Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-12-24

Stnts stocks-whicb we're named by the Sen.
a,or. Belonging to tho Chckasaws was in
| vested the sum OF $500 600. Other sums
were invested, leaving but s;3OO,0OO Of these
llTrus, Funds which were not Invested.
Il The Secretary had kept no separate ac'
\ count of these trust Funds, and as matter
Of book keeping it might, or might not, De a
proper mode of doing business. lie should
| have thought that this account should nave
been kept separately, the Department being
as il was a Trustee for the Fund.
Il Mr.. Webster then quoted the prices OF the
State stocks, showing that they were below
par, aud had fallen greatly since the pledge
II The United States were indebted TO the In
dian tribes. We had received their lands
we had pledged TO invest their funds IN per.
mancnt stocks, and this we had not donc,a
II the United States were indebted .or The loss.
Il Now they were indebted to the sum Of So.
| 50000 OF account Of these Trust Funds and
investments. This S2,500,000 was debt
to all intents and purposes a debt due by
the Government, and though not necessary
to be paid tomorrow, nevertheless due from
the Government to The Indians.
II There are other aud outstanding debts con-
tracted, within the four years past, debts due
10 unpaid contractors--on account OF Indian
Il tions-On account of trcatics-on account OF
borrowed moneys-on account OF Treasury
II Notes outstanding.
\ agree, continued Mr.. Webster, with
much that is said in the message upon the
subject of Public Debt, aud the improperly
of contracting such debt in time OF pro-
II found peace /; but it does seem To me, that
the opinions of the President come with an
i II grace from him. For the debt is as old
as the Administration. There has been no
moment when this Administration was free
| from debt, and debt on account OF borrowed
moneys The scope aud tendency OF the
| Message upon this subject is therefore cal
| culatcd To create all erroneous Impression,
/ and what will be the result Of this impress
| sion? Why they cannot he brongh1togeth'
| er-summeG in their various items Tor many
| months to come.
i hope, SAID Mr.. Webster, that the Presi-
dent of the United States did no, intend TO
|, soresta public opinion on this mntter, aud to
hide the present by concealing the past.
viii not impuie tins motive 10 the President,
but the scope Of the message is calculated to
produce a false issue. intend, sad Mr..
| Webster, to prevent this if can, and to pre-
vent the Prcsiden, from leaving this impress
sion on the minds of the people.
\ | intend to move, too, that new books he
opened on the 4lh OF March next that there
! shall be what the merchants call rest-that
we shall begin de noro giving the Treasury
| full l.crcdit for any balances accumulated there
III March, and making it responsible for It's
| Indebtedness also.
/ Mr.. Webster then referred to the report Of
| the Secretary of the Treasury, and 10 the
fact Of his saying that though there were
| S4 500 600 yet due for Treasury Notes, this
was less by $4,000, 900 than the amount due
the Treasury, and deposited with tho States
i This representation also was calculated to
leave an erroneous impression on the public
mind. Did the President mean 10 recal, or
say tho three instruments deposited with the
/ States should be recalled? Did the Secre
| tary Of the Treasury mean this ? 1t was well
known to Congress and the country that the
| Treasury had no control of the money depos-
| itcd with the States-nonc whatever The
money could not be recalled by The President
or the Department, but must be recalled by
an act of Congress authorizing the recall o'
II The money. The inference that this sun
belougs to the Treasury is false, and calcu
| lated to mlslead the public mind
Il Mr.. Webster proceeded 10 comment upon
other topics in The Message, aud spoke OF the
| approaching termination OF The Compromls"
| Act. Nothing was said Of rcpenishng the
Il Treasury on account of a dimnn'lon of rev
! cnnc. The President conten'cd himself
with ardent and urgent gcncraIiiles in refer
ence TO the future, while his experience had
/ shown him that it was necessary TO cSpend
Il S27, 100000 and morc beyond the actual re
| ccipts Of The Government. Such was the
| difference between theory and experience
A In, fyt, In
/ fairs of the Government without means.
! wIilc The present Administration had cXpcnd
! ed S27 500 900 beyond tho receipts ol the
/ Government.
\ Mr.. Webster spoke bnt for an hour, and in
conclusion expressed the hope TINT the Ad.
|. .minls,ration which had the power TO provide
for the support of Government for the year
II lS1l would pulsue line of conduct WHICH
| would make an extra session of Congress
\ unnecessary. The Inconvenience attending
Il such n SESSION would be very great, and
1.-The expense considerable. lie hoped there
/ foro that the Treasury would be left in
I condition 10 make a called session unncccs'
| sary.
/ The question then being upon the
reference of the financial part OF the
i Message, MIR. Wright rose to reply, but
was not prepared, and solicited post
ponemcnt until the morrow and on mo-
ton Of Mr.. Webster, the subject was
postponed accordingly. Mr.. Calhoun
followed with motion to adjourn, and
ut m early hour the Senate adjourned.
Il In the House., great number OF me-
morids and petitions were presented,
including several by Mr.. Adams, upon
the subject Of the Abolition Of Slavery
and the Slave Trade, recognition Of the
Independence Of llayti, SC. The Abo.
II lilion memorials were laid on tho table !;
and MIR. Adams gave notice Of his con,
II iinued intention To move that the rcsolu.
ton prohibiting the reception of petitions
\ be rescindcd.
Mr. Tillipghast, Of II. l., ngain pre-
sentcd the resolution offered by him on
\ Thursday last, calling for information in
relation To the operation Of the Sub
Treasury Bill since it became II law.
MIR. Vanderpoel Of N. Y. opposed the
resolution, as il ouId consume a great
deal OF time, and do no good. Mr. Til.
Irnghast rejoincd, and the merits Of the
Sub Treasury Bill were brought into the
A. ~ l. Il