Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-01-26


order of the day, was taken up for con-
sideration.
Resolved, That the existing duties up
on articles imported from Foreign coun-
tries, and not coming into competition with
similar articles made or produced within
the United States, ought to be forthwith
abolished, except the duties upon wines
and silks, and that those ought to be re-
duced And that the Committee on FL
nance be instructed to report bill ac-
cordingly.
The resolution having been read, Mr.
CLAY rose and addressed the Senate, in
substance, as follows
! have n few observations, Mr.. Presi-
dent, and only few, to submit to the Sen
ate, on the measure now before you; IN
doing which have to ask all your lndul-
gene. am getting old; | feel but too
sensibly and unatiectedly the effects of
approaching age; and | have been, for
some years, very 6ule in the habit OF ad-
dressing deliberatve assemblies. | am
told that have been the cause.-the most
unwilling cause, if have been, of excit-
ing expectations, the evidence of which
is around US. regret it; for however
the subject on which i am to speak, in
other hands might be treated to CRAFTY or
to reward the presence and attention now
given, in mine, have nothing but plain,
unvarnished and unambitious exposition to
make.
1t forms no part ofmy present purpose,
said Mr.. G. to enter into "A consideration
of the established policy of protection.-
Strong in the convictions, and deeply seat
ed in the affections Of large majority of
the people of the United States it stands
self-vindicated, in the general prosperity,
in the rich fruits which it has scattered
over the land, in the experience of all
prosperous and powerful nations, present
and past, and now, in that ofthcir own.
Nor do | think it necessary to discuss that
policy on this resolution. Other gentle
men may think differently and may choose
to argue and assai it. lcthcy do, | have
no doubt that, in all parts of the Senate,
members more competent than am, will
be ready to defend and support it, My
object now is to limit myself to presen-
tatiOn of certain views and principles con-
nccted with the present financial condi-
tion of the country.
a consideration of the state Of the pub
lie revenue has become necessary in con-
sequence of the near approach the en-
tire extinction of the public debt; and
concur with you, sir, in believing that no
season could be more appropriate thanthe
present session of Congress to endeavor
te make satisfactory adjustment Of the
Tariff. The public debt chiefly arose
out Of the late war, Justly denominated
the second contest for National lndepen-
dence. An act, commonly called the
sinking fund act, was passed by Congress
nearly l5 years ago, providing for it's re-
endorsement. That act was prepared and
proposed by friend of yours and mine,
whose premature death was not loss
merely to his native State, of which he
was one ofits 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 useful information, with
more firmncss and Judgment and bland |
ness of manner, than did the lamcnted
Mr.. Lowndcs. And when, in the prime
of life, by the dispensation Of an allwise
Providence, he was taken from us, his
country had reason to anticipate the great
est benefits from his wisdom and dlscre-
ton. BY that act, an annual appropriation
of o millions of dollars, was made towards
the payment of the principal and interest
of the public debt; and also, any excess
which might yearly be in the treasury,
beyond two millions Of dollars, which it
was thought prudent to reserve for un-
foreseen eyigencles.
By this system Of regular and perindi-
cal application of public revenue to the
payment of the public debt, would have
been unavailing if Congress had neglect
cd to provide the necessary ways and
means. Congress did not, however, ne
glect the performance Of that duty. ny
various acts, and more especially by the
tariff Of l824-the abused tariff of 1924
the public Golfers were amply replen-
ished, & we have been enabled to reach
our present proud eminence Of financial
prosperity. After Congress had thus IA
bundantly provided funds, and directed
their systeInaticaI application, the duty
remaining to be performed by the Exec
utive was one simply ministerial. And
no Executive and no Administration can
Justly claim for itself any other merit in
the discharge of the public debt, than
that Of faithful execution of the laws
No other merit than that similar one to
which it is entitled for directing n regu-
lar payment of what is due from time to
o.,,,y apI navy ox a., Tho "a,