Imágenes de páginas

Dec. 27, 1836.)

Treasury Circular.



millions, New Jersey and Delaware had none; and be. lands in Indiana. The nearest deposite banks to Indiana yond all question it was this sentiment which produced are those in Ohio. The banks in Indiana, and they are the supplemental act. It was then the bounden duty | all employed, have now an excess beyond the propor. of the Secretary to take from those points where it had tion of that State of nearly a million. The Secretary accumulated too much, and to put the money where was bound to make transfers, from time to time, from there was a deficiency, lle would have been false to those banks, and hence it accounts for some of the transhis duty, he would have failed to have answered public sers to, and deposite in, Ohio. expectation, if he had not done this. He was bound to Upon the basis of depositing thirty-seven millions with make these transfers and these changes as gradual and the States, from the last returns, it will appear that Maine as easy, and in a way to produce is little sudden fuctu- is deficient in the sum of

$700,000 ation as possible. To make them, he was under an im- New liampshire

250,000 perious obligation. But the deposite bill has other im Vermont

700,000 portant provisions, imposing other and different duties Connecticnt

250,000 and obligations upon the Secretary of the Treasury. He

New Jersey

460,000 was required to make an equalisation of the public mo Pennsylvania

1,080,000 ney among the States, and to collect and to pay over to Virginia

1,600,000 the States (with the exception of five millions) what North Carolina

1,200,600 should be in the Treasury on the 1st of January, 1837. South Carolina

400,000 He was, in truth, to prepare to apportion among the Georgia

800,000 States nearly forty millions of dollars; and on the 1st of Tennessee

1,580,000 January he was to deposite one fourth of the sum with And that Rhode Island, Delaware, Illinois, Arkansas, the States, in proportion to their representation in both Maryland, Kentucky, are also deficient, which deficien. Houses of Congress; and the whole surplus then in the cies make an aggregate of more than ten millions; and Treasury was to be transferred on or before the 1st day / at the same time, of the five millions left in the Treasof October from the deposite banks, and placed with the ury, not less than three and a balf wouid ordinarily be several States; and this part of the duty of the Secreta: required in the States above named. ry bas been commenced and prosecuted with as little The Secretary has begun gradually, proceeded gradembarrassment as possible to the commercial and mer: ually, and will accomplish gradually, the deposites cantile community. The distribution has not yet all among the States. The whole cannot be completed taken place; far different. From what has been sail, until the 1st of October, 1837; more than half will here and elsewhere, one would nalurally infer that have to be done afier the 1st of January. the Secretary of the Treasury had actually removed It has been said, by way of objection to the course of to the several States their respective proportions of the the Secretary of the Treasury', that all this should have surplus which would be in the Treasury on the 1st of been done by keeping the whole money in the great January next. Let us for a moment see how this matter cominercial cities until wanted. That officer would have is. There is now in New York an excess of six millions; been faibless in the performance of bis public duty had and when Congress adjourned, New York had in deposo he so done. The deposite bill was passed 10 remove ite nearly thirteen millions. Upon the basis of dividing such great accumulations of the public money to places among the States tbirty-seven millions, she would be en. of greater security: This was an argument repeatedly titled to retain only a little over five millions. She has urged in favor of the bill. It was alleged that so great now in deposite, as appears from the last returns, eleven had been the accumulation at particular points, that the millions and six hundred thousand dollars. New York, public money in some of the deposite banks was insecure. then, has not been depleted. The collections there It was matier of constant complaint, that immense made for customs have very nearly kept pace with the amounts were in New York and Bostor, giving to them transfers which have been ordered from that city. great and exclusive privileges in the use of the Govern

There is now an excess in Massachuset:s of over a ment funds. It was contended that the money should mi lion; she has received $300,000 more than she had be carried home to the respective Slates in just propor. when the bill passed, and she then had $300,000 more tions, and there deposited, for the use of the people than her share of thirty-seven millions. In Louisiana from whom it was collected and to whom it belonged. there is an excess of over three millions; in Mississippi one and I again repeat that the Secretary was bound to and a half; in Missouri over a million; in Alabama, Ohio, make the transfers with all reasonable despatch. He Indiana, and Michigan, there are now excesses of the has done it; and in doing this he has done but his duty. public money, as will appear by an examination of the And when the present excitement shall have passed table appended to the annual report of the Secretary of away, and men shall consult their reason more, and their the Treasury. On the 23d of June last, eighteen out passions less, I hazard nothing in saying that the deliber. of the then twenty-four States had less of the public ate judgment of the community will be, that, in the ex. money in deposite, within their limits, than they would | ecution of the deposite bill, the Secretary has done no be entitled to have under the provisions of the deposite more than his duty. act; while New York, Massachusetts, Louisiana, Mis. These transfers from the great depots, from our com. sissippi, Missouri, and Alabama, then had and now bave mercial cities, could not fail to produce disorder and excesses; and not a single one of the eighteen, by trans embarrassment in exchanges, and pressure in the money fers, has yet received its proportion of the thirty-seven market, among business men. It was anticipated. I millions. The Secretary clearly had the power to fill well recollect, on my way home in July last, that the up and equalise the whole; his sorbearance alone has very consequences which have taken place were then saved, as I have remarked, if not the banks themselves, represented as effects which mus: result from the execu. certainly many of the commercial community, from en tion of the deposite bill. It was said that it could not tire ruin. For I am most free to admit that the pres. be otherwise; that the commercial cities which had reent distress and pecuniary pressure is most

ceived the money, and which had loaned the money, What would have been the consequences of the Secre. would be obliged 10 collect the money for other places, tary had caused to be transferred the whole thirty-seven and thus a sensible embarrassment would be thereby un. millions, can better be imagined than described.

avoidable. But is that of itself any reason why Dela( bave said that Ohio and Indiana bave now an excess. ware and Tennessee, Kentucky and New Jersey, New The fact is so; and it arises from the sales of the public Hampshire and Vermont, should not have their portion

VuL. XIII.-10



Treasury Circular.

(Dec. 27, 1836.


of the public money, as well as New York, Louisiana, ordinary, this violent pecuniary pressure in our cities. It Massachu:elts, and M ssissippi?

has been said that the pressure is not as great as is rep. It was far better for the merchants the mselves to part resented. I know it to be ino-t severe. When the with the money by degrees, to commence before Janua. best notes in our cities are sold at a discount, and sold so ry. It has been said (with a view of showing that an un as to yield an interest of two, three, and even four per necessary pressure has arisen from the manner of exe cent. per month; let no one say that the pressure is mere cuting the deposite bill) that the United States Bank pretence. It is an awful and cruel reality. It is but the paid ihe national debt without any distress. That is by effect of our own policy. If we had left in the pockets no means a parallel cae: but even that was not done of the people the money not wanted for the ordinary without some time and indulgence being extended to uses of ihe Government, if we had prevented the accu. that institution. That debt was paid as it was due, inmulation of such an enormous surplus, if we had been the great cities, and not in the interior. But portions compelled annually to contract loans to meet current of it have been just as well paid by the deposite banks expenditures, business would not have been diverted since 1835, as by the Bank of the United States prior from its accustomed channels, wild speculation would to 1833. But the two cases are unlike. Deposites with not bave stalked through our land, and the present presthe States are not to be paid to creditors in our great sure and distress would not have been felt. We should, cities, but to Slates at a distance, and in the interior; and Mr. President, now unite in preventing the repetition of hence the cause of the existing pressure and derange. the evil, by removing its cause. The surplus found in ment. But the main, the moving, the original cause of your Treasury was the original cause of the present pres. all the pecuniary distress which has occurred, may be It was our acts of the last session which were traced to the excessive surplus in the Treasury. It was auxiliary in bringing about the present state of things. the fact that our Government bad tbirly or foriy millions I know that it is very convenient to make the organs of of dollars unemployed in the deposite banks, not requi. Congress (while faithfully, but fo bearingly, executing ed to meet the necessary wants of the Government; it the laws) scapegoats, not only for the effects of those was this great accumulation of money, this enormous laws, but for all the improvidence, rashness, over-tra. amount of unappropriated funds, that induced speculading, and speculation, of Europe as well as of America.; tion and over-trading. The national debt had been fully I have nothing furiher to adii, in answer to the charge discharged. The compromise act led to the belief made against the Secretary, for the course pursued by that the tariff would remain undisturbed; that of course him in the execution of the deposite bill. I should not the receipts from customs and from lands would greatly have troubled the Senate with any remarks, had I not exceed the public expenditures. This state of unexam wished to avail maself of this opportunity to speak of pled and unprecedented national prosperity, these ex wat measure.

I gave my vote in favor of that bill, and traordinary resources of the country, bave produced one I have reason to believe that that vote has received the of the most extraordinary revolutions in the business of decided sanction of the yeomanry of New Hampshire, the country which has taken place since the close of the The bill passed both Houses of Congress by unetampled Revolution.

majorities, and yet the minority in the Senate, as well as Within the last cigliteen months the capital of the in the House of Representatives, comprise some of our country has, to a certain estent, taken a new directior. most distinguished statesmen and purest patriots. The It has changed hands; it is no longer under the control bill, as it passed, was most emphatically and most (ruly of our commercial and mercantile community, a com nothing more nor less than a bill for the regulation, dc. munity which is now more severely and intensely suffer. posi'e, and safe keeping of the common treasure of thie ing from the pressure than any other class. I say that whole country. There is no room for doubt, with reit was the surplus in the Treasury, it was the amcunt of spect to the character of that mt asure. The thirteenth unemployed public money, which has brought this evil section of that bill, among other things, provides that upon us; which has induced every species of speculation; the States receiving their proportion of the surplus shall which has quickened the zeal, animated the spirit, and pledge their faith " to pay the said moneys, and every put in requisition all the active energies of the adventu. part thereof, from time to time, whenever the same shall

The bistory of the times shows that there have be required by the Secretary of the Treasury, for the been most unprecedented speculations and over-trading. purpose of defraying any wants of the public Treasury.” Speculations not in the public lands only, but in stocks, Whatever may be the practical operation of this measure, in banks, in railroads, in canals, in lots, in every thing it was regarded at the time in no other light than a bill that the wit of man could devise. This mania for spec. lo regulate the local banks, having the public money in ulation has pervaded our whole country; it has reach- deposite, and to transfer from those banks portions of ed the villages of New England; and but few individuals the common fund to places of greater security, tbe rehave entirely escaped from its influence.

spective treasuries of the several States. I cannot be. In addition to this, the course pursued by some of the lieve that among those then helonging to the Senate, banks themselves has contributed to bring about the pres. | who gave to this bill their support, there was a single in. ent state of things. The means of those institutions have dividual of the number, who would for a momen! counbeen employed, not as usual, in the transaction of the tenance the idea of taxing, directly or indirectly, the peo. regular business of our mercantile community, but in ple for the purpose distributing money to the people. the shaving of notes, exchanges, and stocks. The se ven I never could have yielded my assent to any such prin. or eight millions of the money of the Government now ciple; and, in voting for the deposite bill, no Senator in the Bank of the United Stales, it may be presumed, could believe that he was thereby yielding his assent to has been in active use in that way. To these may be any such doctrine. I hold it to be subversive of the very added the great pressure now existing in the money foundation upon which rests our representative Govern. market of England, which bas produced its effects here. ment. Such a principle is opposed to the best and puIn my judgment, these have been among the causes rest feelings of patriotism; to the letter, the spirit, the which have aided in producing the present state of things. genius, of our free institutions. I never could have given It is to be hoped that it will only be temporary, it is to my vote for this bill as a distribution bill. This characbe hoped that the crisis has already passed; that the good ter bas been most unjus!ly given to this measure here senbe, the high intelligence, the piire patriotism of our and elsewhere. The Senator from Mississippi is mistacommercial and mercantile community, will be able to ken if lie supposes that it is so understood by the great bring to a speedy end this unexamplect, this most extra- I body of the people of the States. The legislative act of


Dec. 28, 1836.)

Unexpended Appropriations.


New Hampshire shows most clearly the sentiments of funds, and to preserve the public domain for the legiti. that Slate with relerence to this measure. She has vo mate benefit of the General Government, then we shall ted to receive her portion of the money; but the legisla. not fail to rejoice at their adoption. tion of that State has most sacredly guarded the princi Mr. HUBBARD having concluded his remarks, pal as rightfully belonging to the United States; that Mr. EWING, of Ohio, inquired whether he was to while she considers herself justly entitled to the benefi

. understand Mr. H. as including in his argument of justicial use of her portion of the surplus, so long as it shall fication the discrimination made in the order between remain uncalled for, sbe holds the principal to be of right citizens of different States of the Union, requiring of one the property of the General Government. It is true that class to pay gold and silver, and permitting the other to New Hampshire by her act will deposite her share of the pay in the ordinary currency? fund among the several towns of that State for safe keep. Mr. HUBBARD replied that he had not turned bis ing. But the State possesses the power, by her distress attention to that point, considering it as having been warrants, to enforce collection at any time, against any sufficiently met in the able speech of the Senator from town whicb should neglect or refuse to pay when de. | Missouri, (Mr. Bexton.] manded; and the pending act subjects the town to in Mr. MORRIS.obtained the floor for tomorrow; and dictment, in case any part of the principal of the money then therein deposited should be used for any purpose; and The Senate went into executive business; after which, the court are required to impose on such a town a fine The Senate adjourned. equal to the part of the principal thus appropriated, and to issue execution against any such town, to be levied and collected in the usual mode. Thus had his own

WEDNESDAY, DECEMBER 28. Stale managed in relation to this matter; and gentlemen

UNEXPENDED APPROPRIATIONS. may be assured that whenever occasion shall demand Alter disposing of the usual morning business, that any portion of this money should be returned to the Mr. BENTON rose to move the printing of the docu. national Treasury, for the use of the General Govern ment from the Treasury Department, which had been ment, that State will promptly and properly comply with called for on his motion, and had come in a few days such a demand,

ago. It was a document showing the unexpended balI did not consider that, when I gave my vote in favor ances of appropriations which would remain in the of that bill, I was in effect making a donation to the Treasury on the 1st day of January next, the amount several States. My purpose was merely to add to the of each balance, the object to which it was applicable, places of deposite. To give to the States the use of a and the date of the law by which the appropriation was portion of the public money, instead of confining the use made. It was the amplification and substantiation of exclusively to the banks. It was not my purpose longer that part of the President's message at the commence. to leave all the public funds in the deposite banks, which ment of the session, in which he said that these unex. were under the exclusive control of the Government. pended balances were estimated at $14,636,062, exceed. I knew full well that it was the earnest wish of the leading by $9,636,062 the amount which will be left in the of the Treasury Department to be relieved from the re- deposite banks, and which are outstanding appropria. sponsibility, the care and control of the public treasure; tions, to be met by reimbursements from the States, if whatever might be said of the desire of this administra- the revenue fell short of meeting them; and that this tion to exercise an unlimited dominion over the public large amount unexpended was the effect of the lateness purs, the Secretary of the Treasury himself was extreme of the period at which the appropriations had been ly solicitous to be delivered from that particular charge. made. This fourteen and a balf millions has been called

In voting for this bill, I gave in no assent to the policy of a surplus, for which the Government has no use; and it a systematic distribution-nothing could have been sure would seem that some States, acting on this idea, were ther from my mind. The money was on hand, and no for treating the deposite ac! as a distribution law, and regulation of the tariff could have any effect upon the using the money deposited with them, as if the Govern. accumulation then in the Treasury; no public or private ment in reality bad' no use for it. Nothing (he said) appropriations, necessarily called for, could exhaust the could be more erroneous than this idea. This fourteen fund. The question was, what shall be done with it? and a half millions were not a surplus, but appropriated How can it be disposed of until the same shall be required? money—appropriated too late to be used this year, but The question was answered—wisely, judiciously, and remaining applicable to its objecis, under the act of properly answered by the passage of the deposite bill. 1795, for two full years after the year in which the apThe question now is, what can be done to prevent any propriation was made. The document contains a de. further surplus? It is an important question-it should failed statement of each object, and in the list would be be well considered. For one, I would desire, in some found objects belonging to every branch of the public way or other, to bring down the revenue to a point be service; and every State would find some objects near low the ordinary wants of the Government. lam one of land dear to itself, and for which the State had been those who believe that an economical expenditure of the long soliciting. Among these objects, were the branch public money can only be attained by being absolutely re mints in the South and in New Orleans, the customquired, year following year, to devise ways and means houses in Boston and New York, the Treasury and to meet current expenses. I! would be far better, for Patent Offices in this city, many fortifications, roads, and the peace and prosperity of the nation, to be obliged to block houses, west of Missouri and Arkansas, half a borrow annually, rather than be obliged to tax our inge- dozen Indian tribes, and among them the Cherokee nuity how to dispose of surpluses. Our expenditüre treaty, on which alone the balance was $4,245,000. This should never be forced to absorb our means. But means latter was a good specimen of the whole of these delayed should be forced to meet our expenditure.

appropriations, and illustrated the manner practised at I have said, Mr. President, all that I wish ko say upon the last session to create an unavoidable surplus. First, the deposite bill of the last session, and upon the man. the ratification of the treaty was kept off to the last posner of its execution. And if the effects of this measure, sible moment, and then all possible exertions made to and of the specie circular, shall be to check the spirit of defeat it; then the appropriation law under the treaty speculation which is abroad in the land, to confine trade, was kept off to the last possible moment, and then all commercial and mercantile enterprise, within their proper possible efforts made to defeat it. Finaily, on the 2d limits; if the effects shall be lo render secure the public I day of July, the appropriation passed; and then Mr.


Unexpended Appropriations.

(Dec. 28, 1836.

John Ross, a true coadjutor of the surplus party, went last session. He could scarcely believe that the commite home to prevent the Indians from receiving the money; tee reported against the bill on such grounds. With and succeeded; and so saved this four millions and a the denunciations of the President bimself against the quarter for distribution, as a part of that unavoidable corrupting influence of a large surplus in the Treasury, surplus for which the States are told, and even Georgia and his declarations that the worst disposition that could hersell is told, the Federal Government has no use! Now, be made of it was to let it remain in the deposite banks, there was some use for this four and a quarter millions. he did suppose that the commitiee could not contemThe United States would have to raise it otherwise, if plate either result. He could not believe but that, from she did not get it back from the States; for the compact courtesy, the chairman would make such a report as with Georgia, made thirty-four years ago, and by which would put the Senate in possession of the grounds on the United States obtained Alabama and Missi-sippi, which the committee objected to the bill. will have to be carried into effi ct. And so of every ob Mr. WRIGHT replied, that this was not a more disa ject mentioned in the document. There were above tinct call ihan he had had on different occasions from two hundred of these objects, and money would have to the gentleman from South Carolina, for explanations in be provided for carrying each of them into effect; for regard to subjects which had come under the considerathey were not of a nature to be abandoned; and this tion of the committee of which he (Mr. W.) was head of mine, (said Mr. B., pulling his finger to his an himble member. It would save the Senate some forehead,) this head of mine, as belonging to a member time, if subjects were debated when they were under of the Finance Committee, was now occupied with this consideration before the Senate, and not incidentally and subject, and was considering how far duties could be collaterally. For his own part, he should be willing to reduced, and how far they would have to be kept up, answer any questions, after a subject should have been and what tax otherwise unnecessary must be retained to before the committee, and come up for debate, in the supply the place of these fourteen and a half millions, if best manner he was able. But he should not hold him. the deposite act is perverled by any of the States into a self bound, at the call of any Senator, to enter upon a distribution law. Now, he wanted this fact carried debate on the merits of any proposition not before the home to the people of the States in such form that it hody, although it may have been reported upon by the could not be disputed. He would therefore move to committee. When the honorable Senator's bill should have this document printed, and five copies sent to the come before the Senate, then he would hold himself Governor of each State, ten copies sent to each branch bound, as a member of the committee, to state the reaof the State Legislatures, and 1,000 extra copies be sup. sons which governed their acts, but not now, upon a plied to the Senate for its distribution.

question of printing a document that had no relation to Mr. CALHOUN rose to make a very few remarks on the subject; and he hoped that he should not be consid. the very extraordinary motion of the Senator fiom Mise ered by the Senator, and the Senate, as wanting in souri, and 10 ask for the yeas and nays on the question, courtesy in not complying with the request made of bim; The sending out this paper in the manner proposed for he had made it a rule of action to treat questions, inwould make an erroneous impression on the minds of dependent in their character, at separate and distinct those to whom it would be sent, and would be an unusu periods. This practice he had endeavored to carry out al departure from the ordinary practice of the Senate. as far as possible, and he should do so now; and wherh. Did not every Senator know that there was a large er the course of the committee should be approved or umount left in the Treasury, say five millions of dollars, disapproved, he hoped it might be decided when the by the deposite law of the last session, for the purpose bill came up, and not in an incidental manner. of meeting these balances? Did not every Senator know Mr. CALHOUN said, that although he very much re. that, by the report of the Secretary of the Treasury, gretted that they were not to have a detailed report, yet there were three millions of dollars of these appropria. he must be permitted to say that he thought the course tions that would not be wanted, and were iherefore of the committee a very unusual one. A bill of acknowl. transferred to the surplus fund in pursuance of a stand edged impertance, if he might judge from the Presi. ing law? And was there not, besides, a large sum in the dent's message and report of the Secretary of the Treas. hands of the disbursing officers of the Government? He ury, together with the course of the Senate last session, knew (Mr. C. said) that every exertion would be made was, after a full debate, referred to the Committee on in order to defeat the deposite bill at this session. fle Finance, because that committee was particularly con. knew well that the battle was yet to be fouglit-a battle stituted io advise on the subjects to which it related; yet in which the people would be on one side, and the that committee (reated it as one of the most insignificant office-holders and office-seekers on the other. While questions, and despatched it without a written report. up, he would refer to the Commitiee on Finance, and This all might be very right, but it certainly was very make one l'emark in reference to the report of that extraordinary and unusual. committee on the bill introduced by him a few days since, He had been there several years, both as presiding and, much against his wishes, referred to them. They officer and as a member of the body, and he must say had reported against the bill, and it was not strange that that this was the first time he had ever known a question they should do so, because a majority of that committee to be put to the chairman of a committee, which he re. were three out of the six who voted against the deposite fused to answer. As a representative of one of the bill at the last session. But what he complained of was, States of this Union, he must say that he had a right to that they had reported it without one single word of ex

The bill had gone to the committee, had planation; the chairman simply saying that he was in- received its disapprobation, and the committee ought to structed by the committee to move for its indefinite let them know the grounds on which they objected to postponement. He would now ask the chairman on it. If there was no surplus, let us (said Mr. C.) hear what grounds he had reported against this bill? Was it the committee say so. If there was one, then, said he, because the committee were satisfied that there would let us hear what objections the committee have to depos. not be a surplus? If so, (said Mr. C.,) let us know it. iting it with the Siales. He made no complaints, but he I shall be glad to hear that such was their reason, be must say that the course of the commiitee was very es. cause it is a debatable proposition. Was it because they traordinary. would not have the surplus deposited with the States? Mr. TIUBBARD remarked that he was at all times in If this was the case, it was directly contrary to the known favor of giving to the people all the information which 5.nse of that budy, expressed almost unanimously at the could be communicated to them, either tbrough their

an answer.

Dec. 28, 1836.)

Unexpended Appropriations.


Governors or the Legislatures of the several States, in Stales, or to be levied by taxes off the people. The relation to every subject connected with the legislation objects are not of a nature to be dispensed with, and the of Congress; and he was the last man who would with money to complete them must be got somewhere. This hold information from his constituents, which could, by is material information to give to the States, and to give any possibility, give them any light upon the acts of their to them now, while their Legislatures are occupied with representatives.

the question of our deposite act, and some for treating it He would request the Secretary of the Senate to read as a deposite, and some as a distribution. With this the resolution offered by the Senator from Missouri. document before them, no State can treat it as a distribu. Aster it was read, Mr. H. remarked that the resolution tion; no one can look upon the deposite as money for was as he supposed; and he was entirely at a loss to which the Government lias no use; but every one will know what was the particular object of his friend from see that there is indispensable need for it; and by look. Missouri, in that part of his resolution which required ing at the date of each appropriation, they will see that that five copies of the document referred to should be this unavoidable surplus was forcibly created by keeping sent to the Governors, and that twenty copies of the same off appropriations until it was too late to expend them. document should be sent to the Legislatures, of the sev Every body knew that the struggle of the last session eral States. From the remarks of the Senator from was to keep off appropriations, and that the organization Missouri, it seemed to him that this document was in of committees gave the opposition the power to keep some way or other to have some effect upon the depos- them off. In this way, the unavoidable surplus was vioite bill of the last session; but be could not see in what lently and forcibly produced. Several millions were deway the communication of these documents to the Legis- leated altogether: namely, the anticipation of the foreign latures could have any effect whatever upon their action indemnilies, by which the United States would have on that bill. Congress has passed that bill; it was to bought four millions of gold, bearing an interest of 4 and take effect within a very few days-on the 1st day of 5 per cent.; the army inrcease bill was defeated; the January next. The money then in the Treasury was to new fortification bill defealed; the New Orleans custom. be set apart, and to be taken, under the direction of the house; the bill for the purchase of the Louisville and Secretary of the Treasury, from the deposite banks, and Portland canal; and others, to the amount of six or seven transferred to the State treasuries for deposite and for millions. From the beginning to the end of the session, safe keeping, in pursuance of the particular provisions of he stood upon the ground that, if the proper appropriathe bill itself.

tions were made, and made in time to be used, there The printing of the document may be useful to the would be no more surplus than had ofien been in the Senate; it may be important to them, for their informa Bank of the United States, without exciting the least tion and guidance with reference to the bill presented by alarm in the bosoms of those who could now see nothing the Senator from South Carolina, to continue in force but corruption, danger, and ruin, from the like sums in the deposite bill. But it could not be of any practical the ninely different banks which now hold the public debenefit to the Legislatures of the States, in relation to posites. The United States Bank often held fourteen, the bill of the last session. Whether wisely or not, Con- sixteen, or eighteen millions of public money, and not a gress had passed that bill, and the States were soon to word is said about corruption; not more than that amount receive the benefit of it; and he would suggest to the would have remained in all the deposite banks, if the Senator the propriety of so amending his resolutions as necessary appropriations had been made, and made in to confine the printing for the use of the Senaie, and not time to be used. He wished this document to go to the to require that printed copies of this document should people of the States, that they might see these facts. be sent to the Governors and Legislatures of the several He knew it was somewhat ungracious to ask this Senate, States. With a knowledge of what probably would be so many of whom had voted for the deposite act, to furin the Treasury on the 1st day of January, as the unex nish this evidence of the error under which they legis. pended balances of former appropriations are very great,lated; but certain it is, that many of them voted for it as and a decided majority of the Senate gave their votes in a deposite law, in fact as well as in name, and not as a favor of the deposite bill of the last session, it certainly distribution law, under a false title, in derision of the would not be difficult to show that this document fails to constitution. Such Senalors should have no objection to give correct information. The gentleman from Missouri, sending this document to the State Legislatures, to let he presumed, could not desire to have this document them see the objects for which a reimbursement of this communicated to the State Legislatures, unless he be money must be made, or unnecessary taxes kept up to lieved it would impart useful information to them. And, supply its abstraction. But of one thing be was certain, for one, he could not but believe that it was calculated whether the Senale sent the document to the States or to make an erroneous impression upon the public mind; not, it would go to the States. After this allempt to to misguide and to mislead the action of those Legisla- suppress il, all must desire to see it. lures in relation to that bill. Without saying more at Mr. CALHOUN remarked that he found the infor. this time, he did hope that the Senator from Missouri mation which the gentleman from Missouri was so anx. would amend his motion as had been suggested.

ious to give the country was already before the Senate Mr. BENTON asked the Secretary to read the cap. 1 in a very authentic form. It was to be found in the tion of the document. The Secretary read it; and Mr. table of estimates accompanying the report of the SecreB., inviting the attention of the Senate to the words of tary of the Treasury. He argued that, according to the the caption, and that the 1st day of January next was the assertion of the Secretary of the Treasury, who estimatime to which the unexpended balances were computed, ted the unexpended balances of appropriation at pointed out that this was exclusive of sums which might $14,636,062, the sum of $3,013,389 would not be wanted. be in the hands of disbursing officers, and which, though The Senator, therefore, in sending out a document, still charged to them, might be all expended, and would setting forth that $14,500,000 were required for outs be by the end of the quarter. The sums in the hands of standing appropriations, would mislead the public, and disbursing officers was no fund to meet these fourteen make a false impression. Mr. C. contended that, taking and a half millions, but were intended to be expended the five millions which must be left in the Treasury, on by the last day of the present quarter. The five millions account of the deposite act, from the eleven and odd left in the Treasury will be a fund, as far as it goes, to remaining of the fourteen millions, together with the meet the fourteen and a half millions; but nine and a money at present in the hands of the disbursing officers, half millions will still remain to be reimbursed by the there would be funds enough on hand, within a small

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