The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-12-20

fairs reported bill for the relief of John Hamilton
companed by report which was referred to the Com
mittee of the Whole House and ordered to be printed
PACIFIC RAILROAD.
| The States having been called for resolutions
| Mr.. BENNETT of New York, called up the following
resolution which he submitted yesterday in lieu of his orig
inal resolution and upon which there pending
ton that it be laid on the table:
Resolved That select committee Of be appointed
by the Speaker to take into consideration all petitions
and matters relating to the construction of roads, rail
roads, and telegraph lines the Pacific that shall be
referred to them by the House.
The motion to lay the table decided In the neg
atve--yeas "a, nays 80.
The question recurring the adoption of the resolu
Mr.. FLORENCE, Of Pennsylvania, moved that the
House adjourn which motion was not agreed to-
Mr.. HUGHES, of Indiana moved to reconsider the
by which the House refused to lay the table the
pending resolution.
Mr.. WAsHBURNE of Illinois, moved that the motion
to reconsider be laid the table which motion
agreed to--yeas 95, nays l07
The question recurring on the motion TO reconsider
Mr. ]. g. JONES, of Pennsylvania, moved that the
House Committee OF the Whole and take
up bill to authorize the Secretary of the Treasury is
sue treasury notes which motion was agreed to-
TREASURY NOTES.
The House accordingly went into Committee Of the
whole on the state of the Union, dr PHEIIs of Mis-
souri, in the chair and proceeded to consider the bill to
authorize the Secretary of the Treasury to issue treasury
notes
Mr. ]. G, JONES, of Pennsylvania proceeded to ex
plain the BILL which he said proposed to enable the Sec
rotary OF the Treasury to issue notes to the amount of
twenty millions of dollars required explanation
his hands, because similar to bills which had been
passed by Congress at different periods beginning 1887
up to the present time 1t was similar to that of IS47
with perhaps few exceptions That bill provided for
the reundng of treasury notes. but this omitted that
clause that the notes issued under it could any time
be funded. The other condition that the rate of
interest except for six millions for which it pro-
posed that the Secretary Of the Treasury should be al
lowed to fix the rate not to exceed six per cent? be
fixed by advertisement in the newspapers in order
certain the lowest rate of interest at which they would be
taken In consequence OF the dimnuton in the receipts
from the imports OF the country--and it not much
that the treasury not able to meet the demands
upon it as the condition of the affairs of the country
there getting at what day the treasury might be
exhausted 1t not, therefore, to be understood
from the request Of the Secretary of the Treasury that
the treasury exhausted but that he wished to have
twenty millions of dollars only to be used when the ext
gencies of the treasury might absolutely require it. The
bill reported by the committee had clauseor rather
that portion of section which provides that the secreta
ry might issue such portion of the treasury notes as
might be deemed expedent to be used by the treasury to
pay the balances due to the public printer and other
persons who choose to receive them at parwich had
been stricken out by the committee AS he deemed that
clause necessary to make the BILL should it becomea law
efficient and available, he should ask to have it restored
and at the proper time should move it amendment
to the bill
He then caused letter the Secretary Of the Treas
at this time in bonded warehouses goods amounting
in value to 000 900, which the duties to be paid
would amount to than So, 000, 600 The at
present in the treasury considerably less than &c.
600 000 and it would readily be perceived that the gov
eminent could not be carried conveniently with less
sum than that in the treasury He had been compelled
to withdraw from the mint and its branches the sums
kept there for the purposes of coinage and such with
drawal had caused considerable embarrassment in the
commercial community. 1t proper for him to state
that in addition to the estimates Of the treasury the
sum of s722 652 20 must be paid the LIST January
next for the interest on the public debt He did not
think that the amount of $40 600 geo would be needed
yet it highly proper that the treasury should have IT,
The rate Of interest should be left discretionary with the
department
Mr. RITCHIE, of Pennsylvania, submitted few re-
Marks to show that in his opinion there theoreti
cal and practical democracy.
Mr. BANKS, Of Massachusetts, desired to make a re-
mark to the relative bearing of this measure upon
those that had been passed by Congress previous years
In his opinion it differed from the precedents which had
being cited in principle He had reflections to make
on the administration the democratic party The
question of issuing treasury notes had been decided by all
parties in this country from the beginning of the gov
eminent of doubtful expediency and was never
adopted when any other of relief could be had
1t had been characterized by every connected
with the government who had occasion pass Judgment
on this question. He knew well that at different pc.
RODS loans had been obtained in this way but he thought
it would be found true that il necessity
and adopted only after the had ascertaned
that the relief could be obtained in no other manner
The question now whether not the government
at this time in such condition that it could obtain
relief in other way than by the issue treasury notes
If such the case for one he willing to give his vote
it but he did not think it true. There never was
time when the government could obtain loan moro
readily than at this hour The country never was richer
There gold and silver in il by hundreds of mil
lions than there had been before therefore, If
there could be loan at this time for a large sum
or small sum, for long time or a short time |
there apology for the resort to the issue of
treasury notes In 1887 it was well known that the
treasury bill introduced by the administration
and sustained upon the declaration that loan could not
be obtained at par This true in 1S4l and in 1912
II there exgency Of this kind he would vote any
relief that the government the administration might
DESIRE but he would ask his friend from PENNSYLVANIA to
incorporate in the bill provision giving the President
authority to make loan II loan could be obtained upon
fair TERMS and throw upon him the responsibility for the
issue of treasury notes if he should choose to issue them
without taking measures TO obtain aloan In conclusion
Mr. b. submitted an amendment to that effect
Mr. MlIISON, of Virginia, surprised that tho gen
tleman should indulge in the complaints which he had
Just made That gentleman had truly said that the |
country was never in moro prosperous condition. and il
was for that that he thought Congress ought
at this time to prefer TO supply the public necessities by
the issue of these treasury notes than by loan upon
long credit IL might be that the treasury had little or
no occasion for such aid might be that the importa-
lions into the country would continue be argeas they
had been for years past His own opinion was that
there would be but slight falling off in the public
revenue. He did not know the relation between the |
exports and imports for the last fiscal year. but he
knew that for the preceding year toTe was what never
Isafor t. 49, Ill.,