Weekly national intelligencer., 1848-02-12
THE WAR AND THE FINANCES.
HOUSE OF REPRESENTATIVES -FrnnvAnr $. 1915


BorTs in the chair
Mr.. VINTON moved that the committee proceed to the
consideration of the bill to authorize loan not to exceed the
sum OF eighteen millions five hundred thousand dollars
This motion agreed and the bill having been read
Mr. VNTON moved to strike out the words Sls 500, 900
and substitute therefor the Of SIG, 200.
Mr. VISToN said At the commencement Of the last
sion of Congress- when the duty Of the Executive
recommend and of Congress to PROVIDE for the wants of the
present fiscal year. the President OF the United Saes his
annual message, and the Secretary Of the Treasury in his
annual report, both stated that if the with Mexico should
be continued TIL the lst OF july A. d. lS4S, loan twen-
tyhree millions Of dollars all that would be wanted TO
carry the Government forward that date, and leave
plus OF four millions in the Treasury Both these function
aries recommended the loan. II granted by Congress and
the money obtained.
But notwithstanding this provision for the Government the
Secretary OF the Treasury in his annual report TO Congress
on the state OF the finances made the OF the
present session. had informed that further loan of egh
teen and half millions of dollars would be required to
the expenses of the Government for the year The bill
before reported for that sum, pursuance this
statement of the Secretary and the recommendation of the
President in his annual message. Shortly after the bill
reported perhaps the day, letter addressed
the Speaker of the House by the acting Secretary Of the
Treasury giving information to the House OF the fortunate
discovery oil in the financial statement presented
the of the session. which disclosed the graft
flying fact that there in the Treasury, subject to its
mand millions Of dollars than had been stated
in the prior reports III consequence of which the House
informed that the loan could be reduced from eighteen and
half to twelve millions of dollars.
fov days however, another letter transmitted
to the House by the officer ce-ryng the unpleasant
intelligence that when the last letter addressed to the
House it not known at the Treasury Department that
the Secretary of War had called upon the Committee Of Ways
and Means for appropriation OF near four millions OF dollars
to supply certain deficiencies in that branch of the public
vice for the fiscal year, which would render loan
sixteen millions necessary meet the of the Govern
ment. Presumng the to be all corrected and the
omissions supplied which the Treasury desires provide for
he had submitted the motion reduce the loan
teen millions in accordance to the Executive recommendation
He had made this notion because the Secretary of the Tea-
sy does not ask for and not from belief of his
that this sum will suffice to carry the Government to the lst
of July, when fiscal year commences On the contra
y, he feared and indeed he might say his opinion that
instead Of sixteen, from twenty twenty-five millions would
be wanted carry safely the end Of this year. And
if the shall continue through the fiscal year, for
which the estimates lie before us, further loan will be
necessary of not less than from thryfve thirty-egh mil
lions even Congress should refuse to add TO the army any
part OF the thirty thousand regulars and volunteers
ed by the President He there was 0 very wide
difference between this sum- and twenty and half millions,
which the Secretary and the President of the United States
have told all that will be needed for the yea-geat
and oppressive upon the country that
must be admitted to be- He knew this opinion might appear
to be very bold and visionary in him. when put forth in oppo-
son to that of the highest officers of the naton and
proceed from party bias which had warped and blinded
his better judgment But he felt that he had right
question their accuracy when recoece that year
both OF those funconare the corresponding period Of the
year, expressed strong and undoubtng opinion that loan
Government for the present year. and leave surplus Of
four millions in the Treasury the lst of July next; aud
that they inform that additional loan of sixteen
millions required carry the lt of july and leave
surplus of only three millions the Treasury that time
stead of four From which fact follows, that last
session, when it duty provide for the Of the
present year. instead of providing for them now the Execu
tive, looking to surplus of four millions the end of the
year. should then have recommended loan Of forty millions
instead Of wenythree If the last any member Of
the opposition had venured the opinion that forty millions
.xI - IL L..
ton of desire to impair the public credit and in that
way "giye aid and comfort y to Mexico
IL cannot be denied that this great mistake the Executive
imposes Congress the impeous duty which, faithful
agents of the people, have right peernt would
when called upon again open wide the purse
strings of the nation, to srunze severely, yet candidy and
ary the recommendations upon which acting,
ID there be any reasonable ground for apprehension OF
like unfortunate From this of facts two
three questions must force themselves the mind Of every
gentleman, and every must desire solution of them.
How did the former mscalcuaon happen Is the additional
asked for the present enough Is there any
mistake in the estimates for year He would confne him
self in what he had TO say discussion Of these ques-
TONS which he feared would than his hour and
himself, he necessarily do, an answer
such objections might be made against The principles of the
bill BY looking into the Executive estimates of the revenues
the last and present year. and into the estimate of the
endures it will be apparent that the receipts largely
restmated and the expenses still more largely underesti
ated And here find the of the sad necessity
which is imposed upon Of raising loan of sixteen
million of dollars balance this unfortunate mistake for
most unfortunate is both for the Government and the people,
We all know that if forty millions instead Of twenty three had
then been asked for and put the market would have found
ready purchaser that would have been purchased proved
y the fact that bids for than fifty millions were made
T the loan when these twenty three put up for SALE
At that time Of unprecedented commercial prosperity loan
the Of forty millions could have been taken up with
any serious injury the business and currency of the
country while now by Of its Mistakes for which
alone is in fault and alone responsible, the Government must
into the market for these sixteen millions when trade de-
ppssed when money scarce, when great commercial dis
| utss prevails and still greater is anticipated.
Perhaps would not be going too far say that putting
wholly Of view the distress and arrangement which the
Government must produce by going into the money
market borrower for every dollar il borrows il will
he loss Of than another dollar to the business of the
cnty And here he would add, that the Government
mtied If possible still greater bunder in the in
wch the loan issued. Having got what the Secretary
calls divorce from the banks, which the Government had
long been suing for and which took effect on the first of the
last year, Just the when the law went into opera
ton requiring all payments the Government 10 be made in
specie, and which enoned the Government 10 pay its
debts in coin also, he TO have been great haste
up the business Of banking in description paper credit
which the records Of the Of the Revolution and Of the
war with Great Britain abundanty prove be far worth
less than bank paper pushed any great extent beyond
what the accrung would absorb Instead Of funding
the loan and issuing certificates Of stock for it, which could
have been returned upon the Treasury payment of
Government Dues he committed the great oversight Of issuing
in exchange the specie he borrowed Government prom
Iicd notaa