Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-02-20
Correspondence of the Charleston Courier.
ItY,su,SGToS, Feb D.


Mr.. Calhoun, to-day, made one ol his
most successful speeches, in the sena'e,
on the report against the assumption OF
the Stale Debts. He commenced his re,
marks by saying he had repeatedly heard
it sail that this report was uncal'ed inr,
and ,ba, the resolutions with which it con
cludes were idle, nuga'ory, and ABSTRACT
nropnsrions. He could Eot heiP askiii
himself, if uti this were true, how 1t nap
nened that this report created here so ln-
tense cn excitement, and that there was
So rreat an anxiety to avoid direct vote
on Ihe resolutions. To this Inquiry there
was bu, one solution: Disguise II as gen.
,lemcu may, there is at the bottom OF this
measure. a most deep and aeilaIins ques-
,;on-,be assumption Of the State debts.
Movements were going on in favor OF as
sumnt;on, within and without,hcsc walls,
and on both sides cf the Atlantlc-noI q
direct assumptson--Inr that would be alb
surd, and harinlcss-hut an assumption
by the distribution or the public lands a.
,nong the STATES. The question was a
deem one. and would exert much influence
nm the policy Of this country for some years
10 come. 1t was pregnant with conse-
ouences Of the utmost magnitude, both I'M
mediate and remote. lie ihen went on TO
trace these consequences. In the hrst
place, i, would subtract from the public
Treasury the amount paid for the public
lands. We held these lands, as trustees
for the States, aud could not alicnate them
wihou, violation of The trust and oil The
compact. The fiscal effect of this With
drawal from the common fund of such an
amount would be "a deficiency i'll the rove
me. Even with the revenue from the
lands, there would be deficiency in the
revenue, wi,bou, the most rigid economy,
for the next ten wears. lie estimated The
average receipts from the sale of the lands
at FIVE millions of dollars for some years to
come. This deficiency must be made up
by new duties to the amount OF flve Mill
lions. Therefore, the scheme oil dIsirlbn-
lion Of the receipts from the lands would
be precisely the same. in effect. as imPos;
ino new duties TO the amount of Eve mil,
lions, for the purpose Of distributing 1t a.
mono the States. The first effort upon
The States themselves would beto encour-
are them in their career Of wild cxirava-
eancc. Upon the receipt ola revenue Of
five millions, they would borrow new loans
from Europe, to the amount of eighty or
4 hundred millions. An immediate ex-
pansion of the currency would follow, amt
the manufacturing interest, already pros
,rate. would call out for protection. In
the frs, place, we should have tariff for
revenue, looking towards protection. II
wopld begin moderated y, rs it did in 1916,
bu, there was a principle Of expansion iu-
bercn, in the system. The farther we
wen, in il. the greater would be The nnces-
s;,v for increasing it. lie gave an interest
ing view of,he progress Of the tarlh rom
JSI6. till the time when it was arrested ny
The compromise ACT and showed that this
oroiect would revise the protective tariff.
and result, in crippling and expressing The
South, wi,hou, permanent benefit to the
North. We expressed the opinion that
though the States were in debt, there wa
mt one of Them which was not able and
w;lliuo 70 meet all its engagements. For
h;s own STATE he would answer that she
would pay to the utternost farlhing all her
debts, at whatever ircopEepience TO her
self. Mr.. Presloss- dTfer some remarks
showing that the Senate could not now be
proper.y called upon TO express anopiuion
m all,he subjects embraced in the reports
viz: the distribution Of the lands, the tariff