could be obtained by resort to a
loan, or Treasury notes, or by direct taxation:
and fnot, whether any and what modfca-
ton of the tariff would be likely to secure the
necessary supply. The resolution was adopted.
On motion Of Mr.. Houston the joint resou-
ton giving a vote of thanks to Gen'l. Taylor
and his army was taken up, but after some con-
Versational debate it was referred, together
with the House resolutions, to the committee
on military Affairs.
At this point Mr.. Crttenden rose and re-
marked that he had just came in when the inn
portant resolution, calling on the President for
certain information, was adopted. He wished
to etfer anamendment by adding after the word
Tariff, cor what other measures, '-he there
fore asked a reconsideration of the resolution,
which was agreed to.
Mr.. Webster wished to call the attention of
the Senate, and that Of the Secretary Of the
Treasury, if he might, to a state of things
which was not little embarrassing-he refer
red to the condition of the money market at
New Orleans and its corresponding state in the
Northern cities. 1t would soon be apparent
that if N. Orleans was to be point of large
disbursements, and no other means than such
as now exist were provided for the transfer Of
funds, condition of things would occur pro-
ductive Of great evil in the Northern cities
He understood that large amount of specie
had been recently transferred By land to New
Orleans. His conviction was very strong that
an arrangement of some kind could be made
by law, if none exists, for the transfer of these
funds, either by means Of Treasury drafts, or
otherwise.
Mr.. Calhoun thought that these difficulties,
in so large n country as ours, we're remedilesS
So lon" as the course Of exchange was in favor
II New York no difficulty would be eXpe-
rienced but if expenditures got to be very
large at New Orleans, there could be no reme-
dy for the transfer of gold and silver.
MIR, Webster was unwilling TO believe that
the difficulty was remediless.
Mr. Crittenden understood that exchange
was now per cent. in favor Of New Orleans,
but he did not know that government drafts
could be any better collected than unexcepton'
able private bills; but what he desired was, that
the President should submit some calculations
as to what he deemed the best measures to be
taken.
Mr.. Webster would state his own opinion
freely, and that was, that Congress could au
thorize small issue of Treasury notes, for TIE
purpose of facilitating the transfer OF funds.
MIR. Niles said the finances of the govern
ment ought to be separated from the Banks
and he was surprised that subject of such es
sential Importance had been suffered to SLEEP
in commttee-he was afraid that it woulC
sleep the sleep Of death.
MIR. Lewis said the Committee on Finance
would report the Sub-Treasury Bill in a fow
days
Mr.. Simmons thought the suggestion of thu
Senator from Connecticut only calculated t
add to existing difficulty. He saw not how
the money market was to be relieved by doub
ling the demand for coin.
MIR. Niles said if the money had been where
it ought to be, in the Treasury, there woull
have been no difficulty, but the banks had it
aud had made discounts upon it.
Mr. Davis said that the President had recon
mended in his annual message 4 scheme Of pc
Icy embracing a series of measures, Sub-ITea
sury, Tariff and Warehousing system, whic
were all calculated by him as proper IN a tim
peace, but he Mr.. D. thought it worthy g
consideration how far treasury notes, or loa
would harmonze with bill requiring speci
in all payments He wished to have the Pre-
sident submit his views of things now--nC
that he admitted that the President ought t
prescribe to the Senate, but he desired to hay
his calculations of what was wanted. Unit
this was done, we must be embarrassed upo
all these subjects.
Mr.. Crttenden suggested that the resolution
should lie until tomorrow, which was agree
10.
The special order, the Oregon jurisdiction
bill, was resumed.
Mr. Webster had only to say that he wa
opposed to all instructions Of the committee o
the Judiciary. He was one of the last person
to favor the establishment of a Terrtori;
Court, until we knew what were the limits {
our territory,