The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-18

one can ten now mnch ne 10 Young. CANNOT NO 1
one can. II ten millions is not enough, ask for
more. Ask for all that is wanted, and get II openly
and responsibility and not eoyerty and irresponsibly,
as this reissue clause will do il. We in the war
and will 20 through with il; but let see what
We do-let US see the amount which we vote. THIS
bill coneeas from US the amount Of the supply |
which We vote to the treasury. On It's face 1t 10
ten millions: with the reissue clause II may be as
many times ten millions, the whole, or part, |
may be put out again. IL 10 deluson TO speak
OF the amount IN circulation at one time: II
Is the aggregate Of all the time that gives
the measure Of the VOTE and the real amount which
the bill authorizes Gentlemen say the notes may
return promptly 10 the treasury in payment OF du-
ties. Very good they received in place of money
and not put out again, the cash will for the
duties the next time. You will get the money al
the end Of the year, if not at the beginning But
under this system Of reissue il will be paper all tbs
year round! Upon the same principle that the orig
lnal note comes back Immediately in payment of
dates, the substitute will do the same; and thus
the treasury will have nothing but paper In ii. IL
is the same as II an amount of notes were author
lied equal to the whole amount Of the revenue: in
that case the whole would be paid in paper,
and in the governments own paper; and the treas
ury would have nothing but dead paper IN its cof-
fers. Instead Of unlimited issues OF paper, they
ought not only 10 be limited, but limited 10 the low
est possible amount and thus IL in
former times. The first treasury note bills
were for only five millions; and when larger sums
were authorized, II was as part Of loan, and on
y 10 be resorted 10 after the loan had failed and TO
the extent Of the failure. But here we set out not
only for large issue Of ten millions-itsef double
the amount Of the first treasury note bill in the war
with Great Britain-and unlimited at that time.
The reissue may make it double ten, and it will only
be after all the issues and reissues over, and the
whole added together, that we shall know the
amount which this bill authorizes. ] am against
such indefinite legislation. am against vague,
unlimited authority to create debt. am against
converting all revenue into paper and that paper
our own. object TO bank paper and TO federal paper
just as much, or more. Mr. President, this treasury
note bill is every way Objectionable 10 me-n It's de-
tall for the reissue eature-in its policy, for coming
so early in the wal with Mexico, and without lay
ing the proper taxes and without waiting for the is
sue OF loans. A solid system Of finance only be
bottomed on taxation; loans only justfable
when taxes cannot be gathered in time, or in snffi-
eient amount. As for treasury notes. they are the
last thing 10 be resoed to- and that IN the uttermost
extremity but now they are the first. They are
facie, seductive, insidious ruinous mode ofgettng
into debt, and throwing burdens upon posterity,
and abhor them. With great difficulty eocld be
brought TO vote for the bill in its best form but with
the clause Of reissue 1t is impossible for TO touch
it.
Mr.. PENNYBACKER spoke briefly against the
amendment, but was not distinctly audible in the
gallery.
Mr.. WESTCoT-r said, as the ayes and noes were
called for and he intended voting for the amend
ment Of the senator from Missouri, he considered il
due TO himself give the for his vote. The
provision authorizing the reissue of the treasury
notes he regarded as turning the treasury into a
a sort OF federal bank true, without the power Of
discount but liable TO all the vices Of banks, and
even some that the State corporations had not This
authority TO reissue would afford facilities for frauds
and confuse the public accounts and business
A0ain the M WA On form NJ
obtaining credit by the goyernment-was but a
mode Of borrowing. This bill allowed ten millions to
be issued. Each time these notes were reissued, a
renewal Of the loan took place; II new loan or
credit ften millions. The process, in fact, made
the loan equivalent to loan of twice or thrice ten
millions. Mr.. w. said he could not believe the
striking out of this clause could embarrass the
government before next session. But little more
than three months must elapse before Congress met
again. In the mean time the treasury had the
balance on hand, the current accruing revenue, and
the power TO resort to direct loans, and then the
ten millions Of treasury notes. Surely these will
be ample resources; but if not give fifteen or twenty
millions Of treasury notes; but do not turn the
treasury into a bank Of circulation-into a man
ufactory of a paper currency, which may be al
ways kept up to ten millions. Mr.. w. said he
believed the bill all suhicient without the clause of
reissue. This clause would probably please the
brokers and fundmongers, but he should against
the bill, if IL was retained.
Mr. DAYTON then rose
Mr. LEWIS remarked that the hour for taking
up the special order had now arrived.
Mr.. DAYTON called the senator from Alabama
to order.
Mr. LEWIS said he had right to move the spe-
cial order.
Mr. DAYTON. Not while he (Mr. d. had the
floor. Mr.. d. then briefly supported the amend
ment.
Mr. CAMERON made few remarks in opposi-
ton.
Mr.. YULEE submitted an amendment to the
bill, imposing tax Of twenty per cent upon tea
and coffee, the proceeds Of said tax to be appropria
ted to the payment of the treasury notes issued I'M
der authority of the bill.
Mr.. BAGBY was in favor Of the amendment, not
on the ground maintained by the senator from Mis-
souri, that the reissue would increase the amount but
because otherwise the precise amount that was out
would not be known; and, secondly because il
struck against principle in opposition to which he
and his friends had always contended he did not
wish any banking-much less treasury banking;
After few remarks from Messrs. r. JOHNSON
and ALLEN,
Mr.. LEWIS expressed the hope that the senator
from Florida Mr. YULEK would not press his
amendment, it would only serve to embarrass
the bill.
Mr.. YULEE replied that he had no desire to en-
barrass the bill, and would therefore withdraw the
amendment; hoping, however, that a bill to the
same end would be introduced and passed
No further amendment being offered, the bill was
reported to the Senate, ordered to a third reading
and, by unanimous consent, read third time and
passed, without division, in the precise form in
which it was received from the House of Represen.
tatives.
THE TARIFF.
The Senate then proceeded to the consideration
of the special orderhe bill reducing duties on i'm
ports and for other purposes.
Mr.. r. JOHNSON addressed the Senate in oppo-
sition to the BILL in a speech which occupied three
hours. full report is in preparation, and will APP
pear hereafter.
Then, on motion, at O'Clock,
The Senate adjourned.
HOUSE OF REPRESENTATIVE
The journal of yesterday was read and approved.
Mr.. SIMS, of South Carolina, on leave given,
from the Committee on the District of Columbia,
reported bill to authorize attachments on mesne
process in the county of Washington, in the Dis
trict of Columbia, and to provide more speedy and
efectual legal remedies in the said District and for
other purposes: read twice, and committed.
Mr.. WHEATON, from the Committee on En-
rolled Bills, made q report.