Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-02-25
From the Washington Union, 18th inst.
THE WHIG LOAN RlII

It will be seen from our congressional re-
port of yesterday, that the whig majority of
the House have persisted in forcing upon the
government, in direct opposition to the recon-
mendaton of the Executive, loan bill, in a
shape for which 10 one precedent can be found
in the financial history of this or any other
government, after twenty months of war. The
wings have voted this measure in the face of
their olCn arguments plainly condemning its
form. If not directly intended to cripple the
treasury, it is not denied by the wings them
selves that this whig inanciering will cause
the supply of money to the government to fall
just as GENEROUSLY as possible OF, the business Of
the country! tits most pregnant admission.
Let the country mark it well, and remember it.
II will be seen that Mr. Mckay, for the mi
nority of the Committee of Ways and Means,
proposed as a substitute for the whig bill, the
combined stock and treasury note plan of a
loan, with the addition of small temporary
war-tax on tea and coffee, to facilitate and sus-
tain the loan, as recommended by the Execu-
tive. For this substitute more than four ifths
of the democratic members present gave their
votes But it was defeated by the wings in
unbroken coIumn-the vote being, ayes 81,
noes 1O4. Mr.. Mckay afterwards modified
his proposed substitute so as to authorize a
compound loan of treasury notes and stocks,
without the tax on tea and coffee. This, too,
was voted down by the wings, by majority
of one cote Every democrat present, we be-
lieve, voted in its favor. Every wing present,
we believe, voted against it; preferring. in a
time of war, to force upon the treasury and
the country the issue of naked six per cent
stock The vote stood 1O4 to 1O5. When
the bill, as thus framed by the wings, came
out of committee, no opportunity was given
to the democrats to record their names in favor
of either of Mr.. McKay's propositions. The
previous question was sprung at once by Mr.
Vinton, and the minority were obliged to vote
for the bill as it came from the committee, oil
to record their names against a measure appG-
renHY intended for the relief of the treasury
Under these circumstances, the democrats Of
the House voted for its passage. Only four
teen votes were given against tall whlg-
and not few Of them found among the IA
nous fourteen also given in the House against
the passage of the bill of May 10, 1916, recog-
nising the war as existing "by the act of Mex
ico,' and providing for its vigorous and efec'
tual prosecution.
Considering the closeness of the vote by
which the government plan of a COMPOUND
loan of stocks and notes was at last rejected
in the committee, we trust that when the bill
shall be sent back from the Senate in tina
shape, the wings will not again venture to re
ject it. If they Dc so, they, and they only
will be responsible for whatever embarrass
ment and evil their measure may produce. A
all events, they have already sufficiently def
ned their party policy in the present crisis c
the country, TO set them in their true light be
| fore patriotic people.