Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-05-29
'E'kHEI TARIFF.
uorsr or REPRESENTATIVES,, May -.
REPORT
or the COMMITTEE on .MLNII.lCTIRI


turcs, submitted jh' "il"wu.. Rrpor.:
Tn" t"nmiti"c ON Manufactures. to whom
referred :" mech of the Presidents Ncssng"
Iri"S :" NmlhciurcN and tn a modification OF the
Th~H have attended 10 that subject with all the
s"licl'udc which sense ut il prc-emincnL Impor-
trncc 10 the welfare aud pre- pcrity of the Union
was calculated To inspire, nm'i with deep anxiety
th>'. in preventing 10 the House system OF fiscal
policy Cor this cuu;cd, rated mutton, adapted to the
and uucx,uplcd position IN which it will b.
placed by the approaching extinction of the ation
nj debt, they may adequately respond to the conf
dcncc rcpo:cd iu them by the reference
In turning their attention tn the views disclosed
III that part Of the Executive Message referred to
them, the committee perceived tn" declaration OF a
purpose, and he assertion OF principle, the first
al which met thor cordial appreciation, and tie
second their entire cuncurrcnrr. The purpose de
Glazed was that Of arp ing all the means at the dis
poSal of tn" Government to the entire extinction
"f the national debit within the constitutional term
%! the present administration, and connected with
this purpose, well as with other wciwhtv cons-
derauoms the principle assumed, was the cxpcdicn-
cy and necessity of making all mGfcrial reductions
III the import duties prospective, and to take Of
feet only from and after the extinction Of the
public debt.
With tho purpose aud with the principle the
committee fully concurrrd. The extinction Of tho
d"ht within the term of the present Admin ton
~ouId also bo within tho cont"nporancou. lmta-
ton of the term of tho present Congress, and pro-
badly oftlc political life of portion sc the MEM
hcrs ofihc IouHo of Representa- tivcs. To the Con-
CESS of the United States and in particular iman-
mort" the Representatives If the People in this
House the period Of the total emancipation Of the
nation from the thraldom of Il public deb, will he
moment of intense interest, and of heartfelt nu-
tual gratulaun To nave co.orcra,cd i'm tho oc
armr!ishmcn OF this event. is llud,hlc object of
ambition. To have witnessed and cont rihutcd to
its accomplishment during his own term of ser
vice, is legacy of honor and integrity which any
public servant may I've DESTROYS of leaving for tic
memory othis childrcn and the graIiud" If pos;c-
rity. Asa monument Of good faith, Of active in
dustrv and strenuous cxcrtion for the fIiIncnt ~
public engagements, it is an example of morality,
we'll worthy Of that comnrunitv W hich vas y so tho
first among tho nations Of he oarh to lay the
foundations of her government upon tho basis OF
freedom, and tho ui.acnablc r ph,s of human
kind.
The contamination Of this purpose was indeed
of the graat objects for which the Constitution of
tho United States received its present oraoujza,ior
The public debt had originated in and hv The War
OF our National Independence but 40 feeble and
inefficient the Confederation first formed for
the government of the Union, that its central
power was Incompetent 10 levy upon thc pcnpIc
funds adequate even to DISCHARGE, the interest as il
became due upon the public obligations THIS in
tcrest constantly nccu,nulattrig upon the prin
cipal, and the inability OF the Federal Congress
to discharge either the one or the other causrd
the evid s3cs of the debt to become almost worth
less in the hands Of Tic holders villa Tic distress
and penury of public creditors, by who blood and
treasure the independence of the country had been
achieved, became a standing rcproach 10 thai indie.
pcndcncc itself
Accordinclr, no sooner had The Cnvrr,ncn, &C
the United States been orUan;zcd ,udcr Ito ,,ro
sent Constitutions than the first object tn which
the attention Of Congress aad of the Executive
turned, was to devise means of pro, idipn for
the payment of the public debt From, that timc
the principle of It's tof0l DISCHARGES rs soon as hv
vigorous exercise of the resources of the onion il
might he rendered Practicable was assumed os
sumcd after full and free deliberations a nd in uoiut
cd preference to tic doctrine then honestly enter
tanned by portion of the statesmen of the lunc
that II permanent public debt to Il moderate extent
and under iudcious regulation would prove pub
lie blessing. Happily, principLc Of deeper moral
obligation and Of Soun.cr policy trrvailrd In
the first Report Of the first Sccrcia,y of tile Trca
sury TO the House Of Representatives. upon public
credit bearing die the gih Of January 40 v,;iE
in year after the first meeting OF the National
Congress, he advcricd to THIS thrn controvcrtcd
question of political economy in the FOLLOWING
terms &c Porsutdcd, rs the Secretary is. tai
tho proper funding of tho present debt Will rem
80 der ii national b~* ng yet he is 50 far from ac
" ccdIng to the position, in the latitude in which
" 1t is sometimes laid down. that public debts are
pablo benefits position inviting to prodigalty
g and liable TO dangerous abuse, thnt he ardentiy
" riShcs 10 sec IL accompanied fundament!L
a. marin in the system of pnbic crcttit If thc H.
" nfed States, fh"t the creGfIDH Of debt Shoud nl-
e" 'r"y$ be- accompanied ruth the Of ExrIN.
" GrisHMENr. Tins he rc@HrdS rs the true secret
- .iO' FfHGcF'n% !HbiIc CFcd't ihRhnortGi."
And upon this principle was tho public debt Of
the United States, bHrihcnsomc it then was,
iuhdcd' by inc sanction which Congress then
gave to TINS Lofty and honorable sentiment, the
t"tnl "H'lmgnlshmcnt OF the debt became incorpO-
rated as fundamental maxim in the system OF
public credit of the tnicd States Since that day
upwards OF forty years have elapsed, and the ma
non has passed through all he vicjss udcS of peace
ana war But through every change of admins |