The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-01-26
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amount of such notes, including the principal and interest
NJ. NILES accAeted the substitute as modification
Mr. WESTCOTr desired to state one fact, which in.
ducsd him TO offer this amendment The 9th section OF
the act authorizing the loan Of 1914 precisely the
same the corresponding provision in this, except that
some restrictions contained in that act were left out in
this, Who did not recolec that under that act millions
of treasury notes disposed Of under par' He did
nothe could not believe that there could possibly be
any necessity for the government OF the United States to
resort to the palry means of shaving its paper to
carry ON this or any other war; He had greater
fdeDce the credit Of this country. He had been
tonshed at the alarm which had been expressed with
gard to the credit Of this government Could gentlemen
believe that this could borrow less
actually less than the public debt of several individual
States, and less than the amount which often bor
rOwed BY private companies this country? There
the slightest occasion for the hueandcry which had
been raised about the failure OF the credit of this govern
mont; 80 far from il he believe! that Congress should
contributions from the people o carry on the war, don-
bic the amount proposed by this bill would be readily
were not distinctly heard by the reporter
Mr. SPEIGHT inquired Of the gentleman from North
Carolina, MT BApo5H whether he intended TO address
them in regard to the bill this morning He inferred from
the fact that he moved adjournment last evening, that
such was his intention.
MIR BADGER replied that he was sorry to see il stated
IN one Of the morning papers that ne had moved an a.
morning. He had no such intention. He was not
quanted with the subject before them and should not
know how to address them His only purpose of moving
an adjournment, last evening, get all of them off
the hoor--not toget himself upon it. lLaughter.l
Mr.. SPElGHT stood corrected, and asked if he had
understood the gentleman from Florida as Offering an
Mr. WESTCOTT replied that he had offered his prop
oston amendment to the amendment offered by the
senator from Connecticut.
= Mr. SPEIGIIT remarked that, although he had oppo
sed the amendment OF the senator from Connecticut when
it first proposed at the of the session.
yet upon reflection, he had made up his mind for
it because he could very little difference between it
and the section of the bill originally reported And
to the amendment which had Just been proposed by the
senator from Florida he could special objection
the adoption Of that also He should not therefore, op
pose either of them but if gentlemen wished he hoped
they would be adopted and the bill be passed without
Mr. CAMERON called for the reading OF the amend
men of the senator from Connecticut modified by the
honorable gentleman from Florida, Mr.. NILES having
accepted that amendment.
The question on the adoption of the amendment as
modified s,I WAS !sh then taken and agreed to-
section of the bill by striking out the word "six" and
inserting in lieu thereof the word eighteen )" and in the
7h line OF the same section, after the word 'he to
strike out all the remaining part of the section and in
sert the words passage OF the act" He would give
a word his reasons for proposing that amendment By
ny authorized to issue treasury notes, which should
he rembusable at his discretion for or three years.
and by their dates respectively By the 10th section the
Secretary OF the Treasury authorized to other
notes in lieu Of them when they were redeemed Were
it not them for the oviso which he had proposed the
authority OF the Secretary to issue these notes would be
unlimited The bill provided no control over either the
Secretary the President the time of continuing
the issue of those notes 1t was perpetual But this
last section of the bill provided that they should cease
the expiration OF six months after denitve treaty Of
peace had been ratified with Mexico. Now, if it should
happen that upon the last day preceding the ratification of
such treaty, the Secretary should have hand guam
of
for two years if he chose that the power of
the President of the United States the Secretary of the
for two years and SIX months Now, he thought that the
better way they must have treasury circulating
medium would be 80 to amend the bill that they should
cease auhoritavey by law when the necessity or sup
posed necessity for them ceased He had therefore pro-
vded by his amendment that the President of the United
States should have no authority to issue them after the
expiration OF eighteen months from the time of the
sage Of this act II at the expiration of this PERIOD or
considerable part OF it, it should be found that the war
continued and that the expenses Of the government requ-
ed that there should be the authority for reissue these
notes. Congress would be in session. and could confer that
power Il seemed to him, therefore, better that the time
should not be unlimited for the issue of these
notes, but that provision of the kind which he had s,
gested should be inserted in the bill
: Mr.. SPE6HT hoped the gentemans amendment
been preparedwith the sanction of the administration,
and he could reason for changing them The bill
as now Stood authorized the President to issue easu-
ry notes, redeemebe In two years, at discretion
when others, lieu Of them, could be issued and that
power cease six months after treaty of peace
shall have been concluded with Mexico The gentleman
now proposed to limit the time to eighteen months and
to leave il with another Congress authorize the Pres
dent the Secretary to reissue these notes. if it should
be deemed necessary Why Che asked not pass the law
and now authorize the President or Secretary of the
Treasury To issue all the notes which were necessary
He was opposed 70 the policy of bringing this subject
continually before Congress them TO furnish the
means for prosecuting the war, when the administration
only asked for twenty three millions in all He hoped
the amendment would not be adopted, because it was al
togehert unnecessary He would take occasion to re-
mark THAT no one was more desrous than himself to
bring the war to speedy and honorable termination
He should be gladf it could be terminated tomorrow
He hoped it would be terminated before the new year
was half run out; and then there would be no necessity
for this amendment He hoped, therefore, that his coli
league would withdraw his amendment and let the bin
pass in its present shape
Mr.. HUNTINGTON said he was well aware that il
the desire of the President and his colleague who
had first addressed them that the bill should be formed
in it's present shape. But that reason why they
should pass i without examining its provisions All
place within their own control the ressuing of these
notes Under the BILL as it STOOD they authorized
the President and he considered that the exgencics of
the country required IT, to food the country with twenty
eight millions more OF these treasury notes. He could
not therefore, give his consent to the passage of the bill
in its present shape sE3 syat
~ Mr.. CAMERON was opposed to the amendment; but
suggested by the senator from Maine He did not pro-
pose to lay any obstacle in the way Of the President in
prosecuting his measures for the termination of this war;
~ Mr. SPEI0HT here asked for the yeas and nays on
the amendment, and they were ordered
MIR. BAGBY expressed the hope that the amendment
would not be adopted He would not say that the bill
should be adopted without amendment because
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