Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-19


not commissioner, agreed to BY Mexico But the
gentleman felt that the first part OF his argument usying the
President for sending the army to the Rio Gande was TOO
weak to sustain ITSELF and therefore he brings another sun
weaker sustain that which falling by It's weight
and that is that the President justified in marching the
army from "absoute necessy'th the iyrants plea for all
of usupaon which have been committed against the
laws Of free people, But the gentleman does not make out
Of necessity much less Of absolute necessity
Were there any American citizens there to protect Was
there any property defend None whatever Then where
is the Of necessity which the gentleman suppos to have
existed
Having but few moments left no should devote them 70
the bill under consideration That BILL reported by the
chairman of the Committee Of Ways and Means, prop 20
raise loan of ls millions of dollars. He understood
gentleman from North Carolina, Mr. MCKAY, another q-
Der Of that committee, had reported bill not only obtafa
oan but also 10 issue twenty millions of Treasury notes
On these points he would his opinion He in favor
the measure reported by the chairman OF the COMMITTEES OF
ways and Means He in favor OF the loan in preference
to the issue of Treasury notes and II the Secretary OF the
Treasury could not obtain at six per cent he would be will
ling TO allow him TO give per cent which rate could
be obtained without Treasury notes He OPP
posed the amendment of the gentleman from North Caro-
lima, Mr.. McKAr During the last Congress he had
expressed his great epugnnce to Treasury notes by voting
against the bill for the issue of ten millions them and more
especially he not willing give power to the Secretary of
the Treasury them for any amount proposed
by the bill of the gentleman from North Carolina He
opposed to 1t, because giving TOO much power 10 sim
gle 1t gave the Secretary Of the Treasury power flood
the country with bank paper paper cuencypapcI that
might sink greatly below par And what did the committee
suppose they had been doing with this paper Why in dis
regard Of the Subeasuy law they had been forcing Off
and soldiers to take in Mexico, where they had been
obliged TO sell it great discount The Government had
oven paid Of soldiers bank before they left
the United States and compelled them sell them at loss
for gold and silver notwithstanding the Subeasuy law made
felony and the President Boosting of its successful
operation
Here Mr. C hour EXPIRED and, he apprized Of The
fact by the falling Of the Chairmans hammer
Mr.. NICoLL addressed the committee, at late hour in
financial speech, Of which attempt give but bare out
line He expressed the embarrassment which he felt in rising
address the committee upon the subject before Them and the
reluctance which, had he consulted his personal feelings would
have prevented him from taking part in the discussions but
referred to the fact of his being member of the Committee OF
Ways and Means and of his representing in part the great
metropolis of the country which so sensltivey
alive every thing Congress upon the finances Of the
country and deeply interested in having their action dis
Greet proper and directed interfere little possible
with the great monetary affairs Of the country, his apology
for troubling the committee.
He referred the Recommendation Of the President in his
ate annual message for loan Of eighteen and half Millions
viz for deficiency fifteen and half and for surplus 10 be
served in the Treasury three Millions (Which amount
mended had subsequently, been reduced to sixteen millions
the basis Of this bill The President had accompanied the
with SUGGESTION which was reiterated by
late this loan would be similar that in which the loan Of
session negotiated by the issue of Treasury
undabe in six per cent stock edeeabe after twenty
The Administration also recommended tax upon tea and
coffee Of twenty five per That the plan of the
Administration The Committee Of Ways and Means had
fit to adopt it. but in lieu Of it proposed simple loan
IF sixteen millions of per cent stock Iedeemabe after
twenty years. be negotiated below par. The minority
the had embodied the suggestions of the Pres
lent in substitute which they reported That the differ
,nce between the two plans.
He confessed that when the chairman Of the Committee of
WAYS and Means (Mr. VISToN opened the debate be had
expected to hear from him full exposition of the
which had induced the committee give their preference
he bill reported by him. He considered that the minority of
this House, and the Government after having deliberately
plan that seemed to them feasible, had right
expect hear the for this rejection Of their plan
and the substitution Of another But, far he able
understand the chairman Of the Committee of Ways and
Means he had given for this change He seemed
rather have been occupied in endeavong show that
egregous had been committed by the Administration in
estimating that only sixteen millions would be required TO
make up the deficiency in the estimates for the present fiscal
year He thought the honorable chairman would have been
wise had he attempted show the House how he
intended raise the required to carry the Govern
ment He (r. NJ submitted that the taken by him
would be very likely facilitate this object that the CAPT
aists Of the country would be very likely TO be induced
take the loan by exaggerated in regard the
wants Of the Government.
He should proceed to show that, in his Judgment error
had been committed by the Secretary Of the Treasury in ask
ing for loan OF sixteen millions in other words that there
would be real existing deficiency, far as any reliance
could be placed estimates the st July next OF over
900 and that loan for that amount, and for
plus in the Treasury Of 100000, would be amply suf
fcent.
In infinitely examining the different points made by Mr.
VISroS and in defence OF the Secretary Of the Treasury he
ir noticed the remarks Of Mr. v. with reference to theover
estimates Of the Secretary Of the Treasury Of the receipts
the Treasury for the year ending the LIST July last and the
OF expenditures for the year. referring TO
various incidental and necessarily unforeseen causes such
The unusual mporations Of specie exchange for exports
Of breadstu the large appropriations made by Congress
forescen its commencement the mpossb Of estimating
with entire precision the expenses requisite sustain army
upon a theatre of operations thousand miles distant.
He adver,ed the fact which Mr. " bad considered
snguary unfortunate that the Secretary had not last winter
asked loan Of Si0 900 instead Of $780, 0O0
the whole amount he (Mr w considered might easily have
easy than He differed with the gentleman on the mat
ney could then have been raised easily and that the fact
s23 00O did justly such inference, as in
many the different bids, which principally made by
brokers' made the faith Of the capital in the
hands Of capitalists
In Mr. vrSroSs structures upon the estimates Of
expenditures for the present year underestimate ne said
hat the gentleman had only specified the estimates for the
uaremaser Generals Department and be argued that even
they actually increased above the estimates our receipts
from Mexico would be probably more than sufficient
supply the deficiency The system Of the collection old
in the ports OF Mexico had been denounced as scheme
plumber but he held it to be perfectly legitimate exercise
- KNnr ION AMI tHawn