Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1832-01-16
MR.. CLAY,S SPEEC IL.

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being the special order Of the day, was taken up
for consideration.
Rssolred, That the existing duties upon arti-
cles imported from foreign countries ana not
coming into competition with similar aruc'es
made produced or within the U. States, ought
to be forthwith abolished, except the huues
upon wines and silks, and those ought to be re-
duced. Aud the Committe on Finance be IN
structed to report a bill accordingly.
The Resolution having been read, Mr.CLAY rose
and addressed the Senate, in substance, as fol-
lows:
l have a few observations, Mr.. President.
and only a few, to submit to the Senate, on the
measure now before you; IN doing which have
to ask all your indulgence. | am getting OLD; l
feel but too sensibly and unafectedly the effects
of approaching age; and | have been, Tor some
years, very little IN the habit Of addressing de-
Lucrative assemblies. | am told that have been
the cause.-the most unwilling cause, u | have
been, of exciting expectations, the evidence OF
which is around US. l regret it; for however
the subject on which | am about to speak, in
othe r hands might be treated to crafty or to re-
ward the presence and attention now given, in
mine, l have nothing but a plain, un,arnised and
unambitions exposition to make.
1t forms no part of my present. purpose. said
Mr.. G.. to enter into a consideration OF the es-
tablished policy of protection. Strong in the
convictions, and deeply seated in the affections
of a large majority. of the People of the United
States, it stands self-v indicated, in the general
prosperity, in the rich fruits which it has scatter
ed over the land in the experience of all prospe.
rous and powerful nations, present and pas, and
now, in that of our own. Nor do | think it ne
,,..n,y IN li,cucS that polirv m fhiS rpgOIutIOn
Other gentlemen may think differently, and may
choose to argue and assail it. II they do, | have
no doubt that. in all parts of the Senate, men,
bers more competent than l am. will be ready to
defend and support it. My object now is to Ii.
nit myself to a presentation OF certain views and
principles connected with the present financial
condition of the country.
A consideration Of the state of the public re-
venue has become necessary in consequence OF
the near approach of the entire extinction OF the
public debt; and | concur with you, sir, in be-
iieving that no season could be more appropriate
than the present session of Congress to endeavor
to make a satisfactory adjustment of the Tariff.
The public debt chiefly arose out Of the late war,
Justly denominated the second contest for nation
al independence. An act, commonly called the
sinking fund act, was passed by Congress near
fifteen years ago, providing for its reimburse
ment. That act was prepared and proposed by
a friend of yours and mine, whose premature
death was not a loss merely to his native State,
of which he was ons Of it's brightest ornaments,
but to the whole nation. No man,, with whom |
ever had the honor to be associated in the lesis-
latlve councils, combined more extensive and
useful information, with more firmness of judg.
ment and bIa,dness Of manner, than did the la
mented Mr. Lowndes. And when, 10 the prime
of life. BY the dlspensation of an all-wise Provi-
dence, he was taken from US, his country had re-
son to anticipate the greatest benefits from his
wisdom and discretion. BY that act an annual
appropriation of ten millions of dollars was made
towards the payment Of the principal and inte-
rest of the public debt; and also any excess which
might yearly be in the treasury. beyond two mil
lions Of dollars. which it was thought prudent to
reserve for unforeseen exigencies.
But this system Of regular and periodical apPlI-
cation of public revenue to the payment OF the
public debt, would have been unavailing, if Con-
gress had neglected to provide the necessary
ways and means. Congress did not, however,
neglect the performance Of that duty. BY various
acts, and more especially BY the tariff of 1894
the abused tariff of l824-the public Golfers were
amply replenished, and we have6een enabled to
reach our present, proud eminence OF financial
prosperity. After Congress had thus abundant
w provided iunuS, ana ulTeCteu tneT sVstelnati-
cal application. the duty remaining to be perform
ed by the Executive was one simply ministerial.
And no Executive and NO Administration can
justly claim for itseifany other merit in the dis
charge of the public debt, than Lat of a faithful
execution of the laws. No other merit than that
similar one to which it is entitled for directing a
regular payment Of what is due from time to time
to the army and navy, or to the officers Of the
Civil Government for their salaries.
The operation Of the sinking fund act COM
menced with the commencement, OF MIR. Mon
roe's Administration. During its continuance
of eight years. owing to the embarrassments of the
Treasury, the ten millions were not regularly
applied to the payment of the debt; and upon the
termination of the Administration, the Treasury
stood largely in arrear to the sinking fund. Du-
ring the subsequent Administration of four years,
not only was the ten millions faithfully applied
during each year. but those arrears were brought
up and all previous Deficiencies made good. So
that, when the present Administration began, a
plain, unincumbered and we'll defined path lay
directly before it. Under the measures which