New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-12
SPEECH Or MIR. yISTOS

Loan Bill and Finances On lucsoeyi ." '@
which we abridge fron the National IHte4ige"osr'
while We regret that our space will not permit Us
To publish the document entire.
The House resolved itself into Committee Of the
Whole oa the State Of the mon ihr BOTS 10
the chair In. ,.,...5
% H. ces,iderston Of the bill % authorize ioan
-. ~ excesd the sum Of sic 800 OyO. Inls notion
wss agreed 20 and the bill having been read. Mr..
VtxroS moved 10 strike out sls 100000, and sab.
sttute $4,000 900
M Vis1oS SAID Atthe commencement Of he last ses-
sion when it the dGy Of the Executive = recon-
mend and q Congress 70 provide, for The "an o. me
present cal year the ffssicsnt IN his snnuz nesssse
soc tbs seeFesfy q he lfessnTy Ia n' i.Poi ''sa
that d the with Mexico should be continued WI me
LEI OF July 1919, loan Of s~3too,oo0 was all That
would be wanted 10 carry the ioEsd % mat
da,e and eAge surplus VI 100000 IN the Treasury
Both these fDnctOosIi,s IeeomHen Cd the loan IL was
granted By Congress ald the money ootsnsd
Bot n0t~ hstsndng TINS provision Tor the 10Vefoineni
the Secretary OF the TIessu his annual Report on toe
Of the hnsoces. made o. the COMMENCEMENT o. 'ns
present session bad informed that farther loan 81
I'D be required 70 meet the expenses OF me
Government ihs year Tne bill now before -
re Ported for that pursuance 10 this statement
Of ne Secretary and the recommendation Of the ffesd-nt
In his annual Messszs Shortly alter the bi wss report
ed letter addressed 70 the Speaker oy ne actlns
Secretary Of the Tfessury svinS information on h7 oItu
rae discovery Of az the nnsoca staement pro-
.srt.d Al the commencement Of the session which DIS
closed the gratifying fact that there were 10 the treasury
,,e, M eo-,n.ud ue.r 81 000 more than he'd been
stated In the pdor report 10 consequence Of which the
House informed that the loan could b. reduced from
S(.,s d.vs ,iace no sever smother letter
mtted By Ofesr conveying the unpleasant 10
tegsncs that when tie last letter was adoe'seo % tne
House Il DO; 81 the Treasury Dep4f ment thAi
The Secretary Of War had called upon tle Con- nee on
Ways and Mssus for appropriation Of near e+o',t"
service for the fiscal year, which would render
q so oo0o0 necessary TO meet me Ssnl. o. ,e
and the missions supplied winch tue IfehsoJ oe'irs -
provide for he hsd DOW 'uSntteo ne notoa % es
~, t this sum will suffice 10 car
~ toe Government to July When new b.cai year com.
neooes Ga The contrary, he feared snd indeed 10 might
say bis opinion that from - 70 ~ oo "ouia Be
wanted 70 carry safely the end Of this year And
II the shall continue through the next hscs year io
which the estimates lie before w. farther iosn VIII
be Necessary OF not less han from 50 ~ o0o cjvtJ,
even II Congress should refuse ado the army any
part OF $1,000 regulars snd volunteers recon menned
Siaerspee between thiz sam and SO5U0O0O which the
Secretary aud the President have 'od - ali that viii
he needed for the next yeer-ge.t ana oppressive uPos
The country even that must Be admitted
be- he THE opinion might appear 10 be very DoIe
81 th hiehst off GERS Of the nation. aud proceed from
some party bias But be fe that be haa some got que
ton their accuracy when 10 was recoested that as year
boh OF these funconses - the corresponding perod OF
fh. wear expressed strong end UndJubtlg opinion ts
lo.n Of S3 100000 would provide for al h- wants OF the
Government Tor the no" present rai aLl esye ~
q SfoOGO0O in the Treasury the st Of ny nett 900
thst they inform ms that az adoitionsi loan .,
SIG 600 200 required % carry rs TO me is OF yuy 100
leave surplus Of only 3oooO1 In the Fessury At that
follows lhst at the last se' on y zen Il as our a.
~ provide for the wants OF the eseI 1esi W
providing for them now, Executive ookng 10 SUI
plus OF 100000 st The end OF the year SHOULD nav.
recommended loan OF so O0oVo0 Instead Of S<ooVVs
H. at the session. member Of the opposition hea
ventured the opinion that siOoooO0O were wanted, ne
would hardly have escaped the impusiion OF desire 20
impair the public credit and In that way give AID and
comfort" to Mexico
This great mistake Of the Executive imposes on Con
r,esa the imperous duty scfutnze severely yet can
ddly aud fairly the recommendations upon which We e
now acting TO If there bs reasonable srouLd for
snnrehsr sion OF like error How DID the former mis-
calculation happen Is thu sddilona loan DOW asked ioI
estimates fo next year? By looking into the Executive
estimates Of the last aud present year ana into the es
Of Tire expenditure viii De apparent that the Re
more largely uadssstimGtd And here we ma tbe true
Of tho sad necessity which s now ngosea uRoa
unfortunate mistake. We all know that Il SiOo0ooco
instead Of S3 100000 hsd been asked Tor. aGd put
in market u would have found ready purchaser
bids fof noe than $50 10000 made for the loan
when these 900 put up for sale Atthatti
seousnjury the busb,s and currency Of the country
while now, by reason OF - on mistakes, the Govern
rnent must 20 into the market shsss $1,000 900
when trade il depressed when money is scarce, when
great commercial distress prevails ard still greater Is emit
The Government for every dollar It borrow will cause
the loss Of than smother dollar 70 The business OF The
srsat.r blsnSer in tho naanuer which the loan
sSs b.oh, wsies the sov.pomsns had ioas been suing
for and hien took effect tie nrs OF the last year
iu.t AZ the ncmeut when the Law went into opera
lion IsoaYiug All psyn.p,. to the government 70 be
made in spsce. and which epJoin>d u on the Govern
ment to pay its debts 10 coin also he seem, 10 have
at description Of paper credit which the records Of
the war Of the Revelation and Of the late wHwh Great
Britain a5undsnily prove 10 be far worthless than
bank psper II pushed extent beyond what the
accruing revenues would absorb Instead OF funding the
loan suiuz certificates Of stock for H. which could
have been returned upon the Treasury in Of
Governmeut dues he committed the great overnight offs
suing exchange for the specie he borrowed Gvernment
promssory VIII ch receivable payment
Of all debts due 10 the Government Now. these
-.
10 advance the Of the Government 10 i per-
iectly apparent they should be put out except
tended that any ,uch necessity existed then, when
more than Sol,po,uoO were seeking investment aud
when specie was more abundant than IL ever had
been before IN sry period Of our b story. In place
Of thst abundance great demand for specie nov
exists which has caused these notes 10 fall below Per
and now being worth less than specie, they flowing
back into the Treasury IN payment OF oil Govefnme
mapds aud thus the Government IT, or shortly must be,
unable to meet "a engsgemeut IN specie, Ia which the
SubrreasuTy SCI directs tho public creditors 20 be paid
The amount q these notes now outstanding egHal 10 al
tt rst"ns o. me 10eI '"ent for h1J year 70 come IL
should have been perfectly obvious 10 the Secretary when
these notes were ssned thst as soon a. specie becas
scarce they would al be back upon his hsnos IN payment
OF customs auds aud other public dues thus the
bens oessns 10 Treasury aud rendering the formal
cnueS OF the subIressury naught bat depository u
Government proms.ory notes stead OF specie for which
Il was provided with elaborate care.
lie must say, that the srs wide OF the
marx 20 raise suspicious u their sood faith Ia view
o. the magnitude Of the expenditures no coud read
lis imsgne that both OF these officers would feel srons
desire 70 pot good face poshe the Of their
ehsirs What desire they easily persuade Themselves
. believe The Sec starry Of The Treasury therefore might
IN his desire 20 provide meet the public expenses
NeIssnate his receipts ny pretty large centege
without being aware Of IT, and might at the sans time
hTmly believe in realizing the full amount The
remark applicable 10 the Secretary Of War 10 the desire
10 must ieel 20 curia ihe expenses much posi-
bic But this furnishes good hy their estimates
should be severely and ooubtinsy scfutuiz-d 10 hi.
House. IT, private life II individual Ia carrying on lis
business hsbCaly Oyerestimates his and under
rates requires prophet 10 iore'e that he
il doomed become bankrupt aud that too before he Is
| aware Of lt
When great work 10 undertaken the execution o.
which requires multi piled snd complicated operations
De conducted scale, often times under pres.
emergencss that oVerrulo all calculations Of economy
where losses with from ell the clements snd FROM
Ihe hand ofyioence and al be cone By thousaEd
agents, who making contracts ard dsbursng
scattered large space great distance fom their
principal and most especially ID these agents and
al. impressed with the idea that their principal Is
Tich ard very able 70 pay aud few Of them
fsthless ahy, and believe that he q great goose
whose feathers rghtiuy belong 20 him who pluck
them and ~ 10 cap The climax he himself puts the sh
possible estimates his mems and undertakes The
cost. may be he AL hsse sad time in footing the
bills.
The Secretary Of the Treasury had estimated the rtye.
Of fhs year g. than - lQoo above The receipts
81 the lest toe estimates OF the receipts FOR this be-
ug 81 10000 whi- iac SON total Of al The revenues Of
last yesr 80 $50 80 ST. There Is every 70 be-
ogs that Ae sgsn - nO1oc0 above the marx The
his sh apply the proceeds Of the sales