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Newspaper
American Union
Location
Morgantown, West Virginia, United States of America
Date
Jul 31, 1841
Page
2
The speech argues the 1836-1840 administration inflated expenditures, creating debt via large appropriations and re allocations. It contrasts proposed loans and future spending with the burden on future years, criticizing excessive debt while highlighting unspent balances and the need for prudent annual appropriations rather than sweeping, risky measures.
Senatorial discussion centers on limiting the loan bill to six million to prevent borrowing on government credit for land revenue distribution. Arguments compare Secretary of the Treasury estimates with independent calculations, aiming to show a narrower deficit after adjustments. A National Intelligencer note corroborates a larger implied deficit, while lawmakers dispute revenue forecasts and future expenditures.
A heated Senate race centers on a loan bill proposing up to twelve million in new borrowings. Speakers clash over Treasury balances, existing appropriations, and the danger of expanding debt beyond five to six million, with projections of year end deficits and critiques of administration economy.
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