Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-02-14

war npon tho credit system For ,br,y
years v had been interviewer with the
Government, was the soul q lmost OF our
system. This report WIS designed sili
further 10 embarross the States ready en-
barrnsscd.
Mr. p. said he should not dc,nn tho
Senate any length Of time, as he designed
to express some other opinions by and by.
Mr. Calhoun followed, aud moved tina,
tho subject be- pos poncd informally. lie
did not wish to speak TO day, but will ad.
dress he Senate tomorrow.
The Senate thcn passed to the cousd
Grafton Of some miscellaneous business.
WEDNESDAY, Feb. 5,
The orders of the day were called at a
late hour, and Mr.. Calhoun commenced
discussion of the Report of the Select
Committee.
Mr. Calhoun began by meeting the al
legations Of the Wing members, that the
Resolutions were but mere distractions.
The only solution he could give was, that
there was a deep agitation at the bottom
oft. Assumption, Mr. Calhoun said, was
no fiction. There was no immediate
proposition for direct assumption. That
would be too absurd, and therefore, point
less. The States were deeply in debt
and greatly embarrassed. The proposi-
ton to assume the debts OF the States
was seen in the proposition for the disiri-
button Of Public Lands. This was cqui-
yaIcnt to assumption.
Mr. Calhoun said that Tie Committee
had shown that the Treasury held the
money arising from the sales Of public
lands as a fund for the States in their
Federal capacity. Distribution would
withdraw the public, money from the
Treasury, and thus by redistribution So 600
600 would be drawn from the Treasury
annually. The Treasury Of the country
required the most rigid economy, and all
the money belonging to the Treasury
was necessary to meet the expenses Of
the Government.
Distribution was then equivalent to
taxing the people S5,OO0,O0O. Were
Senators, Mr. Calhoun asked, prepared
for this; We're they prepared TO tax the
Government 100000 Tor revenue.
The next consequence of distribution
would be that the staple and exporting
states would feel the effects Of this. The
Southern States were now rising from
their cmbarrassmcnts under the decline
ofthc tariff. They now paid four ifths
o'thc productions of the country in duties.
Export and import, Dir. C. sad were the
same. The South might as well pay the
one as the other. The effect Of Ibis was
to make the States agrarian. Five nil
lions was now one third Of our imports,
and in three years hence would be one
halt Of our Imports 1t was now pro-
posed to distribute $5,O00,000, pro rata,
among die States, and for what purpose
TO help the Statcs-to taciIitatc--to help
excessive importaticns. Then it would
he stated that there was no remedy but
high duties, and a new tariff would be
proposcd-the protective system rcstsci-
tatad Oh the termination of the comprom-
Use.
LIr Calhoun then went into an exam
.nat,on Of the tariff questionable laws Of
1910, Of 1919, Of 1920 and 1924. In
The last year it was greatly increased, and
it was then supposed thai that would be
the end ofit But such was not the fac
as time proved. An increase was still
asked.
There is, said Dir Calhoun, a GxcC
principle in this country which will make
all tariffs Inefficient. 1t was a disposition
to expand the currency in all the manu-.
featuring States. The tariff did not pre-.
vent importations. The history Of tho
country would show this, and show tina
the currency expanded in proportion a.
protection was encouraged.
Mr.. Calhoun thcn quoted at grca
= length from a report made by Campbell
e p. White, mcmbcr Of Congress- from New
York, in 1892, in proof of his position
that the currency was expanded by ;
protective system. The effect Of thi
was to lead to explosion or to ruin thc
.South-thc impovcrishmcnt OF the coun
try. The great and mighty West. to,
would suffer if the Tariff was pushed t
extremity. Let our exports 90 free, saic
Mr.. Calhoun, and the South will sprin'
up under it. They will have new life
. and supply you with all You want. MI
? Calhoun then read from the report of tin
Secretary Of the Treasury, in proof o
d the fact, that the Tariff Of 1898 proved a
= he had said.
. Free trade, said Mr.. Calhoun, is tn
. true policy of the North, East, Sout
!, and West. The Tariff of 1928 cause
the expansion OF the currency, and thi
expansion led to over trading. By tn
G Tariff We had the surplus revenue, am
d this again expanded the business of tn