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

| Mr. LEWIS replied in the affirmative
| Mr.. CALHOUN presumed the provso would author,
ze them to purchase II at par 1t could not be obtained
Mr. HUNTINGTON said that the ncongruity to which
the chair had referred from the fact that the bill did
not contain the provso when was reported TO the
House, but that il was added as amendment
Mr.. LEWIS here withdrew his amendment
MIR. NILES then moved to amend the bill, by striking
out from the 18th section, commencing with the Vh ne
the words "borrow from time to tme not under par
such the President may think eXpedlent on the
credit of such notes. and insert in lieu thereof, exchange
the notes authorized 10 be issued by this act not under
par, for such of money the President may deem
eXpedent"
Mr. LEWIS here made some further remarks, which,
owing to the honorable genemans position, directly UNI
der the gallery unfortunately were not heard by the re-
porter.
Mr. HUNTINGTON said his colleague mistaken
There was provision in the 10th section OF the bill
which gave the President power TO turn the treasury
notes into loan, the loan into treasury notes. as ne
pleased The amendment Of his colleague was, that he
should receive gold and silver for the notes, so that the
holders OF them should be subject TO no loss.
Mr.. NILES remarked that the great principle OF tins
bill that the notes not to be parted with except
at par although the bill was Objectionable N the point
TO which he had alluded lie should probably vote Tor
this bill, because he was unwilling TO oppose what
seemed to him TO be the only OF the govern
ment TO sustain itself in the present crisis III was nol
however, such measure as they had right TO expect
from the whence it He SAID these things
with no satisfaction but he was compelled to say them
and if the should continue, how long would il be be-
fore they would be called upon for another twenty
eight million loan For let him remind them that this
bill was not to raise twenty three millions simply: it
renewed the act of the last session for raising five mil
lions, and therefore, amounted to twenty eght millions
He expected have heard in that chamber that the
treasury of the United States within twenty -tour
hours of bankruptcy The crisis in which they were
placed was unprecedented They had no adequate rev.
enue and going on without providing any way OF
increasing it, He should support this measure, there
FORE from necessy because they could do nothing else
Yet he feared that raugh with evil TO the currency
of the country They not without the lights OF expert
al hx,t Es,ty ha
dcted that it would occasion depression Of the curen-
cy OF the whole country to most mschievous extent
In passing IL they were measuring up wrath against the
day of wrath and that day of wrath would come and
when it came he feared that they would not be able to
stand
Mr. j. NJ CLAYTON said that, before be voted on
this BILL he should like to have answer TO the ques-
ton which had been raised by the honorable senator
from Mane in regard to the state of the treasury, and
the which rendered the passage OF this bi neces-
sary He presumed they all ready to vote supplies
for the governmenttha they were all willing and anX
ious sustain the honor OF the country; but when
great measure like this was presented to them, they
of treasury notes OF denomination so low as htes. II
evident then, that these notes would enter to con,
Siderable extent into the currency OF the country as mad
been suggested by the honorable senator from Con,
necticut, Mr. NILES This, he apprehended, would
prove TO be serious evil; but they. were call
81 upon to meet it. and ne thought light It due e
the Senate that the Secretary OF the Treasury should
| lay before them the facts upon which the call to
it was grounded was manifest that the bill must have
passed the House OF Representatives without much con
sderaton The section which had been alluded to, nc
inclined to think, could not have met with the dellb-
crate sanction of the House. In common with others, nc
depoed the fact that they were to be compelled TO pas
subject was beset with many great difficulties, and he be-
ieved it would prove to be failure. lie was IN favor
of the amendment proposed by the senator from Connec
| hcut
Mr. SPEIGHT SAID he believed that it would be recol-
ected that at the last session of Congress, he had eX
pressed his objections to the issuing of treasury notes if
| cOulu he
the only object to effect loan by them, he readily
gave up those objections and willing and anxious tc
afford the government every facility Tor carrying on the
war; he believed every true patriot should be. And nc
sorry hear uttered upon that floor that the gov
eminent parayzed and almost reduced to bankrupt
cy 1t not the fact They able to prosecute the
war, and able to borrow money The people were able
and willing lend it. lie did not approve of the amend
ment of the gentleman from Connecticut. He took diff
| BY his amendment, would accomplish the very object
which he was so anxious to avoid. He had heard that
this loan could not be effected Why' Were they-a
powerful and fourishing republc-reduccd to such a
state of penury and degradation that they could not bor
row twenty millions Of dollars What had they done
that it should come to this He considered all such opn
ions fooshness-as amounting to nothing. Let the
bill be passed. and he pledged himself the money could be
speedily borrowed and the government relieved from en-
| barrassment
Mr. CAMERON said he should vote for this BILL be-
it said by the financial officer of the govern
ment TO be necessary to the immediate wants OF the
country; but before doing so, he should endeavor to
to authorize the issuing of treasury notes In other words,
we about TO establish bank-a great bank of is
| sue, in which the government was to be the banker.
Being compelled TO adopt this the only means by
which money could be raised to furnish supplies for the
army, he felt it his duty 10 urge the amendment Of the
senator from Connecticut mir NuEs,l of great
Importance to the security of the treasury against
fraud. His experience of banking in Pennsylvania had
taught him that the greatest frauds that had been prac-
tiscd upon the people from the hypohecaon, by
dishonest officers and Others of the notes of their
own banks. He could name many instances The
Bank OF the United States would be enough. In
the DAYS of its greatest apparent strength and
power, il borrowed large sums of coin, for which it
gave its noesoften two for Oneas security. The
people not doubling its sovency, readily gave gold and
loans upon its stocks in the manner, and it pursued
this system until its credit was 50 much extended that
the whole structure compelled by its own weight to
fall crushing all who had not wisdom to from it.
This section constructed, gave the authority to
the Secretary of the Treasury to hypothecae its notes
He had fear OF fraud miSmanagement by the pres
ent head of the treasuyor he had great confidence his
sagacy, his skill and his integrity but he advocated this
amendment because II his duty senator to aid IN
making all bills nearly perfect his judgment would
permit him to do. The Bank of the United States, in the
days of its greatest prosperity, had at time its
notes in circulation to amount much over ticenty-
| four millions eight huadred thousand dollars. By
this bill shall authorize the emission of t,renty-
eight millions. He should vote for this great in
crease of paper money with reluctance, for he saw
in its train all the evils of inflated paper cur
rency bringing with it high prices unwse speculaons,
and the end ruin to many honest and industrious per-
for the benefit of the greedy spectators He said
the system had been tried in his State, when her
credit low, a of repenshng their treasury.
Instead Of treasury notes. they were called in Pennsyva
MIA ''relief notes" About four millions issued
based upon yearly income frome the public works of
about a million The 6nancers then expected much from