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

very currency upon which the loan depended He was not
disposed to take the time of the Senate upon this matter
lie saw the condition in which they were placed He de-
poed it. for he greatly feared that the end would be only dis
grace. The hour of wrath would come and when il came,
he feared few would be able to stand
Mr. JOHN M. CLAYTON said, before being called to
vote upon this BILL he would be very much gra6ed hear
from the honorable chairman of the Committee Finance
to the questions propoundd by the honorable Senator
from Maine The honorable chairman had been asked
state the real condition of the Treasury and he for one would
like to hear not only the statement of the real condition Of the
Treasury but of the which led the state of things
which existed. They ready, he presumed all Of
them, to vote supplies to the Governments they willing
and anxious to sustain the credit Of the country but when
great measure like this brought forward, they
anxious to be informed by proper authority that there su
cient to justify them in the eyes Of their constituents
for the vote they about to give. This bill TO
thorze the issuing Of Treasury notes to the extent Of twenty
eight millions OF dollars, or it included five millions author
lied last year. to be issued in low fifty dollars,
and these notes would consequently into the currency
And before being driven the of such currency,
he desired to be informed from proper authority the
cesses which demanded it. and the which produced
such necessity Something had been said by the honorable
Senator from Mississippi, before the bill taken up about
something in black and white which had been laid before the
committee
Mr. SPEIGHT said he would inform the honorable Sena-
tor what that was relieve his mind from all
further anxiety. 1t letter from the Secretary of the
Treasury requesting the passage Of this BILL the necess
ties of the country absolutely required it. That the black
and white.
Mr. CLAYTON said he would be very glad to see the let
ter itself He thought that all the information which the
mtiee possessed ought to be placed before the Senate The
Dill was accompanied by report and the chairman OF the
committee had given explanation whatever, had he
stated any thing regarding the which calculated
lead them pass bill to such of
ney without days consideration 1t plain also that the
bill must have passed the other House without much consider
alton for the section to which the honorable Senator from
Connecticut had called their attention proposed give the Sc
cey OF the Treasury the power to pledge hypothecae
these notes for such he might be able get This
provision which he was bound to think could not have
received the deliberate sanction of the House. What other
there might be in the BILL they had not had time
anime but he depored in with other Senator'S the
being obliged pass bill of this magnitude the very day
on which reported from the committee The bill pledged
the proceeds of the public lands of them least
Mr. SPEIGHT. The whole Of them.
Mr. CLAYTON All of them which had not been alrea-
dy appropriated to particular purposes But this
lance The proceeds of the sales of all the public lands he
believed had not exceeded any time two millions of dollars
per annum and they had upon the table bill, which
they told would be passed this session. graduate and
reduce the price of those lands And they had also another
great relating to those lands and they could not for
get that that supported with almost unexamped
unanmy for giving bounty lands soldiers, which, accord
ing to the calculations Of gentlemen both sides Of the cham
ber would give away from ten twelve million dollars WORTH
and every who reflected the subject would that the
scrip thus to be given the soldiers would prevent any
siderable from coming into the Treasury from the sale OF
the public lands for at least three years to The scrip
would be sold in every suffers shop attached to the camp and
every brokers office the country where the lands
lay 1t seemed to him, therefore, viewing the policy of gen
emen the other side, and the whole pursued by
gentlemen who had the desnie Of the country their hands,
that this measure which they called upon with such
haste pass would probably fail Of its object for capitalists
would be unwilling to k their money upon securities found
ed upon slight a basis II seemed him. according the
marked by Senators here they would be
by serious difficulties The subject however belonged to the
Finance Committee, and such he commended it to them
He decidedly in favor of the amendment proposed by the
ed the hyPohecaton of the Treasury notes for less than
their real value.
Mr.. SPEIGHT sad in regard to what had been said by
the Senator from Delaware relation the public lands he
considered that interfering with the redemption Of these
Treasury notes at all for he informed by gentlemen who
had subject charge that there l40 000 600 Of
subject to entry at this me and $780, 00O 600 ready
be put into the market and besides this that they claimed
by prescription something like six millions so
that their to be derived from the public lands
not so limited the Senator seemed TO suppose. With
gard to the credit of the Government them that bugbear that
was held up TO them, would be amply sustained He be
eved that would be recolected that the last session OF
Congress- he had expressed his objections the issuing OF
Treasury if could be avoided but in the present ext
gency and when the only object to effect loan by them
he readily those objections and was willing aud
ous to afford the Government every facility for carrying the
he believed every patriot should be. And he
sorry 10 hear il uttered upon that floor that the Government
parayzed and almost reduced to bankruptcy was mol
the fact They able TO prosecute the and able to
borrow money The people able and willing to lend it.
He did not approve Of the amendment of the gentleman from
Connecticut, He took different view Of the subject. He
believed the gentleman by his amendment would accomplish
the very object which he anxious to avoid He had
heard that this loan could not be effected Why Were
hey-a powerful and foushing Republc-reduced to such
Of penuy and degradation that they could not borrow
twenty millions OF dollars What had they done that should
this He considered all such opinions oolshness
amounting nothing. Let the bill be passed. and he
pledged himself the money could be speedily borrowed and
the Government relieved from embarrassment.
Mr.. CAMERON said he should for this bill, because
il said by the financial officers of the Government TO be
necessary the immediate of the country but before
doing he should endeavor to make its details nearly
right possible II bill to authorize the issuing of
Treasury in other words about TO establish
bank, great bank of issue, in which the Government
be the banker Being compelled TO adopt this the only
by which money could be raised to furnish supplies for
the army, he felt his duty urge the amendment of the
Senator from Connecticut (Mr NILEs) of great i'm
petance to the security of the Treasury against fraud His
experience of banking Pennsylvania had taught him that
the greatest frauds that had been pracsed upon the people
from the hypohecaon by dishonest officers and others
Of the notes Of their banks He could many
stances The Bank Of the United States would be enough
In the days Of lis greatest apparent strength and
rowed large of con for which gave security its
notes. often two for The people, not doubling its sol
vency readily gave gold and silver for its promises II
nued TO make loans upon its stocks the MANNER and
pursued this system until its credit much extended
that the whole structure compelled by its weight to
fall, crushing all who had wisdom enough from it,
This section, constructed gave the authority the
Secretary the Treasury TO hypohecate its notes. He had
fears of fraud Encouragement by the present head