Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-03-19
SPEECH OF MR.. CALHOUN.

thP Feuefut UOUcFHWeHt'-~C -. StuteS
Senate.
February S, 1910.
Nix. CALHOUN said when ] have
heard il asserted again and agaiu, in this
discussion, that this report Was uncalled-
for; that there was no one in favor Of the
assumption of Stale debts, and that the
resolutions were mere idle, abstract mega
tives, of no sort Of importance, could not
hui ask myself, if all this he so, why this
deep excitement? why this indent zeal to
make collateral issues !? and, above all,
why the great anxiety 10 avoid direct
vote OIL the resolutions To these inIui-
ries could find but one solution; and that
is. disguise it as you may, there is, in re-.
aliiy, atthe bottom, deep and asila'ins
question. Yes, there is such question.
The scheme of assuming the debts Of The
States is no idle fiction. The evidence of
its reality, and that IL is noU in agitation
burst from every quarter, within and with
out these walls, on this side and the other
side orihe Atlantic; moi, indeed, direct
assumption, for thai would be too absurd;
and harmless, because TOO absurd; but in
form far more plausible aud dangerous
an assumption, in effect, by dividing the
proceeds of The sales OF the public lands
among The States.
shall not stop 10 show that such dis
tribulion, un'ler existing circumstances,
with the deep Indebtedness and embar-
rassment of many of The States; would be,
in reality, an assumption. We all know.
that without such Indebtedness and en-
barrassment, the scheme of distribution
would not have the least chance for adop-
ton, aud that il would he perfectly harm
less, and cause no excilement; but plunged,
as the States are in debt; it becomes a
question truly formidable, and on which
The future politics of the country are des-
lined for wears to turn. II. then, the
schrne should he adopted,i it must be by
the votes of the Indebted S:aies, in order to
aid their credit, and tighten their burden :
and who is so blind as not TO see that il
would be in truth, what have asserted il
10 lie in effect, to that extent, an assump-
tion of their debts?
Here, then, we have the real question at
issue, which has caused all this excitement
and zeal-a question pregnant with the
most important consequences. immediate
and remo,e. What Inow propose is; to
trace rapidly and briefly some of The more
prominent which would result from this
scheme, should it ever become law.
The first, and most immediate, would
be to subsiract from the Treasury sum
equal to the annual proceeds Of The sales
of the public lands. | do not intend to ex-
anime the constitutional question whether
Congress has or has moi The right TO make
the subslraclion, and 10 divide The proceeds
among The States. 1t is not necessary.
The committee has conclusively show n
that it has no such power; that it holds the
public domain in trust for the States in
their Fedora! capacity rs members of the
Union, in aid Of their contribution to the
Treasury; and that to denalionalizc The
fund, GfI may use the expression,) by
distributing it among The States for their
separate and individual uses, would he a
manifest violation of The trust, and wholly
unwarranted bv the Constitution. Pas
sing. then, by the constitutional question,
intend to restrict my inquiry TO what
wouId he its fiscal and money effects.
Thus regarded, the first effect Of The
subtraction would be 10 cause all equal de-
fci, in the revenue. need mol inform
the Senate, that there is not a surplus ceul
in the Treasury; that the most rigid econ
omy will be necessary 10 meet the de.
mands on it during the current year; tha,
the revenue, so far from heiDs on the in
crease, must be rapidly reduced, under
existing laws, in the next TWO years; and
that every dollar withdrawn, by substrac-
ting the proceeds of the public lands, must
make a corresponding deficit. We are
thus brought TO the question, what would
he the probable annual amount Of the de-
fici. and how is it to be supplied i?
The receipts from The sales Of the pub
lie lands, | would suppose, may he safely
estimated at five millions of dollars al
least, OH an average. for the next ten or
fifteen years. They were about six mil
lions The last year. The first three quar-
ters gave within fraction of Ave and a
half millions. The estimate for this year,
is three and half millions; making The
average Of the two years but little short oil
five millions.
If, with these data. we cast our eyes back
on the last ten or fifteen years, we shall
come to the conclusion, taking into consld-
GRAFTON our great increase Of population
and wealth, and the vast quantity Of pub
lie land held BY the government. that the
average have estimated isnot too high.
Assuming, then, that the deficit would be
five millions, The mkt inquiry is, how shall
it be supplied! There is but one way; a
corresponding increase of the duties on
imports. We have no other source of re-
venue hut The Post Office. No one would
think oflayingit on that, or to raise the
amount by internal taxes. The result,
then, thus far, would he to withdraw from
the Treasury FIVE millions Of the proceeds