Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-02-03


the actual amounts required, he concluded that
the Secretary had over. estimated the receipts
for the next year about Sl7,000,000, and under
rated the expenditures S22,000,O00 lie did not
believe that the money asked for could be OBJ
tanned by loan or Treasury notes. The amount
of 81 ecie now in the New York Banks did not
exceed S5O00,000. The Boston Banks held II.
bout S4,000,000, and the Baltimore Banks 49,
100000. Itwoud be impossible for Government
to find S20000,000, in specie, aud nothing else
would be received for the proposed loan. The
very large investments recently made in Govern
rnent Stock, railroads and manufactures had alb
sorbed most Of the active capital OF the country
The money market is now unusually stringent
and specie is leaving the country IN large a
mounts by every packet. This state OF things Is
likely to continue as long as the war continues
Our stocks arc rapidly depiecatng in value.
Government cannot get money from abroad, be.
cause other nations have no money TO spare, and
il they haA they have no sympathy with MS in
this war, and would not aid in its prosecution by
advancing money for that purpose. In every
point of view in which the subject presents itself
he could see only an embarrassed treasury and a
distressed community.
Without closing he gave way to a motion to
adjourn, which prevailed.
HouSe.-Mr. Thompson of Iad0na, addressed
the Committee. He said he had been represen
ted in the New-York papers some weeks since,
as having made speech on this floor in favor Of
the subjugation of Mexico. And IN the Union
of Tuesday he was again reported as having
made speech in favor of the war and the Ad
mn5traton. He had made neither. He would
take this opportunity to state his sentiments, and
proceeded to discuss the question. He insisted
that the Nueces, and not the Rio Grande, was
the true line OF boundary between the United
States and Mexico. He asserted that Gen, Taylor
had never advised the march Of the army to the
Rio Gronde, except alphabetically, The President
Was determined to make war, and had deceived
the people. He hau given Gen: Taylor orders
to march the army beyond the Sneces; ten days
before he knew of Sliders rejection by the Mex.
lean Government. And the President knew that
Slldcll would be rejected before he sent him to
Mexico. Mr.. Thompson was eloquent and Sc
we're in his dcnunciations of the Government.
Mr. Rhett followed, and replied to the consti-
tutional argument that had been brought forward
as to the distinction between the war-makiug
and war-declarng power OF the Government
Congress could only declare war, whereas the
waglng OF war could only be by the action Of
the Executive. On the boundary question he
laid down five propositions
/. We annexed Texas
=. Texas had declared the Rio Grande to be
her southern and western boundary.
3. Gen. Wool, in an armistice with Texas, had
agreed that Mexico should occupy the western
frontier of Texas, on the eastern side of the Rio
! Grande.
! 4. When we annexed Texas, it was dstinty
understood that the Rio Grande was the bounda-
! ry.
3. The treaty made by Ex-Presideut Tyler,
for the annexation Of Texas, was rejected by the
! Senate because it made the Rio Grande the
boundary.
FRIDAY Jan. %.
!Ssnate. Mr.. Miller, of New Jersey, offered
a resolution requesting the President 10 inform
the Senate whether he had caused duties to be
laid and collected on goods imported by citizens
OF the United States into Mexico; and, if SO, I'M
der what law he found authority for such proceed
ure. The resolution was laid over
! Mr. Phelps, of Vermont, continued he regar-
ded the raising of revenue in Mexico as chimeri-
cal The enemy would succeed in starving our
army. He considered the indemnity by terrific.
ry amounted to nothing; but that political iu-
risdlction over the MeXcans, who maintained
only perpetual war, would be still worse. TO
hold the Mexican States as so many provinces.
would result in certain annexation, to which he
was utterly opposed, and proceeded to condemn
1t IN the strongest terms. If, said he, thirty new
States arc 10 be added from that domain OF
country, 1t Will be beyond our power TO hold the
Union together. Mr.. Phelps said that the real
object was developing itself, and that was, to con
e quer Mexico, and whether prematurely TO hold it,
he supposed must be left to future decision. By
pursuing the conquest, by his self-wl, he said
that the President, at this moment was welding
absolute sovereignty, Unauthorized, as it was as
founding and anomalous. Executive assumption
of power must be resisted The Presidents lev
wing contributions was unconstitutional This
county had advanced with unprecedented rapid
ity. 1t had passed through national youth, is
passing through successive stages of maturity
and would soon reach old age and decay but he
hiatt ba 10 kn