Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1848-02-17
VOL. NNVl.--sO. -
lONst. OF RESENrlVES.
TIE LOAN BIr.L-rHE FINANCES.

Mr. |lNION m'vcd that the committee pr. coed IN
the consideration II The bill In nuhuriie han not
ce d HE sun ot eighteen millions five hundred thousand
,ulla
Ihs moon agreed to and the bill having been
read -
Mr. NINTON umyed 10 strike oui tho words yl8,
800 90 ud substitute th.reor the u Of 81 d, 0O0, UOO.
Mr.. NloIn said: A. the commencement "flh- las,
srssiun ton9frss. when II duy of the Es.cu-
tive Ia recommend aud II Congress provide. fr The
wants nj III" pteaeni fiscal year, The President Of thu u
"ed states, In his annual message. aud III. crenry IL
thu Treas nv. III his annual report. bp' stated that II
the "af ntih MeNco should h. cntlnn,d all The Isl of
July. A. u, lsas. han # twenty. hr,e mmns of
dollars was all tina, would b" wanted 10 carry the
" rnmeh forward To that dat, aud leave sur
plus III tuf millions III the Treasury Dhh these
iuncmares recommended the loan. Il was grated by
Cungr s. aud the money ohiain,J.
hui. nhw outstanding this provision fur the Govern
men The Secretary It the Treasury In his annual r.ou
To Congress The state Of r finances ,uade the
nctmenl ii thu present sl,, had nfoM'd us that
further luan ii ghrrn aud hall mllli,s ii dollars
would BE- uir.d ur,t the expenses II tie GOVERN
mrni ii the year Til. bill NV before II
ported i that sn IN pursuance 10 Tins stairnrn' ii the
Secretary and the nendaln III he President IN
hla annual message. Shrly afcr The bill WIS reiu
ted, perhaps the day leter VAS addressed 10
The Speaker # III. bv The acting Secretary III the
treasury giving iu .tuati,m 10 the l,u~ IL the forum
ae discovery III an .rf IN the fnancial statement ple-
"uict II the n,n"cu"nt al the session. which DIS
~. soll ct Ia ia command millions II dollars
than had been stated III the prior report
qnrn ri whch the House mas in rp,d that til. han
could be reduced ifon eighteen and half 10 Twelve
mlli,ps dollars.
A iew,a,s sincr however another letter was trans
miled la the House by he ,iccr cunvp, inv The
unpleasant Intelligence tina, when the last letter adj
r ssed ,"the II use il was mi known Al the Treasury
Department tlai thr Secretary Of War had called
upn the committee I Nats aud Means fr Apr, phi
an Ut n fur mL,us If JuluTs sti.,nlI
II Il h.neies IT. ihs, batch III The Iuhlc fi the
rurf.i sca year which would -f loan Of sixteen
ulllhns 'ccssAry meet The 81 the Government.
Presu ming the to he n corrected, and the nls-
Supplied which he asuty de sir 3 IN ltov 10
th. lie had now snbmltl'd the intiun. because
tnlafy uf III" Treasury does ask t"f more. Il
hc,l Of hts uWn hal this III suffice ,ocat tie
Governmeu, Ia thu Isl fully. when new fiscal yrar
commences. On the ctnlriry he rard. aud ind ed he
might 81, 1t was his opinion thai instead Of xieen from
Iwen /" invent, II = nlllhns would be wanted 10
~ Us safely on 10 The nd OF lhs year And If the war
'n,ll continue through HE neN liz al year ~ which the
stlnarrs nov lie bel re rs. further l,i Will br
ar, 'n"l les, tlin from til five IN thr right mil
lions. even IT Cuigr"s should refuse IL add To the army
,uy par ut the lhltl, thousand regulars and volunteer.
,nd d by he Pr salient lie was aware there
WAS Wld- H'r.ucr between This aud t~ri-
" aud hall millions which the Secretary and the Pres
ieni II The uittd States h,v. told lis all that Ill
liz needed tt The mat teafgf.at and oppressive up
'" 's'"' - 81. ~t''''s n,nst hr adj, IL
YEA Ia ne hhtN hNllul appear Dt
~ Id and vlsonar, ia HIM When put iurh IN oppo-
that 81 the highest officers # Ia, and 10
ptn,ed irin some parry bias which had warped
blinded his better Judgment. But he fell thai hr h. d
tgh Ia QUESTION Their accuracy when II was re-
rcc,d HAT lssI year h tn Il lhos hncll nsrrs. al The
GORE p,niug period ii The year exp ess.,l srug and
,doobing uplnl.n that loan u went, three mllh,hs
would provide fo all the wants OF The Govern "enl for
the present var, aud easea surplus f four mlli"s
N the T,easury IN 'hr Isl Of july nrx and thai they
al Inn
il required 10 carry 10 the Is, otJuiy, and
surplus # only ihfe. mlons III the Treasury nj that
nn INSTEAD ii four Frnn which fact II follows thai
at the last sSln. When II WAS our duty t'pr'vde t'r
til wants Ut the presr,d year, instead OF providing Tor
then, now, the Ex"ru i've. booking to a surplus .. us
riIion> at the end 81 III" year. shnu hen have
m'ndni lnu ,ffriy mllions Instead oit~e"y ihree.
u AT lii l. st cssl,n n,ler 81 In, OPT siii I'd
venlu,ed HE Up hat fd lions Wanted, he
would narly have est ped the hnIulaon II desire IL
imp III public credit aud III tuat way give aid aid
cumtoih to M"xlc,.
b. deuied Ina, tn sgr-at mistake ofihe Exec,
tive nnr'srs on Congress the mp rrnus duty. winch, as
III htu agents # tn. People. ". have rlIli 10 pre-
irrmli # We would when called upon again
10 "len wide the pnrSr~rngs e The naon. l. >'rntin-
Ne severely, Vet caniidy aud fairly The comm nd,-
ilon> up upIu Witch We lciing, 10 SEE II te,e
he any reasonable ground for apprehension ia like nn-
fortunate From Tins OF facts
questions f,r,- themselves IN the mind " every
yrnilem m, AID every desire sniu Of them.
'luw did ,h,ormrr nlscalcnl,ion harp.n Is tile ad
dnnal loan now asked r The pres.n, year enough IL
there any mistake IN the estimate ur wear! lie
would runiur hms,lf III what he had II, say In .
dscussrn 81 these qursi ms. which hr f'an d wonld
'nole tlan Consume his II and HIMSELF as
he nee essirly must do answer 10 such INFECTIOUS rs
might be made against the primer PIES III the bill. by
",hna mi the Executive estimates ot the revenues 1t
III" las and present year. and nto hs estimates ut the
expenditures. II will h- pirent that the r~ciIs
largely orer esnmted. and the expenses still Ioe large
IL uad estimnted And h"rrw find the Gauss Of
The SAID nrcrssl whirh is mp sed upon ot rais
ing loan of million If dIAs balance this
tor innate mistake for m st inf runa- It is hIth for Tho
q vefnlnrn and In. people. We all know ihn if E,r-
" millions instead II iweniyihrre had then been sked
for and put in the market il would have found ready
purchaser That II Mould have been purchased is prov
by tlr fact that bids ir Than fifty millions were
mad Tor the loan when these twenty three were put up
for sale Al thai lime at unprecedented commercial prus-
I~rlty han 10 The ct oriy nillnpus cud have
been taken mp without any serious injury IN the husiness
and currency ni hr ry while INV, BY rrassn VI
us mistakes for hich alone is in fault and als
responsible The Government must g" into the market for
thrst sixteen nillhns when trade is depressed when
s.ace. when great Commercial distress prevails
and slill greater is anticipated.
Perhaps it would moi ba ging t,v' far. tn say that
putting wholly If view the distress aud eranypinent
which, The Government must pr duc~ hy gdng NV lno
the money IN rkrt as hHrwer, fur every d,dsr It hr.
rws will cause hr HISS Ut Than another dlsfiofhe
business Of the country. And here he would add. that
the Government coInntled If p ssbie. as VI gstaier
bun'' IN The in vi ch the han was issued -
Having ga wha, The :'ei-tary calls dlvrcr i'" me