The Hawk-eye and Iowa patriot. (Burlington, Iowa) 1839-1843, 1841-01-07

government: l allude to national deb
and national bank. 1t was in thes
that the political contests by which II
country has been agitated ever since II
adoption of the constitution. in a ore;
measure, originated; and there is 10
much reason to apprehend that the cor
hlctlng interests and opposing principle
thus marshalled, will continue, as here
tofore, TO produce similar, if not aggrs
waited, consequences.
inns paragraph contained an unfoun
ded lmputation on those who had charo
OF the past Administration Of the Govern
lnent. Now he contended that it coul,
not apply to any party-but that of til,
present Administration perhaps.
ne asked whether any party in thi
country ever aimed per Sc TO establish
National Debt? What is the history o
our policy in this respect? A Nationa
Debt had been contracted in Holland b,
President Adams. A debt was contract
ed by the Continental Congress. Debt:
were contracted by the different States
tor carrying on the Revolutionary War
Was there any thing improvident in in
curing them! So loans were contracted
to carry on the late war-but were the
men of that time to be blamed there for ?
He regretted that SO much that looks
like lmputa,ion upon others, came from
the head Of an Administration which was
the first tina. had began National Debt in
time OF profound peace As to the ac,u
al state of the finances, the message,
thought it declaims against public debt,
yet admits there are debts outstanding, to
the amouot of four millions and half.
There are other truths in connection
with this. also deserving the serious con-
slderation of Congress. The outlay OF
Government has been for some years
greater than the income. Our expert
ence-the result of the Administration
and the action of Congress, shows that
the outlay has exceeded annually the in
come OF Government by several millions.
There was i'll the Treasury, reserved by
the Deposite Act, six millions, on the Is.
OF January, 1887. The events of that
year led Congress to pass, in Septem-
Der, law repeating the Deposte Act, so
tar as to retain nine millions of dollars
The amount Of stock belonging to the
United States in the Bank of the United
States, for which bonds were given, and
which bonds have been paid, was eigh,
millions of dollars. There then was a
pre-existing fund. We may add the sum
borrowed, and now due on Treasury
Notes, ST. 100000. and this viii make an
aggregate of twenty-seven millions and a
half of dollars expended since January.
lS37--and that is the rate of more than
eight millions of dollars above the in.
come. He mentioned these as facts, show
ing the improvidence of the Adminis,ra.
ton.
Suppose this goes on, does not every
one see that grea, debt is before us? But
this is not all. The Treasury has not
duly distinguished in one branch of its
Administration between United States
funds proper, and trust finds set apar,
by treaty stipulations for the benefit of
the Indian tribes. The Government has
taken to itself as its own money, wha,
really belongs, and was intended for the
Indians.
Mr. w. then referred to one or two of
the more important Of these trust funds.
There was invested in state stocks one
million eight hundred thousand dollars.
A premium of a.. thousand dollars was
paid for these investments. There were
also invested for the Chickasaw one mil
lion ninety four thousand dollars, also in
state stocks. The Treasurer saws that
these funds for the Cherokee lands have
been mixed up with the general funds in
the Treasury; although the treaty actually
stipulates that the proceeds shall be in
vested in state stocks for the benefit of the
Indians. He thought separate account
of the trust fund ought to have been kept,
and that it ought not to have been min
gled.
There remains to be invested $780,
900 which ought to be invested.
Mr. Webster gave a number of details
of the rates at which the state stocks had
been purchased by the Treasury Depart
ment taken from Doc. No. 2. of 1899;
and then commended that we were indebt-
ed to the Indians the full amount which
we promised to give the various tribes for
their lands. We have not invested the
prices as we ought to have done, and were
bound to do. We are actually in debt to
them to the amount of two millions eight
hundred and fifty thousand, and the gov
eminent is actually bound to raise the
money-buy the requisite amount of
stocks, and hold them for the benefit of
the Indians. If these things be SO, there
is to be added to the outstanding debts
mentioned in The message, this Indian
debt. There are other debts also out
standing, which must be liquidated, debts
for public works--for Indian depreda.ions
for claims growing out of the Indian
Wars. The sum must be very large, ia
deed. He had no means of calculating
The exact amount. Some portion of it
was for borrowed money, and some
springing out of the various sources Of
expense 10 which he had alluded.