The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-02-25
]Dolitifal.
MIR. VINTON'S SPEECH
ON THE FINANCES,


Boris in the chair.)
Mr.. VINTON moved that the Commit.
lee proceed to the consideration of the
bill to authorize loan not to exceed the
sum Of eighteen millions FIVE hundred
dollars.
This motion was agreed to; and the
bill having been read
Mr.. VlNTON moved to strike out the
words SIS 100000, and substitute there
for the sum of $16,000,0O0.
Mr.. VINToN said: At the commence
ment of the last session of Congress,
when it was the duty of the Executive
to recommend, aud of Congress to pro.
vide, for the 6cal year, the President of
the United States, in his annual message,
and the Secretary of the Treasury, in
his annual report, both stated that, if the
war with Mexico should be continued
till the 1st of July. A. D. lS4S, loan of
twenty. three millions Of dollars was all
that would be wanted to carry the Gov
ernment forward to that date, and leave
a surplus Of four millions in the Treasu-
ry. Both these functlonares recommen-
mended tho loan. 1t was granted by
Congress and the money obtained.
But, notwithstanding this provision for
The Government, the Secretary of the
Treasury, in his annual report to Con-
gres, on the state of the finances. made at
the commencement of the present seS-
sion, had informed us that further loan
of eighteen and half millions of dol
lars would be required to meet the OK
penses of the Government for the same
year. The bill now before us was report
ed for that sum, in pursuance to this state
ment of the President in his annual mes
sage. Shortly after the bill was reported
perhaps on the same day, letter was adj
dressed to the Speaker of the House by
the acting Secretary of the Treasury,
giving information to the House
error of the fortunate discovery of al
in the financial statement presented
at the commencement Of the session
which disclosed the gratifying fact tina
there were in the Treasury, subject II
Its command, near seven millions of dol
lars more than had been stated in the pri
or report; in consequence of which th'
House was informed that the loan coul'
be reduced from eighteen and half t
twelve millions of dulars. .e
A few days since, however, anothe
letter was transmitted 10 the House b,
the same officer. conveying the unpleas
ant intelligence that when the last lette
was addressed TO the House it was nc
known at the Treasury Department thu
the Secretary of War had called upo
the Committee of Ways and Means tc
an appropriation of near four millions {
dollars, to supply certain deficiencies
that branch of the public service for tn
current fiscal year, which would rend'
a loan of sixteen millions necessary
NEE, the wants of the Government. Pre-
sumng the errors to be all corrected, az
the omissions supplied which the Trea
ury desires to provide for, he had no
submitted the motion to reduce the lot
to sixteen millions in accordance to u
Executive recommendation. He hi
Y made this motion, because the Secreta
of the Treasury does not ask for MOI
,e and not from belief of his own that tt
IN sum will suffice to carry the Governme
:, io to the lst of July, when new fiscal ye
le commences. On the contrary, he feare
and indeed he might say il was his opi
ion, that instead of sixteen, from TWEEN
o; to twenty-five millions would be want
ed to carry us safely on to the end OF t
re year. And if the war shall conlln
30, through the next 6scel year, for which
th estimates now lie before US, furtt
al loan will be necessary of not less tt
bv from thrty-fve to thirty-eight millio
wn even if Congress should refuse to add
as the army any part of the thirty thousa
=" regulars aud volunteers recommend
aid by the President. He was aware tn
re- was very wide difference between
U.s. sum, and twenty and a half millions, wh
the Secretary and the President of
-. United States told us is all that Will
5 needed for the next year-great and
! pressive upon the country as even
- enormous sum must be admitted to
a. He knew this opinion might appea
That be very bold and visionary in him, W
ick put forth in opposition to that OF
r. higher officers of the nation, and to
con. ceed from some party bias which
blinded his better Judgment. But
IS felt that he had some right to ques
lone their accuracy, when it was recolle
and that las, year both Of those functlona
at the corresponding period of the
0 expressed strong and unduubting a
80 ion that loan of twenty.three mill
: would provide for all the wants OF
80 Government for the now present
nday and leave a surplus Of four millio
ermS er the Treasury on the 1st of July next
N. that they now inform us that an addl
al loan Of sixteen millions is requlr
- carry us to the 1st of July, and lea
surplus of only three millionsin the 1
aIa, aIsO ury at that time instead of four. !
oons, which fact it follows, that at the last
sR. sion, when it was our duty toprovlt
- the wants of the present year. inste
}. providing for them now, the Exec'
Land looking TO surplus of four mIllle
/, well the end of the year, should then
ia at Recommended loan of forty mllllo
excel. stead of twenty-three. If atthe la'
under sion any member OF the opposluo
'elling ventured the opinion that forty mi
good were wanted, he would hardly ha