The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-03-24
pHIRTIE'rH CONGRESS.
FIRST SESSION.
Senate.


Bright sparkling spring morning People gathering
into the Senate galleries in expectation of speech from
Mr., Webster Prayer. Journal. Petitions and reports,
pending which
Mr. Moon presented petition from Maine, asking that
certain lumber shipped down the ST. Jonns river by c
Of said State may be exempted from the operation of
the revenue laws Mr. Moor explained the case, The
people of Msue dealing in lumber the 81. Johns
the treaty of Washington the New Brunswick colo.
NAL duty and then to the tariff OF 49, in floating out
Mr.. BRADBURY presented memorial of similar cha
racter.
MORE VOLUNTEERS.
Mr. CAss notice that at the first opportunity after
the passage of the loan BILL he should move to take up
the bill providing for increasing the volunteer force in
the service of the United States in Mexico.
AMERICAN HEMP.
Mr. BENroN's joint resolution providing for the of
American waterrotted hemp IN the United States Navy
The resolution debated by Messrs. Yulee, Hale
Douglas, Niles, Underwood, Crtenden, and others,
when the question taken Q motion by Mr. Niles
to recommit the BILL and resulted in refusing the
ton.
The question next recurring on the passage of the
joint resolution, Mr. Hale called for the ayes and
Ayos % noes 10.
On motion of MIR ALTERATION, the bill providing for
loan of SIC 900 was taken up.
Mr. ATHERToN rose TO The exposition of the
However he might regret the necessity it yet his
duty call the nj ads Of the Senators from the exciting
being enacted In ltsy and in France the
more homsly subject Of our financial affairs The sub
ect not very attractive, yet it of great
portance to His object to explain the state of
finances and the necessities for loan proposed
We in state Of war; and 1t matter whe-
the deosncies to provided for by this loan are for
the current ear and largely not altogether for LA
nator on account Of bis opposition to this war would
be willing to nfict great injury the credit of
the country to endeavor to prevent to delay
all the necessary to enable the treasury meet
the demands az anst 1t. With few other preliminary
remarks Mr. Atherton undertook to SHOW the true
Of the finances for the scal ls46l7 and for the
fiscal year lS474s This fiscal year lS46-47 commenced
LIST July 1915; and for all practical purposes in q 8Dxn
cis view, the war with Mexico commenced at the
tme-that s the expenditures Tor the war up to that
time did not 90 far exceed he ordinary dures
on. Of great Importance from the imporan,
passed during hat time An act was passed appropri
atng for this war also an act for $40
Of treasury notes. the tariff act, the
the independent treasury law and the act Of Jan sa7
providing for loans and treasury notes Of $23 900 900
The means OF relief for the treasury in that year then,
BY the hrst act ................... $40 900 900
Total losus and Treasury notes 4s Il. .sas 900 900
Mr. Atherton the receipts from the Secretarv
report for the fscal 1916 and ls47 from all
Expenditures for the year. 6945s,l77 IS
which includes issue Of Treasury notes of 81 36I
3s7 OF which, deducted from the gross amount would
leave the expenditures at s57 900 and fraction
He would here explain the operation Of the Treasury
note system Suppose has authority to issue
500 In Treasury note with power to reissue the
same on us redemption The note is issued and is paid
in again for customs The transaction will then stand
that the government has received 500 for customs and
gwen enu thkeu up 1te own n0te.
Mr. CAMERON asked the Senator TO give that ilustra
tion again.
Mr. ALTERATION did so.
Mr. WEBSTER next desired to hear the calculation of
the Treasury note system. Message from the Pres
dent ofthe United Statesl
Mr. ATHERroN repeated the operation of the 500
Treasury notes.-the giving and the taking of the note
balance each other.
Mr. WEBSTER thought that depended upon the plan
Of issuing the note If issued for the fragment
debt II must add thus much to the expenditures be-
cause II was 10 be redeemed
said bean eirupl do6n he
operation OF the treasury note system II makes diff
ference In the illustration have SVEN whether you get
500 when you issue it, whether you issue IL In paw.
ment OF a debt 1t goes through the same operation
The apparent means for the Of 500 in treasury
notes and It's payment back to the treasury and the
issue Of the same might be $500; but you must
deduct the note redeemed from the 500 paid H. which
leaves Ia the reissue the original note of 500 Re
turning to the receipts and we nd those
for The fiscal year ending June 80, ls47 TO be
essss RECEIPTS
From the customs ..............s2 s 747 ssa 20
public lands ................ 249s,355 30
miscellaneous. ..."........ 100 $40 b.
Awaits Of Treasury Notes under the act
of July, 1916 and January, ls47. 2b67eIes %
Balance 10 Treasury, July j, ls4o. s,l2o43e 0s
Total means. $sI is2 42s 90
Expenditures. NEUTRALITY-SUSPICIOUS.. 80 Ash III 65
Balance July l. Is47. .......... sl7ol ,2si 20
There were, however, of the. ....... be46i,l77 50
Treasury notes redeemed. ........ 23oIS97 81
Leaving balance Of =. ........ s57,oso770 IS
AS the actual expenditures Of the fiscal year ending
juno ~, ls47 SO that the avais Of Troasu-
~ notes Tor the expenditures Of the year ending June
~ Of exceeding S25 900 0O0 by che reduo-
ton indicH ~il have been S2s,4II ABA 35
The recS ssc-rt tanned and estimated for the fiscal
year end une 80, ls4s, are
From ~ b. LIST quarter. ... Sll LOG 257 al
Estimso0GARr the three remaining quar-.
teH. ....'.'.' .''..'. .......... 10 1913 742 90
Total customs .. .......,..,,. $50 OO0, 900 90
from lands. .....s......,.. 100000 90
miscellaneous sources 400 900 90
Total receipts. ',...t S4 900 900 90
Excluve avAis of losns nd treasury notes. and the
balance Ia the Treasury ct the beginning Of the year
The actual sxpendturss for the hrst quarter oil the