Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-03-07

that the permanent revenue OF this country should
be fixed at eighteen millions of dollars. Certainly
had no intention to announce such opinion,
do my expressions fairly interpreted, imply it,
stated, the occasion referred to- that, estima-
ting the ordinary revenue OF the country at twenty
five millions, and tho amount of tho duties
tho unprotected articles proposed to DO re-
pcalcd by the resolution, at seven millions
the latter sum taken from the former, would
leave eighteen. But i did not intimate any
belief that tho revenue of the country ought for
the future, to DO permanently fixed at that or any
other precise sum. stated that, after having of.
fcctcd great reduction, we might pause, eau.
tiously survey the whole ground, and deliberately
determine upon other measures of reduction, some
of which indicated. And l now say, preserve
tho protective system in full vigor; give us the
proceeds of the public domain for internal improve
ments, if you please, partly tor that object and
partly for the removal of free blacks, with their
consent, from tho United States; and, for ono,
have objection to the reduction of the public
revenue, to fifteen, to thirteen, evon 10 nine
millions Of dollars.
In regard to the scheme of the Secretary Of the
Treasury for paying Off the whole OF tho remaining
public debt, by tho 4th day of March, 1888, incu.
ding the three per cent, and, for that purpose, SELL
ing the hank stock, had remarked that, with the
exception of the three per cent, there not moro
than about four millions of dollars of the debt duo
and payable within this year; that to meet this, tho
Secretary had stated, in his annual report, that tho
TrOasury would have from the receipts OF this yoar,
cipal of tho debt; that 1 did not perceive any
gency for paying off the three per by the pro-
else day suggested, and that there nceessi-
ty, according TO tho plans of tho Treasury, ussu.
ming them to be expcdient and proper, to postpone
the repeal of tho duties on unprotected articles.
Tho gentleman from Maryland imputed to me ig-
nordnee of the act of the oath April, $780, accord
ing to which, in his opinion, the Secretary was
obliged to purchase the three per cent. On what
ground tho Senator supposed was ignorant of
hat oDt h. -
passed, was at Ashland, assure him that was
not there altogether unnfomed of what was pas.
sing in the world. regularly received the Regis
ter of my excellent friend (Mr Ni!es) published
in Baltimore, the National Intelligenccr, and
other papers.
There are two errors to which gentlemen are
sometimes liable, one is to magnify the amount of
knowledge which they possess themselves, and
the second is to deprcciatc that which others have
acquired And will the gentleman from Maryland
excuse mo for thinking that no man is more prone
to commit both than himself. I will not say
that he is ignorant of the true meaning of the act
Of $780, but certainly place different construc-
ton upon it from what he does. 1t does not oblige
the Secretary of tho Treasury, or rather the Com
nissioncrs of the Sinking Fund, to apply the sur
plus of any year to the purchase of the three per
cent stock particularly but leaves them at liberty
'to apply such surplus to the purchase of any por-
ton of the public debt, Mt such rates as, in their
opinion, may be advantageous to the United
y
be exercised under official responsibility. And if
any Secretary of the Treasury, when he had the
option OF purchasing portion of the debt, bear
ing higher rate of interest, at par about par,
were to execute the act by purchasing the three
per cents, at its present price he would merit i'm
parchment. Undoubtedly state of fact NAV ex
list, such as there being public debt remaining
10 be paid but tho three per cent. stock, with sur
plus i'll the Treasury idle and unproductive, in
which 1T might be cxPcdient to apply that surplus
In Tho rh,tre <fs 81
whilst the interest of money is at greater rate
Than three per cent, 1t would not think, be wise
10 produce an accumulation of public treasure or
such purpose. Tho postponement of any re-
iuction OF the amount of the revenue, this ses-
sion, must however give rise to that very accumu-
aton; and it is, therefore, that cannot pei ceiye
The utility of the postponement.
we ale told by the gentleman from Maryland,
that offers have been made to the Secretary of the
Treasury to exchange three per their ar
ket price OF 6 per cent for the bank stock the
Government at its market price, which is about
l26; and he thinks it would be wise to acept them
If the charter of the bank is renewed, that stock
will be probably worth r,,"ei than ts pro
sent price; II not renewed, much less. Would il be
fair in Government, whilst the question is pending
md undecided, to make such an exchange? Tho diff
erencc In value between a stock bearing three
per cent. and ,ne bearing seven per cent must be
eally much greater than the difference between 90
Ind l26 per cent. Surprising them to be per petual
lnnuities, the would be worth more than twice
he value of the other. But my objection to the
Treasury plan is that it is not necessary to execute
ito continue these duties, the Secretary pro-
poses. The Secretary has debt of 81 millions to
pays lie has, from the accrung receipts of this year.
fourteen millions, and we are told by the Senator
from Maryland that this sum, of fourteen millions
exclusive of any of the duties accTung this wear
He proposes to raise eight millions by a sale of
the bank stock, and to anticipate, from the reve
nues receivable next year two millions more These
r hen of mil i,ht
lions. and two Millions make up the sum required,
OF twenty four millions, without the aid of the du-
ties to which the resolution relates.
The gentleman from Maryland insists that the
General Government has been liberal towards the
West in its appropri atoms Of public lands for in
ternal improvements; and, to the fori !ications
he contends that the expenditures near the mouth
OF the Mississippi, are for its especial benefit
The appropriat atoms land to this States of Ohio
Indiana, Illinois and Alabama. have been liberal;
but 1T is not to be overlooked, that the General Go.
vernment is itself the greatest proprietor of land
and that tendency of the improvements, which
these appropriations to effect, is to increase
the value Of the unsold public domain. The cree
lions OF the Notifications for the defence of Louisi.
and was highly proper, but the gentleman might as
well place to the account of tho West the dis
bursements for the Notifications intended 10 dc
TEND Baltimore, Philadelphia, and New York to
all which capitals Western produce is sent, ,and, in
the security of nil which, the Western Peo pie feel
u h'o'y Hterest' iney 90 not OBJECT TO eIpendl-
lures for the army for the navy, for Notifications
or for any other defensive or commercial object
on the Atlantic, but they do think that their
condition ought also to receive friendly
attention from the General Government.
With respect to tho State of Kentucky not one
cent OF money, or one acre of land, has been ap-
piled to any object of internal improvement within
her limits. The subscription to the stock of tho
canal at Louisville was for object in which
manS States were interested The Senator from
Maryland complains that no nag been unable to
obtain any aid for the rail road which the enter.
prize of Baltimore has protected and in mart axe.