Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-01-30

discussion the financial question: he regretted that bis
fears had been vered but he could not avoid
pressing the opinion that if the advice had then been taken
Of his friends and himself should be in the
emity which compelled to resort to this doubtful expe
dent But with him the honor Of the country above all
other considerations He should vote for every and
for every sum that might be necessary bring the to
speedy and honorable termination The clause in the bill
which he opposed identical with clause in the bill of the
last which authorized the issue Of Treasury notes. and
which resulted as he was informed in the mproviden hypo
thecaton of the Government paper.
Mr.. SEWER remarked that it seemed him that gem
emen could forget forgive them for repeating the
riff of 1872 But how it that gentlemen should re-
mind them that they had predicted this very thing The
nator from Maine had reminded them that he expected the bill
would have been called for earlier hour He had told
them last year that this state of things would take place. but
that would take place at earlier period On what ground
all these predictions based On the repeal Of the tariff
OF S42 Did the gentlemen suppose that the people
read the public documents and that they would say that the
call for this loan resulted from the repeal of the tariff of 1912
Did he suppose that the people OF this country from Maine to
the Rio Grande, stupid enough to believe that story 1t
could not be. Yet they told that this defalcaon
predicted months ago. He had that Senate and heard
that statement made time and time again but he would put
his mark upon it and show its utter absurdy II the tariff
1912 had remained they would have found the
ry precisely it Who heard Of receiving,
expected receive in time Of war; funds carry the
from the customs Was it in the last war Certainly
They borrowed large amount then. Was II in the
revolution No; they borrowed extensively then. What
Government had existed in time of without having
to loans He knew OF He thanked the gen.
eman for his speech in favor of taxing tea and Coffee and
hoped he would bring forward proposition to that effect
With regard to the amendment which had been offered, he
looked upon wholly unnecessary There might be some
nice distinction between the words 'boow and exchange
but the plain English of it that the Secretary should
the money certain way. In what way BY Treasury
notes. At what rate At par. Now, to amending the
BILL and then being compelled to send to the House for their
thus postponng it for few days longer he
could vote for it. He could substantial difference
land
He surprised to hear the Senator call for the details of
the estimates The gentleman could in few count
over the articles and decide for himself All experience had
shown that Treasury preferable any other plan
He hoped the bill would be passed The notes would pass
par any part of the country As security, the
of the whole country pledged and BESIDES they
had specific pedge-he proceeds of the public lands But
this not necessary He would have Trea
sury without security of either kind The gentlemen
might talk about the tariff of 1892 but they must console
themselves with the fact that the tariff of 1912 dead long
ago and forever
Mr.. LEWIS said he should not decline replying to the
questions which had been put him by the gentleman from
Delaware. The committee had met, and the result Of
their deliberations reported this bill to the Sen ate He had
no information which did not before the committee.
This call for information beating about the bush
in order to attack the tariff The real object of the Senator
from Connecticut (Mr HuSTINGros) pour out his
the tariff Of 1912 The gentleman from Delaware
had similar object His (M Ls) reliance for increasing
the upon the tariff Of 1885, together with
upon tea and coee and he had doubt that they could
raise larger by these than would be acquired
from any other Though he could not crafty the
gentlemen with precisely the information which they had call
ed for he had little information with regard the workings
of the tariffs Of s42 and 1916. He had learned from of
fetal that there had been of twenty
per cent in the under the tariff Of $40 the
ceps by that of 1872 This had been the up the
10th January and he understood that
still going He had anticipated the increasing
by proposing to issue Treasury notes and negotiate for loan
Let them contrast the two tariffs them and he would submit
the gentlemen whether the tariff of 1916 good
that of 1872 In regard to the remark of the honorable
Senator from Maine, abiding of foresight in the
Secretary of the Treasury, he would say always
the in time of peace that financial officer could antici
pate their necessities. How much less could he do it when
the country engaged in The true theory was that
the Of the Government must be proportional the
prospective demands upon the Treasury and if the Secretary
Of the Treasury failed predict with certainty regard to
the wants Of the Government there for
ing him.
Mr. EVANS said, that if he agreed entirely in the sen
ments just advanced by the honorable chairman of the Fl
nance Committee he would certainly be inclined TO
move important amendments to this bill. The honorable
chairman had said that loan could be obtained to
any amount favorable IL this so, there was
possible justification for providing for the issue Of twenty
eight million of dollars in Treasury notes-none whatever
millions the very utmost they ought upon
But il utterly impossible that loan could be obtained
Il evident that the House of Representatives did be
eve could be obtained. II evident that the gentlemen
the other side did not think could be obtained without
issuing Treasury notes Let gentlemen look at the prices
current of stocks they down 10 S971 yet gentlemen
pretended TO suppose that capitalists would give them
or what they could go into Wall and buy for 1914
Their former loan having been taken par they came
INTO market with $685. 00O 600 and expected get
money readily and easily although in consequence Of the for
loan and the attending circumstances Government stock
deprecated. The honorable Senator from Arkansas
seemed to be unwilling to be reminded Of any thing that had
AIKEN place before. He did not like to have supposed that
hey were plunged into difficulty and embarrassment He
rad particular desire to revive the discussion upon the
m of 1896 He had said all that he intended upon that sub
ect when under consideration, but he could avoid
aging that great part Of the difficulty in which they found
themselves lay behind that act IL that together with
he system of financial policy recently adopted by this Gov
'rnment which had led to their embarrassment Every
to be judged Of by Its results In s42a system
adopted at time when they found the public credit Frustrated
pesentwhen there not dollar in the Trea
uy with outstanding appropriations of $50 000 900 moe
With debt Of S. 900 600, and Of only
meet the expenses OF the Government. What did they
hen do They set themselves in the first place revive
public credit Did they not succeed in that Did they not
esore public credit and raise higher and higher until the
ime when this Administration into power and their
financial policy began TO be developed The public stocks
we're at Is per cent premium. They had paid off all the APP
ropratons the public debt with the expenses of the
Government and had Sl2 000 900 in hand. This Admins
ration spent that borrowed sl0 000 900 with great difficult
spent all the accrung revenue sunk the public credit be-
ow par, and were demanding money and yet gentle
the other side asked them compare the respective
merits OF the two policies He did not refer TO the tariff
lone II the general system of policy that he spoke Of
How that they had managed TO reduce the public credit
Is per cent in little than six months There had sell