The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-09


In the House Of Representatives. February 8, l54s-on
the loan bill
MIR. LYON addressed the committee as follows
Mr.. CHAIRMAN: This bill to provide means to supply
deficiency in the treasury during the present year, will
except as to the form which il shall assume, meet with
considerable opposition in either branch of Congress
At least venture to hope for such result.
THIS being the case, instead of submitting argument
favor of measure which may reasonably be supposed
not likely to meet opposton except TO the form which
should take, shall embrace this opportunity to submit
ms views upon subject nearly allied to this, and which
has been brought to notice in two ways--lst, by
message of the President, which, yet has not been
disposed of and Cd, by bills reported by the Committee
on Commerce on Thursday, the Sd instant. refer to
the subject of the Improvements of rivers and harbors al
the expense of the federal government.
Perhaps no better time than this be found to say to
This House and to the country, that in voting for bills TO
tine public debt and the public taxes to support
the army and navy employed foreign service, II
my firm purpose not to be accessory to any movement
increase either the the other, TO promote objects
not ndspensby necessary to sustain the national honor
provide for Just claims upon the treasury and TO carry
on the ordinary and legitimate business of the govern
ment 0ut
No general bill, exclusively providing for the improve
ment of navigabe rivers and OF lake. gulf, and ocean
harbors has been passed into law by the Congress OF
the United States during the last years But few
laws OF that kind have been enacted by this government
from the day OF its imperfect organization in 1910 up to
this its period Of matured fulness and power. Perhaps
few general appropriations have been made that gen
temen may not be prepared to affirm that II has epsr
been the settled policy of this government either to
enter upon or to prosecute general system OF inter
bills to be under consideration, and upon which, in
form or other, shall be called upon officially to
act devoves upon the members Of this House, each for
himself the duty OF examining this great question OF m
tena improvements by the general government; and this
examination has to be made with rect reference to the
poprety OF voting for or against the policy Of
those internal Improvement which obtained for
time, but were abandoned few years ago, in conse-
quence Of the inerposton of the executive veto. !,
The first question that naturally arises for the consid
hpI nj
polcer; has Congress the constitutional power to grant
the money asked for for the object specified All ac
knowledge that while Congress has the physical power
TO vote for against BILL irrespective of any and OF all
obligations human and divine it is yet morally bound to
vote for certain measures in accordance to the express
commands OF the constitutions and there are certain other
measures grossly at with its provisions for which,
were they presented. no representative would have
moral right 10 vote.
The question of constitutional right presented by these
bills has, various occasions been ably and deliberately
discussed by many of the wses statesmen who have
adorned our country. Yet Notwithstanding the ability
Of those who have discussed and the number of years
are still entertained not only among the people, but also
among the most eminent statesmen of the times upon the
question OF the Congress to remove
instructions from rivers to construct and clear out mar
bors. make roads dig canals and to build bridges TO at
tempt to add anything either interesting useful upon
constitutional subject which the greatest minds OF our
nation have exhausted without being able to settle to
the satisfaction OF the country would be held IN me
fear) as nexcusabe presumption. Whilst, therefore,
may be pardoned for saying that have formed my opin
ions upon this subject not without some study and reec
tion, am quite should not be, were egotstical
enough 10 repeat them here.
SHALL therefore, leave the constitutional view OF this
question as find it, and this the more readily, as there
are other reasons of sufficient weight to determine the
course of action proper to be pursued at this conuncure
in relation to such bills, without raising this primary
question OF constitutional power These reasons may be
found in part in the circumstances in which wend our
country placed at this time the past legislative course
pursued by Congress towards certain cities; and IN the
lpIS ftcn VyurIS ttlInno ut
these bills would be the occasion should they be passed
into laws.
And, first, let look at the circumstances by which
The Secretary of the Treasury officially informs us
that the estimated receipts into the treasury during the
coming year may be stated at s35,l0o,ooO. Gentlemen
upon the other side of the hall think this estimate large
one-so do but still it is the official one, and 1t was
made out with great and after very deliberate sur
vey of the of revenue The Secretary also tells
us that our expenses during this year will be 73oooo
greater than income and during the next year, our
expenses will be $40 500 900 greater than our income
The present fiscal year ends the 3oth of June next
and that day, Notwithstanding the large loans made
during the past few months the deficiency in the treas
ury will, is estimated by the Secretary, be l5 900
Many gentlemen, it may not be improper to remark est-
mate the deficiency at far larger sum-
Money to that large amount must be obtained by Con-
gress and placed in the treasury prior to the 3oh OF June
to prevent the national credit from being dshonored
How shall this large sum he obtainedby borrowing or
by taxation, or by resort to both means.
Borrowing creates debt to be paid oil from the avas
OF subsequent taxation il is draft upon the future Tor
the benefit of the presents and If resored to with an m
tent to shift the burdens egtmately belonging to the
present generation upon the shoulders OF succeeding one
il unwarranted draft the Treasury .of description
by reputable Present necessity often prompts
governments to acceptance OF bankers days OF
grace" but does not Justify avoidance of the debt a
just debt may not with honor be denied. or avoided;
but provision for its liquidation must be provided by him
who obtains the Just and the full consideration But,
besides that it is honest for to pay on debts IN
stead OF bequeathing them an unwecome legacy to
our children the creation AMI issuance OF large amounts
OF evidences of national Indebtedness must inevitably al
feet the values of similar paper credits put iorh by the
several States, and by cities corporations, ami inviduas
The amounts thus issued and thus danger OF being m
ued by our utterng paper to enter INTO compeloh lol
the money OF the capitalists, very large and very
important The bonds OF the States call for, 1t Is sup
posed ls00DO0Qo the bonds of cities, OF counties
and OF villages represent at least equal suns the bonds
of railroads and cana|sof turnpkes and bridges prob1-
bly, equal 00,0010oo and the bonds and other EVIL
dences of debt oher than those circulating as money!
uttered by the banks by manufacturing, mercantile, me.
chancal. and other legal corporations, probably exceed
the last-named sum- The amount of bonds. notes, and
other evidences of debt, issued by private individuals
throughout widely extended country OF course cannot
be known. is difficult 10 form rational conjecture
as to the amount We only know that the gross sum
must from the adventurous character OF our people, be
prodgious have the assessed value of the rea
and personal property of the United States stated at four
fhomsand mH'ons o. dollars II this statement is correct
(and know not what, ii any, reliance Is to be placed up
on a. the real value OF the real and personal property
owned by the Individuals composing nation is three
times greater. at the least for we all know how low
property is estimated, and how large a proportion es
capes assessment altogether It's also stated that the
daHyspaymens at the counters of banks, insurance and
trust companies, and brokers' in the city of New York
equal about Si.Oo) 900. Reasoning from these items i