The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-02-04

If the act authorizing a loan, approved June
1850, be so modified as to empower the Secretary
Of the Treasury to negotiate the balance of said
loan not already disposed of, on terms most favor
able TO the United States. Notice of the same to
be published not less that ten days, in the manner
prescribed by the third section of the act, and that
the proceeds thereof be applied to the discharge |
of current expenses of the GOvernm ent.-Mr. |
PHELPS said in explation, that last session OF
Congress a bill was passed authorizing the raising
of twenty one millions, the whole OF which
had not been negotiated by the Secretary of
the Treasury. There was balance of that
loan, and the object of his amendment was to au-
thorze the negotiation of the balance of that sum,
amounting to fourteen millions, when the last Con-
gress passed tariff bill emb0dying loan oftwentv-
one millions Of dollars, and that loan bill was now
pending in the Senate, and he believed would pass.
In other words, We had now a prospect for Few
loan amounting to fortg-six millions of dollars,
still there is unexpended loan of fourteen millions
of dollars He therefore must oppose the passage
OF the bill as reported by the chairman OF the
Committee of WAYS and Means. 1t was the duty
of Congress to exhaust the first loan author
lied the statute book before they negotiated other
loans in the present depressed state OF the country,
and further depreciate the public credit.-The
amendment he proposed would modify the Sd sec
ton Of the act of June last, by authorizing the
Secretary of the Treasury to advertise the negO-
tiatiou of the loan within ten days. removing the re-
strcon which required 80 DAYS notice and also the
restriction combining the negotiation nothing less
| than par; instead OF which he would say, son the
most reasonable terms If the bill of the chair
man of Ways and Means passed, there could posi-
bly, be no necessity for all the money, for in add
ton to il, there would be the tariff bill revenue OF
twenty one millions which, added to the balance et
fourteen millions Of the act of June 80, would give
| thrty-six millions in addition to the twenty-five
millions now asked for.-Mr. SHERMAN said he
hoped the other side OF the House would not oppose
| the bill. The Secretary of the Treasury had mott
fed him that there was now deficit of twenty-one
million seventy-one thousand dollars for the ex
penses Of the year 1860; and, with the add
tional expense up to the present time, it had
accumulated until the deficiency amounted tC
twenty-five millions. 1t was strange that OPP.
position should come from the Southern side of the
H0use.-Mr. PHELPS said that he thought
eight millions would be sufficient for the expense:
of the Government until the 4th of March.-Mr.
SHERMAN said that the appropriation last made
of twenty millions, specifically pledged for the
payment and redemption of the outstanding Tres
| ury notes, and would the gentleman have the Gov
eminent to violate its pledges and lose its credit
The Morrill, Tariff bill provide for the expenses OIL
the next fiscal year; the present loan bill for the
| present fiscal year. He was OF opinion that this
amount would settle up the affairs of the Admins
tration. He would say to his friends on the South
ern side of the House, that this was time to do
and not to indulge in moonshine speculat tons OF
small import.-Mr. HINDMAN would amend tht
amendment of Mr. Phelps, providing that thu
loan to be effected should not be applied
to the maintenance of troops vessels o.
munitions of war against any State or States which
has seeded may hereafter secede from the
Union.-Mr. SHERMAN objected to it as no
being germane to the subject under consideration
+ Mr.. MILLSON moved amendment to tn
amendment of Mr. Phelps, striking out that par
of the amendment which authorizes any portion O
the loan to the discharge the current expenses
s the government. The amendment to the amend
: ment was lost, yeas 1885, nays A. The amendmen
of Mr.. Phelps disagreed to, yeas So, nays lis
e The original bill was put upon its passage, an
&. passed. yeas LOG, nays IA message was re
ceived from the Senate signifying the passage Of
r joint resolution, appointing Senators Trum
bull, FoOte and Latham committe to act in cor
iuncti) with a similar committee the part Of tn
Houseo count the votes of the electors cast for tn
| President and Vice President of the United States
2 MIR. WASHBURNE, of Illinois, moved to tax
;, up the resolution, and offered similar resolutio
e in accordance with the precedent followed for io
r ty years past.-Mr. GARRETT objected to tn
d resolution. He was willing it should come up
u regular order, but it required unanimous c0nsen
d The SPEAKER decided that the motion sui
a mitted was privileged one.--rhe resolutio
IS Of Mr. Washburne passed, and the Speal
d er appointed the following Joint Committee
Mr.. Washburne, of Illinois Mr.. AdrGin, of Ne
o Jersey Mr.. Ely, of New Y ork Mr.. Anderson,
e Kentucky; Mr.. Craig, of Missouri.-The Hou
t then resumed the consideration of the deficenC
e bill, and proceeded to discuss the Chriqui amen
v ment.-The Committee rose, and Mr. C0RWIi
of Ohio, entered motion signifying his intent,
e to close debate on the report Of the Committee
It Thirty-three on Thursday next-On motion
d MIR. BURNETT, at o'clock the House adjourned