The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-01-25
Nh. CLAY'S SPEECH,
ON A REDUCTION OF DT1TTFs

Res0lced That the existing duties upon articles
imported from foreign countries, and not coming
into competition with similar articles made or pro-
duced within the United States ought 10 be forth.
VITA abolished, except the duties upon wines and
silks, and that these ought to be reduced. and
that the Committee on Finance be instructed to
report a bill accordagIy,
The resolution having beer read, Mr.. CLAY
and addressed the Senate IN substance as fol-
lows
have few observations, Mr. President, and
only a lev, to submit to the Senate, on tho meas
Hre now before you; in doing which hava to ask
all your indulgence. ] am getting old; feel but
too sensibly and unaffeetedIy the effects of ap-
preaching age; and have BEEN for some wears.
very little in the halpt Of addressing deIiberatiye
assemblies. am told that have been the cause
the most unwilling cause if | have been-of ex-
citing expectations, the evidence of which is
around us. | regret it; for however tie subject on
which am to speak, in other hands might be treat
ed to crafty or to reward the presence and atten-
ton now given, in mine, I have nothing but n
plain, unVarnshed and unambitious exposition IN
mase. "
1t forms no part OF my present purpose. said Mr.
~, 70 enter into consideration of the established
poilcy OF protection. Strong in the conyictions.
and deeply seat in the affections Of > Ia,o -
1orlty OF the people of the United STATE II sa-S
seli-vlndieated, in the general prosperity in Iba
rich fruits which; il has scattered over the lana;
the experience OF all prosperous and powerful ma
tio2s' present and past, and now, in that of our
policy on this resolution. Other gentlemen NAV
think differently, and may choose to arpue and as
sail it. If they do, have no doubt that. in an
parts OF The Senate, members more competent than
am Shi De ready to defend and support it, My
object now is to limit myself to pfeseHt.tion Of
certain views and principles connected with the
present financial condition Of the country
consideration of the state, of the public rev..
enue has become necessary in consequence of the
near approach of the entire extinction of the nuhc
CIR Kali
no season could be more appropriate than the ures
cnt session of Congress. 10 ende7vor to make 4
satisfactory adjustment Of the tariff The public
debt chiefly arose out of the late war Justly demon.
mated the second contest for National Independ-
ence. An act, commonly called the sinking fund
act was passed by Congress near fifteen years ago.
providing for its reimbursement. That act was
prepared aad proposed by friend Of yours and
mine, whose premature death was net loss merely
to his native State, of which he was one of its
brightest ornaments, but to the whole nation. No
man, with whorf ever had the honor to be asso.
ciated In the legislative councils, combined more
extensive and useful information with more firm
ness OF Judgment and blindness of manner. than
did the am2nted Mr. Lowndes And when in
the prime OF life, by the dispensaton of an aIl-,se
providence, he was taken from US, his country had
reason to anticipate the greatest benefits from his
VISION and discretion. BY that act an annual an
proprlaticn 0i ten millions of dollars was made to-
wards the payment of the principal and interest of
the public debt; and also any excess which mjuh.
yearly be IN the treasury, beyond two millions of
dollars, which it was thought prudent 10 reserve
for unforeseen exigencies.
but lhls system OF regular and periodical appca.
ton oil pubic revenue to the payment of the public
debt, would have been unavaifina if C,ca5rese b,d
neglected to provide the necessary ways and means
Congress did not, however, NEGLECT the nerforr.
ance OF that duty. BY various acts and more es-
Peeiaiy oy thG tariff OF l824-tbo abused tariff Ct
l92+-ti.e public Golfers were amply reDlenisbed
and we have been enabled to reach our present
proud eminence of financial prosperity After
Congress had thus ahundantly provided funds. and
directed their systematlca application, the duty
remaining to be performed by the Execntire w.
one simply ministerial And no Executive and no
Administration cay justly claim for other
merit IN the discharge Of the public debt thar that
OF faithful executes of the laws. No ofber
efitlhan that similar one to @iich it is entitled
Tor directing regular payment of what is due from
time to time. to the army and navy or to the off,
GERS of the civil government for their salaries
ne operation OF the sinking fund act commenc-
co with Inc commencement of Mr.. Monroe's adj
hinlstration. during Its continuance of eight
years. owing TO the embarrassmepts Of the :reasnrv
the ten millions not regularly apDlied IN ~
payment of the debt; and, upon the terminatinr
OF that administration, the treasury stood Iargalv
In arrear to the sinking fund. During the subse
9ueht administration OF four years, not only was
the ten millions faithfully applied during each
year, but those arrears were BROUGHT nm and ali
previous deficiencies made good So that when
the present administration began. a plain min
numbered, and well defined path lay directly before
IL. Onder the measures which have been devised,
in the short term of fifteen years the Govern ment
has paid nearly one hundred millions Of nrincinaI
and about an equal sum OF interest, leayirry the
small remnant behind of twenty-four millions
vi that remnant, thirteen millions consist oftbe
per cent stock created by the act of 1880 which
the government did not stand bound to redeem at
any prescribed time, but which it NAV discbargs
whenever 1t suits its own convenience. and ,vbsn
it is discharged it must be dcne by The nsynns, 81
dollar Tor dollar. l cannot think and i sbouId
suppose, congress can hare. believe with the Sec
rotary OF the Treasury that it would be wise to nav
of stock of thirteen millions enttling ;fs boIdes
to but three per cent, with capital of thirteen
millions worth an interest of six per cent In 9th
er words, to take from the pockets of the neoDle
holder. -o S'0eA
The moral value of the payment Of n national.
debt, consists IN the demonstration which il affords
OF he ability Of country to meet and its INTEGRITY
III iulnlIng, all It's engagements That the resour-
ces "I tols country increasing it constantly is
IN population and wealth, are abundantlv sufficient
to meet any debt which it ever NAV prudentIy con
tract cannot be doubted. And its Dunctualitv and
prob'ty, from tie period of the assumption in 1880
OF the debt Of tn? revolution down to the present
Time, rest upon a solid and uncantestibe toundr-.
slon. Inc Danger, perhaps, is not that it will not
larry meet its engagements hut that from an inor-
dinate avidlty, arising from temporary causes i.
may bring discredit upon itself by mpfoyident ar
engagements, which no prudent man. in the man
agement of his private affairs, would ever think If
adopting.
VI the residue Of that twenty four millions of
DEBT, alter deducting the thirteen millions Of thre
per cent'' less than two millions are due and of
fight payable within The present year If to that
sum De added the moiety which becomes due On
3lst OF December next, of the 81 4547c7, cres, ed
oy the act OF goth hay, 1921, have but SUM OF
soe9t TOUR millions which The public creditor can
| lawfully demand, or which the government /.
| bound to pay IN the course of this year If more
is PAID 1t can only be done by ANTICIPATING The no
RODS of its payment, and going into he nnyii,
market TO purchase the stock Can il be da,b,e,
that IT you do so, the vgilant holder of the stoc
taxing advantage OF your anxiety, will demand
greater prlce rian its value Already we perceiy,
thal the per cents have risen to the exraordnarl
helght OF 70 per cent. The difference between
payment OF the uncomfortable portion remaining
Oh the pubic debt, II one, two or three years, is
cer.ahly not so important to Justify resort to
highly disadvantageops TERMS
whoever may be entitled to the credit of the
payment oil the public debt, congratulate you, sir,
and the country, most cordially, that is SO near
at hand. IL is so near being totally extinguished,
that we may now safely inquire WHISTLER, without
prejudice to any established policy, we may not
relieve the consumption of the country, by the
peal reduction of duties, and curtal consdera-
: bly, the public revenue In making this inquiry,
the first question which presents itself is, whether
il is expedient to preserve the existing duties in
order 10 accumulate surplus in the treasury for
the purpose of subsequent distribution among the
: several Statesi think not. II the collection,
II for the purpose Of such surplus, is to be made
from the pockets of one norton of the mamie tn