Daily Iowa State Democrat. [volume] (Davenport, Iowa) 1856-1859, 1857-12-22
l. Attest NEW S
THIRTY.FIFTH CONGRESS.

Washington, Dec 10.
SENATE-Mr Critienden submitted reso-
lutions that in consideration of the financal
condition of the country and embarrassment
of the Treasury, the rates of duty es ahlish-
ed by the tariff cf March las ought to be
materially increased. vlso in favor of the
substitution of a system of home valuation
on imported goods. The resolution lays
over.
The Senate resumed the co sideration Of
the Treasury Note Bill.
Mr.. Wilson said the closing hours Of the
saith Congress were devoted to efforts to
deplete the treasury, and they were now at
the commencing of the 35th, trying to fill
the treasury, which was low empty lie
called attention to some f.cts connected
with the expenditures of the government
He thought Congress should revise the tar
iff so IS to restore the duties on iron, cotton,
and wooen goods to where they were by
the tariff of 1916 that would increa, . the
revenue Of the country something like two
millions of dollars and thus afford some re-
lief He would vote for the issue of ten
millions of dollars in treasury notes under
the circumstances, but not for twenty mil.
lions Mr.. Hunier insists that ten mil ions
cessary to pass another bill next year pro
viding for more; it had better be done now,
all at once. Mr. Wilson replied that lie
shou not be surprised if over twenty mil
lion dollars should be asked fer before the
close Of the session, owing TO over estimates
of receipts and large amount recommend
ed for expenditure III the War and Navy
Departments.
Mr.. Bingham said Congress authorized
the debts to be incurred. and therefore
ought to provide means for their payment.
instead of charging the Administration with
extravaganza.
Mr.. Seward attributed the revulsion to
our importations and the diversion of capi-
tai from its ordinary channels He did not
believe the banks were to blame
Mr.. Davis adverted to the bill as simple
proposition to borrow money to meet the
wants of the Government, and thought the
Executive was responsible for the proper
application of the money. Instead of
revenue tariff, he preferred free trade as far
a. practical.
Mr.. Dixon spoke in favor of the protec-
tion Of American industry as the beet means
of restoring confidence, revlying trade and
rsplenishing the treasury
Mr.: Collamer opposed the bill, and took
occasion to remark that. with all the boast
ing Of the sub-treasury system and hard
money currency, when the present pressure
came on the whole bottom was kicked out
and application was then made for the issue
of unredeemable paper. Why not honest
ly borrow hard money and pay interest
for it with which to pay the debt of the
government.
Mr.. Hunter defended the sub treasury
system it was established in order that the
government should not be embarrassed by
bank suspensions in the mismanagement Of
its finances, and that treasury notes were
the cheapest mode in which money can be
borrowed, and would not, as was charged
be forced on the people to the exclusion of
gold and silver in the payment Of debts.
At four o'clock an unsuccessful motion
was made to adjourn, the majority seem
| ed determined to pass the bill before ad-
tournament
Mr. Trumbull proceeded to show the ex-
travagance Of this as we'll as the preceding
administration, saying it now wants to spend
seventy million dollars on notes within the
next three months, and that no necessity
for raising twenty million dollars has been
shown.
Mr.. Pugh opposed the bill, regarding it
- . secondary proposition to come from the
Democratic aide OF the House to issue TWEEN.