The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-01-25

this lloan resulted from the repeal OF the tanif OF
1892 Did he suppose that the people OF this coun,
Try, from Maine TO the Rio Grande, were stupid
enough to believe that story' II could not Pc yer
they were told thatthis defacaon predicted months
ago He had sat in that Senate and heard that stale
Inent made, time, and time again but he would pun
his mark upon it and show It's utter absurdity
II the tariff act of 1912 had remained they would have
found the treasury precisely il now was Who ever
heard of receiving to receive, IN tune OF war;
fund to carry on the war from the customs Was IL so
in the last war Certainly not They borrowed large
amount then Was il so in the revolutions no they
borrowed extensively then. What government hah ever
existed in time OF without having to resort TO loans
He knew Of none. lie thanked the gentleman Tor bis
speech in favor of taxing tea and coffee ana hoped ne
would bring forward proposition to mat erect Wih
regard to the amendment which had been oiiered ne
looked upon as wholly unnecessary There might be
some nice distinction between the words borrow ana
exchange but the PLAIN English OF II was thai the
Secretary should raise the money in certain way In
what way By treasury notes--at what rate! Al par
Now amending the bill, and then being compelled
to send to the House for their concurrence--thus
postponing for few days longer, he could not vote
Tor it. He could see substantial difference between
the amount proposed and the bill i now stood lie
surprised to hear the senator call for the details OF
the estimates. The gentleman could IN a lew moments
the articles and decide for himself All expe
rence had shown that treasury notes preferable TO
any other plan He hoped the bill would be passed The
notes would pass at par IN any part OF the country as 70
security the OF the whole country pledged
and besides, they had specific pledge-the proceeds OF
the public lands. But this even was not necessary ne
IL
either kind The gentlemen might talk about the arii
of 1872 but they must console themselves with the TACT
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 to him by the gentleman
from Delaware. The committee had met, and as the ro-
suit OF their deliberations, reported this bill to the Senate
He had no information which did not come before that
committee This call for information mere beating
about the bush in order to attack the tariff The real OBJ
ject of the senator from Connecticut Mr. tUNr1NGToN]
TO pour out his tears the tariff OF 1872 Inc
gentleman from Delaware had similar object HIS (Nr
Ls) reliance for increasing the revenue was upon the
tariff of 1885, together with tax upon tea and coffee
and he had doubt that they could raise larger reve-
other source Though he could crafty the gentlemen
with precisely the information which they had called Tor
he had little information with regard to the working OF
the tariffs of 1912 and 1916 He had learned from an OH
cal source that there had been increase OF about
twenty per cent in the revenues under the tariff OF
1916 over the receipts by that OF 1912. This had
been the increase up TO the 10th January instant
and he understood that the increase still going on
He had anticipated the increasing revenues by proposing
TO issue treasury notes and negotiate for loan. Lei
them contrast the two tariffs then, and he would submit
it to the gentlemen whether the tariff OF 1916 was not as
good that of 1912 In regard to the remark OF the
honorable senator from Maine, alluding to want OF
foresight in the Secretary of the Treasury he would say
it not always the in time of peace that inan
cal officer could anticipate their necessities. How mucl
less could he do it when the country engaged in
The true theory was, that the means of the govern
ment must be proportioned 10 the prospective demands
upon the treasury and if the Secretary OF the Treasury
failed to predict with certainty regard to the wants
the government there reason Tor censurlng him.
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