Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1846-08-01
CONGRESSIONAL.
ISSUE OF TREASURY NOTES.

ISSUE OF TREASURY NOTES.
/ In the Senate, on the l7,h 'ult., Mr.. Lewis
moved that the prior orders be postponed, and
that the Senate proceed to the consideration of
the (House) bill 10 authorize The issue OF treasury
notes and loan; which motion was sgreed to.
The bill was accordingly taken up, and con.
sdered as in committee Of the whole; when
Mr.. Evans proceeded 10 make very energetic
assault upon the administration and it's policy
with regard to the finances OF the country, and
it's general policy. He repeated again and again
the assertions OF his speech on the tariff, that the
Wings found the treasury empty and the country
in debt; that they replenished the treasury and
restored public credit and public prosperity He
then predicted that the standardization would
plunge the country into difficulties and ruin
ruin in which they would be themselves involved,
which, he sad was some consolation. Mr.. l..
then took up the tariff estimates submitted by
the Secretary Of the Treasury in further answer
10 the resolution Of the Senate Of the 29th June,
calling Tor information, end endeduored [this is
the Unions report to show that the Secretary
had committed fsllacy in estimating the duta
Bile imports OF last year at one and half mil.
lions instead Of eleven and half millions. He
then reiterated his argument that the bill would
not raise an adequate amount Of revenue. How.
then, were they 10 provide for the redemption OF
these treasury notes? The wants OF the treasury
were very great, and he thought that the bill
should pass. But he believed that the means OF
the treasury were not so limited as represented by
the Secretary. 1sas'
Mr.. Benton then rose and said: 1't'
l have some objections 10 this bill-some TO
a provision in the bill itself-some to the policy
Of resorting so early 10 an issue OF government
paper. My objection 10 the bill is in the euthor
ity which it coners to reissue the ten millions OF
treasury notes authorized to be issued. The re
issue is departure from the act OF 1887, and is,
in my opinion, unjus6able in itself. The act
OF 1887 auhorses len millions OF notes to be
issued and by clause in the twelfth section
requires every note TO be cancelled and destroyed
when redeemed: this bill aulhorises a reissue, and
Of course puts the note into circulation again
instead Of destroying it. To this reissue have
two obiections-frs because it makes paper
currency Of our treasury notes, and assimiates
hem to common bank notes; and, next, because
it destroys the limitation on the amount TO be
issued The limitation on the issue is ten mil
lions; the reissue after redemption may double,
treble, quadruple that amount; for every time the
note is reissued it becomes new debt, and has
TO be paid again. II not reasonable the amount
Of debt which can be created under the bill is
ten millions; If reasonable it may be many times
ten millions. In fact, with the quality OF reis
stability, no one can tell what amount OF debt
may be created under the bill. This isa great
objection, but the change which is made in the
character Of the note is still greater. If cancel
led when paid, the notes would be considered
as the bond OF the government, 10 be paid when
due, and when paid, extinguished; but 10 be paid
and put out again, is to do like the banks; and
this cannot agree TO. We have bill for an
Independent treasury, main feature OF which is
hard money payments at the federal treasury.
can conceive il 10 be more compatible with the
character Of such treasury 10 take up, and
cancel the government bonds; but TO reissue
them as often as taken up, is too much like
banking for me-modern banking, where the
same note is shufaed out again and again, as long
as it will hold together. This would reduce our
sub.treasurer to something like cashier OF
modern Misunderstanding the same paper ad inf.
nitum. Even banks did not do this in the be-
ginnng-in their better days The Bank OF
England did not reissue for long time.
Mr.. Reverdy Johnson, from his seat. II does
not reissue now; il pays and cancels each note.
Mr.. Benton. Good! Let our government not
reduce our sub.treasury below Tie Bank of Eng
land as a paper machine. Let US cancel the
notes when paid and have no paper currency.
| will therefore move to strike Out the clause OF
reissue in the BILL and il that is struck out, The
bill. so far as | am concerned, may take its
course.
These are my objections 10 the bill, and this is
practical, and will require vote from the Sen.
ate. have another objection, not to any par
ticular clause in the bill but in the policy Of
resorling thus early in our war with Mexico 10
an issue Of government paper.
Forty years ego. Mr.. President, when was
student at law, read in one OF my books-sn
English book, Of course-these words
''If ouI ancestors in King Williams time had
annually paid, so long as their exgencies lasted,
even less sum than we now annually raise on
their account, they would in time of war have
borne no greater burdens than they have be-
queathed TO and settled upon their pos,erity in
time Of peace, and might have been eased the
instant the e1igency was over
The lesson inculcated in these words sunk
deep upon my mind, and | resolved TO act upon
il il should ever be my lot to have any share in
The management OF the public affairs Of my
country. Tho great principle OF the lesson is,
that every generation should bear its own burdens,
and not cast them upon posterity; and il prin.
ciple, so wise and just in ITSELF needed any illus.
tation or confirmation, it would be found 10 The
subsequent history OF the country in which the
words Of the lesson were written. Mr.. Justice
Blackstone wrote them in 1777. The British
debt was then about one hundred and forty mil.
lions Of pounds sterling and the interest and cost
Of management about five millions; that debt is
now about eight hundred millions, and the annual
interest and management about thirty millions.