Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-12-24
shall be elected only for one term of four
years, and shall be thereafter ineligible.
Wednesday, Dee. lG.
THE PRESIDENTS MESSAGE.

tlE Il - skEN'Cfk0Is
The Vice President, after the expiration Of
the morning hour, announced the postponed
motion of MIR. Nesbcr to be the subjectin or
der before the Senate.
Mr.. WEBSTER said that it was not with
out some reluctance that he had concluded to
address the Senate upon the subject Of the
Presidents Message-especially At this peri
| cd of the session. He had no disposition to
reopen old wounds. or to enter again upon
the discussion oftopics which had so recent
~, and at such great length, been discussed
in the Senate. All that propose to do is to
submit some remarks with regard to the hnan-
ces of the country. do not propose to refer
at much length to the past, or to speculate
upon the future. Iwish to consider the fnan-
ces of the country as they are, and To COM
ment briefly upon some OF the facts or opin-
ions laid down in the Message.
lie thought the President was mistaken in
some of his positions in reference to Ma
ticnal Debt and National Bank. Of Il Ma
tional Bank, said Mr.. Webster, shall say
nothing at present. In regard to National
Debt, wish 70 submit to the Senate wheth-
or any party since the foundation of the Gov
eminent, ever made National Debt one Of
It's governing principles. If so when did that
party exist, and where is the proof of its ex-
stencel 1t is true that the Government has
contracted debts-the old Continental Con-
gress contracted debts-loans were made in
the days OF the Revolution-a debt was con-
tracted by John Adams with Holland but of
the propriety of these measures there are none
who doubt them.
But, continued Mr.. Webster, the remark CT
the President is particularly unfortunate when
he says that National Debt has been one of
tho rrop,ipopf hnfora no
The present is the only Administration which
in time of profound peace has contracted
debt, and this Administration has expended
t'oenty-seren millions fire hundred thousand
dollars more than It's income.
Reserved by the Deposite Act. :S6,0O0,00O
on the first of January 1887.
Here was this amount on hand. In 1887
the fourth Instalment was kept back, amoun-
ting to SO 900 ,O0O.-In addition 10 this, the
Bonds due from the old Bank have been the
means of paying into the Treasury the sum
of $9,G00,0O0. To this is to be added the
outstanding Treasury notes, making in all
1927 100000; and this shows that for the three
or four years past the Administration has ex-
pended nearly eight millions per annum, be-
yond its income.
But, asked Mr.. Webster again,--is this
all | am afraid it is not all. l think the
Secretary of the Treasury has taken to his
own account as income of the Government,
what properly belongs to the Trust Fund
provided for the Indians under certain trea-
ties. MIR. Webster noticed some of these, re-
ferring to the official reports. From the War
Department he read of one investment OF ST.
100000. This sum was deposited In stock {:
State stocks-which were named by the Sem
ator. Belonging to the Chickasaws was in
vested the sum of 81 100000. Other sums
were invested, leaving but 100000 of these
Trust Funds which Were not invested.
The Secretary had kept no separate &C
count of these Trust Funds, and as matter
of book keeping it might, or it might not, be a
proper mode of doing business. He should
have thought that this account should have
been kept separately, the Department being
as it was Trustee for theFund.
Mr.. Webster then quoted the prices Of the
State Stocks, showing that they were below
par, and had fallen greatly since the pledge.
The United States were indebted 10 the In
dian Tribes. We had received their lands ::
we had pledged TO invest their funds in per-
manent stock S, and this we had not done, and
the United States were indebted for the loss.
Now they We're indebted to the sum of S2,-
500, 600 on account of these Trust Funds and
investments. This S2,5OO,O0 was debt
to all intents and purposes debt-due by
the Government, and though not necessary
to be paid tomorrow, nevertheless due from
the Government to the Indians.
There are other and outstanding debts con-
tracted, within the four years past, debts due
to unpaid contractors, on account of Indian
and frontier claims-on account of spoiations
on account OF treatles--on account Of Dor
rowed moneys-on account Of Treasury Notes
outstanding.
i II L 81. Il
that IS said in the Message upon the subject
of Public Debt, and the improperly of con-
tracing such debt in time of profound
peace; but it does seem to me. added the Sem
ator, that the opinions OF the President come
with an III grace from him. For the debt is
as CID as the Administration. There has been
no moment when this Administration was
free from debt, and in debt on account of b or
rowed moneys. The scope and tendency OF
the Message upon this subject is therefore
calculated TO create an erroneous impression,
and what will be the result of this impression
Why they cannot be brought together-sum-
med in their various items, for many months
to come.
l hope, said Mr.. Webster, that the Presi-
dent of the u. S. did not intend to forestal
public opinion on this matter, and to hide the
present by concealing the past. | will moi
| impute this motive to the President, but the
scope OF the Message is calculated to create a
! false issue. / intend, said Mr.. Webster, to
prevent this if can, and to prevent the Pres
ident from leaving this impression on the
minds of the people.
intend 10 move too, that new books be
opened OF the 18th of March next; that there
shall be what the merchants call rest-tbat
we shall begin de moro giving the Treasury
tul! credit for any balances accnroutoted tI,ore