Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-30
REMARKS OF
uoH JoHN RFT,T. OF TENNESSEE,

Nr. BELL. NJ. President If bad The conh~
/ Sence Of the honorsble Senator from Kentucky,
| fNr. CRTT7KSBEN,l in what he supposes VIII
almost as matter Of course follow after the grant
ing Of this relief, / would express the same sent
/ ment he has done, and give my support cneeriuiiy
/ to this bill; but have not the smallest commence
] that II pass this bin, allowing TINS amount OF
notes TO be issuai bv the Treasury, any such tnlng
/ will follow IA far qz I can gather anything iron
| the expression Of the Executive. land tear very
much tat It is responded to fully by majority 10
this body there Is no other measurs OF r itei to
be pFoDo=- q EXCEPT that Rdv0Tted 10 by the honor
| able Senator from Rhode Isl jud-an act of bank-s
| ruutcv to operate on the fourteen hundred banks
/ of the various States No. sir; it is not contempa-
ted by those IN whose power are, to relieve the
! people II ! could anticipate or suppose that,
when we authorize the Issue of these $50, 600 600
/ Of Treasury notes. they will Be thrown into ciFcu-
laton and afforl temporary reei to the distress
rs in every section Of the country, and particular
" in that section which is row most suffering per-
/ haps, that would be an indHcPment TO me to sup
port this bill and I should b willing to fOrego, to
| some extent nv anprpbensions as to the policy OF
the Executive. backed as I presume it 10 be, by
| mi 1rity in both Houses Of Congress am not as
well versed in these subjects as the Senator from
/ Rhode Island and have scarcely titEe Of the.
knowledge he has these questions; but / Tear
| verg much that very little relief to the country
will come from authority to issue these $50 100000
of Treasury notes, now, or in the course OF year
I have already hearl it suggested (and it had
/
the Treasury is 10 be aided 10 It, ordinary, natural,
legitimate " y is nv oht4iring the duties the
500 900 600 or S2S O00 900 worth OF foreign goods
now in warehouse at New York. These notes,
however are to 90 in some direction TO tacillt'te
the operation Of keeping them in warehouse until
a rise in the market takes place. These Treasury
not 6 as I und -rstaud and anticipate, from what
have heard from both sides of the Chamber, as to
the rate Of interest, will 60 into the New Hork city
banks, which have had no sympathy with the con
dtion Of tie country. l am sure they nave no'
had anv for the condition OF the interior an w e-t
The major part OF tn s. notes l apprehend, VIII
find their lodgment there. Some small mo ncum
of relief may find its way to the West. In regarI
tn the state Of exchanges which Is now grinding
down the South and South west, l, too, could II
a tale. as well as my honorable friend from henS
lucky; but will not detain the Senate oy dolng
so. Iapprehend there will be very little rehti
on that point. g.
What is the proposition? To relieve the Cow
eminent from bankruptcy; to provide Tor the Gov
eminent In the true spirit, and according 10 Ile
original theorv of that sublime INVENTION the SUI
Treasury! Il is to take care OF the GoVerum' o.
at all hazrads In the execution OF that PohGN'
and the favorite doctrine OF free trade aVo"ed py
the honorable Seuato- from Virginia on the ni2ht
IF tha 1aese ge of the last tariff bill, that bill was
/ nratsod through this House when we scarcely bad
time AMI indeed, did not have time, TO comPfe~
bend fully the nature of the amendments "hich
were adnntad. That bill was not WholIy 10 tue
a. M
in the shape IN which it finally passed ana rec Ntu
The sanction Of IN, jority Of both Houses IL was
not satisf ctory to him; but he SAID That he look
because it was the furhest advance to free traue
that he hoped to get on that OCCASION. consider
that that idea lies at the bottom OF the policy Of
the Government this occasion, ID a7klS LOT S-O'
600 600 Of Treasury notes.
The honorable ) natoF from New York Mr.. Sc
wAEpl suppCs as he has sufficiently limited tie Oil
in its extent TO prevent d, 'ele'oGS =,
interests that h would desire, and perhaps uoes
desire TO maintain and advocate. He has got O
,rovision Inserted that this bin shall be limited IN
is operation to the first of January, 1859, when
Congress viii be again in session, aud can 'heh ac'
upon the subject. Perhaps l misunneIstanA lh'
effect of that provision, and | should IKE the non
CRADLE Seuator from Virginia to Instruct me II an
in error on that point but as construe the pro'i-
slon the bill as proposed o. be amended, will au'
to,;za an issue of 500 coo 600 within the closin
month OF next year, so taat there VIII De sZOOoO'
/ 600 of debt redrgmable, according TO the other
provisions Of tits bill in twelve months from that
lime The Government will thus be able to ge
along smoothly, easily and without any embara"
sment until tie Ist of Jauu Ty, 1859, and then Il
will he in the power Of the Government to apply
TO Congress, and state an eXl-eucy IN the tutura
precisply like the present, as reason tor giving
them further authority to issue notes, or to con
time the $50 100000 outstanding LOT ahoVher sIA
or twelve moths.
STATE m, Sc facts to show that with tina
, limitation, up to the lst of January, 1859, the
Government will be in condition TO meet all l'
responsibilities, whatever may De tue income ueri'
ed from the ordinary revenues between this an.
that time even if they should fall short one thirC
or one half Of what they ere now estimated at
The Government is making provision in asking tol
these 500 600 600 that will leave them perfectly
/ free from all embarrassment or apprehension o.
{ / embarrassment for one year; and they viii snlil,
NJ the apDlic4tiou of that portion Of COngr whS
think that som, thing more permanent ought TO b,
done for the relief of the industry OF the country
/ or for pTovi5ing a legitimate and proper revenue
for the support of the Government. They car
r smile and disregard, they will disregard
I i'm NV opinion the applications Of those gentle
] men, who, like my iri nj from Kentucky, an
t citrate with confidence, that they surely vii
: not tail within that time to Offer some provt
? sion for the permanent r. lief OF the country.
Sir the honorable Senator from Rhode Island
J has given Us informa'iou another point and the
statement comes from q source for which think
: TO member OF the Senate can fail to have due re-
| spect v bo has heard his sentiments, and who has
noticed the experience aud the knowledge eviucec
bv that Senator to-day all questions comm ctet
: Nth this subject Every 'uator must have rul
respect for the probable truth Of the announce
ment Of that Senator that point. What is it
That the Government Is frauded out OF one hal
The amount Of revecue provided B y the existing
thrift by foreign traders and their agents in this
country. The same remark is true az the tariff
OF IS46. As chat honorable Senator stated, Con
gress have been advised, since 1916, again and
/ ag 10, by each succ ssive Secretary of the Trea~
sury tsat th, s. irluds were enormous, and called
! tor correction Has the honorable nator from
/ Virginia or any genreman holding his opinions OF
the subject Of Tree trade ever made propositions
for the core cion of these abuses, that promised
70 be- ad quate, or 10 have any decided feet, one
way or the Othsr2 Not one OF them. They have
! gone uEheeded from session 10 session, and from
Congress to COugr, ss to this day. The honorable
SENATOR from Rhode Island announces 10 you that
not more than half of the revenue provided for
by that act has ever been collected; the Govern.
meut has been delrauded OF it. That honorable
Senator also tells you that every hons Am rican
frauds, aud that it is ia che hands Of foreigners,
or the factors and agents OF foreigners. / have
hsd no reason 70 dOuht il
some three or tour years ago II DO not know
upon what impulse, or how &c was brought about
a committee appoiated TO so 10 the principal
cities and investigate the truth fasehOod Of the
| allegation made this subject, for the protection
/ of the honest American importing reliant, aud
as a means OF aif0rdiug information witch these
/ abuses could be corrected The Senate saw prod
CT 10 appoint me-certaiuly bad nothing 70 30
with it's one member Of that committee. was
deputed, by a -ub-commirtse OF that committee, "a
GotoNes Odesns l did go ther ,snd gave - much
time 10 tie investigation Of the subject = could.
/ found the fact there TO be, that some men, who
/ we're reputed TO be honest engag q 10 the foreign
trade had been driven from " by the grOssaess oil
the frauds pEactic by the importers IN that city
/ By .compariug uoies with gentlemen wha went 90
other cities | WIS informed OF, sad ! believe !
have the papers ~ IN my possession shoEing,
enormous frauds OF q similar description. aacer-
HL