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

Mr.. NlCOLL obtained the floor, but gave way to a
motion that the committee rise upon which motion no
quorum voted t
The roll was called in compliance with the rule when
the committee rose, and the chairman reported TO the
House the names OF the absentees; which ordered
10 be entered upon the Journal
A motion for adjournment was made, upon which the
yeas and nays were demanded and ordered and, being
taken, resulted-yeas IS, nays so.
So the House having refused to adjourn, and quorum
being found 10 be present, the House again went into
committee
MIR NCOLL said. that il he followed his own inclina-
ton, he would not address the committee the present
time; but his position member of the Committee OF
Ways and Means and a representative OF the great
commercial mart OF the country New York; appeared to
make has duty TO present his upon the important
subject under consideration lie expected to have heard
from the honorable chairman of the Committee OF Ways
and Means full exposition of the reasons which had
induced majority OF that committee 10 recommend the
adoption OF the measure reported by them Tor the pur
pose OF obtaining the for the support of the war,
and for carrying the operations of the general govern
ment Mr.: N. proposed TO submit few remarks in
PLANTATION OF the reasons which had induced the minority
OF the committee to recommends different course.
Mr. ~ defended the correctness OF the estimates
OF the Secretary of the Treasury showing that the
OF sixteen millions would meet all the deficiencies OF the
present year He explained the causes OF the diminished
importatons, which had led the Secretary into error in
the estimate of the receipts from the last year
But there was no other material in the estimates
The expenditures had been increased by the increased
price OF provisions and by many unforeseen circum-
Stances and the Secretary could not be censued for not
foreseeng all the expenses that would arise in carrying
on distant He replied to the suggestion Of the
gentleman from Ohio MIR. VINToN,] that the Secre-
tary should have called for loan of forty millions
at the last session. and gave II as his opinion that
| it would not have been advisable The honorable
chairman OF the committee [Mr VINroNl had inferred
from the fact that fifty millions offered in April last
that forty millions would have been taken But that did
not follow. The different offers made in reference
to the same capital The same amount of capital might
have been the basis of different offers The reduced est
mate of the Quartermaser General had been relied upon
to show that the estimates too low. That officer
spoke with caution, and his words had been subjected
close criticism. much larger amount would flow into
Golfers from Mexico, than had been generally sup
posed and would make up any deficiency the esti
mates. He was led to believe that Mexico, when the
whole of should be in our possession las nearly
already and trade should be opened the OF
revenue which could draw from her would be twelve
millions.
The receipts from customs might fall off little at one
season. but would be fully made up in the course of the
year He referred TO the rate of increase OF
the port of New York during January, and the first few
days of Februaryshowing vast rate of increase of
Rod last year He believed that the from
toms would amount to at least thirty one millions this
year.
As TO the revenue from the lands was said that
would be absorbed by the soldiers bountles That
true TO some extent but the immigrant into the country
would be very great and would create demand for the
lands, which would counterbaance the loss of revenue
through the soldiers warrants He believed that sixteen
millions would be sufficient to all deficiencies for
year not Of s reply to e
VINToN as to future embarrassment We should devote
our best efforts to- get the money for the present and
take care of The future hereafter. We night be on
the eve of peace. We might soon be in the receipt
of large revenue from Mexico. Mr.. N indicated the
project of the minority OF the committee, which was to
treasury notes. The proposition, in effect was
only add five hundred thousand dollars to the
of treasury notes now outstanding. Gentlemen who
sensitive to the issue OF treasury notes, but
who had not always been so much opposed to the use
of paper, would not increase the amount OF treasury
authorized, by adopting the substitute proposed
by the minority of the committee. It would be asked
ho,f Tho ha av>1h
of treasury notes The that notes
in process of fundng and would not be returned to the
treasury in payment Of duties ne treasury notes haa
of this government that, while individual notes had been
selling at discount OF and half or two per cent
month"; treasury notes had remained at par or but shade
| below it.
He showed that the mode which he advocated was the
most convenient mode OF obtaining loan and that it
would be great accommodation to the community. In
the mode proposed by hun, the loan would be obtained
It might be in the other mode he hoped it would be but
he would not be responsible for it. However stringent
had been the money in the eastern towns there
| was general distress in the country. The honest
avas of the products the country had generally found
their right channels Much of the specie that had been
imported had gone 10 the producers themselves He read
some statistical statements as to imports and EXPORTS
evidence that the country had grown rich by exports.
For this reason he believed that this loan could be TAX
if sent into the interior OF the country, and in sum to
tempt the agriculturistshe small capitalists. If the
combnaons OF capitalists could S be avoided the loan
resorted to by the New York city corporation, at the
time when loan wanted for the Croton water
terprse.
The large mportations of goods that had been made
into this country had been paid for He Judged from
the present state OF exchanges The government would
not require than three and half millions month
OF this loan and therefore would not take money
| leny from the operations of business
! He was of those who believed that further
for ought TO be resorted to; and he
in favor of imposing duty on tea and coffee. To
mature system of internal would require time,
and it would be long before could obtain any results
| from it. The tea and coffee taX-and, indeed, every tax
that could be devised-would necessarily be unequal
But it could be discontinued the emergency
ceased If the straits of the government great
as gentlemen on the other side said, why did they not
come forward with scheme TO relieve the government
He could that protection the issue that gentlemen
aimed at. They hoped, but vainly to make use OF a
temporary power, to force the government to resort to
protective tariff He was ready meet their issue. Be-
tween protective tariff on the side, and the free
trade tariff on the other he would take the LATTER
| if a direct tax should be necessary.
| Mr. MOREHEAD obtained the floor and motion
was made that the committee rise
TelIers called for, and reported SO in the afrma
tive, and 81 in the negative.
| There being quorum, the roll was called,
The roll having been called, the committee rose, and
The CHAIRMAN reported the names of the absenees;
which were ordered to be entered upon the Journal.
| A motion for ad journment again made; and, the
question being taken, was decided in the Affirmative
! yeas GO, nays SO.
| So the House adjourned.
CHARTER MEETINGS.