Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-12-25
TWEEN rY-sIxTn CoNGREsS---2d SESSION
In SENATE.
TIE PRESIDENTS MEsshGE-TnE FINANCES, AND

".
TIE PRESIDENTS MEsshGE-TiIE FINANCES, AND
DEBTS OF THE NATION.
MIR. WEBSTER, pursuant To his animation on Mon
day. when the reference Of 80 much OF The President
Message relates TO the finances of the country to the
finance Committee was postponed until "Wednesday
to state his vltws on llat subject He snd though
he was induced tn make some remarks the Prrs
dents Message, especially at this early period OF The
session. he had no wish 10 bring on prolonged and an
cry exciting scussInn topics which the message
con aimed but as the message nf the President which
had ern laid before them, contained nm elabnrate ana
plausible defence of the whole course of tue Admins
the subject uf the finances and Ill" currency
uf the counryas il dealt with the topics of banks
and banking excuses, Of trade and commerce nno
speculation, with State debts and the dangers Ia ht
npprehrndrd frnn that source, and the Suh-lrra
sury, The Independent Treasury, as II was some
! times called he wished tn make few ohservn
tIons Blu. he propose d, on the present ocrasi"i, Il
deal t. Of these topics. SD lar a. they may
~ supposed 10 affect rhr mrrs.and Character If tn
Administration, they llad he understood II, beer
,assrd unn hy thu country and he had now no d'sp"
| tun IL rrargtS them, or any al them; nor ana ne
wish IL into ngn.ry u what migh he sup
posed to be approved dlsapprnved by The result I"
he elprnn which they had 81 recently witnessed, u"
his purpose especially on the present nccasi"n II wal
enough fr him that 1t WAS the disposition oil the com
Try /" change the Administrator. All he proposed Il
do nkc rrnInrks On mat part q" the mes
slrp respecting thu finances "t thu country, and II
sneak Of the prrser state of things in rrgurd 10 tina
important branch q the public service with no recur
To The past, vh sprcHali"n i"r the ininr'
81, he surpassed 'roprr forecast proper disp"sI'inr
% provide lnr whit before all qnesiions III re-
lainn the rrvrnr aud nrn"cs OF The country, con
urc!cd >cf wi III inquiries aud observations If that
$ lrt Nuw with tbs view, H. wished 10 make lev re
marks M III lie uc:-arr, aud II s"rnrd necessary t.
premise thrm with lew preliminary observations
hnt they 81. ul' H. very SHIRT.
| Now Il appeared 10 him that an nnfnundtd impress
l,nfl, IN mail N
opinion and of fact, might he communicated I" the peo
pr hv lie message before them. In this point ni view
h wished To max, remark on what 1t contained, or on
part of what contained. On the eighth page "'
the message, which represents that The great diNtnc
tive principles differences chnracrrzins p'ibir
ihis cnun;ry, is that some have had constant
objections from the fundaii"n "f our Government,
Ia make and MAINTAIN Il public debt, rnd that others
had had II contrary nhi"ct. Now .h:s was an IN
founded ,npuia,inn on ,hnsc whe IN past tune had
administered The Government u TINS country. lie
lsiy>:
II have deemed this brief summary Of our fiscal az
fairs necessary Ia The due pe"nnce Of duty special
Is rnolnpd upon me by ihrConsttuton. u will serve
also illustrate fully the principles by winch
have been unldrd in relinnre In two contested points
IN our public pulley, uiIlch were earl'cst III thr'r de-
velnpuc nj and have ben more important IN their
sroupncrs than any hat have arisen under our CON.
plicatcd md dHicnt vet admirable system of Govern
mrn,. ol!uae IN National Debt, and National
Bank Il was in 'Lesc that the political contests by
which the countr: has been agtaied ever since the
odoniiou Of the CONSTITUTIONS, III great measure nr
uinatcd: and thee is too much reason to apbrchend
that the conflicting interests and opposing principles
thus marshard will continue, rs heretofore, 10 pro-
duce similar, il not aggravated, consequences
About National Bnk, he (Mr. W. would say moth
ny nj present, hut terc they we're officially told that
what had been. and s. hat likely 10 he, the great
contested question this country, was, whether there
nj dial N1ty has limit
ted 10 the rood scrsc aud candor Of that body, whether
any party didexst, or does now exist, to whom II
could h. fairly imputed as Object PR Sc thing
desirable, To crcar national debt. Since the Decla
ration If our Independence, IN all time past, what was
our history: Tie first national debt was contracted IN
Holland durisc the war hy Ino. Adams. Did any man
nub, the proprPiy n that, in the then circumstances OF
The country; Vas there any Senator that dnuhted the
proprirty a" ohain,n that loan: Then again. there vas
The del contracted ln r pay due To III" Revolutionary
army arrnur Government vas established. ny the Con
l,nrnal Congress there also the debts contracted
during the progress If tie by the States for
ryinn on the war; and provision made 10 pay those
debts because they were debts contracted IN The pro-
grrss nf the Revolution Could any man oppose that,
say there any thing unreasonable or improvden
IN ATTAINING loans 10 enable the Government To carry
on the late war with Great Britain Now contrast onr
party with another III the history of nur Government,
and he could mi, but think IL singmlarly nn"rmnair
that So much If that looks like inpntatnn should hr
contained in This message winch CONES from the mead
o an Administrations, which Administrations $" lar rs
he knew was the first that ever rysird under TINS 20
vcrnu,rn, that had begun national debt IN time OF
profound peace.
Bnt IN procced To the actual state Of the finances Of
the country The message, though does not call the
nhligainns Of the country permanent debt, wiIl"
speaking in earnest terms against the commencement
ola pub, debit dncs admit outstanding reasury notes.
hearing interest The amount Of four and hall mi
"A, .Il, md I,t
There were uiI important and leading truths, very
useful In hr considered by those WHO would Judge wise
w. and who wnnld look The future provihrnfly in
nard 10 The finances of thu country And the ir-t truth,
III point nfmnpnriamra, he Thought was that Tor some
wears pasi The expenditures Of the Government had
greatly exceeded The income If the Government. liz
uas mi trn about I" argue III" question: whether The
eynri,inr nf the Cow rnncni had been cx;ravagan
or moi: w,ilirr they had been reasonable ar nnrra
sonahlr lie nt ked al The subject III financial point
If view AM, liz there slated that tlrrxpeiicEcr ' the
result of r administration "fihr Government and the
aclicn If Congress lar the last four years, showed that
lie expenditure, 81 The Government exceeded, at the
rnc o, at least seven millions nf dollars year, The in
come If the Government; and tins might be- easily de-
mris.ra,cd They knew thai, from the commence
mpnl nr January 1887, there III the Treasury, re-
scr I'd by The de asi act millions ut dollars The
intention wa. 10 five millions hut the Secretary
Of the Treasury made his computation somewhat IN
advancp-hr, therefore, did not ascertain ex1rty what
~. l
thing about six millnns &c dollars in the Treasury
ahu, the Ist If January, lo37. Thcnevcns occurred
wlI.ch led Congress- September at fc:1, 4" pass
law 10 rr,eal qualify The law OF June, called the
drpns,c aci, 10 retain bring back 10 the Treasury
the fourth inslamcht Of ihr dcpnses 10 The States,
amounting 10 nine millions of dollars, They also
found hv communication now before them, that he
am INT If sinrk brI"ps'ng 10 the United States in The
Bank of the United States, and for which bonds
the Treasury by the President Of The Bank Of
lie United States If Pennsylvania and which bonds
have been since paid, eight millions of d"llars,
hrh from that snurce had hern rc-ved into the Trca.
snry. Now these we're pre- existing funds, some Of
" hcl had accrued 10 Government SINCE January, 1897;
and lipy might add The he had already mention
ed, as bring outstanding on Treasury notes hrar-
ing interest, and thus make an aggregate oi. twenty
seven and q half millions of dollars expended IN the
course ofhese three and half mr. four years, xcp,ing,
Of COURSE what may remain in The Treasury at the end
of that term That, ihrn, wns nearly nj the rate of
eight millions nf dollars per annum expended beyond
ilir income; and what condition of things was that
Suppose should g" on by the succeeding Admnistrn
li"n or suppose it should have continued 10 GO by
the present. If il had remained in power did moi every