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

other Senator's He had not the b and the
why he had not done was that regard to all bills which
originated in the other House, he considered it useless
anime them until their passage through that body because
previous to their passages they liable TO be amended and
materially changed in their provisions He thought due
to Senator's upon all Sides that there should be postpone
men of the bill for day at least and his opinion was
that if pushed forward now, it would much delay
than if suffered to lie for examination for day. With
this view he should vote against the motion of the honorable
Senator from Alabama
Tho question being about TO he put proceeding to the
consideration Of the bill now
Mr. ALLEN demanded the yeas and nays, and they
ordered.
Mr. ATCHIsON said he trusted this bill would be taken
up From the remarks which had been made by the honora
BILE chairman Of the Committee Finance and by his honor
able colleague it seemed to be matter Of importance that
speedy action should be had upon the BILL and he agreed
teIy with them in this opinion He presumed that the ho
noabe Senator from Alabama would address the Senate upon
the subject and if the day would probably be consumed
in dscusson and Senators would have opportunity of
siderng its details and Of making up their minds He did
deem the passage the army bill matter Of great
Importance did seem to be considered this time,
any quarter Of the chamber He could objection to
taking up this bill at
Mr. LEWIS said he thought there could be no objection
the part OF Senator to proceed with the consideration
Of this BILL So far he knew, there nothing its de-
tails that could give rise to much debate, and he presumed
would not require very protracted consideration. 1t
mere question as to whether they would vote supplies for the
prosecution of the The bill prepared upon the
commentator of the Secretary of the Treasury and the Ex
ecuve. It was their proposed means for anticipating the
of the Government by loan and the issue Of Treasury
If there thing the details of the bill which
would make it very difficult decide let them be discussed
to-day. He anticipated nothing of the Sort however for
simply question whether they would anticipate the
OF the Government in the way which the Secretary
of the Treasury proposed.
Mr. EVANS rose and said that he understood from the re-
honorable Senator from Missouri that the chairman
Of the Committee Finance r LEwIs) would address the
Senate and give exposition Of the views Of the Secretary
80 ~, al.
this Of money required period much
er than anticipated the 9th Of December last That
he would tell them by what it that the Treasury
had become completely exhausted. This, at least
peced from those who had charge of the BILL and
nearly connected with it for they certainly could suppose
that Senators going to vote for it without such
exposition. ,
Mr. LEWIS observed that the bill itself manifested the OBJ
ect contemplated by it, Mr.. L. proceeded to read of
the clauses of the BILL and ended by moving strike the
proviso to the nineteenth section.
Mr.. EVANS. Will the honorable Senator tell us why he
makes that motion
Mr. LEWIS. Because that proviso is incompatible with
the provisions which precede it.
Mr.. EVANS Then, suppose, the Senator intends to en-
the Secretary of the Treasury purchase State stock
when it is great deal above par Is that the purpose
Mr.. LEWIS. To purchase it at its market value.
Some further conversation took place this proposed
amendment, and it was finally withdrawn.
Mr. NILES then proposed amend the fourth section Of the
bill by providing that the Treasury should be dpos
ed of at less rate than their par value
Mr. LEWIS said that the effect of this amendment would
be only to leave the bill precisely the pre-
sent 1t contained alternative proposition to issue
tain amount OF Treasury notes. TO obtain loan place
such ISSUE obtain loan and Treasury Also pro-
yided be within the limits specified in the BILL viz not to
exceed twentythree millions The alteration of the phra
seoogy proposed by the honorable Senator from Connec
lieut. would alter its effect for the sale exchange Of the
notes in other portions of the bill restricted to their par
value at least, not suffered TO fall below it.
MI. HUNTINGTON said his honorable friend from Ala
mis- n uhic
the President the power these Treasury notes
into oan the loan into Treasury notes. just he pleased
But the effect Of the amendment proposed by his honorable
colleague when connected with the BILL would be TO prevent
the Treasury from being hawked about and sold for
less than their par value This difference, and very
substantial difference
Mr.. NILES said that the great principle Of this bill
ought to be- that the Treasury notes were not to be parted
with except par They might be exchanged for gold and
silver they might be paid to the creditors of the Goven
men, but only at par and here was provision which,
though probably not intended would, upon great
gency permit these notes to be sold below par, and great
sacrifice might thereby be incurred Now, if there
necessity for carrying the operations of the Treasury by
Treasury notes. he thought very desirable should be done
only long they could be retained at par He thought
no gentleman would be in favor Of system which would
place this Government before the eyes Of the country carry
ing on its operations with deprecated currency Of its
He thought gentleman would maintain such position
The credit Of this country should be made depend sole
ly paper currency be issued from the Treasury with
out any provision being made for its redempona paper
rency without representing any thing, but depending entirely
the credit Of the Government. He advocate
for any such system he would vote for this BILL certainly not
because he favor Of such system but because
ed be the only by which the Government could
sustained in its present crisis This the measure
which they had right expect from the from which
it He would have objection to rely moderate
extent Of this kind but what Of
it that proposed II which, in
the of the very last extremtyn the Of nation at
the extremity Of its fnances-mgh limited extent be
adopted The first and only real Of nation like
that of individual, the ability to meet its engagements
TO provide the funds necessary for its support This not
provided by this BILL II not for loan to be obtained in
the way in which loans ordinarily obanedon the credit
of the Government provision being made for repayment
such loans and he led conclude that the financial officer
of this Government Of opinion that the Of this
country they were, would not command loan And
they called on TO dowha To have recourse 10 mea
which indicated the last extremity Of a natonto issue
paper currency their This the extremity 10 which
this Government reduced Suppose the should
inue how long would this last be available Would
they not at another session be called authorize another
loan Could they reasonably suppose that this would be
sufficient carry them to the end Of another fiscal year.
They told that the Treasury low ebb
they they could wait for day, for single day. He never
expected 10 hear in the Senate of the United States that the
National Treasury within twenty -four hours Of bankrupt
cy They had provided revenue, and going on with
out providing any, unprecedented he believed in
own history, that of any other people He intended
to support this he should support from necessity,
because they had nothing else to depend upon He dis
posed any supplies which the Administration wanted
to sustain them in the present but he did think that this
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