Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-10-14


%n.n u'ey actually occur. showed on Saturday
mat IL was cheaper and safer for the Goyernmcn,
10 permit these two millions TO remain with tho
,ehoers until we need them, which may never be.
! o"ereu an amendment TO defer the execution of
so much OF the bill as went to create this reservsa
fund. My amendment was rejected all our n.
"'ehoments were rejected. Nothing stuck but
our arguments, and they will go to the country.
anu VIII prove to the people that Federalism in
1911, is the same that it was in l79S-an extrav-
agan', wasteiul, tax laying, money borrowing, re-
venue consuming animal; and that TO 90 tn tay;n,
the people when they get into power. is inst ~
natural as 1t is for young ducks to 90 to swim.
ming, or Tor old foxes to go to eating chickens
They must tax, and borrow. They canno, holn
1t. The bill will pass. Ii is fortwclve millions
ana Tor three years, the interest six per cent NJ
ls' ~ was Tor eight years, but the Democratic
E y; T ,e1uceo IL TO three which is as long,
IN all probability, DIS the Federal party will re.
main In power. Adding interest to principal. and
'hiS loan Will be fourteen millions one hundred
ana sixty thousand dollars. That is the snm
which the Government will pay to the lenders
. Iu Is not The sum which the people will pay to
.n .n government on account of the loan. They
VIII pay at least ten per cent. more; for the hand
iers OF the money must all be paid. The tax
gathercrs who collect it--those who keen it
thosc who pay tall must be paid, and then al
iowance must be made besides for accidents and
losses from defaults. Assume ten per centum for
those Incidental expenses, and you have one
million four hundred thousand dollars more n be
added to the burthen of the people ON accoun, of
thIs loan. Thus, to obtain twelve millions for
,he government, aburthen of fifteen millions FIVE
hundred and sixty thousand dollars, is imnosed
upon The people. Such is the fruit of the borrow
ing AN lnsidious and ruinous process. both to
individuals and to nations! So, set it down at
$I5,560, 900.
The re-lssuability ofabove six millions of Trea-
sury notes, which the act of March permits, and
which the dominant party utterly refuse to give
up is another provision for borrowing money to
tiia' amount. When il was seen that the loan
PIT, In providing for direc, loan of twelve mill
Hons, did not repeal the re-issuabilty of the six
millions OF these notes which may lawfully be re-
issued during the whole year, constituting an in
drect loan TO tins amount when this was seen
ana the Senator from Arkansas Mr.. Sevier1 was
the hrst to discover it, the omission to make the
iiePeai was looked upon as AN oversight-a mere
an amendment was mmedi-
ateiy offered to cure the defect. What was our
to hear it avowed from the other
side ihat this omission was no mistake that the
of these notes was adhered TO on
purpose! and that they meant to retain the privi-
ioge bnt did not mean to reissue the notes -
i, MS singular avowal produced the indignant and
burning denunciations and Inconsistencies of the
Senators from New York and PENNSYLVANIA
| Messrs. Wright and Buchanan which electro
hed TINS chamber on Saturday evening. IL
brought many Senators to their feet. 1t filed us
all with amazement We demonstrated to them
!hat this omission made the loan eighteen mill
Ions instead oftweve; that il took us all by sur
prise; and we besought and obtesled them to
give 't up. All to no purpose. They declared
lhe Administration would not use it, and begred
Us TO have confidence. We replied that it was a
case Tor law, and not for confidence and adhered
% our motion. The question was taken, and we
ostlt-taken i'm quasi committee and lost. Then |
m md lA.f -
line each time on yeas and nays. The new Ad- |
niniStratlon, then, retains the power of re-issuing
nese SIX millions: they retain the power Of efIec-
.ng an indirect loan to that amount and, there
lore, we charge them with it. SO set down six
millions on that head. If they object to this, let
lnem now agree to the repeal. and will expunge
the charge. Let them speak out now, and
stop the charge | pause for reply. (After
waiting some lnstants, and no one speakinr,) Mr.
Is. said: The proposition is not accepted the
repeal is not agreed to- and the charge stands
This is six millions more. and the interest upon
IL at i've per centum is three hundred thousand
dollars Set 1T down, S6,30OO0O.
Inc next effort of the Administrators to
provide additional means for themselves; is the
new tariff bill which is already on its passage in
me House OF Representatives, and which is to
impose twenty per centum ad yaio~em on all uoods
now Tree OF duty and 10 raise to twenty per CEN
tum all duties now below that amount Not sat-
lshed with the direct loan - twelve millions and
the indirect one OF six millions in the reissuabili
y OF redeemed Treasury notes not content with
thrse two loans, these economical men 90 to work
TO impose new tariff, and to levy duties on near
sixty millions of goods, either free at this time
OF paying the moderate duties of s. or 10, or Is
per centum. This new tariff bill is to impose 90
per centum on all such articles. This will prob
ably yield the Else about twelve millions of dol
lars but that is far from being the sum which
the people will pay. The wholesale merchant
VINO advances the duty to the Government, will
have his profit upon it. Every intermediate sell
retail dealer-wi also have his profit.
and the tax go on increasing until the article |
reaches the hands of the consumer. The officers |
who collect the duty will have their compensa- |
Ton and, In addition to all this, under the ad |
cdbrem system, which is thus to be rendered uni
versal, numerous frauds will be practised upon
the Government and upon the community.- |
These items will inevitably add fifty per cent to
the duty; that is to say, they will raise duty of
twenty per cent to at least thirty and will raise
TIE fourteen millions which the Government re- |
'eives TO at least eighteen, which the people have
10 pay to say nothing of the incidental injury >,
heir foreign trade. So, set this item down at
SlS. 100000
Sir, do not go into the merits of this new tariff
Oil IL Is not yet before the Senate, and it wonld
'e irregular to discuss its provisions or its char
lcter while before the other House. 1t is fair.
however, to notice it among the measures of the
session, and TO consider it as part of the burhens
which the new Administration have brought up-
IN the people. or attempted to bring upon them.
new tariff. so Unexpectedly brought forward,
nd so sweeping and universal in its application
every thing taXed!-nothing spared.-not even
he neceSSaTieS of life-and the ruIe IF 6f,y ,,o.r.