Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-03-31

r,emon, for services, &c, in California. There
wore some reasons which rendered ii important
that this bill should be considered.
The consideration OF The Loan Bill was then
resumed and Mr.. Niles addressed The senate. a
onss,;on he said, which had hitherto been consi-
ddsrod nc one Of vital importance The finances Of
no conntrv-at The present session appeared 10
ha reoarded as one deserving OF very little alien
ton, He deemed il their duty to look careiuiiy
;nto ,ba condition OF the treasury, ard also 10 al
rec, their attention TO probable results d &c"
| years ahead. so s-
Thi. bill was the measure OF The present ses-
sion. as i, was intended 10 supply defcieneies 10
| ,he annual f.cal year, and leave a conVenien'
| balance in The treasury. He should vote for The
bill because il, was apparent that the amount sta'
led therein was necessary 10 supply The wants VI
The treasury.
inv. independent of the operations OF the Iieaso'
nv. as in a very sound condition Tor a state oil war
Without interfering with the paper currency y
The country, they had been able 10 carry on The
financial transactions OF the government IN spe'
Gle. This had been one Of the beneficial results
OF the Independent Treasury system. Had II nc
been Tor this system, on The return oil peace, mere
would probably have been a period II two orihre'
years before the Of The COUNTRY couia
have IeiurGcd 10 lis natural channel. ms, nj
thought, would now De aVolueu.
He warned the Senate and he country aaains
a return TO The pernicious system winch had pio
duced so much injury 10 he country-to any con,
necIion OF The government with banking ins'iiu
tions. In regard to treasury notes, he said j
seemed 10 be inevitable ina, we were 10 O.: int,
deb, and ii was Of very lille consequence whe
lher tina! debt is contracted by ISSUING treasury
notes or by borrowing the specie.
In regard to the tariff, II hai been stated by linz
Secretary OF The Treasury, that more Teyenu,
would accrue from h. .afiIt OF At than from tn
tariff Of AZ. He did not think SO, whatever
might have been The result So far.
The opinions which he expressed when the &C
OF 1916 was under discussion here, h. entertain
ed now. And iflhe new system had, SO lar, yirl
dcd more revenue Than had accrued under h
system previously in operation, II was mol lnien
ded l1al i! should 10 50.
lie proceeded 10 a brief review Of onr tariff
system, from 1924 10 the plcscn. time-ot IN;
changes which have been made, and he consc
quences flowing lhereirom. lie was in favor 0
a medium course, and ~beiicyed, in regard 10 III
system OF revenue now in operation, that lheI
had gone TOO Tar.
The annual report Of he Secretary OF III,
Treasury was e1amined, with a view 10 shov
mat his estimates could not be relied u%pon-lha
he anticipated revenue oi the next fiscal yea
had been over estima,ed-iha excessive impor
ta,ions must cease, and he revenue from HI
source necessarily tall tii-that he falling on u
his speculative trade should have been taken IN
10 consideration in the secre,ary's ,eport-a an
that i, was not prudent 10 calculate that the reye
nue. Of the next will be a quaiter Of that Of th'
past year.
MIR. n. advocated The doctrine Of protection
contending lhaf, by protecting our manufactures
We should be able ultimately 10 supply our owl
and other countries with The articles which v,
are now, uater The influence Of low duties, obligel
10 import from England, &c. lie insisted, also
thai the golden dreams which nave been induleel
in, OF the great advantages which The a~gflcnltu
raj and planting interest was 10 derive from tht
tariff Of AZ had no, been realised.
Mr.. Mics concluded By warning The country
agains. the consequences oi a-cumulating a large
national debt.
Mr.. A,herton replied briefly 10 some Q! the Re
marks OF Mr.. Niles.
Mr.. Niles explained.
Mr.. Clayton moved an amendment, which va
adopted, providing for the ultimate redemption c
the loan, out OF any moneys in the treasury &c
Otherwise appropriated.
MIR. Davis Of Massachusetts inquired Of III
chairman ofthe Finance Committee (hr. Amer
ton.) whether, il all accoanfs were now se.Ic'
up, The public debts would be less than slGo,
COZ, 900.
Mr.. Anterior replied tina! it depended upon Ger
tain contingencies
Alter an executive session, the Senate ADJOURN