The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-09-07
SPEECH OF MIR. ATIIERTON,
OF NEW HAMPSHIRE,
ON THE LOAN BILL.
In SENATE, MARCH %, 1915.

oil classic 10 suCH
domestic and homely, considerations as those which
uncertain 10 the state of finances But this
subject is of the first importance to however unner-
esting in its details, hope shall be INDUCED while
1ischave-very mperfectly fear, but briefly as
may-the duty which seems to devoye upon me of ex-
naining the which this bill is founded, both
as Il regards the amount for which il provides and the
nature OF its provisions. In what have to say, shall
proceed upon the ground that in state of war,
and leave out Of view all specuatons as to the proba
bity of speedy peace. 1t seems to me that this is the
proper ground for action, not only this but all
measures for supplying either men or money. But were
otherwse, and could we be assured that peace will
turn as speedily as the most sanguine can hope, II could
have possible influence on our financial calculations
for the fiscal year which is already drawing TO It's close,
be permitted say, that will not do great injustice
10 the Senate suppose that any member of this body
however opposed he may be to the war, would in con
sequence OF that opposition be willing to nhct fatal
an injury on the credit of the country and the vast and
various interests connected with it, to refuse
delay supplying the necessary means OF meeting The de-
mands on the treasury.
II will tend to simplify the subject and render it more
Ineligible, consider the first of july 1885, which
the of the last fiscal year, being also
the period OF the commencement OF the war. The war
with Mexico declared to exist the 18th of May,
1916. But the military operations previous to the com
mencement of the fiscal year alluded TO. were of rng
Importance, far as regards expense and for all prac
cal purposes we may consider the war as having com
menced with the beginning of the fiscal yearon the LIST
Of July, 1876 That fiscal year was remarkable on &C
poant bearing upon the finances of the country. On
The ed of July, 1916, ten millions of dollars were au
hozed to be raised by treasury notes loan On the
3Oh OF July, the tariff law, commonly called the tariff of
1916, adopted, to take effect the LIST OF December
1916. On the 9th of August, the warehouse bill
passed and the day the constitutional treasury
was made the law of the land. The provision of the
law, far regards receipts in SPECIE take eff
feet from the LIST OF January, 1Si7 and far regards
payments in specie, on the LIST of April following. On
the 2sth Of January, ls47, he fiscal year, twenty
three millions of dollars authorized to be raised BY
treasury notes loan The first loan and treasury
hn linda n,thO al thar evof
mions OF dollars; the second, twenty three millions
By the hls the treasury notes were to be redeemabe
year, but by the second they were redeemabe in
years and thu authority under the first act was ex
tended to the same period under the latter, with the
limitation that this should only apply to five millions Of
reasonable 1t will thus be perceived (half of the sum
authorized in the first act having been issued IN sock
thai these two loans, passed since the OF
the fiscal year beginning July 1916, may be considered
furnishing to the treasury during the whole of
that time equal to the sum OF thirtythree millions of dol
With these preliminary remarks ask the attention of
the Senate to the receipts and expenditures of the last
fiscal year, beginning the of July, 1885, and after
wards to those of the current fiscal year
Fiscal year beginning July 1916, and ending June 3d.
lsl7--befng The first of the arar.
The receipts were
From customs $23,747 1864 &c
Lands 2,49s,355 20
Miscellaneous sources 10057O 81
Whole receipts of the year, aside from
loans and treasury notes 26,3l6,790 81
The expenditures during the year stated in the Sec
rcary's report at $5945I,l77 65 But in this is in
Guided the following em viz:
redemption OF treasury notes. dedncting 49,, 200
So 36l, ss7 On"
This amount is made up of notes issued under the acts
Of 1916 and s47. with the exception of small sum in
cuded for issued under other acts This sun thus
included is Sl93y697 o. which being deducted from
S236l397 o. leaves the of 81 700 for notes
issued under the acts OF 1916 and ls47 paid in during the
Fore onI1n ,,l, - Ill Az
oe taken from the apparent expenditure OF the year.
and it reduces it by 80 much, and gives
The real expenditures Of the year $57, 2s3 AT s.
The seu receipts OF the year, aside
notes, have been already
To this add balance in the
treasury at the beginning of
We thus have The whole of the year,
asu1 from treasury notes and loans, at 33473S29 10
This, taken from the expenditures, leaves
as supplied Tor the year, from loans and .
In the means of the year. as stated in the Secreary's
report, is the following item
From avas of sry and loans 1925 69 1879 49, "
From this should be taken the amount of treasury
notes redeemed as before stated, ~ l677o and we
have
e true realized from treasury . and a loans
Take from this the deficiency supplied by
treasury notes and loans, as above 2l,SlO,2S 20
And we have the balance in the treasury on
the first of July, 1917 $1,70l ,25l %
The reason why, in the statement just exhibited, the
amount OF treasury notes redeemed is taken from both
means and expenditures. is found in the operation of the
ueas'ry-noe stem, concerning which will here make
aew remarks. Suppose the government authorized to
issue treasury note of one hundred dollars and that the
hoe issued Suppose hundred dollars due the gov
eminent for customs TO be paid into the treasury by means
oil the note thus issued The whole result may be shortly
stated thus The government has given and taken Its
note Tor one hundred dollars and has received one hun
dred dollars for The issue and the redemption
oil the note balance each other.
Mir WEBSTER. Will the senator be good enough to
repeat his statenent' do not understand it.
MI ATHERroN repeated it.
Mr. WEBSTER. Will the senator allow me to interrupt
adopted by the senator. Does it not depend very much
upon the transaction by which the note is issued Does
not depend upon whether the note is issued for an
quvalen sum OF money, whether the note IS issued
III, ihe payment of n debt
MT ArrERroN. So far the debt and credit sides of
m government accounts are concerncd the matter is pal
acea certainly perceive that the superstition OF
.he naor from Massachusetts, makes any difference IN
!ne result OF my illustration. Whether the treasury note
ISSUED IN payment of debt, whether upon its issue
money to its vaue received into the treasury, 1t Is
aIue 10 You is Just much hundred dollars when
Tor cash
Nir WEBSTER Qrom his seat) Perhaps it may be so
MI ATHERToN. Ii will be readily understood that IN
Nahhg the means of year that has passed, only the
sum which has actually been received within the year
poh treasury notes and loans enters into the statement
pu N estimating the of the treasury for yea
Mnch has no, yet expired, must take into consdera