Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-26

the oil them tnose VINO might come
purchase land OF the Government that in this way they
would be almost sure for number of years. TO absorb nearly
the whole land Sales they would certainly be below
since they had not the faculty of buyog any thing but land
There was some doubt in Congress whether the loan would be
taken. He (Mr W therefore thought would be bad poll
cy impair the value Of the pledge which had been inserted
into that bill But neither bill had passed into law and
the public creditor had acquired claim the pledge
aog question Of expediency whether provision should
be made for tho soldiers in that form II the soldiers
thus provided for then the lender Of money to the Go
vernmen would take the pledge subject 10 the satisfaction OF
these bounes, He would contract with his open, and
judge for himself Of the value Of the pledge with this in
cumbrance.
He was favor Of rcwarng the soldiers with bountics Of
some sort and had proposed giving them Government scrip
instead Of lands the best Of saving the land
but majority Of The House preferred giving lands and making
the warrants receivable in payment for lands He (Mry had
acquesced and voted for the bill not regarding the mode in
which the bounty be paid sufficient for voting
against the whole II turned out that the public
creditor satisfied to take the pledge and lend his money
subject the satisfaction Of the soldiers bounes And here
be would ask what right does that give to the Government
strip him Of what remained Of the pledge He would thank
the gentleman from Alabama any else to show that
But the gentleman from New York., mr. NIcoLL, who
made his first appearance this floor in this debate in
speech highly credtabe to him. and in temper and manner
worthy Of all praise, the imitation Of whose example by all
both sides Of the House, would add not little to COM
fort here and consideration before the country endea
find shelter for the Secretary to take refuge under in
respect this pledge. He puts forward the proposition that
Notwithstanding this fund is pledged yet nasmuch is
always necessary have balance in the Treasury, which
the Secretary sets down at three millions, therefore he may
the land proceeds for that fund when the stock is above
par 1t the law has put the proceeds Of the lands
into the hands of the Secretary trust fund.- that he
them except for the purposes of the trust and in the
enoned by law. Now, the proposition Of the gen
eman the assumption that this Treasury balance
liable be drawn upon 70 meet the ordinary expenses OF
the Government In that consists the Of his position
Why this balance necessary The answer the question
will explain its character and show that not always dead
fund.- and much less trust fund The necessity Of this ba-
lance arises from the fact that the Government has occasion
TO make its purchases and payments at many and distant
points in the country. And as cannot be oreseen with
certainty when money how much will be needed at all
the different points of payment provide against dshonor
of the drafts of the Government enough always be kept
at each place Of depose to pay what may reasonably be
pected to be called for The Secretary estimates that make
the Government safe the amount thus distributed should be
three millions Of dollars OF these deposes being
constantly drawn upon, and otenlmes, temporarily, nearly
quite exhausted at particular points We need go fur
Their back than the OF the present fiscal year.
when this balance, according to the Secretays report
reduced only 81, 000 to show that this not perma-
and unused fund.- And if any time the stock should
sink below par then being the duty Of the Secretary
to the whole fund hand in the purchase of the stock
"a state of things that may often occur there would be
nothing left in the Treasury to protect the Government from
dishonor.
But passing from this opic the gentleman from Alabama
r. HoUsros accused him Mr W of Inconsistency in
voting for the loan bill Of the last session. which authorized
issue of Treasury certificates Of funded stock at
the discretion of the Secretary of the Treasury, and
porting bill which authorizes the issue Of certificates of stock
only This charge of Inconsistency amounts In fact to an
assumption that if law be- passed directing the mode Of
doing any particular hng that all who voted for bound
to insist that like thing in all future laws shall be done the
mode without change of that if you
have made mistake in the first law, consistency orbds you
to correct it. when again called upon to pass Ike law The
object to be accomplished by the law Of the last session. and
again by this BILL is to raise money by loan. The Sc
creary of the Treasury made the agent Of the law to carry
into effect He, such agent authorized raise the
money by either Of two modes Does this preclude any
from requiring the Secretary raise the loan in Of
these modes only that mode be thought better than the
other Instead of an inconsistency il not duty to require
it He would imagine plain case in point Suppose
person in private life empowers agent do act TO
ansactN matter of business for him. and authorizes him to do
ia either Of two ways he may think best and afterwards
the agent again employed transact like matter Of
business would not the principal have perfect right to say
his agent You must this last commission in OF
those ways With the already out the Secretary Of the
Treasury had authority issue about nineteen millions at the
commencement Of the present session. and he asked Congress
give him power issue eighteen and half millions
When this bill reported the of Treasury notes
then out aboutoureen millions only, and dis
count Of from one to two per cent II, with fourteen millions
only circulation, they discount would nothave
been Of folly permit the Secretary issue eighteen
and half millions
But the gentleman from New York (Mr NIcoLL said tina,
he, (Mr w in his former remarks the subject Of Treasury
them less dangerous issue of paper credit than the is
sued in the last that the notes redeemed may be
issued He (Mr W thought that this new invention Of is
and reissue is of the very features about them
1t be looked in connection with that provision Of the
Subreasuy law which requires all demands against the Gov
eminent be paid gold and silver. IT. fast these
Treasury returned into the Treasury payment Of
Duties they again issued and thus continue go and
come, what has the Treasury comply with that
don Of the law that requires the Government pay the de-
mands against it in gold and silver Evidently at all.
And whenever these fall below par happen when
money in great demand the quantity Of exceeds
any great extent the required pay the
coming to the Government the public creditor will be
PEELED receive deprecated paper in payment instead Of the
gold and silver which the law promises him. the Govern
ment must be dshonored for nonpayment The necessities
Of the public creditor will in compel him receive
the paper and suffer the loss This is what those in power
have taught the people abhor above all things both for its
dishonesty and oppression
That gentleman also sad the subject Of these Treasury
notes, that the amendment Of the minority Of the Committee
Of Ways and Means proposes give tho Secretary auiho
y to issue only about half million than he
issue under the present laws he having authority
oissue nineteen and halt Millions and this amendment
proposes limit him issue exceed twenty millions
under this and the loans last year and the year before
The two last named loans amount 10 thirty three millions and
that proposed to SIXTEEN makingin all ortynine mil
lions The holders of the notes have right surrender them
and take certificates Of stock for hem which prevents the Sc
cetay from issuing other in the place ohose funded but
may be issued in place Of those which paid into
the Treasury for public dues They being funded at the
of about eight hundred thousand dollars per month The
amount of notes. therefore, that he may issue is constantly