Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-01-09
THE FINANCIAL CRISIS.

THE FINANCIAL CRISIS.
We had occasion, in our last paper, TO refer to
the apparent indisposition on the part Of the Com
mittee Of Ways and Means in the House of Repre-
sent financial emergency, suggesting that Time would
probably throw some light on what then appeared
10 US incomprehensible
Uery short " time" has elapsed before wha
was uttered by US only as surnise has ripened into
certainty. few hours after our publication o
that day, leading member of the Western division
OF :" the Democracy introduced in the House oi
Representatives resolution that IL is INExpEDIEN1
10 iery any far upon Tea and Ce6es; and that re-
solution was agreed TO by the House, under the
structure Of the previous question, and SO without
debate, by the extraordinary vote Of one hundred
and fifteen yeas 10 lorty-eight nays! This vote
must under all the circumstances, be considered as
the answer of the House TO the urgent instance oil
the Secretary Of the Treasury, addressed to, the
Committee Of Ways and Means and made public
and seconded by the government paper TO lay these
identical taxes, being indispensable to the oh.
tanning of any further loan for the support of the
Government. The Administration has very plainly
disclosed the necessities of the Treasury, with a
suggestion Of the only means by which, in its OPT
Mon, they can be met. The House Of Representa-
tives refuses to vote the necessary supplies refuses
before the question is formally put to it, declaring
in advance its determination not TO tax the people
in the manner and form thus proposed by the Ex-
ecutivs. We have never before Witnessed just such
in publie flair aud Hnns
to its determination, far as to refuse to lay any
Immediately productive taxes, we do not see what
is TO prevent the bankruptcy of the Treasury if the
Administration itself be not broken to pieces.
1t may be, however, that, after having thus
sturdily shown its want OF confidence in the Ad-
minlstrauon, and 1--WE suspect) its ranking dis
pleasure at the Executive VETO of last year, and
the intimation in the Presidents annual message
OF repetition of il whenever the same question is
again presented, the House of Representatives may
cool off in day or two, and reconsider this de-
cision. Of one thing Mr.. TBBATTs, the mover OF
resolution agreed to Saturday, directing certain
inquiries 10 be made by the Committee Of Ways
and Means, may be assured; that, however expedien
and necessary may hereafter become the duties on
domestic distilled spirits and other excuses proposed
by him, no such taxes, were they to be laid by
Congress, and approved by the President within the
next forty-eght hours would be of any avail for the
present wants of the Treasury. Before such taxes
could be made to yield the first dollar of revenue,
the Treasury would have become literally " a
beggarly account of empty boxes" There is some
thing more practical, however--more proximate to
the duty Of the majority under present circum-
stances-in that part Of the resolution of the same
gentleman which proposes increase Of the duties
on imports under the present Tariff, and also in
the proposition Of another Member to levy duties on
all articles that free under the present new
Tariff. This last proposition would include, Of
course, the articles of Tea and Coffee.
Let the gentlemen Of the majority, who see the
dilemma in which, by their acts Of the last session.
they have involved the Government, 90 but one step
further let them repeal the Subreasury, and rein
state in three words the Tariff of 1912, adding TO j,
the proposed duties on Tea and Coffee and they will
at once be able to repenish the Treasury, and re.
lieve the Government from the disastrous predica-
ment in which il cannot fail otherwise soon to find
itself.