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

dorsed by the Secretary Of the fessuy compound
proposition rembursable on the propos-
ed by the bill Of the majority in connexion with the Treasu-
~ notes. The ruling feature OF the substitute submitted and
which will be offered for adoption by the House, Treasury
notes and the plan Of loan u thrown 10 merely osave appear
ances Should the loan proposed by the substitute iaken
the Government would realize nothing but Treasury notes.
their promises pay But regarding the plan pro-
posed 10 be substituted authority to issue Treasury
notesfor such virtually how and 10 what extent would
relieve the present and pressing wants Of the Government
II authority should be given 10 issue the full amount Of six
millions Of dollars in Treasury notes. in addition to those
outstanding, the operation would simply be the paying
of one debt by the creation Of anothethe substitution of one
liability for another Of equal amount mode of paying debts
which, however convenient for the present. only the
evil day. and accumuates liabilities which must finally be met
and paid But the amendment proposed provides that the
amount Of Treasury notes outstanding any time that
may be issued under this and all preceding of Congress-
shall not exceed twenty millions Of dollars" What then,
would be the present relief afforded the Treasury by the adop
ton Of the substitute in the event q he loan not being taken
not be taken The amount Of Treasury outstanding
limited to $50, 00O 600. The gentleman from New York
(Mr NIcoLL stated yesterday that there ousand
ing of former nineteen million and half He has
hsps over-esmated the amount actually outstanding.
The outstanding and In the Treasury subject
reissue is within fraction Of the amount stated The pas
sage Of the substitute under this state OF the would
eve the Treasury only to the extent OF half million Of dol
lars by authorizing the Treasurer issue that Of Tea
sury notes than those outstanding and subject
ISSUE for additional half million will reach the limitation
gentleman
difficulty has told h the Treasury notes outstand
ing progress of being funded and that the Treasurer in
addition the half Million would thus be authorized to issue,
under the provisions Of the substitute amount OF Treasury
equal the that may be funded In this
of the question: what would be the character Of the operation
the Treasury Let suppose two millions of dollars in
Treasury notes presented at the Treasury and funded the
holder of the notes receiving therefor certificates Of stock for
the amount directed by existing laws the funding Of the
issue Of Treasury this amount releases
pondng Of the authorized be made and the
issue may be made accordingly They go into circulation
returned again to the Treasury funded and correspond
ing again issued which their perform the
wonderful financial operation What is this but loan, be-
ginning and ending in Treasury which might be
funded and ressued funded and essued again and again. and
in perpetual circle This would be truly circulating
medium Under this process dollar Of specie would
reach the Treasury but Government paper deprecated
pehance by the very asked adopt to sustain
the credit Of the county would usup its place. Is this COM
pabe with the principles Of Constitutional Treasury ~
Can its advocates reconcile their "hardmoney principles
with their paper practice Can they vindicae their
sstency 1t cannot be DONE
An additional issue of Treasury notes at this time would
afford permanent relief to the Government OF the country
II is tenporizing policy, which, although affordng
mentay relief must in the end aggravae the evils wish to
avoid crisis impending, induced by the reckless fnan
cal policy OF this Administration Il must be met cannot
be avoided 1t is question Of time. If it must come
better prepared to meet it than will be here
after. Temporary expedens may postpone the crisis they
cannot avert it Again. sad Mr.. the substitute provides
that the loan and treasury notes shall not be negotiated below
par We have been told objection to the loan proposed
by the majority of the committee that the Government could
not negoiate loan at par on six per cent stock Why
then do gentlemen the other side propose to do the
thing II loan such propose cannot be negotiated at
par how do gentlemen expect to negotiate their loan
better terms Can you by tho aid of Treasury notes.
below par secure loan at par Will you compel the public
creditors to receive your excheque bills at par when they
at discount in the market Teasury notes at par in
the Market and would be received by the public CREDITOR the
oan in the manner propose, would be taken at The
substitution OF Treasury will enable the Secretary of
the Treasury to borrow money upon terms more favorable than
in the ordinary way for although Treasury notes may
mand in the market higher premium than Government
Stocks yet the very fact that the be largely in
creased beyond the demand will necessarily
depreciation and. il forced sale to obtain specie, the de-
probation would be still greater
But how this J said Mr.. p. Why could not Govern
ment loans be negotiated at par Is it true that public
rites at discount Why was it What causes have
been in operation TO produce such results Will the friends
of free trade be pleased inform the country Was not the
tariff Of 1916 still in existence Has it ceased to operate
benecialy Il is not only in operation, but the paudits of
its friends almost deafenng The Secretary Of the Tea
has exhausted the strength Of both body and mind in
recording its praises His audaions have been echoed and
rechoed throughout the length and breadth Of the land and
can il be that the credit Of the country is in danger
Have you not the subtreasuryhe constitutional
sury the Secretary calls tin full and successful opera
ton that great reormer Of every fiscal was it in the full
tide Of successful experiment. Will It's capacious vaults
contain oil the revenues of the country in gold and silver and
accommodation
any thing been withheld from the Administration and has
every party principle been triumphant Why them the
credit of the country in danger Why will not loan be
taken at Have any been assigned for the depre
citation Of the securities Of the Government Has the Secre
cretary in his report informed the country why is Had
not the weny-three million loan Of last year been taken
par Aye, and above par. Did the Secretary receive
proposals for said loan to the Of than fifty Millions
and all above par Why could not loan be negotiated
upon terms as favorable There wrong somewhere
loose the machinery ofthe Government Your whole
system of finance wrong Separating the interests Of the
Government from the people, il fails both when needed
Its longer continuance orbodes ruin and disaster Excessive
impoatons large balances against us decreasing exports
specie leaving the country, national debt rapidly
iang circumstances sufficient to arrest the attention of
the most careless The interests OF the country be pre-
served her credit sustained.
Mr.. VINTON said that perhaps he oughtto content him
self to permit the vote to be taken the bill without awaiting
himself of the privilege allowed him by the rule OF the House
70 close the debate AT the opening the discussion he had
endeavored to present. in condensed he coud
general outline Of his views respecting the present and
future wants of the Government He did not propose
ngue the House with repetition Of them nor did he deem
necessary for him do since he did not that
far he had stated facts in his former remarks their
had been questioned by any one He had given his
for the deductions he had drawn from those facts and
he did not know that he could give any additional strength
those by reproducing them in new FORM There
wee however SOME things that had been said by way Of an
swer and topics introduced into the debate which
seemed to call for replication from him.
After his opening Speech had had episode of full