The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-16
THE UNION.

ectness He did not believe that we could GET thirty
one millions from customs. He felt an abiding conf
denoe that the deficiencies al the end OF this fiscal year,
would be nineteen millions Who that was aware OF
the state OF things which rendered exports so large
last year. could expect continuance OF such prosperity
he great amount OF exports not owing in
siderable measure, gentlemen the other side had
contended, to the reduction OF the tariff He did not be-
eve should have any commercial CONFUSION
but 1t became wise and prudent men, 10 look at
facts There had been great efiux OF specie Europe
The result was strlngency in the money market, while,
at the time suffered here runously low prices
of cotton Under such circumstances how could we
pect to derive thirty one millions from customs But
suppose the country should be flooded with foreign
goods TO such extent produce income of thirty
millions it would paralyze the domestic industry of
the country. We should not have the capacity pay
for the goods which would amount to hundred and
nifty five millions. We could not pay for more than one
hundred and ten millions. The consequence of the
cessve importation would be the rise OF exchange and
ruinous drain of specie He would remark upon the
gument urged by the gentleman from New York mir
NIcoLL as to the revenues to be expected from Mexico
These ought not TO be considered exclusive
y under the control OF the President, but they so
IN fact We had not been told by the Secretary of War
that the revenues from Mexico would be so much nor
had Congress been asked to appropriate it, Congress
could not IN fact act in reference to estimates not before
them.
| Mr.. POLLOCK had but ten minutes, he said, before
the hour fixed for terminating the debate for explaining
his views. The system of finance adopted was the
most bunglng ever conceived Of Rash experiments in
finance had been resorted by this administration, the
disastrous results of which beginning TO feel
But the question now was, how to raise money to meet
an emergency; and he had disposition to embarrass
the administration in this respect The certificates of
stock were made transferable and would all the
purposes of treasury without their evils The loan
proposed by the committee would be paid in specie The
substitute proposed to take treasury notes for treasury
notes-noihlng but reissue OF treasury notes--not
Of that substitute The gentleman from New York [Mr.
NlcoLL] said they would be funded. But why, then,
could not stocks be taken Why should six per cent.
stock be refused at par You have your own system,
rec H.
| treasury.
Mr.. VINTON proposed to reply to what advanced
yesterday by gentlemen the other side, well the
feeble state of his health would permit In Justice to
himself perhaps, he ought to take notice of the
cusaton preferred against him by the gentleman from
Alabama In commenting the remarks which made
on the power of the Secretary Of the Treasury dispose
OF the proceeds of the sales of the public lands part
of the general revenue, (Nlr. " continuedD the gentle
man said that myself had been guilty of violating the
law in this respects and that il did not become TO make
such accusation against the Secretary, when stood
in the category myself The gentleman said, very
truly, that voted in favor of the bill OF the last session
to grant bountyands to the soldiers serving in Mexico
Now, Mr. Chairman, gave that and in giving it,
violated no pledge that the government had entered into
the loan OF twenty three Millions and the bill toprovide
additional military force and authorizing bounty lands
both pending at the same time in the House The loan
bill passed first, and sent to the Senateand this bill
contained the pledge of the proceeds OF the land sales
The consideration of the other bill followed in the House
and this bill contained the provision for bounty lands
When this last bill before the House, the
gentleman from Alabama himself must remember,
called the attention OF the House TO the fact, that
we had just sent TO the Senate bill pedgng the proceeds
of the public land sales to the treasury, and urged that
the bill with the bounty land provision should pass, it
would serve TO diminish the Inducements with the public
creditor take up the loan but the House decided other
wise thought it best to get lid of the effect of these
bounty. land warrants the sales of the public lands;
but the House thought otherwise. voted for the bill,
had not yet become law But when the public creditor
took up the loan, matter of course, he entered into
il with full knowledge OF the authority for the bounty
land warrants. He was not deceived. He acted with
his eyes open and could for himself whether the
pledge was of any value But because we thought
expedient to make this provision or before the loan bill
became law, 1t was mere question of expedcncy how
far we would, by another law, control qualify that
pedge and because the public creditor thought proper
to take the loan with a full knowledge OF the fact do
these considerations give to authority TO take away
the residue OF that pedge' viii the gentleman from
Alabama answer that, Has not the public creditor
right to what is left of the pledge'
The gentleman from New York, [Mr NIcoLL] on his
first appearance on this floor speech OF great ability,
and (what is more valuable in SPECIFY delivered in
example, If copied this respect on both sides of the
House, would add materially TO the influence of the
House before the country well to that due consider
alton and respect which properly attaches to ourselves
that gentleman undertook to shelter the Secretary from
the difficulty in which he has become involved upon this
sub]ec saying that nasmuch as it was necessary that
there should be three millions at all times in deposite to
meet the wants OF the treasury at different points, there
fore the Secretary had right to take the proceeds OF
the anus, ana then as that fund NOW,
state in reply, that this three million fund is not trust
fund But the proceeds of the sales of the pablo lands
in the hands of the Secretary of the Treasury trust
fund, which he by law engaged to apply in particular
way
Now, sir, what is this three million fund what is the
necessity for it The will show the character of
the fund.- and the to which it is applied The gov
eminent, matter of course, has occasion to make
contracts and disbursements of money many parts of
the United States 1t can rarely be ascertaned before
hand what precise amount should be drawn at par
ticular place of deposite; but the of three millions
deposited at these various points has been found prac
tice sufficient to protect the country against the dshonor
of protest Thus it becomes fund of active utility
and is often the that these repositories are drawn
down to the very last dollar.
Mr.. " next noticed the charge of the gentleman from
Alabama, that he was guilty OF Inconsistency in voting
for the loan bill of last year. which gave discretion to
of stock by showing that he could be held response
BILE for the exercise of discretionary power.
The gentleman from New York CMr. Nc Oil would
not say that this loan would not be taken up Capitalists
will get the best terms they can; but where he would
ask is the difference between taking per cent stock
and the conversion OF treasury notes into per cent
stock?
WINGED his mind that this stock would be taken up as
good bargain. He argued that treasury notes would be
worth nothing in MeXico and showed also that these
loans, sold for money wanted in Mexico, would release
from the expense of specie transportation and be
worth premium of ten per cent. to the holders who
would take them up, and give drafts for them payable in
Mexico.
Mr. v. replied to the argument of the gentleman from
New York founded the new invention of ressuing
treasury notes; and showed the inconsistency of this
practice with that provision of the law which requires
Tho Sacro To nav