Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1838-12-28
CONGRESS-.
THE SURPLUS REVENUE.

w USNtHStOH, DtC. 10, 1000. III tuO OFu'
ate, Mr. Wright from the Finance Commit
Tee reported bill for further postponDg the
payment of the fourth instament TO tae
States. He requested the Senate TO act i'm
mediately on it, and the bill was according
" read first and second time The ques'
ton was about to be put on ordering il 10 be
engrossed. and Mr. Wright and his follow
ers were already chuckling over the des-
patch with which they were forcing the
measure, when sudden check was given 10
their triumph. Mr. Clay Of KY rose and
stated his desire TO have a definite period
specified for the postponement Though
the state Of our finances nigh, prevent the
payment al the time appointed. LIST of Janua
ry, 1885, yet he thought the Government
ought 10 let the States hope that il might be
made at one timeo other A discussion OF
the measure at present was rather unexpec-
ted, and he would therefore, simply move
that the LIST ofJanuaiy 1910 should be the
time 10 which the payment should be post
poned.
This motion was warmly opposed by MIR
| Wright The condition ofthe Treasury as
exhibited in the Secre,ary's report. had gov
erned the committee in drawing up the bill
1t was manifest from this report, that 1t
was impossible to pay the inslalment when
due, and they had grounds for belief that ii
would be paid at the period designated By
Mr. Clay. The latter acknowledged that the
Treasury was in bad way, and that il was
difficult for ii 10 meet its engagements from
the late delalcalions and those that cere err
pected 10 happen. yet in his opinion the Gov.
eminent ought 10 redeem its pledge, given IN
the Deposit act Mr. Wright again insis
ted upon the poor prospect OF this being any
more practicable year hence than now
Mr. Calhoun said, though he would 20
with Clay's amendment, yet he received the
Deposit act not as pledge but as n
measure Of policy and expediency to escape
from the misc hiei springing from SURPLUS
He would vote for the amendment because
it tended 10 reduce The expenditures.
| Then rose and spoke in succession. Messrs.
Niles y rs and Rsaiop both of .'hc'n :" notiered
an immensely oil nonsense about Clay hav-
ing always in view the raising of revenue
for distribution, which they said was the
tendency OF his amendment MI Benton,
however,t threw into his personal backguard-
ism towards Clay. several extracts from his
late letter TO the people of Missouri on his
reelectlon-among which he emphatically
dwelt upon the really extraordinary fact Of
his having been in the Senate eighteen
years
Mr. Preston made an eloquent speech. in
which he asserted tina, the country had been
deceived concerning the Deposte nct. and
ne thought this deception ought 10 exist no
longer. Either repeal the Opposite act or
declare you will pay the instalment. as nrom.
Used in CIay's amendment
Mr. Iallmadge made speech which was
listened to with the deepest attention. and
given with extraordinary force and earnest
ness. Alter defending the Deposile act, he
proved that the very distribution so loudly
condemned now by certain Senators. had
once received the sanction and favor of Cen.
eral Jackson and his party The impover-
ished slate oil the Treasury he showed was
the consequence ofan extravagant admins.
iration, and gave a severe rap upon Bentons
knuckIes. by reminding the Ball. Roller of
his proposition 10 appropriate millions for
iortiilcalions-ln other words, bury them IN
brack and mortar. He would go for the a.
mendment
Mr. Calhoun was again on his feet and
was very sarcastic upon some OF his new al
lies for their denunciaions of the Deposite
act, which he termed "a species of renen.
lance" He hoped it would prove lesson.
SO that the true maxim of reducing the rev,
enue To the wants of the Government mipht
be sustained. He attributed the surplus.
and OF course all the late distress and demon.
allzallon to the Tariffs of 1924 and 1928.
MT Clay promptly replied TO this charge.
and proved that the surplus and all this
noise and embarrassment flowed from the re-
moval OF The Deposites which led 10 great
expansion among The Depositors, which n
gain excited spirit of wild speculation in
the country-and which was fostered bv
the Secretary ofthe Treasury himself, who
recommended the banks to grant all possible
accommodations 10 the commercial commun-
Ity; He declared, that had the bill introdu-
ced by him in 1922 for distributing the pro.
ceeds OF the Public Lands passed, there
would have been no surplus
Returning 10 the subject oflhe fourth In.
stalment. no difficulty he confended would
prevent lis payment in due time, were the
Government to pursue its right course
" that is" said he, reduce your expenditures
from forty millions. not 10 the ertrapa eaut
ten millions Of Mr. Adams administrator
butio about fifteen millions" "Stop ,bc
leaks OF the Treasury !" "Srop rur
LEAK" arrest The Sub Tyeasureys ,nbo
are running cseay toith HE Public moue, j.,
erery direction" and then the instnlmen,
might be paid in 1910.
Mr. Rives followed in support Of the q.
mendment, and took the same ground occu.