Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-20
IN SENAIt.--Dc i ,


Mr.. WRIGHT, rs chairman 81 The committee on
Finance, this morning introduced the important
proposition 10 postpone the payment of the fourth
lns.almenI oltbe surplus revenue. The postpone
ment was Intended TO be indefinite
Mr.. CLAY, with some few remarks. moved 10 a
mend Nj. Virgins proposition by limiting The post
ponemenl to the first OF January 1870, when the mo
nry should be paic unless a pooponemen, was made
TO day beyond.
Mr.. NILES. Of Conn WA in favor of the pro-
position as reported from the Committee Of Fl
nance, and spoke some length IN favor OF his O.
pnion.
Mr.. BENTON followed, and spoke for thirty
minutes Tie said that he bad opposed The DIS
irlbutlon Bill or Deposiie Bill IN all lis forms. lie
had always considered II more OF distribution than
| y deposiie Bill. The States now claimed II as II
debt due them from the Government. and IL was
clear they considered it as donation. lie knew all
this and IN season had loieiod the consequences Of
giving the States the money they had received. IL
was proposed now, he sand 10 hold out the idea
that The fourth instalmcnt should be paid To the
States. aud the Treasury was TO be made bank
rupl 70 bring about this result. The tarlii was
to be revved-duiles increased, instead ofdminish-
ed
Mr.. BENTON here d,ew dark picture OF the
condition OF the Treasury. Look TO he Secreiar, 5
report said he aud you will thai tho revenues are
barely eqna' to the expendiIures-hadly snifclent
for even the ORDINARY expenditure OF Government ::
| aud now II was proposed by extraordinary means to
| aay vast sums 10 the states. Mr.. Benton, IN con
cluslon. said that he was against poslponcm.nt TO
next wear the year thereafter. lie was III favor If
an eternal, and perpetual aud al everlasting post
| ponemeDt.
! Mr.. PRESTON followed Mr.. Benton, x said that
! he was willing 10 acknowledge that he had been IN
some measure mistaken rs to the Dcpostc AcI and
| It's effects on the country. The operations OF the
| Deposite Bah he considered disastrous IN some re-
spects and one cause of the catastrophe under which
the country had for two yeas past suffered But
the great cause Of the public disasters IN the bust
| ness OF the country not owinl 10 The Law. W c
had gone speedily from surplus Of sou 900, o0o to
an oprla ION of $40 900 600 IN Que year, when
the government was compelled nnconsttut,onally 10
| issue bills Of credit to sustain the sinking condition
! of its affairs. We we're prodiga when we knew we
/ were pour. This "a fault, and one prominent
cause of our public calamity. We increased our
expenditures after approprlaing our surplus, and
this had made the Treasury bankrupt. All the mo-
ney collected WIS expended, and beyond the amount
of receipts--so much beyond that were obliged to
/ become borrowers
/ Nh. KALAMAZOO followed. lie was i'll favor
Of Nh Ciay's amendment. and sand that he :
bout to introduce such an amendment himself. He
alluded 10 the past, and said that Gent Jackson had
three times twice in his annual messages and ohcc
ia a message--prJposed the dl,llbitIcn OF the
surplus among the States of the L mon, II, and oY