The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-09-07


II ishe same thing
Mr. ArHrRToN The senator nevertheless, confound
ed the deficiency OF with the deficiency of appro
prlauon, in charging the four millions OF additional appro
priaon a mistake of the Secretary. These appropr
atoms have been asked and added the commence
ment of the present session, and chiefly for pay o
volunteers, the number which the paymaser tells us he
did not know and could not before estimate with accu
racy. am willing to take the error OF the senator a
millions; and If he thinks that fair of, let II
go against the error of the Secretary of million and a
half. But must contend that the honorable senator,
according 10 all present appearances has committed
other OF eight millions his estimate of
The senator has made his estimate for for the
next fiscal year the that for the present And If
he be so much mistaken to the present year, do not
see with what consistency he can ask US 10 take his
opinions as to the next II the Secretarys estimate for
The present year shall be justified by the result, we
have every 10 suppose will be, confidence
1t would SEEM might be placed IN his estimate for the
next year.
The Committee Finance have recommended only
two amendments TO the bin passed the House, and
those affecting neither the nor mode OF the loan
The form OF the bill however, not that recommended
by the President and the Secretary of the Treasury That
recommendation was, that it should be similar in pro-
visions to the act OF lS47, which authorized issue OF
either treasury notes stock This alternative power
seemed to me al the time the brought heiore
Congress and acted on in the House, 10 be import
ant provision However many persons may have some
theoretical objections to treasury notes. especially ia large
issues yet on account OF Their double capacity of being
funded as by that act provided and of being made avail
able in payment of debts 10 the government they CON.
nand higher price than stock and money frequent
" be obtained on treasury notes at par when stock could
not be sold al the same rate. II would seem, then,
that if gentlemen fully convinced OF the justice
and truth of their gloomy representations to the
public credit it was by very singular process of
ing they could persuade themselves that the loan under
the provisions OF this act could be made available If
business and credit such forlon condition. and
no speedy change except for the be anci.
patedit Mr.. Galatin correct when he said that the
six per cent stock of the United States below par,
and that the Secretary stock loan could not be
goiated at parlf The government was, shortly
be, unable to meet the demands upon it in specie the
reasons are not very apparent which induced the persua
sion that the loan under those circumstances, and in its
present shape, could be made available Since that time,
the condition Of things affords favorable prospect
And as there Is now reason to doubt that the loan
be realized in its present shape the committee have not
thought ii expedient to alter the mode provided in the
bill; nor under the circumstances have they deemed
quence of the mistake OF million and half, which has
been explained If hereafter, there should be any
cessty, this be provided for. But The Secretary is
strongly impressed with the idea that the accruing rev.
enue for the year will in degree exceed the es
mates; and this far, would supersede the necessity OF
Permit now, sir, few remarks the taken
by our political opponents, when they were in power
few years since IN relation to suppyg means to the
March, 1871. There was then small debt outsand
ing--not of forty millions, attempts were seduIousiy
made TO impress the public mnd-but OF about
eight millions OF dollars. The debt OUTSTANDING incurred
by that administration was only five millions and half
In July sil a law was passed for loan OF twelve mil
lions, payable in three years. and negotiable at or above
but period of profound peace What was the result.
Not more than half the loan could be made available
and notwithstanding the previous loud oucrles against
treasury notes, in January s42 five millions OF treasu
ry notes Were authorized to be issued In April 1912
and for addition of five millions of dollars thereto, and
for allowing interest treasury notes due" This was
to render the prior act avaiable-to add five millions
and to keep out, by payment OF interest, outstanding
treasury notes. What the provisions OF that act
passed when opponents had maortes in both houses
of Congress- and in time of profound peace Why,
Tho thOriyp
at par at his discretion; but 1t was provided that
No part thereof shall be disposed ofunder par, until the
has been advertised reasonable time, and proposals
for subscription 10 aid loan invited
Yes sir it authorized the Secretary to negotiate the
loan, in time of profound peace at rate under par; and
not only but authorized him to employ agents to
ference between the wide discretion granted that act
time OF peace, and the stringent provisions OF thus bill
brought forward in time OF war; except by atrbuting
to extraordinary and deepseated confidence in the
credit and resources OF the country notwithstanding all
the lamentations on that subject
Mr. CLAYTON | ask the gentleman i he supposes we
could have negotiated the loan at par before there
intelligence OF a treaty of peace with Mexcos
Mr. ATHERroN. Sir, believe to be fact, that from
period very soon after the passage OF this bill IN the
other Housefom the very time when these gloomy pre-
sentiments most literally indulged--the money mar
ket steadily improved. This was the case before the
treaty oil peace arrived and it the opinion of those
best informed the subject that could have been nego
tiaed
Here is what the chairman of the Committee of Ways
and Means (Mr Fillmore of New York; said, in the
House OF Representatives, 1912, the introduction OF
clause authorizing the stock to be disposed of at the
highest price that could be obtained for the MIR
Fillmore said
''That had he not been satisfied that without this pro
vision the bill prove perfect abortion, he could
have brought himself to give II his assent but bon as he
was fully satisfied that insertion was he only way 20
save The honor and credit of the nation he was wiling
himsel, the responsibility of the measure DIS
graceful gentlemen appeared 10 thne II MI r.,
Tor himself fell that there was no odarn justly stached to
the provision NC.
s'Wc had it not only the Secretary, but confirmed
by concurrent opinion from all that unless author
y could be given sell The bonds beoo il entirely
certain that the proposed to be raised by the loa9
could be Obtained Tue truth of this statement could
not be contradiced'
Unless this authority could be then given--n time
of profound peacewe have 1t from the chairman of the
Committee OF Ways and Means, his opinion, that the
loan would prove perfect abortion. Yet here, after
nearly two years OF carried n foreign and dis
cent stock had fallen below par and OF course stock
loan at six per cent was not available we have loan
bill passed by the other branch Congress, requiring the
Secretary to negotiate loan at above par and gvng
no authority TO issue treasury notes! And may nor
say that Judging from the import OF the question us pro
pounded TO me by the senator from Delaware VII CLAf
TON the senator himself is Of opinion that unless mere
had been improvement in the money markel Tue iot
could not have been negotiated in this form
Mr.. CLAYTON The Secretary OF the treasury never
has ask ed Congress authorize HIM to negotiate loan
under par On the contrary, understood d'suhcuy lha
in the House of Representatives, II ne nal asked Tor me
have conferred on him. He has obtained from the
| House all that he asked. 49,
| Mr. ATHERToN Sir | am bringing imputaon
against any one have already said that treasur,