The Speaker resumed the Chair, and the House resolved now to consider the report of the Committee of the Whole.
Mr. Milnor said the bill had been much amended in committee, and as the remnant left amounted to very little, and the discussion of that little would probably cost more than would be saved by passing it into a law, he moved to postpone the further consideration of the subject indefinitely.
Wednesday, April 25.
Loan Bill.
The engrossed 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, was read a third time.
All the gentlemen who spoke against the bill professed to be willing in a proper manner to authorize a loan of any sum of money necessary to meet the appropriations made; but they contended that the bill was objectionable because the sum was not stated in the face of the bill, because the bill bore a deceptive appearance of borrowing money to pay the public debt, when, in fact, it was to meet the ordinary expenses of the Government; because the bill authorized a loan of five millions five hundred and sixty thousand dollars, more by one million one hundred and sixty thousand dollars than the Secretary of the Treasury had declared to be necessary, and because no loan ought to be authorized until bills now before the House were decided on, which involved a reduction of the annual expenditure.
In reply to the objections to this bill, it was urged that the amount authorized (not required) to be borrowed was as definitely expressed as though in figures; that there could be no deception on the face of the bill, for, if no debt heretofore contracted was now to be paid off, there would not only be no occasion to borrow, but there would be an immense annual surplus in the Treasury; that, since the estimate of four millions had been reported to the House, various appropriations had been made, and it was impossible yet to say how much might be wanted, and no more would be borrowed than actually was wanted; that if the passage of the bill was delayed but a day or two, it would be very easy for gentlemen to prevent its passage at all.
The bill was passed—yeas 77, nays 35.
Reduction of the Navy.
The House then resumed the consideration of the unfinished business of yesterday.