Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1837-10-26
MIR. CALHorN'S FIRST SPEECH

speech IN favor Of the Sub Treasury Bill 10 express
our dissent from the broad aud unqualified assertion
made by that gentleman that the hca,, surnlus of
revenue i'll the treasury had been accumulated nv the
3, operation of the Tariff laws We took the ground
tit tie >peculations III the Public Lands had poured
inns nnanticpated amount revenue into the nation
al Golfers, aud that these speculscns were the direct
consequences OF increased :mh facilities. themselves
Tue hsee>say and predicted result ot Gen. lack.on's
war upon the currency. Our friend of the Washing.
ton ketormcr takes up the gauntlet in vnl,eaton OF
Mr. Calhoun's assumptions, aud in rclutaon of our
opinion. He SAYS:
" The tariffs Of 81 aud rs nere attended as i,
was SAIL To tase e'enuc ior the purpose oi paving
The iialioual debt. The surplus brought, INTO the
treasury after ihc cn1rnt ,Nprnscs of the evil list
constituted sinking fund which. on IN average
amounted To about TIN MILLIONS per aiiln4n. sup
posing The debt extinguished, this would Iudi-
cate the excess OF revenues the ordinary e>pcu-
dHufes OF Government.
/ - Now. hom lS2i 10 l-:i3 Mllr! tie national
debt WAS lquIdaed, this surplus produced chief
~ by the operations of the The grrat spec
ulaons in public lands did not commence ,ntil
about lc3l-uhich. we prtsume Is the poiu OF
time designated b, the Editor IN the words
Mucn LATER PERIOD" And why dad they
commence then !! Tie Editor himself answer,
-" THESE SPEC uLArioNs wEEE ruE DIRECT nj
+ suit or TIN ovER-lssUEs or THE B,Nks.' Pre-
sing the the investigation by ntero Iaturies, we ASK
WHY DID THE BANks ovER-IssiE lie anSNerS II
was - THE CONSEQUENCE OF GENEHAL JAcksoN's
WAR uPoS THE CuRRENCY.' THIS reply is 100 gcu-
cra though clearly involves the true The
Banks made ovcr-issues, being stimulated thereto b,
the bErosITEs OF THE SURPLUS HENENrE. And
these SURPRISES could not have been originally ~
CoNsEQuENCEs but the CAUSES oil cNpaisi.n No
doubt the proceeds Of the public lands contributed To
swell tile amount %, the surpus-parjic ulrs IN 10
and '6-hut it is undcuia,ic that the tamil system.
+ even under the notifications ot the compromise hi
commenced the work. 1t first Produced 4 surplus:
and tins. thrown into the vaults oi the local ;Llks
stimulated o,er-acou and produe Il large Surplus,s-
the rrffcTs of excess being converted, III the ne
ccSsiry operation ol the system to the CAUSES of
still greater excess.
To which rcply-whethrr on not the tariffs OF
~ and '28 were .ihfcndCd' 10 rai.c rcycnue for the
purpose OF paving The national debt. unable 10
say--We are willing, however, In admit thai obey h,d
the effect oil increasing the public revenue. Bat 1t i
equal, clear that the annual expenditures &" the 90
! vcrnincnt, up 10 the period when the national drb
was eNlmgui>hed werc regulated with speel,d rclcr-
cncc to thu cvcnt.-\nd that AFT I"ard>,~hrn it was
longer necessary to appropriate mlilons Of dol
lars Annually the sinking fun for tins purpose.
these expenditures rapidly snelied ii magnitude 50
historical fact, which Will not be draied. The cN-
prnlturrS of the government went on, phi p"ssa
with It's receipts, until the Sear 1T. three after
the eStin.ulshmen OF the national debt. In that ,rm
the revenue from the sales OF The public land> Vas
vaSl, beyond all previous example, rs well rs all the
calculations o our Statesmen and II was found, Tor
tine fIsi time at the close of that year t,ar Yetr ate
mu~y II The protetire dafia hod hon fop,oioL
and all IF than had tHcsS6Dtag Iqced. that there
WAS heavy surplus IN the treasury. even after
tho most lroigale sy tenn OF eNprnJltule that tic
fertile ma na'tons OF the head o the Treasury d,
pnriment aud OF his puppets IN Congress could tie
wise Here is positive proof that thu ,arli, oil :! and
% which, # not abrogalcd wefr essentially no,li-
ed b, the COMPROMISE Act Of - AZ not JHS'i.
,harseabr with the eri Of am Overlooking treasury
bni that ilt calamity Vas brought upon Us d.
rrctlN aud c>clusWel, b, the cnotnou~ saIr- of I,r
public llud III the year, Ie35 aud SIG. y Nj. Clay
and the Treasury Re- ort, show tie eipi, from
all sources, other dian the public Lands, in ir wear,
lo3i4-'5--G, tprior to Which time there no SUI
plus) amorncd to about eighiy-Srven millions oi
thus clearly showing that the cpslor.s onIs supplied
the necessary means Of public d.bur,c rnt AID thai
1t the public domain that produced the surplus.
! This SuJ1'IS thus brought into the Treasury W.,
pcr>y stem, but comparalyc, aver, insignificant