Randolph County journal. [volume] (Winchester, Randolph County, Ind.) 1855-1862, 1858-01-21

OF this t,UuD,UUU. 4 ney 90 not
know that a dollar will be wanted
And vet they want to give the Secre-
tary of the Treasury the privilege Of
drawing for $40, 600, ,000-more than
half enough to support the Govern
ment, economically administered, dur
ing the entire fiscal year. | object,
therefore, to the amount. | want to
propose an amendment to insert "six"
in lieu of twenty" in this section.
If / understood the Secretary Alright,
he proposes to issue $4,000, 900 right
off, on these plates that are already
waiting to have the stamp, and then
he proposes to borrow the rest if he
can. / move to amend the first Sec
ton of the bill by striking out the
word twenty" and inserting in lieu
thereof the word "six."
The CHAIRMAN. That amendment
will take precedence OF the amendment
of the gentleman from Massachusetts,,
Mr. Banks.
Mr.. LovEJoy l object to the bill
in the fifth place, Mr.. Chairman, be-
cause there is no mode provided to re-
paw this loan. 1t seems to be a mat
ter of common economy, that when a
man runs in debt, he shall have some
idea of how he is to pay it, If he means
to be honest. There is no provision
here, and no allusion to any mode OF
repaying this Indebtedness. How is
it going to be done =? The Secretary
of the Treasury says that this STATE OF
things is temporary; that this revul-
sion will pass away, and money will
flow into the Treasury, so that he can
repay the debt. He wants some sew
cnty or eighty millions to carry on the
Government Add to that this S20,-
100000 and you have 500, 200, 900.
Does any sane man believe that $50,
100000 will come into the Treasury
during the year? And how is the
Government to be carried on at the
expense of $50, 600, ,000, and then this
$40, 900, 900 additional to be paid?
should like to know that There is
no way of doing it. There is nothing
more certain (and / venture to predict
it than the Secretary of the Treasury
will be here next winter asking a loan
of $40 900, 600 at the close of that
year. And soon the Government will
get used to it, and the people viii get
used to it, and 10y and by it will slide
into monster bank, compared with
which the United States Bank was a
mere pigmy. The little finger of this
movement will be thicker than the
loins of the e. S. Bank, although | re-
ioice at the destruction Of that institu-
ton.
Now, Mr. Chairman, I ask, what
are the estimates of the Secretary oil
the Treasury worth? Not 3 months
ago he was in the market with q sur
plus in the Treasury, purchasing L. s.
stocks at premium of ID to 20 PEI
cent And what was his opinion then?
That the affairs of the Treasury would
so on prosperously and securely, as
his own actions show in the readiness
with which he was prepared to pur-
chase the stocks of the Government az
this high rate of premium. What, /
say, then, are the estimates Of the Sec
retary of the Treasury worth, looking
at his conjcctures of the future by those
in the past? tell you that there will
be nothing in the Treasury with which
to redeem these $40, ,000,0 900 of Trea.
sury notes, and to enable the Treasury
to meet It's current obligations, which
you now propose to authorize it to in
cur. | propose to further amend by
adding, at the end of the first section,
the following:
"And that there shall be tax lev.
led, in the mode prescribed in the Con
stitution, for the redemption of the
loan herein provided for"
The CHAIRMAN. The amendment is
not in order at this time.
Mr.. LovEJoY. Then | merely read
it as part of my speech.
Mr.. BIsHor. | merely wish to asl,
single question. The gentleman
states, as the ground for offering his
amendment to strike out $40, 900, ,000
and insert So, 900, 900, that there real
ly is no necessity for loan-that the
Government will have ample funds on
hand to meet all its expenses. But
now, in his second proposition, he
says there will be no money in the
Treasury with which to pay this loan
and he proposes to resort to direct tax
alton to meet the deficit. | should
like to know how he will go to work
to reconcile these conflicting state
ments?
Mr.. LovEJoY. | reckon about as
easily as the gentleman from Connect.
icut and the gentleman from Yirginia
/ MIR. Letcher will reconcile THEN
views in reference to these notes.
One says they will be currency; the
other, that they will be funded debt
and not pass into the currency.
stated that there was no necessity of {
| loan, if proper system of retrench
ment were pursued by the Govern
ment. But, sir, do You suppose / evel
dreamed that the Democrats of tn,
present Administration would practic,
J retrenchmcnt? No, sir. | said ther,
was no need of loan, if proper re
trenchment were carried out; but no
that thought there was any proba
bility it would be done. But, mari
, you, it is my honest conviction, tha
| so far from being able to pay this loar
when it becomes due, we shall lie ask
ed for another loan before the close 0
! the present year. And | might a
we'll say, just here. that though
. would be ready to relieve the Govern
: ment. and TO restore to its formc