Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-19


maturity II most improviden Legislation to grant arg
loans and make provision for their reimbursement Tn.
expenses OF the two ending next July, by the report
the Secretary OF the Treasury would exceed the income from
the CUSTOMS public lands and all miscellaneous sources by
least ftyfve millions Of dollars. and after deducting ths
balance on hand at the OF these years. the
excess would be Of least millions, for which pro-
vision was made except by borrowing clearly the duty
Congress- its present session, make provision by
increase of duties for this large deficit The only provision
recommended by the Secretary OF the Treasury duty
tea and coffee, and the wise scheme Of reducing the price
the public lands The only friend Of the Administration who
be said 10 have discussed this bill at ALL was OF the
Committee of Ways and Means who had acty abandoned
this last source Of revenue, and ayowed his preference for
direct the best mode of increasing the of the
country The tax on tea and coffee defeated direct
in the House OF Representatives last year, when the
friends OF the Administration had majority Of seventy in this
House, and supposes that either that proposition
10 impose direct tax prevail The proposed
TO be raised by tea and collie tax comparatively lng
The clear duty Of Congress- in his view, adopt such
ratification OF existing laws would increase the
receipts into the Treasury annually at least millions OF dol
lars Such could appropriately be embraced in
this bill but he hoped would be seriously acted by Con-
gress during Its present session.
He should vote for this BILL because the money proposed to
be raised by needed pay the existing debts OF the ma
on for the payment Of which denied the liability and
he against all cpudaton either by the States or the
General Government
d The amendment was rejected.
x Mr.. STRONG moved 10 amend the fourth section by
striking out all after the enacng words and inserting
That the faith Of the United States is hereby pledged to
provide and establish sufficient revenues for the regular pay
ment of the interest and for the redemption of said Stock
/ Mr.. STRONG explained and enforced his amendment.
He objected the whole principle Of pedgmg in special
manner any particular portion Of the OF the country
TO the payment of this debt II obtained this money we
obtained the faith of the Government and II the customs
specially pledged would be after all but giving the faith
Of the Government The public creditor had no more to rely
upon the than in the other in all cases tey must
rely on the faith, the credit Of the Government
Any who :
and was moreover unusual In looking back to the loans
made by the Government during the last war ne did not Ind
any specific pledge the only pledge was the general one that
the United States would sufficient amount OF revenue
for the payment of the public debt, whatever might be-
But we had already pledged the proceeds OF the public lands
by the loan bill OF the last session. They were now entirely
beyond control. II proceeded to pledge the
proceeds Of the customs for the payment OF this interest," what
would have pledge when again to authorize
another loan Nothing but wha, already mortgaged
There precedent whatever why the creditor
Of the Government should call for any SPECIFIC pledge
and he did not believe there any such CALL
The amendment agreed to.
i Mr.. ROCKWELL moved the following new section,
| to come in after the 4th section
That there be annually appropriated as sinking fund
such from the will reimburse the entire loan
at its maturity
The amendment was rejected.
The bill having been gone through
\ Mr.. MCKAY moved substitute therefor, the length Of
which (being thirteen printed pages precludes insertion
here The proceedings will explain its leading provisions
Mr. Mckay observed that there was section in his sub
tute proposing tea and coffee, which, under the
decision of the Chair yesterday he did not know whether
would be considered in order These loan bills however, had
always been considered purely bills had been de-
cded and again that the Senate could not originate
loan bill that it in the nature of tar bill and there
fore he took it. if this proposition and the uniform
practice Of the House had been in conformity with it, that
the decision announced by the Chairman Yesterday, when
bis friend from Maryland (Mr McLASE) offered amend
men proposing tea and coffee was erroneous and
that il was clearly not out OF order.
The CHAIRMAN understood say that the decision
by which he ruled the amendment of the gentleman from Ma
and out of ORDER would by means involve the decision
that this section out of order being section OF
entire bill which offered substitute for the bill of the
committee.
Mr.. MCKAY very happy hear that such the de-
cslon OF the Chair and he would accordingly offer the sub
ue Of which he had given notice, and waich had been
printed and laid on their tables
OF course would not be expected that in the i've minutes
which allowed him be should attempt 60
PLANTATION of the various provisions OF the substitute which he
offered He had expected address the House during the
debate, but the Of his health had been such
prevent him and now il the previous question not
moved and seconded 10 the House, be should take occasion
before the bill was passed TO give his views Otherwise he
should do il when the deficiency bill up. He should
endeavor show that there great deception the
other side Of the House in respect TO the condition Of the
finances.
This substitute simply copy Of the bill passed at the
last session authorizing the issue Of Treasury notes and loan
with amendments
One OF these the provision that, when required
coupons might be attached TO the certificates OF to and they
then be male transferable by delivery instead upon the
books Of the Treasury alone.
Another variation from the bill of last session-lnd very
important oneconssted in the proviso to the 6rst section
that the amount Of Treasury notes outstanding any
time under this and all preceding acts Of Congress should
exceed twenty millions Of dollars He had put 10 this proviso
AZ the suggestion Of gentlemen the other side who gave
him but he did expect hem act up
TO them He meant they not bound at oil by intma-
tons which they gave Of the House. He knew they were
pretty much machines here-gong along in He often
\ did it himsef-he acknowledged the fact.
Passing by other considerations he would state be
Why he considered Treasury notes preferable 70 loan. II
that these Treasury notes formed sort Of temporary
\ the Government would be enabled to pay of
Mr.. MckAr was here arrested midway in sentence, amid
Of laughter by the fall Of the Chairmans hammer
/ Mr.. STEWART, Of Pennsylvania, moved 70 strike out
the first section OF the substitute, which follows
THAT the President of the United States is hereby auo-
rzed to Treasury notes, for such the
eNgences OF the Government may require but exceeding
IN the whole OF issued the OF Seen mil
lions Of dollars and Of denominations less than fifty dol
lars for any note 70 be prepared signed and issued the
hereinafter provided Provided That the amount of
Treasury outstanding time that be iss-
ed under this and all preceding Of Congress- shall not ex-
coed twenty millions Of dollars"
Mr. s denounced the proposition an attempt, in con-
nexon with the subireasury, establish Government,
banka non-specie paying bank, issuing millions upon millions
Of paper without dollar Of specie 10 redeem H. Treasury
notes below par increase their the extent
proposed and they will sink greatly below par and of
every dollar Of will then be paid il Treasury
notes which the Treasury bound receive AZ mar Hay.