Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1859-03-09
The Credit Of the Goerpvment.

At nine o'clock on the night Of the Sd inst, the
President Of the United States transmitted to Con-
gress the subjOined Special Message, reminding
that body that large amount Of Treasury notes
viii soon be redeemsble, AID urging the Importance
Of providing, within the few remaining hours of the
session, for the maintenance OF the public credit
and thereby avoid the necessity of an extra session.
WAsHmGroE, March 8, 1852
To The Senate and House of Reprsseniatioes:
An imperative sense Of duty compes NE to make
appeal Congress to preserve the credit of the
country. This is the last day Of the present Con-
gress and ne provision has yet been made for the
payment eff appropriations Gad meet the outsand>
ing Treasury notes, issued under the authority Of
law From the information which hiss already been
communicated to Congress by the Secretary Of the
Treasury it is manifest that the ordinary receipts
into the Treasury, even under the most favorable
circumstances. will scarcely meet the ordinary ex-
penses of the Government during the remainder of
. the present fiscal year, ending the 30th June
At that time nearly eighteen millions Of Treasury
notes will have become due, and many Of those not
yet due are daily paid for duties at the different
ports and there will be means in the Treasury
to meet them Thus the country, which is full OF
resources will be dishonorei before the world and
the American people, who are debt paying peo-
pie, will be disgraced by the omission on our part
tastrophe unless make provision this very day
10 meet the lawful demands on the public Treasury
If this the first instead Of the last session Of
a Congress the ease would be different. You might
then bs convened by proclamation for to>morrow
morning. But there now thirteen siafes of the
Union entitled to seventy Representatives in
which none bev9 been elee,ed. IL will therefore,
be imprsctcabe for large majority Of these States
elect their members before Treasury shall be
compelled 10 stop payment.
Under these circumstances l earnestly recommend
TO Congress to make provision within the few re-
naming hours Of the session for the preservation OF
the public credit The urgency Of the case not only
justIfes but demands that, if necessary this shall
be done by separate bin. We ought to incur no
risk when the good credit of the country Is stake
JAMES BUCHANAN
By the following Which appeared in the money ar
ticle of the New York Times of the 9th, which was
telegrsphed to the Cincinnati Commercial and ap-
pesred in that paper of the date it will be seen
that Congress made the proper provision for main
tanning the credit OF the government.
The legislation of Congress on the revenue and
finances Of the Government, finally resulted TO- day.
1.-THE 4th,l we had every reason 10 suppose three
or four weeks ago it would. There is no change
made in the tariff Of 1857 creation of new loans
the Treasury bills of 1858 are made renewable till
June 80, 1860. The amount outstanding at any
interest as under the original act not to exceed
per cent. This provision, it is believed will carry
the Department over ths next fiscal year, or at ali
events, until the meeting of the new Congress, next
winter.
The measure is calculated to afford satisfaction to
the financial public. 1t protects the Government
against the contingency of embarrassment in meet.
ing promptly pre- existing obligation; it places
such discretion with the Secretary in regard to the
periods and nstalments Of re issues as will enable
him to moderate bis specie balances in the Sub-Tre
sury, to the largest amount of interest to the
Government, and it will probably be the means
of dispensing with special session Of the new Con-
grsss,
In regard to the tariff of 1857, which is left to
further practical trial Of at least one year. we be-
eve that the weight Of opinion among the merchants
in thisci was against such hasty and indigested
legislation most important question, at the heel
of the short session which he's just terminated. +
Treasury bills hrmer to-day, under the news of
the adjournment Of Congress, and the certainty that
whatever rate of interest they may bear the holder
will be sure Of his money at maturity.
An instRlmen. Of nearly five millions will fall {
due in few days, at the same time the remainder
of the loan Of oath January, now about four mill
lions, will be paid in.
1t will be at the option Of the holder of the tres
sury bills present them at maturity or not as the
interest runs on until sixty days after notice from
the department that government desires to pay off
the principal The new loan is also irmer and sold
up 10 1884 per cent. So much Of il has already gone
Of first hands that the remaining original holders
have msdeIth arrangements for higher market
either here or il Europe.