Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-08-08

their vaults and carried the street 10 be locked
in the vaults Of Government depository IL the bull
lion remained with the banks and credit their books
all qufcd then they might do but the specie u IN
stany called fo and much deducted from the basis OF
directors will agree it, their stockholders will not agree
say, therefore, If This law is not evaded but is obeyed
Jona d any contraction Of Government loan must be out
Of the question put that fact to any man acquainted with
business, and ask If he can gaiEsay it
do 60 any length into the embarrassnents
which this bill must nfct the mercantile community but
there obvious and prominent that cannot forea
mentioning in with another bill which have
recently passed Those who expect adequate revenue
under the tariff law look Of for largely augmented
ortaons and they expect that the duties these inpor
are 10 be paid This bill says they are 10 be paid in
gold and silver and ask where is the importer to get his
money The ordinary way is to go to bank, and say TO
the directors the president, have five thousand dollars Of
duties pay to-day the banks knowing that he is about 10
goods and that they shall Immediately get the money
back from the house, make dcuy but If they
know that the Money instead Of coming back into their vaults,
be iupged off in specie and locked up in Government
vault and that much is TO DO taken from the basis of their
circuaton will not be quite ready to accommodate and
the apprehension OF difficulty Of this kind is in the
Of credit and advances than half as bad in the
thing itself The aPpebeded evil much against dis
position in the banks to advance as the evil ITSELF
agree indeed that the severity Of this pressure will be
migaed by the Of Treasury notes. so long those Tea
suy remain in circulation and, therefore, say that
gentlemen may be assured of thing, if this subtreasuy
system be adopted The system Of Treasury notes will be
coeva with it in duration As long the one stands the
other be resoed to for the law would be altogether m
tolerabe without such relief And here say again. what
recently said the subject Of Treasury notes. that see
why Treasury should not be issued at
There prevail idea the Treasury that the Gov
should issue its long has dollar in
the Treasury, and that they must spend the millions Tor
whatever other balance there may be her before any Urea
suy is issued. 1t my idea that the Government
should issue while il had money under its keeping and
thereby the Government might sustain its credit But seems
that other notions have prevailed Now, think that for the
same reason that this bill will embarrassment in regard
to oan will create the embarrassment in relation to
Treasury notes. because will dsced generally upon all
securities issued by the Government fst
And now viii call the attention Of the Senate to the con-
on Of things they at present exist and they will be-
suppose the warehousing bill is destined to pass into law
The new tariff has become law and has reduced the du
ties to be imposed OF the imports for this and for the
ut Quarter will be very limited. Men will either not bring
goods all now, only for the purpose OF taking them
get the benefit Of the drawback, and not to enter them
in payment Of duty The receipts therefore, must be very
small There is another why this will fall below the
ordinary amount There in the country large quantity Of
gosds which been brought but not consumed These
will be drawback and stored in some neigh
boring port until the tariff law goes into effect and then they
will rempoed All this must create serious loss to the
Treasury. And then, Notwithstanding this, and nowh-
standing that another large amount OF goods which had been
ayehosed will on the LIST of December be taken out and
entered for duty and the arcesexpoed for debenurc will
be returning ste the probable receipts OF the quarter
commencing the LIST of Januafy must be very large Yet
say, Notwithstanding thishst is the very time when this
law begins to demand that all shall be paid in specie
lust al that time when the Of importation at the
highest point the whole year. this demand Tor gold and sill
importing merchant in the face Do not gen
how serious Inconvenience must be inflicted by
such conjuncture this II plain that the Government
can get no loan at such time. Il win be much the
banks can do stand the call that will be made upon them
for specie by their custome especially If the inporta
tons shall any thing like what calculated by the Secre-
ary Of the Treasury. And the prospect of such demand
the knowledge beforehand that will act as strongly
against the possibility of loan the fact ITSELF In the GER
tain prospect that their specie will be called for to be locked
up in Government vaults for short time, will induce
the banks To cua their discounts and must be productive
of very great embarrassment, both public and private
say ia all seriousness that this should be entitled bill
10 embarrass the Treasury in the disbursement OF the public
money" Here will be both the tariff and the subtreasur
coming into practical operation at one time is not one OF
them enough to cope with once Then are under the
pressure of a public of which can see the
end and undcthese circumstances that have venure
upon entire change the collection OF revenue and adopted
system wholly untred Is necessary on the top OF TINS,
to introduce another and uned system In the dsbuse
ment Of our revenue Must have more experiments
new system of collection and system OF disbursement
Is this prudent
But as promised when detan the Senate but for
few minutes will do than put question or two
10 gentlemen on the other side.
Will any man say that the public moneys unsafe
Does any apprehend that they likely to De lost
After pause. Nobody will say
put gentlemen another question Is there any gene
here who will say that he believes that this law viii give
any facilities to the Government MI. w. here paused
IL,
greatly obliged him now andnoto answer the inter
roeatory only by crying Gay the passage of this bill
greatly fear that shall not hear any other affirmative reply
doubt gentleman who will OF can answer either OF
these questions the affirmative On the contrary leave
to those who connected with the and who
from their position, live in habits of daily intercourse with
those who conduct the Government to whether rs not
their own candid opinion that this INSTRUMENTATION bill
though bew not prove help but rather hndance 70
them in the administration Of our fiscal concerns
The operation of this law the commercial community
its strange American character, have beer fully ex
pod by the honorable Senators from Maine and Connecticut
iMr EyAss and Mr. HusTISsToN) that will not en-
ter on that part of the subject frankly confess that never
did that this subeasury scheme would ever be revived
had heard Of s'Polk, Dallas, and the tariff of 42 but
really did expect to hear of Polk Dallas and the old
dead subtreasury.
would postpone the further consideration OF this bill
to the Congress but that do not wish to be voted down
will therefore simply throw out the suggestion that will be
for the advantage both OF the Government and the people,
that should be postponed.
Mr. NILES addressed the Senate in favor of the bill and
the debate was further contnuedby Messs EVANS, HUNT
INGTON, and SIMMONS against it.
Mr.. CALHOUN said that he had formerly expressed his
opinion on this subject and sufficient now TO say that
his opinion remained unchanged When he up before
he had fully expressed his views time and reflection had only
confirmed them. He fully that at all times
very delicate process separate the Government from the
banks and especially time OF war; II was un
der that impression that he should not have objected to the
of present b If such had been the desire
Of his political friends but such not their desire, and he
believed that even time Of war; the process might be gone
through with II under this impression that his friends
had thought proper contrary to his views TO put restriction