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


away Only let have few Treasury just for this
once, and will ask you for The plea
humble and the promise fair that the House yielded its
sent and the first batch Of notes issued accordingly But
what happened next year Oh behold, I" Monsieur
Tonson again |" More Treasury notes were asked
for but then it merely to meet temporary necessity
and thus, with the same song In Its mouth, Congress
after Congress, the Administration fingered till it
TO its death, by handing out and still Trea-
sury notes. Mr. g. against the whole system. He held
that honesty the best policy, in public well pr
life. II better tell the people the TRUTH whole
TRUTH and nothing but the TRUTH than attempt gloss il
by the issue of Treasury notes. Mr.. g. had always
voted against this measure, whether under Democratic
under Wing Administrations He considered it the OBJ
ectonabe mode of borrowing money which could be esoed
to- Under this SYSTEM Administration contracted debt
and left the succeeding Administration pay it, Mr. O.
in favor of economy in the administration of fiscal affairs,
but this practice OF issuing Treasury had tendency
directly the reverse, and policy which ought to be
tolerated. All men in power to whatever political party they
might belong generally found to he but fond of
ming their into the Treasury up the elbow, and in
up to the armpits Mr. G. would consent
10 vote for Treasury notes in time of peace He admitted
that when the nation might sometimes become
unavoidable. When the gallant Taylor employed in
fighting the battles Of his country the necessary
be employed pay him and the brave fellows whom he led
for they had nothing to do with the question of exravagance
In Congress They making sacrifice, and cheer
fully encountering every prvation and danger They must
be clothed, and fed, and paid, at whatever hazard
But Mr.. g. thought that bill for Treasury notes came
peculiarly the COMMITTEE OF w
Means at this me because that committee had been
commenting reduction both the rate of duties and in the
price OF land and had been passing subtreasuy bill Now
they asked for bill issue Treasury notes. but nothing could
be palmer than that these stood in right angles
each other One all for gold and silver; the other
all for paper Mr. q. considered it wrong, entirely
wrong. Nor could he justly be accused Of opposing this
measure party grounds because he had always held
opinion and always pursued on this subject He
thought the best thing the House could do under the ccum
stances would be change the shape of the bill into bill for
the direct borrowing OF money In that shape Mr. g. should
cheerfuy vote for it, He had no idea Of Withholding the
quisite supply from the Government TO enable it to prosecute
the existing with vgo to bring to speedy and
honorable conclusion.
And here Mr. must enter his protest against the extrao
binary in which the chairman of the Committee of
Ways and Means had acted the introduction both of this
bill and of that modify the tariff He had accompanied
neither with such documents and such exposition should
enable the House understand with ceaness the subject
which they called to act. What would that gentleman
think of lawyer who after bringing suit should call upon
the counsel of the defendant make his speech without either
having heard the declaration read any speech in its behalf
from the plaintiffs counsel Assuredy, when gentleman
who stood the head of the exchequer introduced Con-
gess great financial like these he ought
pany them with full expose setting forth the object intended
to be obtained explaining how the bill proposed to obtain it,
and supporting the plan by such arguments calculated
to conciate favor and induce the House to pass It, Then
those gentlemen who had objections either the object itself
or to the manner in which proposed to be obtained
would have opportunity to answer It. But here the chair
COMMITTEE chancellor
OF the Government in Congress without either speech
port had introduced such great and weghty
peal and total reodcaton of the Tariff and bill for the
issue of Treasury notes and loans of ten millions of dollars
Such novel, and in Mr.. g. opinion highly
Objectionable. As the present bin, he thought it right
enough in its provisions, if bill OF the kind must pass
though he should greatly prefer loan.
Mr.. JOSEPH INGERSOLI. here introduced, by way
of amendment the substance of bill which he had repeat
edy sought have had taken up, providing for the relief OF
honest and bona de holders of certain Treasury notes. which
had been puoned and then frauduenty ressued New Or
leans after they had been cancelled and had improperly got
circulation Mr. l. alluded the various efforts he had
made get up the bll the many applications which had
been addressed to him from different parts of the country
behalf OF such measure the equity of adopting it, and
the careful which it guarded 1t had been
unanimously approved by successive Committees of Ways
and Means and by different Secretaries of the Treasury and
he that there could be welounded objec
ton to it. twas difficult to exactly to what extent these
fraudulent notes had been circulated but from the best in
formation, seemed probable that thirty forty thousand
dollars would be sufficient to cover the whole
Mr.. DAVIS inquired whether the amount of pur-
Joined had amounted to hundred thousand dollars
Mr.. INGERSOLL replied that one hundred thousand
had been puroned, which had been cancelled but not as
checks usually cancelled bank by cutting them
through and defacng them, but simply by entry the
face of the notes. 1t conjecuIed by that the word
cancelled had been taken by hemca process and others
supposed that the forged There reason
however, to believe that not than thirty forty tou
sand dollars had been put in circulation those who held
ed that unless this should be clearly shown they would not
receive its benefit Mr. here read amendment which
he proposed Offer and which will be found in subsequent
part of the proceedings.
As to the of these Treasury notes, Mr. could not
in opinion with his friend from Kentucky, M D
vIs He had himself objection TO them when their issue
required They had been sanctioned by every depart
of the Government and their consttuonaity had been
ratified by decision Of the Supreme Court But according
TO the Secretays showing, neither loans Treasury
notes would become unless the attempt should
succeed to the tariff Of 1912 Retaining that law
would he far better than resort to Treasury loans
to direct The Secretary might readily raise five mil
lions by laying higher duty alcohol aud other a
Giles OF similar character but he had most strangely taken
that off Of these articles and distributed upon
others not such proper objects of taxation.
Twelve O'Clock round, and the debate ceased.
Mr.. GARRETT DAVIS moved TO strike out the first
ton Of the bill also to amend the second section by striking
out from its enacng words to the word proper inclusive, and
to insert in lieu Of the words stricken these words
That the President Of the United States be and he hereby
authorized to borrow, the credit Of the United States ten
millions of dollars Also in the section, I'D 10
strike out these words together with the Treasury notes
issued by this act And also amend the third
section by striking all relating Treasury and
make the second section Of the bill the first section
[The effect of these amendments will be perceived would
be make exclusively bill borrow money without
issue Of Treasury notes
These amendments rejected
Mr. SEAMAN moved to amend the bill by inserting after
Treasury notes. in the third section, the words, issued
under the provisions of this shall bear higher Of
interest than three per cent. per annum."
The amendment negatived.
Mr.. ROCKWELL, of Connecticut, moved to add to the
third section the following proviso
"Pro1aded That nothing in this act shall be construed
executed IN such interfere with violate the
provisions Of act which has passed the House Of Rcpresen
tp trIns tho sc