Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-19

many causes might intervene to change materially the OF
the finances before Congress called upon upon the
loan Tor ls49 We might be the Of peace we might
then be IN the receipt Of much larger revenues from Mexico
Sufficient unto the day the evil thereof" Let them
now devote their best energies providing raising this
future take Of ITSELF
In defence Of the substitute Of the minority Of the Commits
tee OF Ways and Means reported by Mr. Mex AZ proposing
the Treasury referred TO the
he considered very important one and one which in his
judgment calculated the apprehensions enter
tanned the other side, that by this notes
Government bank aud Government paper currency were
be estabshedhat the Of outstanding al any
time, under this act together with all the issues under pre-
vious acts should exceed $780, 000 COO On the 9th OF
February he said there were 600 Of Treasury notes
outstaning that the under this substitute coud
only be by $500 000 and The evils f any, Of the
issue Of Treasury noteshad already been encountered
But might be asked, how then will this substitute afford
relief to the Treasury, if under only $500 900 additional
Treasury notes could be outstanding He solied that the
Treasury being constantly and gradually absorbed
by being funded, and this substitute would authorize the issue
Of Treasury for every dollar thus funded He cons-
dered the fact of the funding going
of million month, at six per cent, tight state Of
the money Market and when money other was
bringing ten per cents gratifying evidence that the credit Of
the Government considered good and presage that
when further offered, either the form of Treasury
Of oan proposed by the majority Of the Committee of
Ways and Means, it would not yet be furnished
Mr. DUER inquired if he understand his colleague
to predict that the loan would be taken at par
Mr. NICOLL replied he believed it woull, on the plan
presented BY the minority OF the committee and he hoped
would the other PLAN though he and those with whom he
acted could not be held responsible for its success.
He next proceeded vndate the proposed plan Of relief
to the Treasury by the issue of Treasury the
and most convenient way the Government could possibly
goiae loan as, while limited to certain fixed amount
which would be absorbed by accrung revenues paak
ing of the character of currency circulating medium
aoding convenient medium of exchange and for
temporary investment, which always sought by large
he hat he
might be negotiated in this way without occasioning pres
the money market by being abroad Gas in the
case Of the Croton Water loan OF New York city, into the
country beyond the reach of SPECTATORS moderate
ptaists io although within the last sixty days there had
been pressure the money market the Atlantic coast
he appehended did not extend any considerable degree
into the interior He also pointed other advantages
Treasury notes a simple loan.
Speaking alone for himself, and intending involve
gentlemen with whom he acted in the respon
sbly OF this POSITION he expressed the opnen that add
tonal ought be provided was an unheard Of
example that foreign should be carried for
three years and not single additional dollar be
called for by way of taxation He believed this error,
and that INSTRUMENTATION of the Executive impose
temporary and coffee should be agreed TO- His
views were in favor OF the eventual substitution of direct
taxes lieu Of any imports but present the
try not prepared for sole and exclusive
Moreover, wanted the money it could he raised i'm
medaey upon and Coffee under existing
system, with scarcely dollar additional expense. II
true tax on tea and coffee unequal but all tax
alton unequal and evil. He willing that such
Poray tax should be laid to present emergencies with
the understanding that whole system of taxation
be revived and the question be made whether should
continue TO in this indirect way of collecting taxes
whether should honestly forward and let the people
that taxation evil and induce them look jealous
y and carefully into all the expenditures of the Government
Now let him ask his friend, the chairman Of the Commit
of Ways and Means what his side of the House pro-
posed II his views of the financial exigences OF the
Government correct the duty Of the majority OF
the House forward with scheme TO meet it. Or
would they fold their and say the Government we
will force you abandon your free-ade policy The re-
sponsbity with them and with the minority OF the
House. The Administration and lis friends had presented
and matued system of revenue, which had worked beyond
the sangune anicipatons formed Of ii which had pro-
duced prosperity the country, and increased the
of the Treasury He saw, all the proceedings Of the party
opposed the Administration, under the mask OF exaggera
ted statements Of expenditures high protection stalking forth
the battle that question would have to be fought
again before the close of the session Were gentlemen
the other side prepared them that issue The
friends Of the Administration ready meet them upon
it. As between the protective system and free trade he would
for direct He believed the country would sustain
him and others these Of the and Of meeting its
expenditures. II was the only honest course.
Mr. N dealt largely in statistics in subsaDiang his po
sons, and made other points which necessarily omitted
in this hasty sketch Of his remarks