The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-06-02


asst few years, at all events, exchanges had been ID
favor Of New York during the winter ana spring
months While this was the case treasury drsi1s
would be readily taken.
Mr. WEBSTER said Il was well known that
exchanges continually auctuated, according to the
season Of The year. They were in favor of New
York for part of the year. and for another part
thew were ia favor Of New Orleans. There was
some objection TO treasury drafts, and as he had
said il not for HIM TO suggest remedyj IL was,
however subject well worthy ofattention.
Mr. CRITTENDEN observed that the sugges-
tons Of the senator from Massachusett undoubted-
" deserved the attention Of the government. but
It was mistake 10 suppose that exchanges were
generally in favor of New York According TO the
newspaper accounts they were at the present
lme five per cent. in favor of New Orleans.
IL was money that the government wanted
not paper. The amendment submitted by him
was intended to obtain the opinion Of the Executive
as TO the mode Of raising Under the reso:
luton originally proposed, II was implied that reye-
nue TO be derived exclusively from the tariff
but it might be that the President did not consider
that the most desirable or expedient mode; he might
DOT consider il an adequate means Of raising reve-
| nue. He did not desire the opinion of the Execu-
tive any particular point, but answer that would
suOserye all practical purposes which they had in
view: first, IT there was likely TO be dsfei Of reye
aue; and second, what measures he would recon-
| mend TO us 10 supply that deficit. Iii his opinion
modification of the tariff would be the most efficient
remedy, and the best he would Of course recon-
| mend such modification; but he might be disposed
10 recommend other measures. He thought there
fore that there nothing inconsistent with pro-
priey in adding the inquiry suggested in his amend
| ment.
Mr.. WEBSTER said-wirh great Difference,
/ however 10 the opinions Of other senatOTs-he was
clearly Of opinion that the wisest thing which Con
yress could do, would be to authorize a certain
amount Of treasury notes for the purpose Of faci-
l.. -.
uon, II he were IN an attitude to recommend meas
ureS 10 the government.
Mr.. NILES expressed himself In favor of a sys-
which would entirely separate the finances of the
government from banks and from the commercial
interests Of the country. This was the only RENE
dy he knew Of and il this effected the embar-
rassment would be but triAng, from their connex-
ion nothing could be effected but annoyance and dlE
hculty. The sub-ueasury still sept-he knew not
but it was the sleep Of death.
Mr.. SIMMONS. | think the senator from Mis-
sissippi MIR. SrEIGHTl has misapprehended the Ian.
| guage Of the resolution, or else
| Mr.. SPElGHT. Will the senator allow me-
To stop discussion, as far as anything that have
said is concerned, Withdraw all objection to the res
| outons
Mr.. SIMMONS answering tina, he desired to saw
few words, went on 10 observe that the senator
seemed to suppose that the word "modifcationn was
synonymous with reduction This was an error
The President might suggest any modification ei-
Their by raising reducing the tariff As to the diff
hculty OF making transfers of money, he approved
Of the suggestion Of the senator from
NOT by treasury notes but treasury drafts; in that
| case there would be need of transfer Of coin
| The question was then taken upon the amendment
and II was agreed to.
The question recurring upon the adoption Of the
resolution amended,
Mr.. DAVIS expressed his qualification that the
resolutions had been offered and this discussion
elected in consequence, by the chairman of the Com
mlttee on Finance, not so much account Of any|
difficulty existing in regard to exchanges as in refer
ence to the general policy which it became necessa
ry to pursue under the changed condition Of the
country, since this scheme Of policy was marked out
by the present administration. They were informed
by the President, at the opening of Congress- that
was desirable to enter upon general scheme OF pol
cy-that it desirable to pass what was caIl,d
the sub-rcasury bil-that it was desirable also To
modify, to certain extent, what was called the
tariff law, and he believed it was considered part
and portion Of that system of policy that the ware
housing system should be adopted
This whole scheme of policy was devised for
| time OF peace, and Of ordinary expenditures, vet
| he supposed that those measures in the minds of
| most gentlemen were viewed as one schcme--one
general plan of policy. But circumstances had eff
fected material change in the airs of the country
and he would venture TO say that other gentlemen
as well himself, had felt some embarrassment and
would be somewhat at a loss to what they were
to do, unless informed of the mode by which it was
proposed by the government to raise revenue. The
| senator from Connecticut Mr.. NILES seemed TO
be surprised that the sub-treasury had not been
brought forward for consideration. Pcrhaps il
would be worthy Of the consideration Of that hon.
orable senator, If the government should be Obliged
10 resort TO other means than the tariff for raising
revenue what those means should be; and if treas.
ury notes, whether the issue of such notes would
harmonic with the existence of the sub-treasurv
They ought to know whether il was contemplated
TO reduce or to increase the tariff; that was a very
important matter, and he did not feel exactly pre-
pared TO act upon questions of this description I'M
I'll he saw some general system of policy pointed
out which would be uniform in its character He
did not feel prepared TO take of these measures
and act upon it until he what was to follow il.
II was duty which devolved upon the Executive to
express TO Congress the views entertained in regard
to the amount Of money that would be required for
the purposes of government. 1t was also duty
devolvng upon them to suggest the mode by which |
that revenue to be raised. Until CONGRESS- was
enlightened as to the course which they were to
pursue, they would constantly he embarrassed.
Mr.. ALLEN could perceive noobiection existing |
to the passage Of the resolutions as amended. and |
expressed the hope therefore, that the vote would
be taken now, that the Senate might proceed TO the
consideration ofthe special order of the day.
Mr.. CRITTENDEN, upon further reflection.
thought his purpose would be better Accomplished
by another amendment which he would propose
and, with this view he moved that the further con-
sideratlon of the subject should be postponed until
Tomorrow morning; which motion was agreed
to.
The following is the amendment to the resolu ton
Of which Mr.. C. gave notice-viz:
Add to the original resolutions as follows:
Rrtoiced That he also be requested to communicate to
the Senate whether in the Of the delences
plated in the preceding resolution he would recommend
resort to loans treasury notes direct taxes or modfca
Ton the tariff to supply the deficiency or what
means IL any he would recommend for the purpose
SPECIAL oRDER-oREeoN
The Senate then resumed the consideration Of
the bill to protect the rights of American citizcns in
Oregon, postponed from yesterday.
The question pending being upon referring in.
s,ructons in relation to said bill, submitted by Mr.
BENTON, to the Committee on the Judiciary. to
whom the bill was referred >"
Mr.. WEBSTER observed that he had bu,