The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1857-12-25

millions in treasury notes under the
cjrcnmstancss, bop not for twenty
millions. I 40 h "a
TMr. Hunter ipsisted n,atten mill.
ions was not cnbugb. IL would he
necessary 10 pass another bill next
yesr, providing Tor more, and we had
better do it now at once.
Mr.. Wilson replied that he should
not be surprised If over twenty mill
ions should be asked before the close
of the session, owing to q er esti-
! mates of receipts, and the large
amounts recommended for expendi,
ture in the Warsand. Navy Depart.
inent.
Mr.. Benjamin said that Congress
authorized the debts to be incurred,
and therefore ought to provide means
for the payment, instead of charg.
hing the Administration with extray-
agance. if... .........
Mr.. Seward attributed the com.
mercial reyulsion to an over impor
tation and the diversion of capital
from its ordinary channels, and did
mot believe that the banks were to
blame. .fa
Mr.. Davis advocated tho bill as a
simple proposition to borrow money
to meet the wants OF the Govern
ment, and the Executive was respon
sible for proper application OF the
money. Instead Of revenue tariff,
he preferred free trade as far as prac.
ticable.
Mr.. Dixon spoke in favor OF the
protection OF American industry as
tho .best means for restoring conf.
lencc, reviving the trade, and re-
plenishing the Treasury.
Mr.. Collamer opposed the bill and
took occasion to remark, that with
all the boasting of the Sub Treasury
system and hard money currency
when the pressure came, the whole
bottom was Knocked out, and an ap
plication was then made for an issue
OF irredcemable paper. Why no,
honestly borrow hard money, and
pay interest Tor it, with which to pay
the debts of the Government.
J, Mr.. Hunter defended the Sub
Treasury. 1t was established &C
. that the Government should not bt
!, embarrassed by bank suspensions in
the management ofits finances. BY
! Treasury notes is the cheapest mod,
} in which money can be borrowed
/ and they would not as charged, be
forced on the people to the exclusion
Of gold or silver in payment ofdebts
:. At four o'clock, an unsuccessful
!, motion was made to adjourn. The
!, majority seemed determined to pass
the bill before an adjournment.
Mr.. Trumbull proceeded to show
the extravaganza Of this as well as
of the preceding Administration -
saying it now wants to spend seven
ty million dollars. Within the last
six months, no necessity for raising
twenty millions has been shown.
Mr.. Pugh opposed the bill regard
ing it as strange proposition te
come from the Democratic side, t.
issue twenty millions in shinp,as.ers
He was, however, willing to vote for
/ it, if it could be modified so rs tc
provide only for raising so much
money MS is inmcdiatly wantcd.-
lie wished to prevent the circula
ton of these notes, rs bank notes
now abounded.
r Tho bill, limiting the operation o
the oct until the first OF January
1850, and prohibiting the issue oi
notes of q less denomination than
fivo hundred dollars, finally passed
by n vote OF tlsirty-one to eighteen.
At halt.past six o'clock the Sen
ate adjourned. ..s....
j IlousE.-The House resumed the
reconsideration OF Mr.. Bennct's roso
LUTON providing for theappointmen
lof special committee to take into
consideration all papers on the sub
Iject of the Pacific Railroad.
Mr.. Barksdale made an unsuc
cessiul motion to table the resolution
by n vote OF 04 to 90. Several Incl
dental questions were determined by
a yea and nay vote.
Mr.. Florence said that the Hous,
had evidence that no good coul,
come by sitting on Saturday, ant
made an Intellectual motion to ad
Ijourn. - -" s.d '-. .
The subject was passed over, ant
the House went into Committee OF
the Treasury Note bill. -f1'.
Mr.. j. Clancy Jones explained
the provisions OF the bill, which b,
, said are similar to those heretofor,
passed, both under the Democrat,
and Wing Administrations, and h,
would ondeavor to obtain the vott
upon it to-day. ,..
Mr.. Richie called attention to til,
fact that there are two sets Of Dem
ocrats;one theoretical, who will hav,
nothing but gold aud silver; tn,
other, practical, who will have any
thing they can got, and now ask 10
: Treasury notes. .,
! Mr.. Banks remarked that states
men Of all times had assorted that
resort to Treasury Notes was o
dcnbtful expediency, and dangerou
in principle, and should never b
adopted il airy other measures Q
relief could be obtained. 1t is nc
true that the Government cannot oh
tain relief except through treasur
notes. There never was perio