The House resolved itself into a Committee of the Whole, on the bill authorizing a loan for a sum of money not exceeding the amount of the principal of the public debt reimbursable during the year 1810.
[In the discussion which took place on this bill, there was no objection to the principle of it. Every gentleman who spoke assented to the propriety of placing at the disposal of the Government a sum of money fully adequate to meet the appropriations authorized by law for the present year.]
Mr. Dana wished to ascertain the precise amount of the principal of the debt reimbursable during the year 1810, with a view to inserting the sum in the body of the bill.
Some difference of opinion appeared to exist as to the exact amount of principal reimbursable. The sum annually applicable to the payment of the public debt is eight millions of dollars. The sum left, after paying the interest of it for the year, is annually applicable to the extinguishment of the principal. The exact amount of interest payable on the public debt during this year not being known, there was a difficulty in ascertaining the exact amount of principal reimbursable.
The sum of $4,800,000 was mentioned.
Mr. Dana moved to amend the bill so as to authorize a loan "not exceeding $4,800,000, being the amount of the principal reimbursable," &c. This motion was supported by the mover, and Messrs. Gold, Sheffey, Quincy, Upham, Tallmadge, and Pickman, and opposed by Messrs. Bacon, W. Alston, and Montgomery.
The arguments in favor of the motion were, generally, that it was improper to attempt to disguise any thing by giving to it a specious name; that borrowing money should not be called paying the public debt; that all authority given to borrow money should be express and specific as to the sum. It was said in reply, that there could be no objection that the truth should appear on the face of a bill; that this sum not being wanted to defray the ordinary expenses of the Government, but to pay debts heretofore contracted, the phraseology was perfectly correct; that it was as specific in fact as if expressed in so many figures.
Mr. Dana varied his motion, after debate, on account of the uncertainty which appeared to exist as to the sum reimbursable, and of course as to the sum to be loaned. He moved to amend the bill so as to give authority to borrow a sum of money "not exceeding four millions of dollars."
This motion was supported and opposed by the same gentlemen who debated the former motion. In support of the motion it was said, that this sum was all that the Secretary of the Treasury had asked for, and was therefore as much as ought to be given. The advocates of the amendment also said that they were averse to legislating blindfold, to voting millions without knowing for what, or to surrendering up their judgments to Executive discretion, under an idea that the President would not borrow more than was necessary.
In reply it was said, that since the Secretary of the Treasury had made the estimate in question, other expenses had been incurred; that it was impossible to tell the precise amount which was wanted until Congress should adjourn, as it was impossible to tell on one day what appropriations they would make the next day; that, if not necessary, the authority to borrow would not be used; as in the case of the loan authorized at the last session of Congress, not a cent of which had been actually borrowed. That law had granted an authority nearly similar to this in nearly the same language.