Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-01-19
C0mgrcSy.--scss. 1
IN SENATE, WEpyrsDAx, J@AyyAnY II, 1882.

in ENAIE WEDNESDAY, JANUARY IL, 1882.
REDUCTION OF DUTIES.
The following resolution, submitted by Mn. CLAY on
Monday last, being the special order of the day, was
taken up for consideration.
ReSOlDed, That the existing duties upon articles i'm.
ported from foreign countries, and not coming into o
petition with similar articles made or produced within the
United States, ought TO be forthwith abolished. eycept the
uuiies upon wines and silks, and that those ought TO be
reduced. And that the committee on Finance be instruc-
ted TO report a bill accordingly
The resolution having been read. Mr.. CLAY rose and
addressed the senate, in substance as follows:
L have a lew observations, MIR. President, and only a
lew, to submit TO the senate, on the measure now before
you In doing which [ have to ask all your indulGence
! am getting old; | feel but too sensiby and unaiectedlv
the effects of approaching are and | have been for .ong,
years, very little in the habit of addressing delibera,ive as
sembues. l am told that l have been the cause.-the most
unwilling cause, II l have been, of exciting expectations,
the evidence OF which Is around us. regret it-for
however, the subject on which L am to speak, i'm other
sence and attention now given in mine, | have notbng
but a plain, unvarnished and unambilous exposition TO
make. ~
1t forms no part of my present purpose, said Mr.. G to
enter INTO a consideration of the established policy of nro-
tecuon: Strong IN the convictions, and deeply seated in
the affections of a large majority of the people of the
United States, it stands selfvindicated. in the GENERAL
prosperity, in the rich fruits which it has scattered over
the lana, IN the experience of all prosperous and powerful
nMa'lons' present and past, and now, in that of our own.
nor DO | think 1t necessary TO discuss that policy on this
resolution otiler gentlemen may think differently, and
may choose u argue and assail it. If they do, | have no
doubt that, in all parts of the senate, members more com
Pstent than | am, will be ready to defend and support it.
My object now, is to limit myself to a presentation of Ger.
tam views and principles connected with the present g.
nancial condition of the country.
"a consideration ofthe state ofthe public revenue has be-
come necessary in consequence of the near approach of the
ehtIre extinction ofthe public debt; and | concur with Won
sur, IN believing that no season could be more appropriate
than the present session of congress, TO endeavor 10
MAKE a satisfactory adjustment Of the tariff. The public
debt chiefly arose out of the late war, Justly denominatcd
,he second contest Tor national independence. An act,
commonly called the sinking fund act, was passed by CON
gress near fifteen years ago, providing for its reimburse
ment. That act was prepared and proposed by friend Of
yours and mine, whose premature death was NOT n I,es
merely lO MS naive state. of Which 1a uvns ana &C f-
brightest ornaments, but to the whole nation. No man
with whom ever had the honor to be associated in The
Legislative councils, combined more extensive and usef,l
lhlormatlon, with more frmness of Judgment and bland
ness OF manner, than did the lamented Mr.. Lowndes
And when, IN the prime of life, by the dispensation of an
al-Wlse providence, he was taken from us, his country had
reason to anticipate the greatest benefits from his wisdom
ana discretion. BY that act, an annual appropriation of
ten millions OF dollars was made towards the pavneuf nf|
The principal and interest Of the public debt; and also onv
excess which might yearly be in the treasury, beyond two
millions of dollars, which it was thouoht 1r,,dsnt fo ,
serve Tor unforeseen exigencies.
put thls system OF regular and periodical application of
PuDhc revenue TO- the payment of the public debt, would
nave 0een unavaiiing, If congress had neglected to pro.
tlu the necessary ways and means. Congress did not,
however, neglect the performance of that duty. Bv vn.
Ious acts, and more especially by the tariff of 1s21Ethe
abused tariff of lS2f-the public Golfers were amnlv re.
pienished, and we have been enabled 10 reach orr b5resont
proud emInence of financial prosperity. After CONGRESS-
had thus abundanty provided funds. and directed III.
systematical application, the duty remaining TO be ner.
formed by the executive was one simply ministerial. And
no HSecuuVe ana no administration can Justly claim for
- ~ tC lSCIdIHt Oh tle pUDIC GeDt.
than that OF a faithful execution of the laws. No other
merit than that similar one to which il is entitled for
uirecuhg a regular payment Of what is due from time TO
I'M 70 the army and navy, or TO the officers of the civil
government for their salaries.
Inc operation of the sinking fund act commenced with
me commencement Of Mr.. Monroe's administration. On.
ring It's continuance Of eight years, owing TO the embar-
EASEMENTS OF the treasury, the ten millions were not reo,-
iarly applied to the payment of the debt and. upon tbc
termination OF that administration, the treasury stood
largely in arrear TO the sinking fund. During t,e subse
Plent administration Of four years, not only was the ten
n'IlIons faithfully applied during each year, but. those mr..
Iear5 were brought up, and all previous deficiencies made
go1a % that, when the present administration ber,n
= pun uhlncuInbercd, and well-defned path Law directly
oel1re u Under the measures which have been devised
III Ie snort term of fifteen years, the government has
palu nearly one hundred millions Of principal. and about
an equal sum OF interest, leaving the small remnant bo.
hind, Of twenty.four millions. 't 90
vi tuat remnant, thirteen millions consist If fe f,roo
per cent. stock, created by the act Of 1890. which, the 90.
VeInment does not stand bound to redeem At INV rIro
sscnbed time, but which itmay discharge whenever 4 srn;fg
us own convenience and when IL is DISCHARGED. If mus,
~ upne py, The Payment Of dollar for dollar. cannot
u an "hu J should suppose, congress can hardly believe !
WI" inc secretary Of the treasury. that il would be wise
~ Ply on me stock Of thirteen millions, emitting lis hold
" Dt I'ree per cent with a capital of thirteen mil
"onS' worm an interest Of six per cent. In other words