Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1824-04-13
tRKPonrED FOR THE RATIONAL INrELlIeENcER
Eighteenth Congress.
DEBATE ON THE TARIFF BILL.
SPEECH or MIR. p. Z. BARBOUR, DIVA.
DELIVERED FRIDAY. MARCH %. 1921

+.
Dir. BARBOUR said, that, having determined.
at some period of the discussion, TO presept
his views Of the general principles involved
in the bill under consideration, and belle, in q
that the present motion afforded an opportuo
nifty TO do so, he would, with the Indulgence
of the committee, avail himself uf it,
No subject, said Mr.. b. of more impor-
iant character than this, has occupied the at
ten'ion OF the National Legislature, during its
present session. This is The third time that
it has been brought upon the tapis. during nv
short political life it has not only been
debated again and again in this and the other
House. hui the press has teemeG with pam
phiets and newspaper publications in relation
10 IT. IL ~ not a question, was said on
another occasion during this session, of pniti-
cal metaphysics, but of sever practical taxa
ton; one which comes home to the sensibity
OF the pocket nerve. In opposing this bill, 1
feel thai am defending the cause not of nv
own immediate constituents only, but of the
whole commonwealth nf Virginia of which
they compose part not of them ONLY bur
OF the whole South; not ofthem only, but of
other parts oil this contederacy, against the
injurious effects, which, in my opinion, this
bill would produce upon their great and es-
sential interests ! ~ish, sir, that a cause so
great. had an ADLER advocate but | shall. To
the utmost extent of my ability, endeavor To
present the SUBJECT ~ lis true light should |
not succeed, whilst shall have the consola-
ton OF knowing that have done my duly. |
shall feel, that my defeat was not ascribabIe
to the weakness of my position, but 10 the in
adequate manner in which il was defended
TINS bill has been presented to us in various
phases some gentlemen say, it is a measure
To increase The revenue, some tell US il is TO
encourage agriculture, whilst Others sustain it
on The ground, that il " III afford encourage
ment to the manufactures of the country. Ii
would indeed be as rare, as it would he vahl-
able, ifit could accomplish all these objects !
TO harmonze these conflicting principles, is
Just as impossible, as il would be for nerson
who stood at medal point between two
gwen Objects, to approach the one, without
recedlng from the other; and | fear, sir that
VI would turn out In be in Il gisIa;ion, wha;
Certain specifics come to be IN medicine pub
islrd 10 the world, cure for almost every
disease, they prove to be an effectual remedy
for none. Without further remark, | pass
directly To the discussion.
would not vote for this bin, sir, even if it
conid be placed upon thr grounds, which would
he cDnfcssrd'y most advantageous for its ad-
v0cates-thaI is, even IL IL were n bill designed
Ia raise revenue, and if such would he lis eff
son, that the -Xigencrs uf the Treasury do
moi call for an increase OF revenue.
In proof ofthis, ! beg leave To present to
the committee, brief view of our financial
situation, as exhibited in official documents
giving an exposition ia detail. The present
condition III the Treasury is such, as To en-
able US, by anticipation, 10 purchase our
per cent. stock duriAs the current year. which
would not become due till the next. The 8
per cent. stock, amounting io S15,296 009 O6,
no gentleman would think nf paying ut par,
and consequently it would only be- pure based
upon such terms might be agreed upon,
between the government and stockholders
The S7000,000 due To the Bank Of the Uni
ted States, may he considered in rllec; as paid
inasmuch as we own stock 10 an equal amount,
Ia the Bank, the dividends on which are equi-
valent 20 the interest which we pay besides,
our debt to the Bank is at an interest Of only
per cent aud therefore falls within the in
uuence of the reasnung applicable to the
manning part of our debt bearing that interest
Thc residue Of the public debt consists of
per cent. stock, and per cent. stock ; and we
nave satisfactory REASONS To believe, that con-
Siderable part of the per cent. stock, can be
commuied into 8 per cent. Let me add,
that gentlemen mistake, when they say, that
a large share Of this debt will successfully fall
Que IN the years 1896, 1927, aud 1895. Al
though in those years, large sums are redeem
able, that's, we may pay them, if we chuse yet
we are under no obligation tn pay them 81 il is
estimated, that, vito the exception of the Bank
debt and 8 per cent. stock, the existing re-
Venue Of the government will be competent
10 redeem our whole public debt in the year
1855, period Ofeleyen years from the pre-
seut. Now sir. although am one of the last
men IN The world who would subscribe to the
doctrine, that public debt is public blessing,
nut on the contrary, consider it an evil, and
an deslrous paying it, yet in doing so,
would exercise discretion, | would practice
moderation. As a guardian OF the public in
'errst, would act in relation To their debts,
DIS would 10 relation to my own would not
suffer solictude 10 pay a debt not coPrcibIe,
10 induce me to sell property at sacrifice, or
10 borrow money al higher rate of interest,
Than that of the debt to be paid with il. Let
US Tor inoc1cnt apply these plain principles
10 our situation there is no part Of the dch'
nearing higher interest than G per cent; aud
mere is no part Of the United States, IL is be-
,neyed, where the legal rate Of interest is less
"ui as Ear as the 6 per cent. stock could he
COMMITTED for per cent. If we wefe to
nav add i0nal revenue from the people ~
pay u II would create an increased pressure
,Pon them, at time certainly not liyOrdble
,'F Inc purpose Of paying with money worth
per cen'.a dent on which wr should only
P'y an interest Of > per cent. This would be-
'cth'lly, loss, and even as 10 @ per crpf.
'9ek, M gain. J would n this regard. then.
,runpi the maxim of the celebrated English
"i''slef BTlcgb That Il 10 not desirable to