Speech Of Mr Duncan Of Ohio On The Bill To Authorize The Issue Of Treasury Notes Delivered In Committee Of The Whole

Excerpt from Speech of Mr. Duncan, of Ohio, on the Bill to Authorize the Issue of Treasury Notes; Delivered in Committee of the Whole: House of Representatives, March 26, 1840 The bill now under consideration is one for the reliefof the Government. Its very title and the necessity of its existence ought to rally every pa triot to its support; What has superinduced its ne cessity'.z I answer, the unhappy connect11n of the Governmznt with the banks. In May, 1837, \the bankss opped payment with upwards of thirty mil lions of the public revenue in their possession, and left the Government without a dollar to perfom its fiscal operations As a matter of necessity the Pre sident called Congress for the purpose of devising Ways and means by which the wheels of Govern r'nent might continue to roll.. Congress met. What was to be done? The banks set the Go vernment and all its laws at defiance. The Go. Vernment he'd bonds against our importing mer chants to the amount of fourteen millions; but no relief was found in this resource, for the banks owned the merchants. I 'say, what was to be done? Nothing but_ to use the credit of the Government. How was that to be used? But two plans pre sented themselves. The one was the issue'of Treasury no es to _the amount of the wants if the Government, or to apply to the mmeyed aristocracy off Europe for a loan. The former Was' adopted - the entire Democracy voting for and sustaining it against the entire Federal par ty}who were in favor of the latter. The act then passed to authorize the issue: of Treasury ndtes, has once or twice been. Renewed since, from the same necessity, and that is the object of the present hill. 1 herewith submit an extract from the Treasurrr's report. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.