The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-02-15
THE UNION.


gentleman from Ohio says he made his motion reduce
the loan to sixteen millions not in pursuance with the
dictate of his Judgment, but pursuance Execu-
tive endaton He then goes on to give his opn-
ion that not only sixteen millions, but from twenty to
twenty five millions will be necessary to make up the
deficiency Mr. n. would now submit to that gentle
man, the House, and the country, to say what sort
of morality this, whether IN politics or other
wiser The committee thus come forward against a
bill which they have themselves prepared and say is
insufficient Does the honorable gentleman from Ohio
wish 10 stop the wheels OF government .-or does he
choose to surrender his Judgment wholly to the guidance
OF the Secretary of the Treasury the President If
not, then, ask why did he not bring forward bill
thorizng loan of twenty-five to twenty-five millions
according 10 his judgment OF the necessity of the
| case'
But. sir, the honorable member from Ohio does not
conhne himself exclusively to Executive recommen da
ton; for while he to be willing To take the amount
recommended by the Secretary OF the Treasury he is not
willing to take the balance OF the recommendation. He
takes the amount recommended and, by excluding the
balance of the recommendation, draws up bill, the like
of which has found paternity in this House be-
fore His argument is, You can't get the money under
IT, because OF the present pecuniary pressure; yet he
brings forward the bill, and presses to its passage.
Mr. VINTON nterposed to explain;
The CHAIRMAN. Does the gentleman from Alaba-
Mr. HOUSTON Yes, if you will give me credit for
Mr. VINToN. | did not say the money could not be
raised nor intimate such a thing
| Mr. HOUSTON: The gentleman denies what awe
not asserted. said his argument went to show thai the
tact did exist; VIII ask MN now, now ne cOulu
say by his argument, that the bonds under par,
and then tell the House that the money could be obtained
at per cent. ~
But the gentleman from Ohio tells the country further
that for every dollar you raise under this loan BILL you
will njure the business interests of the country to the
amount of more than adollar. Now, without attempting
to adj just the balance between him and other this
subject it might be sufficient 10 show his position to be
incorrect, merely to ask him why he adopts such a
course Is his object really to nure the business m
! teress of the countryi Then pass the bl-raise the
|
ing, you nure the business interests OF the country to
| the amount of between sixteen and twenty millions oil
dollars. But the gentleman strikes out that feature
of the bill authorizing the issuance OF treasury notes,
which every knows would not operate TO the INJURY
of any interest," but rather increase the facilities OF bus
ness.
| But this is not all The gentleman from Ohio says,
further that the Secretary of the Treasury after having
labored hard to divorce the government from the banks,
Immediately turned round and commenced traffic IN
paper money worthless than the paper OF the banks
abiding to the issuance OF treasury notes under the loan
bill of last session. MIR. II. would ask that gentleman
now, in all seriousness, why il that he voted at the
last session for the very principle which he now con-
demns' But the gentleman took not to tell this to
the House: it true, nevertheless that he did vote
for the bill OF the last session authorizing the issuance OF
twenty millions Of treasury notes It was desirable to
know, therefore, upon what principle the honorable gen
tleman could blame the Secretary of the Treasury Tor
doing the very thing which he himself voted that he
should do.
| Mr. H. would ask the gentleman who comes forward
here and proposes to reduce the amount OF this loan, IN
pursuance of Executive recommendation, why he did not
Also in pursuance OF Executive recommendation, con-
tnue the treasury feature in the bill and thereby
make it that the loan would be taken! BY this
course, he might have avoided the great calamity which
he coming upon the business interests OF the coun
try the result OF this loan If gentlemen OF the opo-
stion wish throw the responsibility of this business
upon this side OF the House. he would appeal to hen in
the Of common and fairness, TO give to the
administration the feature which is asked for in the bill
For, if they persist in the purpose OF coming forward
with their own policy, and refuse the recommended
ton OF the administration DO they not themselves
assume the. responsibility, Who would take up this
bantling Of the honorable gentleman from Ohio
especially after he was himself the first to give it a
kick! The honorable chairman has taken upon him
self responsibility which, # he has not sought it. it is
to twenty-five millions will be necessary for this de-
DEMONSTRATING himself wide scope for mistake as
that which has been attributed to OF the clerks OF the
Treasury Department The honorable chairman also
allows himself three millions for in his estimates
for the next fiscal year Yet he attempts to lash
on those who in the absence of the data he has had fall
into much greater mistake than he seems willing to
| admit for himself.
Mr. H. referred to the speech of the gentleman from
PENNSYLVANIA, MIR. STEwARTl to show mistake INTO
which that gentleman had fallen to the time when the
tariff of 1916 went into operation.
Mr.. STEWART. Does the gentleman controver any
Mr. HOUSTON said if he had time to argue these ques-
TONS he would say that not single position OF me gen
tleman from Pennsylvania could be sustained HE mad
already pointed to error; Tor every man III TINS
country know that the tariff OF 1916 did not go INTO
operation until five months after the st OF July, 1916
But he must proceed to the estimates. .
Mr. H. then called attention particularly to the es-
of the Secretary of the Treasury and proceeded 10
defend them as far back for the fiscal year lsl6-,
from the attacks of the gentemanfrom Ohio Mr. VIM
TON, and the gentleman from Indiana, Mr oMIrH'l
speaking much in figures till the close OF the hour.
Mr. HUDSON sald that after the able and elaborate
speech of the chairman OF the Committee OF ways ana
Means he had hoped to hear full and satisfactory reply
to it from some one on the other side lie had been dis
appointed in the view just presented by The gentleman
from Alabama, Mr. g. s. HousToN. though that gentle
man had spent days at the Treasury When the
war commenced we had surp us in the treasury That
had been expended The amount OF the debt now
would come near to ffty-six millions. he was glad
that the government embarrassed by the war,
and that taxation must be resoried to; Iof that
would reach the grave sensorilni OF some NEIL ana
would awaken the attention OF the country, II was
very difficult to say what the actual increased
amount of expenditure in consequence OF the war 6u
he had satisfied himself that the expense OF the army ad
been increased to the of thirty millions The ex-
mllons and the expense must continue during TINS
year-to say nothing of further increase How, then'
could the Secretary estimate the expense at
millons-seven millions less than the sum estimated [!
The Adjuant General showed that the number OF troops
now was vastly greater than it was last year
He proceeded speak OF other expenditures and ar
gued that the estimates too low. lie did not be-
eve that the nett revenue this year would exceed TWEEN
w. six millions and this would require an mportiu0n OF
one hundred and fifty mons which would oreak
down our industry, and diminish the revenue for the
next year The lands would give us but one and hall
millions instead of three and half; and therefore we
- oud want a loan of six and twenty millions to meet
the expenses of this year The unusual state of things
existing on the eastern continent last year, when famine