The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1858-01-02
xxxVlh Congress-First Session.
WASHINGTON, Dec. 10.

voted to an effort to depletc the Treasury,
and they were now ut the commencing of the
Thirtytifth trying to fill the Treasury which
was now empty. He called attention to
some facts connected with the expenditure
of the government He thought Congress
should revise the tariff of '46 that would
increase the revenue Of the country some
thing like $2,000,O0O, and thus afford some
relief He would vote for the issue of $lO,-
00O,OOO in Treasury Notes under the circum-
stances, but not for $20,O0O,0OO.
Mr. Hunter insisted that $l0,000000
would not be enough, and it would be ne
cessary to pass another bill next year pro-
vidinc for more-it had better be done now
all at once.
Mr.. Wilson replied he should not be sur
prised if over twenty millions of dollars
should be asked for before the close of the
session, owing to our estimate of receipts,
and large amounts recommended for expendi-
ture in the War and Navy Departments. .sr Al
Mr.. Benjamin said Congress authorized
the debts to be incurred, and therefore ought
to provide means for their payment, instead
of charging the Administration with eXtrav-
agance. sf
Mr.. Seward attributed the revulsion to
over importations and the diminish of capt.
tai from the ordinary channels-he did not
believe the banks to blame.
Mr.. Davis adverted to the bill as proper
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 pre-
ferred free trade as far as produced.
Mr.. Dixon spoke in favor OF the protection
of American industry as the best means OF
restoring confidence, reviving trade and re-
plenishing the treasury.
Mr.. Collamer opposed the bill, and took
occasion to remark that with all the boast
ing the sub-treasury system and hard money
currency, when the pressure came on. the
whole bottom was kicked out, and applca-
ton was then made for the issue of irredeem-
able paper Why not honestly borrow mo-
ney, and pay interest for it, with which to
paw the debts of the Government ?
Mr.. Hunter defended the sub-treasury
system It was establshedin order that the
Government should not be embarrassed by
bank suspensions in the management OF its
| finances. Treasury Notes were the cheapest
| mode in which money can he borrowed, and
| would not as was charged be forced on the
people to the exclusion of gold and silver in
| the payment of debts
Mr.. Trumbull proceeded to show the ex-
| travagance of this as we'll as the proceeding
| Administration, saying it now wants to spend
| seventy millions of dollars on notes within
| the next three months. No necessity for
raising twenty millions has been shown.
Mr.. Pugh opposed the bill, regarding it as
a secondary proposition to come from the
Democratic side of the house, to issue TWEEN
ty million dollars of shinpla iters; he was,
however, willing to vote for it if it could be
reduced SO as to provide only for raising so
much money as was Immediately wanted; he
wished to prevent the circulation OF these
notes as bank notes.
The bill was amended limiting the opera
| ton of the act until the first of January,
| 1859, and prohibiting notes of less denomi-
nation than 500. and then passed by thirty
| ty against eighteen.
| HousE.-Mr Florence said that the House
had evidence that no good came of the sit
ting on Saturday. He then made an ineffec-
tual motion to adjourn. The subject was
then passed over and the House went into
| Committee on the Treasury Note Bill.
| Mr.. J. G. Jones explained the provisions
of the bill, which he said were similar to
| those heretofore passed under both Wing
and Democratic administrations he would
endeavor to get vote on it to day.
Mr. Richie called attention to the fact
that there are two sets of Democrats, one
| the theoretical who will have nothing but
gold and silver, and the other practical who
would have anything that they can get, now
ask for Treasury notes.
Mr. Banks remarked that statesmen at all
times had asserted that the resort to treas
ury notes was of doubtful expediency and
dangerous in principle, and should never be
adopted if any other measure of relief could
be obtained. 1t is not true that the Govern.
ment cannot obtain relief except through
treasury notes There never was period at
which loan could be effected either fol-
large or small sums for short or long time
better than now, as the country is richie. thar
it ever has been before. He wished the bill
amended, authorizing the issue of treasury
notes only in case it shall be found impracti
cable to effect loan on Government Stock
bearing six per cent. interest, the aggregate
sum borrowed not to exceed twenty millions
of dollars. Circumstances are different now
than they were when the note bill of 1S4t
was passed There was then war with
Mexico.
I Mr.. Wilson argued that Congress ought tt
prefer to supply the public necessities by
treasury notes rather than by loans for Ion
ger period. There may be no necessity fol
resorting to law but at this tlme wher
threatened by deficiency in the revenue, il
is important that the public credit should bt
maintained.
Mr.. Bishop supported the bill on thu
ground that the notes would 20 into circula
lion and be used as medium of exchange
1t would meet the necessities Of the govern
ment and benefit the business of the country
which is not in as prosperous condition as
Mr.. Banks describes. 1t may be true thai
there is more money than ever in the treas
ury, but it is not available. He (Mr. Bishop
would be glad if the gentleman from Massa
chusetts would point out where it might be
found.
Mr.. Davis of Nd, opposed the bill. There
was no period fixed when the notes can be
presented for redemption, and they Won IL
therefore continue in circulation as irredeem
able currency, based on the fact of the gov.
eminent. The striking down of banks in the
country being recommended by the Presi
dents Message, it may be that the issue OF
twenty millions of dollars in treasury notes
is designed to fill VOID. The dominant par
ty mean to make and substitute the paper o
the treasury for the paper of the banks.
The Committee then arose, and the House
| adionrned