The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-04-05
SPECIAL SESSION OF THE SENATE.
MONDAY, April I, 1858.

MONDAY, April 4, 1858.
Mr.. WIN made explanation With regard to
frauds. denying that any outside influence bad in
duced the Committee on Naval Affairs to insert q
clause in the General Appropriation bill allowing
extra compensation to omcers, seamen, and ma
rines who bad served the Pacific coast during
the Mexican war.
UNITED STATES soHDs ABROAD.
On motion of Mr.. BRODREAD. the following
resolution, submitted by him on Friday last, was
taken up for consideration:
Resolved, That the Secretary Of the Treasury be
required to procure far practicable and 10 fur
nsh the same to the Senate at the commence
ment Of the next session of Congress, the follow
ing information, viz:
The aggregate amount of the Federal, State, city,
county, railroad, canal, and other corporation
bonds stocks, or other evidences of debt, held in
Europe other foreign countries on the thirtieth
June, 1853, specifying separately, so far as the
same can BE- ascertained the amount of each of the
above description of bonds and stocks.
Mr.. BRODHEAD said that the information
sought to be obtained by this resolution was i'm
Portant. and would be useful not only to the
try but to the Senate in considering measures
which may, and probably will, be brought for
ward at the nsxt session, proposing a revision of
our revenue laws. It could be obtained with some
degree of accuracy by circulars addressed by the
Secretary of the Treasury to the Governors of
States presidents of railroad and canal companies,
executive officers of cities, and other municipal
corporations, &C., &c. The Federal and State in
debtednees abroad can be ascertalned with absolute
certainty. Notwithstanding the large importation
of California gold, which he feared had done con.
siderabi to increase avarice and Danish industry
have, he said, contracted a large foreign debt,
which is increasing with fearful ratio of rapidity
The Legislatures Of nearly all the States in the
Union seem to be devising ways and means
to get in debt Many people and leg islators seem
to think the world can be iegisated into the mil.
lennium, and wealth acquired by going into debt
He knew this was last age, but he regretted to
see 20 many people endeavoring to get rich with
out industry, economy frugaty, the life. giving
principles Of republic In view of the specu.
iating spirit of the country, and the number of
State and corporation bonds sold in Europe. it
seemed impossible to have any thing like stability
in revenue laws. 1t seemed to be impossible
to make tariff laws which will stand against the
ways of Providence, the ways of commerce and
trade, and the influence of specializing mania
What ia protection one year ia none the next, and
what is a revenue standard one year ia the
next. He hoped, therefore, in view of those and
other considerations, that all will hereafter agree
take the subject out of the arena ofpary politics
He stated that he had collected some statistics, and
made some estimates, which he briefly exhibit.
ed to the Senate, for the purpose of showing
commercial and monetary relations with foreign
countries, and the propriety of adopting the reso-
luton under consideration, concluding with the
following summary
The account current, then, of the United States
for the last fiscal year with foreign countries will
stand follows:
Excess of imports the exports of the coun-
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