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DAILY, ^10 oa j
TRI WEEKLY. 5 <*?!
WEEKLY, - - a 00
In Sk.vate, Monday, Septemlicr 23. |
Mr. DICKINSON. Mr. President, I gave no-1
tice yesterday morning Uia' I would n*k to-day 1
that the bill providing for tin; payment of the j
Mexican indemnity should be taken up. The I
appropriation is specially naked for by the mi- i
. It wan not nut in the civil and I
diplomatic appropriation hill with the other appropriation*
because a rule of the House prevented
that course from being pursued. But it
lias been passed by the House as a separate bill, i
and 1 ask that it bo now taken up.
.Mr. 11ALE. TMr. 1'resident, 1 hoj?e it will not
be taken up. I understand the money will not
be due until the 1st ol June next, hiki mere i?
nn iliterveni g session of Congress, at which 1
t'lis matter can l>e provided for. And, besides
Unit, we have enough other bills which ought to
la} acted upon at this session, without anticipa- 1
ting the wants of the Government several '
months. <
Mr. DICKINSON. Mr. President, it is true '
tii.it the money would not be paid now. The J
object is to give the administration the benefit i
ot such premium as they c m get on the money. '
It ought to be appropriated now. This money '
is to be used during the fiscal year, ami for thai '
reason it i? perfectly right to appropriate it now. !
It is to fulfill an important foreign treaty. 1
know there is a scuffle going on out-of-doors
about it, and I want to have no hand in it. 1
wish to give the administration Uie money, and
let them dispose of it in the best way they can,
and let them have the responsibility. The administration
have specially communicated with
the Committee on Finance, asking that the ap
propriatiou uiay be made. 1 hope,therefore, that
the bill will bo taken up, and the appropriation
Mr. CLARKE. Mr. President, I hope the
appropriation will be made. 1 concur in the
suggestions made by the senator froui New
York. The money is payable in the city of
Mexico on the 30th of May next, I think ; and
If the appropriation is made now, the Secretary
of the Treasury will be able to make his arrangement
for the payment of the money in the
city of Mexico at that time. The administration
can then make their own arrangements in a
manner which will secure the interests of the
Mr. HALE, (in his seat.) And secure the
interests of the stockjobbers.
The Senate accordingly proceeded to the consideration
of the bill to provide for carrying into
execution, in further part, the 12th article of the
treaty with Mexico, concluded at Guadalupe
Hidalgo on the 2d February, 18-18.
Mr. DICKINSON. I hardly think it necessary
to occupy the lime of the Senate in going
into any explanation of this matter, for I believe
iriai senators prcuy wen understand u. ine
bill simply appropriates this instalment of the
money to be paid to Mexico under the treaty of
Guadalupe Hidalgo; it puts it into the hands of
the Executive, in order that the stipulations of
that treaty may be complied with. It is the ap#
propriate business of the Executive to do this,
a at to do it in the most acceptable manner. 1
am bound in theory to believe that the President
of tlw United States, though a political opponent,
will do his duty in the premises; and I
have suflicient eonlidoncu in his integrity as a
man, and in his ability to discharge this duty :
nod I will not, therefore, legislate it out of his
I h ive heard a great deal out of doors touching
this matter ; hut with the conflicting claims
of competitors we have nothing to do here. I
have heard of contracts having been made lr*the
Government In relation to the payment of this
Instalment, and I know it is alleged that there
are more than one. If any contracts have been
made by the Government, they must carry them
out; but, whether contracts have been made 01
not for this instalment, and whether good or had,
mid whether conflicting or not, it is the business
of the Executive to see that it is paid, and that
tliecreditand interest of the Government is pro
pcrly eared for in the matter. 1 am slighth
acqu ainted with all tiles? questions of contracts
nnd exchange which have been talked ot out o
doors ; but I do not deem it proper to trouble
the Senate with them ; for, upon full consideration,
I do not see what we have to do with ii
legislatively. Let those who are interested, o>
who propose to confute, apply to the Executive
and not come here and endeavor to have u>
shape legislation with a view to scramble foi
what individuals or banking houses can make
out of this appropriation. All we have to do itto
appropriate the money, and let the Executive
nay it. If he does it improvidently or improperly,
he will be responsible.
Mr. PRATT. I have heard nothing out of
doors in relation to this subject; but 1 find or.
my desk this morning the memorial of the parties
who claim adversely, on a contract to which
the senator from Vew York has adverted, ft itthe
memorial of Isaac If. Marks, a citizen of
Now my object, preliminary to any discussion
which this measure may draw forth, is to
arrive at correct information on the subjet t. It
must lie apparent to my friend from New York,
that if the statements of this memornlist be true,
these citizens have entered into an agreement
with the late Administration, by which the memoralists
were to pay this Mexican indemnity
at 4J per cent, advance to the government, li
it be true that the government of Mexico has
acquiesced in this proposition, and authorized
their minister at New \ ork to receive this
money, I apprehend it cannot be right that the
bill on your table should pass, by which is given
to foreign bankers at 3| per cent, the privilege
of paving indemnity. Under the proposition as
stated by the memoralist, our own citizens, paying
to our own Government 4.} per cent, premium,
bad made an arrangement with the Mexican
government by which that indemnity should
be paid in the city of Now York ; that this is an
understanding which the late Administration had
entered into with them. If this be true, it must
be clear to every mind that it cannot be right to
annul this arrangement, and to give to foreign
bankers the privilege of making this payment.?
1 rose for the purpose of asking my friend from
Ohio, [Mr. Ewikg.J who was one of the members
of the lato Administration, whether this
statement is true or not.
Mr. DICKINSON. Before the answer is
given by mv friend from Ohio, wiil he permit me
to make a single observat ion ?
Mr. EWING. Ctrtiinly.
Mr. DICKINSON. The very argument which
niy friend from Maryland has macks shows the
impropriety of our undertaking to legislate upon
this subject beyond making the appropriat.on.
I have been in communication with the Treasury
Department, and, from all 1 can learn, there i's
no such contract dr is claimed by Air. Marks
there, and the correspondence of tlie Secretary
of State shows there is none in that department.
On the contrary, it appears that Mr. it. E. Green
addressed n letter to Mr. Clayton some time
since, saying that then* had been some understanding
in regard to this matter. Now, if there
had Ireen any previous contract in relation to the
mode of paying the indemnity, the present Executive
onieers would have known it, as well as
those whom they succeeded. If there was no
contract with the late Administration, and if
then* has been a subsequent arrangement with
the present Administration, who should know
so well as that very Administration which is to
carry this arrangement dtit? If there has been
no contract at ail, then we all know that it belongs
to the. Executive, whose dutv it is, both
by the Constitution and by law, to see to execute
the treaty. I recollect that a vory few years
since we were the creditors instead of being, as
we are now, the debtors of Mexico. There wae
money due front them to us; and our Governwent
?<*uld never ascertain whether certain suuia
of money due from some house had been paid
or not. Mexico had .1 receipt, but wo had no
money for it, and the business was so shabbily
done that we have never yet learned whether it
was paid or not. Tliatot itself shows the great
impropriety of undertaking to do this business,
or that of like character, through uncertain or
irresponsible agents. Mr. Marks, whatever he
did, was unauthorized by Uiis Government; and
so far as be was an agent, it must be known to
all that he was a self-constituted agent. If he
had rights, 1 hope they will be given to iiiin. If
lie bad no rights in this matter, I do not think
thut Congress should attempt, at this late d ry,
to legislate to give them to him or any other
person over him.
The senator from Maryland hns said that the
iijwiiv-y in u; ifv piin ii?ii. imiiui wi i*:ivn->ii |
bankers. lie is mistaken so f.ir as we are I
concerned. The money is to he placed in the
hands of the Executive; and it is the business
of the Executive to pay it in hard dollars in
Mexico, and to that end to employ houses of the
first responsibility, no matter' whether they are
English, or Scotch, or Dutch, or id' any other
country. J understand that there is a contract
for placing this money in Mexico at 31 percent,
premium, and I further understand that the Secretary
( f the Treasury considers that a proper
and advantageous contract. If it is not, the executive
government can find that out, and, if at
liberty, can make a l>etter. My position is, that
this duty does not belong to Congress. The
idea that we can take sides w'th persons scrambling
for the amount which an be made by the
iifferencc of exchange is, in my judgment, altogether
out of the question. Our business, I repeat.
is to place the money in the hands of the
President of the United States, and let him, who
is charged with the responsibility, dispose of this
question, and take the responsibility which attaches
to it. I could state to the Senate, If necessary,
all that appertains to the relative merits
of these exchanges; but I will simply read a fe v
remarks made by Mr. King, of New Jersey, of
the other House, himself a banker, and whom I
believe to be fully acquainted with these subjects.
He say s:
"The quest ion is asked, who is to make the
rontr.ift. ' Tin* Pri'Midi'iit. nt the United States
is bound to see that the indemnity is duly paid.
He directs it to be paid either by the Secretary
of the Treasury or by the Secretary of State.
This is; h j ordinary mode by which payments of
thisjJui d have alwav a bo m made. The p lyment
for which this bill makes an appropriation becomes
due, in 1851. The gentleman from Ohio
proposes to amend the bill so as to mnke it imperative
on the Secretary of the Treasury to
make this payment. He did not know that the
amendment of the gentleman from Ohio would
at all alter the matter. There could not be
probably any better contract now than this, as it
now stands, considered in all points. 'There
could not have been a better one made at the
time when it was made. Other contracts might
have been made, as there may have been a rivalry,
a combination of speculators ready to
make the arrangement on apparently bettor
terms for the Government. But when it was
made there were no other applicants or bidders,
and the contract made was the best for the Government.
it was sure of being executed, and
without any risk, lie saw no necessity for the
amendment of the gentleman from Ohio. From
his own personal knowledge, he would say that
no arrangement could have been made by the
Government which promised, with certainty,
more advantages. The Government runs no
risk whatever; every loss which may he inclined
must fall on the contractors, and none
upon the Government.
He had made these few remarks as the results
of his own experience. lie had never had any
connexion with any public contracts or public
money?beyond his own per diem?since lie had
k...i ?i". . i.........r .. o....? #i.:? if.,,,...
"A ft)w simple figures will show the practical
Eighty five dollars in Loudon, according
to the existing rate of exchange, are
worth in Mexico ...... $100 00
Eighty-five dollars in London will cost,
at the pr-sent rates of her exchange
in New York - - -< - 1)1 00
Difference in profit ..... (j 00
Now the contractors pay to the government.
3 50
And reserve for themselves .... 2 50
on each $100; which covers expenses, fhictuaions
in exchanges, losses of interest, commissions,
and their own profits.
"If the government undertake to transport
the coin to the city of Mexico, where it is payable
by treaty, that would cost three per cent, ut
least; whilst by adopting the mode above referred
to, this outlay is saved, and three atuLa
half per cent, per annum arc gained, making six
uid a half per cent., or on the instalment of
|13,3fi0,000 almost $220,000. This shows the
great advantage of adopting the measure under
One of the most experienced bankers of the
United States, who has devoted his whole life
to the subject, states, en his responsility, that,
in his judgment, no bettor arrangement could
be made. Now, if these gentlemen have a coni.peti'ig
claim on a conflicting contract., let them
go to the Executive and prefer their claims, when
they can he settled upon proper evidence, and
not come here to Congress, which I conceive lias
nothing to do witli the matter.
Mr. EWIN'G. Mr. President, in answer to
the inquiry of the honorable senator from Maryland,
[Mr. Pratt,] 1 will only any that if there
be a contract existing with either of the departments
upon this subject, that contract must necessarily
appear in writing, either by letters or
some other record on the tiles of the department.
I know nothing of it, and I have no information
upon the subject. 1 heard a conversation upon
the subject while I was iu the department, l.ut I
do not know what was the result of it; but I
presume it did not result in a contract, and if
it did, that contract must, in some way or other,
appear upon the files of the department. This,
sir, is all I know ahout it, and all I have to say
on the subject.
Mr. SOULE. Fruitless as will most likely
be my opposition to this bill, I cannot consent
to withhold from the country the reasons which
induce me to resist its passage, and to record the
vote by which I wish to signify my entire disapprobation
of the politico-financial operation
which it is intended to consummate. The appropriation
which it provides lias for its object
the enabling the government to carry out a eontract
which places the two last terms of the indemnity
we owe to Mexico under British influence
and British rule. Sir. I am decidedly nvorsc
i to England being in any shape or form suffered
to become the agent of America in the perform!
mice of the obligations we have assumed in n
J solemn treaty towards .Mexico, I am at a loss,
I confess, to conceive under what possible contingency
we can be subjected to her mediation
in the transmission of a few millions of dollars
to our s'stcr republic. I would rather sec that,
following in her foot steps, we should constitute
an agency there, to watch over our interests, and
! to protect our transactions, so as to secure the
j greatest possible advant iges to our treasure, and
I as far as safelv practicable, the n ost ample faciliti"
s to Mexico.
| I demand to know, sir, what can be the in'
ducenient that prompts this government to dii
vest itself, in advance, of seven and a halt niil|
lion of dollars, at a time when its exchequer is
I r Ironi being too exuberant, eight months before
tlie first instalment of our remaining indebtedness
becomes due, and when : ? intervening
session of Congress is at band, which will close
fully three months before we haven cent to dis
burse, arul thus allow us so ample n time to prepare
and provide for the fortltoouiing exigency.
Sir, the faith of this government, the honor, the
dignity of the American people are plighted to
the scrupulous discharge of the treaty stipulations
which have constituted us, and not British
hankers, the debtors and payees of the Mexican
government. Are we come to this, that, l>eing
unable to manage our moneyed concerns, we are
constrained to place them under the stewardship
of foreign financiers ' Certainly the Government
luu not considered the hazards and danger*
w hich aueh a course might entail 011 us. What
if these Bntish agents of ours w ere to fail mi the
discharge of the obligations which wo thus so
unwarrantably transfer to them ? What if, under
pretence of son e legal process, issued at the
| suit id' some British holder of Mexican bonds,
! the funds destined for the payment of the indemnity
were arrested in the hands of those holding
i.iciii tin uiii arcuuut iur .ui'xlt o . ?* iiv, on, um
a del ly <>! a few days in the remittance of the
amount which we thus place under foreign control,
would he more than enough to create n
fearful political eri is in Mexico, which might
overthrow the go\eminent, and open a door
through which an unscrupulous politician or
foaming outlaw would perhaps make his way to
power, and obtain the ascendency over thoie
whotiLlhe nation had chosen to he her rulers.?
And is it when that country begins to compose
herself from the shock of her late disasters, when
her patriotic statesmen are struggling against
the anarchical efforts of her demagogues to throw
her again into trouble and confusion, when she
is on the eve of her elections, and when the prospect
of her being able to elevate to the Presidential
chair one of her most honorable and distinguished
sons is so fair and so promising for
tlie future posperity and greatness of that repub
lie, that we shall lend ourselves to any scheme,
financial or otherwise, which may by possibility
enable British influence, by advancing the interests
of some politic d pet, to subvert and
overthrow a government which shows itself so
favorably inclined toward us, and so well disposed
to assist in healing the wounds which the
incapacity of former rulers brought us to inflict
upon her Sir, we should have ai eye to the
relation in which we stand to that country, and
ask ourselves how we wish that history should
take charge of our dealings with her. We are
hound in honor to afford her government overv
assistance in our power, and to aid them in extricating
themselves from their present difficulties.
Our wish ought to be, as our policy demands,
that they be a contented, happy, and
powetfill people. They can nt ike no progress
in social as well as in political life but that will
benefit us. llur quiet, her peace, her prosperity,
ought to be equally dear to us ; and we would
cert-unly be delinquent in want we owe tnem, il
we suffered their resources to be controlled by
hands that might, some day or other, lend themselves
to pnralize their government, and through
that paralysis bring it to absolute subserviency
to the views and interests of an unscrupulous
and corrupted ambition.
But, sir, independent of the political considerations
which 1 have thus attempted to sketch,
in the haste and hurry of the deb tee so unexpectedly
forced on me, tlmre are other leasons
which should moderate our ardor, and render us
more distrustful as to the immediate bearing?d
mean the financial bearing?of the measure
which we are called upon to sanction by the
passage of this bill. If I am well-informed, the
contract entered into by the Government with
Messrs. Baring, Brothers &. Co., of London,
allows only to the American treasury a premium
of three and a half per cent., while, from the
data furnished by the memorial presented on
behalf of Mr. Marks, of New Orleans, the Government
might have obtained, and may still obtain,
four and a half, and without the least possible
danger, as the Government would only
have to provide the t'tuid in New York, where it
would be disbursed upon tlio receipt and full
acquittance of the Mexican minister fully empowered
thereto. This alone would have created
a difference, in favor of our treasury of upwards
of seventy thousand dollars for each term. It
would, besides, have been kind on our part to
have assisted Mexico in redeeming her government
from its financial difficulties, by allowing
her directly the use of her own means, instead
of putting it in the power of foreign bankers to
speculate upon her necessities, and to crush her
resources under the pressure of heavy discounts
and of ruinous sacrifices. It would seem, indeed,
that no contract is to ho obtained on tlii*
side of the water, affording the advantage and
security which these foreign bankers afford.
Mr. DICKINSON. 1 beg tbe honorable senator's
pardon; I did not say anything of the
sort. But the honorable senator limy have it so,
if it will subserve his argument.
Mr. SOULE. The gentleman said that the
Government must be left free to choose whatever
bankers were most responsible, and most
able to secure the performance of the obligations
which we transferred to them.
Mr. DICKINSON. What I said was, that if
we would not run the risk of having our Government
disgraced, the Executive should employ
in this matter only houses of the very highest
Mr. SOULE. And who doubts it? But are
tljere no houses in this country fully competent
and able to afford such guarantees add respons'bility
as would relieve the Government from all
apprehension of disgrace on account of their
infidelity to discharge whatever obligations they
might assume ? Sir, if we want to avoid being
disgraced by others, let us not begin by disgracing
ourselves. There can be no difficulty
in the way of any skilful banker to provide this
Government with the costly facilities offered
them by English agents. I rom a table now
before me I see that the average importation of
bullion from Mexico to this country would of
itself be nearly sufficient to furnish a sufficient
capital in Mexico to satisfy our exigencies there:
and it requires no unusual stretch of intellect to
conceive what facilities would be afforded for
such an operation by so manageable a state of
exchange as that prevailing in Mexico, commanding,
as it does, a scale of rates never below
fourteen premium, and often above eighteen.
Here is the amendment which I propose to
the bill:
"And whereas, the Government of the United
States are, by the treaty aforesaid, required
to pay interest on both of the instalments hereafter
to become duo to Mexico, under the same,
the Secretary of the Treasury is hereby nuthoized
and required to pay both of the said instalments
out of the moneys in the treasury
not otherwise appropriated, if he can obtain
such abatement as ho shall deem just for the
interest and exchange: And provided, That
the Mexican government can exhibit duo and
sufficient authority to receive in advance the
whole or any part of said instalments thus remaining
By this amendment the United States will he
enabled to realize a profit of at least one per
cm!, over the present contract from the advance
of any sum which 'hey may deem tit, to make
upon this Mexican indemnity ; and the doubt
as to whether an anticipated payment can legally
bo effected under the treaty will be removed
by requiring the Mexican government
to obtain an authorization from the Congress
now sitting in the city of Mexico. 1 cannot
consent to sec these seven millions ot
Mexican indemnity go from the hands of the
Government in the hands of foreign bankers,
and feel as secure as the senator from New
! York seems to be that f 1 toy will not be used
| against our interests. At all events 1 w ish to
: guard them against those contrivances by
which they might be made to subserve combinations
ruinous to Mexico, injurious to Ameri|
cvi, and to promote designs the success of which
j would impeach, in the estimation of our neigh
I nors, <rir plighted tutUi ami honor.
Mr. DICKINSON. My friend from Louisii
an', for wliuui I entertain a l?i?rh regard, will
pardon nic for having that I think his argument
on this matter is rather "far-fetched." This is a
practical question, and it would bo hotter, perhaps.
to look at it in that way, and leave eml?ellialiments
for some subject better calculated for
them. This hill passed in the Hoium of Representatives,
after an elaborate discussion, in
which this qypstion was raised in all its forms by
a very strong vote?^ majority of a hundred and
twenty or thirty votes to *onie thirty or forty, 1
believe. The hill does not appropriate seven
millions of dollars, as my friend suppose*, but
it makes an appropriation for the three millions
and a fraelion that are due next May; and to
j enable the Executive Government to know Hint
they are to have this money for this use, it
\ should be appropriated now, because our appro
J predion bills ne\er pass until the last inniuent
of the session; and it would be anjuat to the
Govk-rtuncnit, to ourselves, and to Mexico to
postpone thii matter until the next session of j
Congress. NVe might as well ask to postpone :
a good share of the appropriation bill which we ,
passed last evening, on the ground that some |
of tlie amounts are not to be- used until the I at- |
ter end of the fiscal year, and after the next i
session of Congress.
Now, I wish to say one word about Knglish i
bank rs. I have myself discoursed in a manner
whicli I thought almost eloquent on these subjects
in another forum, but I do not propose to j
(Ia ll Itoaci Tbouu K tnlfocu ?r<?
Government and citizens in almost all their Iran.
s.u'.tions abroad. The salaries of foreign minis
ters are drnwji through that channel, and all
our financial transactions are usually done by
the aid of these houses. 1 submit, then, how
much weight nil argument made against British
bankers ought to h ivy here ? They are the
centre of the commerce of the world, and they
necessarily occupy a high and commanding influence
over the money of the world until com- 1
mercial relations are changed.
But who are these British bankers against 1
whom the honorable senator from Louisiana discourses
so eloquently ! Why they are the Bar- '
ings of London, Howell &. Aspinwall, of New 1
York, and Cocoran & Kiggs, of this city?two 1
American houses and pne British house, all of 1
the highest standing and character. And now *
as to the domestic politics of Mexico, I do not '
propose to say much on that head ; but if their ;
future changes shall boas frequent and rapid as I
their past history indicates, they will achieve '
enough without our aid or interference. But, '
sir, this is not the question, nor is it one that !
concerns us now. We have agreed to place a
certain number of dollars in the city of Mexico
at a given time. It is our business to do it, and 1
we desire to do it according to contract. But it !
is said that Great Britain controls the finances
of Mexico, and will have the control of this 1
money if it is done in the usual course of business.
When was the time, pray tell, in which
she has not had control ot financial matters in
tiic repuoiie 01 Mexico * nnu noxycan legislation
change it? What boots it whether the money is
p iid for i s by A or B. if paid; whether an exchange
premium of fifteen per cent, is realized or lost
on this or the other side of the water ? But,
again, it is said that if tfie money is in the hands
of b inkers in London the creditors of Mexiico
can seize upon it They cannot seize upon
it until it becomes the money of Mexico, and '
then after it is paid over, and then if they have
proper authority, they can siezo it as well if paid
by others as if paid by themselves. If they have
a lien upon the property of Mexico, they can secure
it wherever they can find that property,
whether in London or elsewhere.
But, sir, in ?il paid it is our money, and not
the money oi the British bankers; ami it will he
our money until it is placed at the disposal of
Mexico by the Government. Now, how should
we proceed to place that money in the city of !
Mexico .' It will never be in London, either in
form or substance, until alter it is shipped there
by Mexico herself. It will be raised in Mexico I
upon the bill of those who contract to place it :
tin re, and the bill will be paid in London by 1
those who drew it. It would cost us 4 percent J
to transmit the specie to Mexico, when houses 1
of tl ic highest respectability in the known world
say," If you give us the contract to place this ;
money in Mexico, we will give you per cent. !
premium, instead of charging you 4J percent, i
for placing it there." And I have no doubt that
tliey can make money by such a contract, because 1
I know enough of human character to be satisfied
that they would not enter into transactions of
that kind if they could not. 1 do not believe
that any of them would enter into it purely from
exalted notions of patriotism ; and J have yet to
learn that this Mr. Marks, who is a sell-constituted
agent, so far as this Government is con;
corned, is moved entirely by consideration' of
patriotism. 1 usually judge people out ot their
own mouths, find 1 shall so judge his rights in
the matter before I have closed my remarks, by
his own relation of it. These bankers can make
money out of such a contract, although those
destitute of heavy and associated capital could
not. They do it bv having not only these bill
the control of other funds, and by the exercise
of their financial skill, wielding their funds in
such a man er as to make the transaction j>rolitahle;
whereas an individual, without heavy
eapi al and extensive and favorable reput- turn
us a banker, could exercise no control over it
whatever, however great his skill. It is the
business of the Executive to place the money in
Mexico without fail, and I commend him for
employing those who can do it best and most
surely, whether British, American, or any other
bankers that are transacting business in times of |
peace, when the world is governed by commerce j
and not by gunpowder. 1 should blush for my :
Government to see it undertaking to do business
in manner calculated to bring itself into ]
discredit, or to violate its treaty obligations by j
undertaking to make contracts with the self- I
constituted agents of other Governments. The '
Government, so far as it appears here, has done !
its duly fairly, and if it has not, I propose to
leave it at liberty to do it hereafter. It was its
business to get good terms. They might pos!
sibly have got a shade more, and, if they are
i not bound, they may do it yet, and I believe n
proposition slightly better was made, and then
withdrawn, but they closed with this, as they say
being.on the whole the best they could get; and
this gentleman, Mr. James G. King, whom I
have known for many years as an eminent
hanker, and who is himself highly experienced
in these matters, says that it is the he ' arrangement
the Government could make. Jt is evidently,
so far as safety is concerned, just such
an arrangement as gentlemen w ould tnake in the
transaction of their own private affairs. If you
were going to purchase a bill on London, whose
bill would you get? Would you go into the
street and take it from the first man you met of
"whom you could obtain it at the lowest rate of
exchange No, sir, if you regarded your credit
there, you would go to those whom yon were
| well satisfied would honor it when due. There
| should be competition, I admit: but it should
| he among those who have the ability as well as
S the disposition to carry it out, and not among
I those who have itit both, and sometimes neither, j
j This the Barings have the power to do; and ;
! were 1 connected with the Executive Govern-!
j me lit, I would not consent, if I wished to pre-1
i serve my own character or that of the Gov, rn- |
I inent, to set this niatter afloat upon the faith of j
. strangers or adventurers, and undertake to man- j
i It Hilt in v<lu ununi vuuinu vi i/uoinv.-tn,
But it is said again t at it will distress the
| Mexicans. IIow? Will it distress the Moxii
can8 to have tlie money placed there in hard
. dollars to their credit, according to the stipula:
tioiis of tlie treaty ! No, sir; the etleel should
| be decidedly the reverse It will improve their
credit, and tend to strengthen and build up their
character. The money is, I repeat, to be placed
there in dollars according to the treaty; and one
motive for making this appropriation now is
that those persons may place it. there gradually,
and not unsettle the commercial exchanges ol
tlie country, and as it is to be raised in Mexico
especially, that it may be placed there from time
to time until it is all there in season. The bills
; of the Barings will be drawn there by their
| ngoncies, 1 suppose, and will be used there.
I And why have their bills? Because their bids
are better than those of any other or most other
houses. ^ ou cannot sell a bill there on any
j American house as readily as you can sell bills ,
j on these English houses; and so long as Europe
! is the centre ol' exchange, the British banker's
I bijl will be better than any other? So much ;
. lor |lie British bankers. You shall hear what !
I Mr. Marks himself says about this mode of,
doing business before I finish theso remarks, j
j Well, sir, this is the character of these houses;
such is the position of this Government* They |
have made a contract, either absolute or eondi- j
uoicl, for tlie whole, and it is said by those who !
best understand it to be a good contract
Now let us review ho ground of the senator j
from TiOuisiana. Suppose that the Government ;
| have made no contract at all, as he supposes, or |
y . , ni: "" ~
that this Marks'* contract jnay have the preference:
then lite Executive Government have it
open to review wlieo they please. .Supped?
they Inive made a contract with tlie Baring and
others: can we undo it without disgracing ourselves
nnd the Government to which we belong?
Certainly not. Even if the contract wus an unprofitable
or improvident one, it is onr duty to
carry it out it' made under proper authority.
But, from all that we can learn, it is neither.
Now we shall hear from Mr. Marks, and judge
of his uio.'e of doing business, and of bis skill i
as a banker, and of the propriety of our employing
hiui or ordering the I'resident to do at). I
will send two letters to the Secretary's desk, in
which he sets forth in what manner he proposes
tn do the business lie does not Dretelld to
speak of any contract, and tin- letters, I tliink,
show there was none.
[Mr. Dickinson sent the letters to the Secretary's
desk. They were rend. The gentleman
to whom they were addressed having stated that
it was not hi* intention to place them on tile
with the memorial which he caused to he |>rcsented
to the Senate, and the letters having been
since withdrawn by permission of the Senate,
their contents are withheld.]
My attention has been called to the fact that
the lirst letter was marked "confidential." I did
not notice that before, but it came to us as did
the Other, with the memorial, in the ordinary
onrse of reference?they were placed upon the
tiles of the Scnhte, from whence copies have
been taken, I understand, and they were read
uui commented upon in committee as public
iv.iw*r.u 'Pin.\7 \a7iii- . ri.fiirrnil fn lis lis :1 commit
I'"l VJ ---tec,
and therefore we treated them us belonging
to the Senate, as public papers. I think that
this gentleman had a great anxiety to make
money out of the matter, which was all right and
proper ; but it will bo time enough for the Government
to employ him when they choose to do
ho, and can do no better in their judgment. He
lias no right to thrust himself upon the Government,
nor has any other individual ; and if he
wishes to engage in this business, let him go to
the Executive, and compete with his rivals, and
make his arrangements there if he can. It is a
mutter which requires no legislation to preserve
his rights or the lights of others.
I repeat, there is no doubt that the bankers
who do this business will make money in the
operation, but, from all I can learn, the amount
they will make has been greatly overrated, and
will be consequent rather upon their skill as
bankers, and the time they will save in the exchanges
by controlling the money at these points,
than in any other way. I will add here that it
is a matter which this Government cannot enter
into. The Secretary of the Treasury would be
liable to impeachment if lie were to accept a
draft, as Mr. Marks supposes he e n do. It
would be a violation of law, and would subject
him to be punished in a criminal court.
I will now make a very brief statement in re
lotion t<> the manner it has been done heretofore.
Heretofore, on tl>e first instalment, we puid n
premium, because we delivered treasury notes at
par, which stood at three or four per cent, advance.
On one of them we got four per cent,
premium, but that was when the export duty on
specie in .Mexico was ten to ten and a half per
unit. Now the export duty is five and a half
per cent., ar.d the exchange must vary accordingly,
because aj>ecie can be shipped at less cost.
The following statement will show liovv it
stands. The present rate of sterling exchange
is forty-six to forty-six and a half pence sterling
per dollar?the English system prevailing in
.Mexico?and it would he unsafe to base a calculation
on less than forty-six and a half,
which would be equal to an exbange with us of
fifteen and a quarter, while the pi caent exchange
on England is ten to ten and a half. That
would give four and three-fourths profits. Now,
there would he interest accruing in the time.?
Suppose this to be half per cent., that would be
four and a quarter. The contractors pay three
and a half per cent., which, taken from four and
a quarter, leaves three-fourths profit?they will
make much more, but they have got to make it
out of their skill, and by wielding their capital
as bankers. With these remarks 1 have nothing
more to say.
Mr. Green to Mr. ll'tbsler.
" Washington, August 31, 1850.
"Sin: My friend, Mr J. D. Marks, wrote to
me from Mexico last winter, saying that, wanting
funds, the Mexican government wished to negotiate
drafts on the government of the United
States for the two remaining instalments, under
the treaty of Guadalupe Hidalgo, and asked my
aid to obtain an acceptance so as to make the
drafts negotiable. My father, who in iny absence
received his letter, applied to the lute administration,
and it was understood that the drafts would
be accepted, payable at the pleasure of the government,
when un appropriation was made by Congress,
and that, as four and a half per cent, would
be allowed to the United States for accepting, and
the payment in advance would save some ten per
cent, more, the Secretary of the Treasury would,
during the present session, ask an appropriation
to enable this Government to tnnke the payment
now, and thus save to the United States near or
quite one million of dollars.
a w;.i, .i......i, ,,. tvi- i,nc>
-closed a contract w.th the Mexican government,
and 1 have just received a letter from him, saying
that as soon as he can be advised that the death
of General Taylor and the change in the cabinet
have interposed no obstacle to the negotiation, he
will come to Washington, and bring the drafts of
the Mexican government.
" Will you do me the favor to say whether you
ore willing that the present administration should
carry into effect the understanding between your
predecessors and Mr. Marks? and oblige your
obedient servant, very respectfully,
" Hon. Daniel Webster, Sec'y of State.
Mr. Webster to J\tr. Green.
" Department of State,
" Washington, September 2, 1850.
"Sir: 1 have received your letter of the 31st
ultimo, stating that your friend, Mr. J.D. Marks,
had closed a contract with the Mexican government
for the payment of the instalments due by
the United Slates to that government, pursuant to
the treaty of Guadalupe Hidalgo, and inquiring
whether I was willing that the present administration
should carry into effect the understanding
upon the subject between my predecessors and
that gentleman.
" In reply, I have to inform you that I have
found no papers or evidences in this department
showing any such understanding with Mr. Marks
or any other person. A few weeks ago, a definite
arrangement on this .object was made with
Messrs. Baring, Brothers, & Co., Howland
Aspinwall, and Corcoran & Rigg*, the eminent
bankers, who have heretofore been employed in
reference to the instalments paid to that government
during the administrations of Presidents
Polk and Taylor.
" 1 am, sir, very respectfully, your ob't serv't,
"To Benj. E. GnEEN, Esq., Washington."
Mr. SOULE. The remarks which have fallen
front the honorable senator from New York call
lor an answer. It will be a brief one. In order
more to condense the debate, I shall reverse the
order in which he has presented his viewa, and
follow them one after another. The honorable
senator speaks of the contract entered into by this
Government as of an absolutely binding contract.
I wish to be informed in regard to that fbct;fonny j
impression is,that it is only a conditional contract,
to nave no effect in case the bill now before us does
not pass.
Mr. DICKINSON. Certainly. The Government
would not make a contract except conditionally.
where an appropriation had not yet been
Mr. SOULE. Then, so far ns that matter is
concerned, the whole subject is before us, without
any impediment in the way of our doing it full
juetice. The senator next observed that we were
not to (rouble ourselves about any distress which !
might be created in Mexico, in consequence of the |
arrangement entered into with British bunkers. I
must be permitted to disagree with my friend fioni
New York.
Mr. DICKINSON. Oh, no ; the senator is
mistaken. I did not sny so.
Mr. SOULE. Very well. The senator dis- j
claims having said anything of the kind; and of
r-oyrse t take for granted that, at all events, he did
not mean to intimate what his language clearly
conveyer!. 1 understood hint, however, to say
(hat we were to view this question in fts practical
bearing only, without troubling ourselves as to
any effect it might have upon the government of
Mexico; and I was going to remark in answer, j
that i ronatdered the obligations assumed by the I
United Stales in the treaty of Guadalupe Hidalgo
laa implying oil their part a solemn engagement ao
to deal with Mexico an to allow Iter fairly to derive
all the advantages she could from the indemnity
d ue her. I anr next reminded that there won
something narrow in the view which I had taken
| of the preference which 1 thought our American
| hankers were entitled to obtain over foreign bank1
em; and thesenaior ha* brought forth before Senate
the consideration thut bliigluiid was the great
steward of the moneyed interest of the world.
There is nothing new in the usocrtiott of the
| honorable senator, but 1 had supposed that lie
| would be the lust to acknowledge that such a state
of things could continue much longer, as, if America
wire to recede from the position which she
now occupies among civilized nations, and to surrender
the influence which her daring industry
and enterprise has secured her over the moneyed
interests of the world. We certainly have ample
means ot complying with our obligations, without
throwing ourselves on the skill, resources,
and honesty of foreign agents to do our business
in our place.
Then I am told that it matters not what profits
are to be realized by these bankers out of the contract
which this bill is intended to cover and to
carry out. VVhy, if that be the case, we have, I
suppose, as little to trouble ourselves about the
profits to be realized by Mr. Marks, wlio uctually
proposes to discharge the very obligations assumed
by the British bankers, with still better security
to our Government than that which they
can furnish, and at a premium higher by one per
Wot. than that tendered by them.
Sir, it is easy for us to conceive how the British
bunkers may be enabled to realize profits far
above those alluded to in the letter read to the
Senate. As soon as they are ve^ed witli the
credit which this bill will open to them, it will be
in their power?and, depend upon it, that power
they will exert?to make gradual advances according
as the scanty state of the market in Mexico
anu the excited exigencies of the Mexican
Government shall open the way through which
they may reach the uttermost recedes of the
Mexican exchequer, and bring it to their feet, to
bide their dictation and grasping lust of gain.
Yes, sir; thut very advance which we so unkindly
deny to Mexico will He made by England at profits
so extravagant, that I hardly dare togive^nem
a name. We have here before us the unqualified
assertion that the Mexican Government is willing
to rdceive our money at one of our ports, without
the intervention of any agency. The Mexican
Government issuing America to let her draw her
money gradually, and as her necessities may demand,
and tenders a premium of 4J percent. And
will it be said, when we are offered the Tery receipts
of Mexico, that any British banker, be he
whoever he may, can give us a better security?
No, sir; no banker can give us a better security
than the acquittance of the creditor himself.
We are also told that the money which this bill
places u< der the control of British bankers could
not be arrested in England, because, forsooth, it
will not be the money of Mexico until it is paid
into the hands of the Mexican government. I
know full well that it ought not; but, sir, is it so
difficult to conceive the possibility of contingencies
that might afford, not a reason?a good reason,
I mean?but a pretence to the issuing of such
legal process in England as would afford a iteming
justification for withholding these fundsTrom
the Mexican government, perhaps when most
wanted, and for creating that crisis to which 1
have alluded, and which might be the means of
inducting a man like Santa Anna, for instance,
into power? Sir, I name the individual, because
his known connexion with those who have dwelt
in Mexican stocKsanu Mexican uonua nas maue
him f eculiarly desirable as the man moNt likely
to interest himself in their concerns and to favor
their views. And this, if there were no other, is
a sufficient consideration to induce me to resit' ,
the passage of this bill. I would never consen^
to assist in enabling such a man to reinstate himRelf
into power, and again to shame the world by
his dissolute rule and ruthless tyranny. 1 can
well imagine how read^| he would consent to
sanction whatever had been done under such circumstances
by the British bankers; he might even
enable them to apply a portion of the money in
their hands to the partial redemption of such bonds
as might he in the linnds of his friends. Mr,
Marks the individual on the occasion of whose
memorial this debate lias arisen, is an intelligent,
able, honest citizen of New Orleans; and so far as
strict integrity, skill, and ability are concerned, 1
know of few men who could claim any superiority
over him. lie presents himself to this Government
in no attitude that should make him obnoxious
to the sneers of the senutor from New
York, lie never presumed to thrust himself upon
the American Government. He assumes no pretension
to be their agent?not at all?but presents
himself on behalf of the Mexican government for
the purpose of transmitting their propositions to
this Government. Sir, if the object of the senator
from New York be to leave this matter under
the control of the Government, he will accomplish
his end through the amendment which 1 have
proposed.- That amendment can easily be understood.
It throws upon the Government the whole
responsibility of the transaction, at the same time
that it contains nn implied recommendation so to
use the discretion allowed them as to make the
best arrangement they can, both for the interest of
the treasury and the accommodation of Mexico.
Such is the object which I had in view when 1
proposed it, and, notwithstanding the forebodings
that warned me of the little favor it was likely to
meet with, 1 cunnot surrender all hope that it may
be agreed to.
Mr. FREMONT. I do not like to interrupt
business ; but the hour has arrived which was set
apart for California business.
Mr. DICKINSON. I think it is important to
dispose of this bill. I think we can get a vote
verv soon, and then I will go witli the senator
from C-iliforniu in calling up the other business.
Mr. DAVIS, of Massachusetts. I shall be very
brief in what I say upon this subject. We are
required, sir, by a treaty between this Government
and Mexico, to pay instalments on $15,000,000
at,certain periods, in the city of Mexico, and
those instalments are to be paid in gold or silver
at that place. Now, sir, we have heard two or
three arguments upon this subject. The senator
from New York tells you how they work it. It
is of little importance thnt we should understand
how the last instalment was paid. There was
some little scramble for the preference in the payment
of that instalment, and the Government, ns
1 understand it, believing it possible that they
could negotiate better terms in the city of Mexico
than could be done here, authorized the minister
there to make the best arrangement which he could
fbr the payment, and intrusted him with the credit
of the Government for that purpose, authorizing
him to draw upon the Government of the United
States for the purpose of carrying into effect this
object. Now, what is the result? What is the
result when'the credit of your own Government
is at stake in the matter? Why, sir, they realize
something less than 3j per cent, premium,
which is now proposed to be given. That winthe
result of the operation there. The result of
the operation of drawing bills upon the Government
is, that you realize less tlinn 3j per cent,
premium upon them.
Now, the question arises, will you repent that
operation in Mexico? The minister, as I understand,
advises that it should not be done, if you
can get the terms proposed here?that is 3j t>er
cent, premium. Well, I think there are manifest
Hnd good reasons for it. And while I say this, I
quite concur in the remark of the honorable senator
from New York, that it is a matter for the executive
branch of the Government to settle. The
,i.? ?c
irO|M?|l3l??n?. y ...> ..V X-.
carrying into operation the payment, and it is difficult,
if not impossible, for Congress to make
any suitable or proppr arrangement in a matter of
this description. What is proposed ? Why, sir,
it is said here thai the Government has already entered
into an arrangement with three banking
houses to carry this into effect?one in the city of
Washington, another in the city of New York,
and another in the city of London. Now, why
do they go to London ? I have said what the operation
of drawing bills upon this Government is.
You go to London because, by the arrangement
made to draw bills upon an eminent house in Lon- j
don, you can dispose of them upon better terms, '
and make more money. That is the reason for
going to London, and a very good one it is.
But now this gentleman proposes to pnv to the
Government a premium of 3^ per cent. Compare
that with what would he the result, provided you i
undertook to execute this treaty according to its j
terms?thgt of transporting the gold to the city of I
Mexico, and delivering it there. It is admitted,
I believe, it would cost the government something
like three per cent., if you were to undertake to
transport the sjvecie lYnm here to Mexico, and
make the payment there with that specie. Instead
of that, the proposition of these gentlemen is, to
give you the privilege of making this payment in 1
their own way, paying 3} per cent, premium,
making a difference of something like 7 per cent. | '
in the operation of the government. That is the
effect of it?the exact effect. I
And then there is an advantage which has al- , I
ready lieen spoken of?that if tins payment can | <
ii.ii n-n- ' 11 nan
be anticipated in the way which haa been proposed,
it is much better fitted to cover the condition
of Mexico, and llie condition of all psrtiea
concerned and interested in it, to dtaw the bill*
gradually, than to place them in market at once.
You can perceive, air, at once, that if you were to
throw out the whole of these bills in Mexico, it
would cause a depreciation in their value. Now,
under the circumstances, if there were nothing
else in the way, would any mart hesitate for a
moment as to his duty iii an instance like tliie.'
iiut there is a nronosition made here hv n ??n.
tleinan?h stranger to me?that cornea in conflict,
it is said, with' this, and offer a better terms. I
never heard of thia man at all until i beard hia
name read at the fool of the memorial presented
to the Senate. However, the senator from Louisiana
apeaka of him in terms of great respect. I
ant disposed to receive bia account of the gentleman
as true. I will consider him as a respectable
man. Now, what does he propose to do? How
does he propose to manage thia matter? Why
he proposes to give to the Government of the
United States a premium of 4] per cent, upon a
certain plan of operation which he has. He tells
yott, in the first place, that be has got an act of
the government of Mexico by which the minister
here ia authorized to receipt this monev at the
treasury, and that the payment may ue made
here without the expense of transportation. That
is the proposition, and that is the statement made.
This individual tells you unother thing. He tells
you he had made arrangements with the Government
of the United States previous to the death of
the President by which he was authorized to go
on and consummate this arrangement. Now,
sir, I think the senator from Ohio placed this
upon a ground that will leave very little doubt.?
lie says if the Government have entered into such
an obligation, there is written evidence of it. I
think so, too. If there was any such contract '
consuniVnated between this individual and the
United States, you would see it produced here.
Mr. DICKINSON. I understand that Mr.
Webster slates there is no such contract on file.
Mr. DAVIS. The honorable senator says upon
the authority of the Secretary of State that there
is no such evidence. Now, this is proof enough
that no such arrangement as set forth in the memorial
was made, by which the Government was
brought under any obligation towards this gentleman.
Then he says there was an arrangement made
in Mexico, by which the minister here is authorized
to give his receipt in full for this instalment
when the payment is made. What evidence is
th^re of that before us? Nothing, as far as 1 can
understand it, but 'he statement of this individual.
And is the Senate of the United States ready to
act upon the statement of an individual unknown
to them upon so important a matter as this ? Are
we ready to pay him out of the treasury bills
drawn by Mexico, upon the receipt of the minister,
upon astatenunt of this description? 1 trust
But suppose all this to be true. Suppose, if
you please, that the proof of authority from
Mexico were here before us. Why should we
not look back, Mr. President, to the obligations
the law and the treaty imposed upon us to pay this
money at a certain dute, and in gold and silver, in
me city 01 Mexico.' Now, sir, are v-e prepared
to take tlie risk and hazard which belong to an
arrangement of this sort? We all know the instability
of that Government. We all understand
the frequent revolutions which take place there.
We all know the great uncertainty whether those
in power to-day will remain in power to-morrow.
And ure we to take the risk und hazard of a revolution
and a countermand of orders, with a denial
of their validity ? Are we to raise all these
questions between us and that country ? No, sir;
we will do no such thing. It would be unwise
and injudicious in the extreme to encounter obligations
of that sort.
I trust, therefore, that although all this might
be satisfactorily shown, it shows no case which
should secute to this measure any favor whatever.
But how stands the matter in regard to the
urrangement which is said to be made? Why,
sir, it is made w ith men that every one knows are
abundantly able and competent to give their responsibility,
and to meet any contingencie which
may arise. They take all the risks and responsibility
which belong to the circumstances which I
havestated. They takeallofthein upon themselves;
and in case any such contingencies arise, they are
able to respond to them. When we consider the
nature and character of th^t government, and the
contingensie which belong to its existence, 1
think it is worth all the money which they give
to take the risk which they take in regard to it.
These considerations, Mr. PresiderJT, satisfy my
mind clearly that the proposition which is made
by the Government is and was a judicious one,
and that we ought to give it our sanction.
Mr. IIALE. Mr. President, the brief experience
which 1 have had in Congress has satisfied
me of the utter uselessncss of any attempt to defeat
a measure of this sort. I shall content myself,
therefore, with expressing to the Senate and the
country the view which I take of it, and the
reasons which will govern me in the vote which
I shall give against the bill and against the amendment,
and with expressing the hope that the
senator from Louisiana will renew the motion
which he made, when the subject was first called
un, to lay this whole subject upon the table.
What is the first nspect in which this case presents
itself? TltiH money is not due until -eight or nine
months from this time. This Congress is now
within six days of its termination. Another session
is at hand, and will have assembled and adjourned
sine die something like ninety days before
the administration want this money to redeem the
public faith. The next session will expire bv
provision of the Constitution on the 4th of March
next; and fVom that day to the 30th of May is
within four days of three months?a space of
about eighty-six or eighty-seven days before the
administration wants this money to keep the
public faith. Sir, there may be many specious
arguments and apologies thrown about this matter,
as the ingenuity of gentlemen may devise, but I
challenge contradiction of the fact that the money
is not wanted to keep the public faith; because
there is no pretence that from the 4th of March to
the 30th of May there will not he a sufficient time
that will elapse for every nrrnngenient necessary
and convenient to carry into execution the obligation
of this treaty, and perf rm all the obligations
that devolve upon the Goeernment. It will bean
amnly sufficient time to do all that is required.
aVcII, sir, this bill, then, is for some other pur
pose than the keeping of the public faith; and whRt
is it? It is for the purpose of taking the funds of
this Government at this time, not wanted for public
use, and putting them into the hands of bankers,
as capital for them to use in their business
operations. Sir, it is but a little while when the
country was horrified at the idea of any portion
of the public funds being used by the small banks
of the country, and an act of the General Government
was passed in 1846, making it a State-prison
offence so to use the public money. All your
moneys were to be received and paid out in gold
and silver; and if any one of the depositaries of
the public money made use of it for private uses
or for any other than legitimate purposes, he committed
a penitentiary offence. But now the Government
is going to do upon a lurge scale, by millions,
the same thing for which they punished individuals
by imprisonment in n penitentiary. If
one of those depositaries of the public money in
any Slate takes a hundred dollars of the publ'c
money and converts it to his own use, by that act,
when it is ascertained, he is sentenced to the penifpntinrv
Hut l?Arn von orooooo tr* *???%% i 111
ihe public money and place it in the hands ofbank
power, to be used partly for their own benrfit and
partly for yours. I am opposed to it entirtly.?
And, sir, it is no answer to say we make appropriations
for the civil, diplomatic, and other expenses
of the Government within the fiscal year,
when the money
Mr. GNVIN, (interposing.) If the gentleman
will give way, 1 will move to proceed to the consideration
of the California business.
Mr. DICKINSON. I cannot consent to that
suggestion. I regret this delay; and I hope gentlemen
will content themselves with a sim| le explanation
of this matter. The statement has been
made by the Executive department that this appropriation
is necessary, it is an appropriation
especially asked for by the Administration, in n
special communication to the Committee on Finance,
and 1 hope we will finish it. It must be
Mr. TRATT. This discussion will take all
Mr. DICKINSON. I cannot help it if it takes
all the rest of the session.
Mr. PRATT. It is not one of those measures
whieh demand the immediate action of Coneress.
VVeare now within four or five days of the adjournment;
and it is manifest to every man that
this measure is utterly unimportant to ihe Government,
however it may be to individuals interested,
whether it is passed now or next session.
The PRKSIDF.NT stated the motion to be on
the postponement, in order to take up the < r.lers
of the day.
M. DICKINSON. I call fer the yeas and nays
on the motion; and ask those who intend to nporopriate
money that the administration is faiyly
rftiiled to, to vote against the postponement

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