The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1840-12-29
SPEECH OF MIR. WEBSTER,
J,ycyo,ion tn the pabNc finaaccs


and quiet speeches, which resemble judgments
nronounccd rom Tie bench Of somo high tribunal
rather than parts Of poinical ard controversial
discussion. There is an imperfect report OF tins
speech from witch we abridgo its principal points
Of statement and argument. After bret 'ntfndnc
ton ito says
Al propose ut this time to do is, to present
some remarks the subject oC The finances, speak
ing the present state Of things only, without re-
curing to The pnst, Or specializing as to the inlure
Yet | suppose that some disposition to provide i"t
what is belnre w., naturally mixes itself up in
greater or less degree with all inquiries Of thus
sort
In this view, shall submit few thoughts upon
tho Message Of the President, but deem IT nccs-
sary to preface what shall say win some lew pre-
limiuay remarks
And, first, | will say word or two on the qucs.
lion wheher an uulnundeh or erroneous impression
is communicated to tho People by that document.
In this point of view notice what the President
says in the 9Th page. lie there represents it rs the
great distinctive p'es-tle q and difference in
tho character of our public mon-that OF ono class
Of lhem it has been tho constant object to create
aud maintain public debt, and with another, TO
prevent and TO dischargeit. This consider rs an
un(ounded imputntion on those who have c"ndnc.
ted the government Of tins country.
Now submit it to lie Senate whether there
has existed in the country any party, ut any
time, which avOwed itself in favor OF national
debt, per Sc, rs rhing desirable Does the hsto'
~ Of the past debts contracted by tho Govern
lay he least foundation for such assertion
The Grst national debt we have had the
loan negotiated in Holland by John Quincy a dams
None, presume, ever doubted the policy of such
IL loan in the then circumstances OF the country.
Then there came the debt contracted, for the pay
of the Revolutionary army, by Tho Continental
Congress, or rather by the country through tbat
Congress- Next were tho debts incurred during
the war by tue States for the purpose Of carrying
the war Provision was made for dscharging
these debts as the cost of our Revolution any
body object a-4lebt like this? Oh lhe char
actor were the Ionns made by Gnyerment 10 carry
on the late with Great Britain. These tho
principal national debts we have ever contracted,
and carnot but think it sirgularly unfortunate
that what looks so much like mputaiiun
those who authorized these loans should come
fromiho head of an admin isIalion which Sofnr hs
know is ihc first tint encr commenced q national
debt in times NJ prntaand Pe@ec
lie then proceeds to state, "the pubic e1pendn.
IRE during The last fur ycars, has exceeded the pub
lie income at The rats IF million dollars per
annum"
~ tho commencement Of the first year of this
Presidential term here balance Of six million
dollars reserved from distribution under The depos.
ite act Congress modified this act as to bring
into the treasury the fourth installment (not yet
distributed to the States which mad nine millions
more. The stock of the United S. Bank, the pro-
ceeds of which have been received was eight mill
IONS. lnesc are all items OF pre'eASting iund'
70 them to be added the outstanding treasury
notes remaining on interest, -four and one half mill
of,) an4 the whole form aggregate of twenty
seven millions and half Of dollars of surplus in
addition to the current revenue, which has been
expended in three and half or four years except
what may remain in The treasury Mt the end of
Of that term. But this is not all the treasury has
taken, as belonging TO government, that which pro-
RI, halo
heboneft ofthe Indian tribes. If the facts were
he had gathered from the report submitted to
Congress, there three four hundred thousand
dollars Of the trust lnd which remain yet to be in.
vested.
state which must be provided for, no one
doubts debts Cor public works, debts for the war
III Florida, claims of indemnity for Indian spoiIa-
tons and if half of what we hear be true, tho a.
mount OF these collective obligations cannot brt be
large.
Here, then understand there is a heavy deb,
hanging over the country consisting of various
items-some for borrowed money, some to meet
Indian ,reaas,and Others to pay claims and nc.
counts not Yet quidated-all of which must be
provided for and taken into consideration in any
fair estimate OF the ways and means.
agree with all that IS said in the Message as to
the great lmPolicy, in time OF peace, of commenc.
ing public debt but it seems to rather extra
ordinary and Inappropriate in the President to ad-
monsiI others against such measure with all
these facts Immediately before HIM.
| must confess that 1t to me that the scope
and tendency of the remarks in tho Message do 90
to produce an erroneous impression. Here are
series OF very strong sentiments against n public
debt-against beginning public debt-and all
said in face of a debt already begun-existing now
and under scch circumstances as create the fear
that it w i'll turn out to be very large one We
know that these various outstanding charges can.
not, or at least will NOT, be brought together and
| presented in one aggregate sum for some months
10 come. Is it intended by this document to fore
stall public opinion so as,wen it shall appear that
there is public debt TO give to i; date posteror
TO the 4th of Alarch next? hope not. / do moi
impute such design So far, however, as am
concerned, I shall lake special good care to prevent
any such result. shall certainly recommend that
there be a new book opened 4; that there shall
he what merchants call ga rest" Thatwhat is col
ected prior to 81 and what is expended prior to
| lS4l stand against each other so that if there
shall appear balance in favor ofthis administra
| ton, It may he stated AID if The result shall be
that the adm nstralion is left in debt, let that debt
appear and let it be denominaiedthe debt of I84l
which it will be the duty of congress to provide
for
Dir Webster then goes to make some COM
ment on that part of the Presidents Message in
which the debt dua account of treasury notes is
spoken of as "iessb by twenty three millions than
the United States have deposit with The States