Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-04-13
Eighteenth Congress .
DEBATE
SPEECH CT MIR. p. P. BARBOUR, OF Va
ON THE TARIFF BILL.

Views spf the general principles Involved in the
bill under consideration, and believing that tic
present motion afforded an opportunity TO do so
lac would, with the indulgence of the corr,ittee
avail himself Oft
No object, said Mr. B. of o, more important
>character than this, has occupied the attention
of the National Legislature, during its present
session. This is the third time that 1t has been
brought'upon the tapis, during nv short poiiti-
cal life; thas not only been debated again and
again in this and the other House, bat the press
has teamed with pamphlets and newspaper pub
LEGATIONS in relation to it. 1t is not n question
as was said on another occasion during this ses-
sion, of political metaphysics, but OF severe
practical taxation one which opposing this BILL
feel that am defending the cause, not of nv
own immediate constituents only, but of the
whole Commonwealth of Virginia, of Which
they cnmpose;a part not of them only, but of the
whole South; not them only, but Of other parts
of this confederacy, against the injurious effects
which, in my opinion, this bill would produce
upon their great and essential interest [ wish
sir, that cause so great, had an ADLER advocate
but shall, to the utmost extent of my ability
endeavor to present the subject iii its true light;
should not succeed, whilst shall have the
consolation of knowing that have done nv du-
~, shall feel, that my defeat was not ascrba-
bic to the weakness OF my position, hat to the
Inadequate manner in which it was defended
This bill has been presented to us in various
phases; some gentlemen say, il is . measure to
increase the revenue, some tell us it IS to en-
courage agriculture, whilst others sustain it on
the ground, that it will afford encouragement to
the manufactures of the country. 1t would in
deed be as rare, as it would be valuable, if it
could accomplish all these objects; TO harmonic
these conflicting principles, is just impossible,
as it would be for a person who stood at z nc
dial point between two given objects, to ap-
proach the one, withoutreceding FROM Tic o.:.c.;
aud fear, sir, that it would turn ont to be in
Legislation, what certain specifics como to be in
medicine: published 10 the world as a cure for
almost every disease, they prove to be an effcc-
tual remedy fornone. Without further remark,
pass directly to the discussion.
L would not vote for this bill, sir, even if il
could be placed upon the grounds, which would
be confessedly most advantageous fcr its advo-
catcs-that Is even if it were a bill designed to
raise revenue, and if such would be lis effect
would not do it, for this obvious reason, that
the exgencics of the Treasury do not call for
an increase of revenue.
In proof of this, l beg leave to present to the
committee, a brief view of our financial si.ua-
ton, as exhibited in official documents, giving,
exposition IN detail. The present condition
of the Treasury is such as to enable us by anti
cipatlon, to purchase our per cent stock du-
ring the current year, which would not become
due till the next. The per cent stock, a.
mounting to Sl2,296,O99 O6, no gentleman
would think of paying at par, and consequently
it would only be purchased upon such terms as
might be agreed upon, between the government
and stock holders. The S7,OOo,0oO due to the
Bank of the United States, may be considered
in effect as paid, inasrnuch as we own stock to
an eGuaul amount, in the Bank, the dividends
which equivalent to the interest which
we pay; besides, our debt to the Bank is at an
interest of only per cent. and therefore falls
within the influence of the reasoning applicable
to the remaining part of our debt bearing that
interest. The residue of the public debt con-
s!stS of per cent. stock, and per cent.
stock; and we have satisfactory reason to be-
lieve, that considerable part OF the per cent.
stock can be committed into a 5 per cent. Let
me add, that gentlemen mistake, when they say,
that lage share of this debt will successfully
fall due in the years 1926, 1927, and 1923. Al
though in those years, large sums are redceua-
bic, that s, we may pay them, if we choose, yet
we are under no obligation to pay them; and ii
is estimated, that, with the exception of the
Bank debt and the 3 per cent. stock, the exist
ing revenue of the government will be co,npc-
tent to redeem our whole public debtn the wear
1885, period ofeleyen years from the present.
Now, sir, although am one ofthe lastmen in the
world who would subscribe to the doctrine, that
apubiic debt, is a blessing, but on the contrary,
consider it an evil, and am DESTROYS Of paying it.
yet in doing so, would exercise discretion. ]
would practice moderation. As n guardian OF
the public interest, | would act in relation to
my own; would not suffer solicitude to pay a
debt not coercible, to induce me TO sell property
at sacrifice, or to borrow money at higher
rate OF interest, than that of the debt 70 Be paid
with it. Let US for 2 moment apply these plain
principles to our situation there is no part OF
The debt bearing higher interestthan s per cent;
and there is no part of the United States. il is
believed, where the legal rate of interest is loss;
but as far as the 6 per cent. stock could be com
muted for a per cent. stock, and to the whole
amount Ofthe per cent. five were to draw adj
ditional revenue from the people TO pay il; it
would create an increased pressure upon them
at a time certainly not favorable for the purpose
ofpaying with money worth per cent, debt
on which we should only pay an interest of D
per cent. This would be actually loss, and
even as to 6 per cent stock, no gain. would
In this regard, then, adopt the MAXIM Of the cell
ebratei English Minister Burleigh: That il is
not desirable to see the Trearufy sYvon like a
disorlcred spleen, whilst the nation was in a
consumption. would act upon the principle
of bis mistress Queen Elizabeth, that at present
beyond the existing revenue, the money IS bet
term the pockets of our people, than in our ex-
chequer or will add, in the p?c<ets Of our pub.
JIG creditors.