Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-09
DEBATE IN THE SENATE.
IN RELATION TO THE PUBLIC FINANCES.

The motion submitted by Mr.. WRIGnr on
Monday last, proposing to refer so much OF the
Presidents Message as relates TO the Finances
to the Committee on Finance, coming up for con.
siderston-
Mr.. WEBSTER rose and addressed the Sen.
ate near as follows:
Mr. PREsiDENT: 1t has not been without
great reluctance that have risen to offer any re.
marks on the Message OF the President, espe-
caly at this early period Of the session. | have
no wish to witness prolonged and angry and
exciting discussion on the topics it contains. The
Message is, mainly, devoted TO an elaborate and
plausible defence Of the course Of the existing
Administration on the finances and currency Of
the country; it dwells on the subjects which
have been so long discussed among us, on banks
and banking on the excess Of commerce and
speculation, on the State debts, and the dangers
arising from them--on the sub. Treasury, as it
has been called, or the Independent Treasury,
as others have denominated it. | propose now
10 deal with none of these points, so far as they
may be supposed 10 affect the merits or charac-
ter of the Administration; they have, as | un-
derstand it, been passed upon by the country !;
and have no disposition 10 reargue any Of them.
Nor do wish to enter upon any inquiry as to
what, in these matters, is supposed to have been
approved or disapproved by the People Of the
United States. 1t appears, however, thus far,
to be the disposition of the nation to change the
Administration OF the Government All pur.
pose at this time to do is, to present some re.
marks on the subject OF the finances, speaking
ell the present state Of things only, without re.
curing to the past, or specializing as TO the fu
;ure. Yet lsuppose that some proper forecast
some disposition to provide for what is before
US, naturally mixes itself up in greater or less
degree with all inquiries of this sort.
In this view, shall submit few thoughts
upon the Message of the President, but deem
it necessary to preface what shall say with son c
few preliminary remarks
And, first, | will say word or two on the
question whether or not an unfounded or erro
neous impression is communicated 10 the People
by that document. In this point Of view | no
,ce what the President says in the 9Th page. Hi
there represents it as the great distinctive prin
ciple-the grand difference in the characters o
our public men-that Of one class Of tEem it ha
been the constant object TO create and 10 main
tain a public debt, and with another to proven
and to discharge it. This ! consider as an un
founded imputation on those who have conducted
the Government Of this country. The Presi
dent says he has "deemcd this brief summary o
our fiscal affairs necessary to the due perform
ance Of duty especially enjoined upon him BY
the Constitution" 1t will serve, also, to illus
trate more fully the principles by which he ha
been guided in reference to two contested points
in our public policy, which were earliest il
their Development, and have been more import
ant in their consequences than any that hav,
arisen under our system of government; he sal
lules to national debt and National Bank.
About National Bank have nothing at pres
ent 10 say; but here it is officially announced tc
us that it has been great contested question ir
the country whether there shall or shall not be
national debt! Now, | submit it TO the Senate
whether there has ever existed in the country
any party, at any time, which avowed itself in
favor Of national debt per Sc, as a thing desir
able? Does the history Of the past debts con.
trecled by the Government lay the least FONDA
ton for any such an assertion? The frs: ma
tional debt we have had was the loan negotiated
in Holland by John Adams. None, presume,
ever doubted the policy Of such loan in the
then circumstances Of the country Then there
came the debt contracted, for the pay Of the
Revolutionary army, by the Continental Con.
gress, or rsher by the country through that Con.
gtess. Next were the debts incurred during the
war 10y the States for the purpose Of carrying on
the war Provisions were made for discharging
these debts as tho cost Of our Revolution; can
any body object 10 a debt like this? OF the
same character were the loans made by Govern.
ment to carry on the late wal with Great Britain
These are the principal national debts we have
ever contracted and cannot but think it singu.
larry unfortunate that what looks so much like
On imputaon on those who authorized these
loans should come from the head Of an Admin.
raton which, so far as know, is The first that
has eUer commenced q national debt in time Of
profound peace
And now to proceed to the actual state OF the
finances.
The Message, though it does not call the Oh.
legations OF the Government national debt but,
on the contrary, speaks in the strongest terms
against national debt, yet admits that there are
Treasury notes outstanding, and bearing inter
est, TO the amount OF four and half millions;
and | sec connected with this, other important
and leading truths, very necessary to be consid.
cred by those who would look out beforehand
that they may provide for future revenue.
or these. the first in importance is, that the ex.
penditures Of the Government during the term of
the present Administration have greatly exceeded
its income. shall not nQW argue the question
whether these expenditures have been reasonable
or unreasonable, necessary or unnecessary. |
am looking at the facts in a financial view
purely-and say that our experience Of the ac.
lion OF Congress during the last four years has
been, that the public expenditure, has exceeded
the public income al The rate Of SEVEN MILLIONS
OF DOLLARS PER ANNUN. This is easily de.
monstrated.
At the commencement of the first year Of this
Presidential term, in January, 1887, there was
in the Treasury a balance Of six millions oil
dollars, which was reserved from distribution by
4 IL. L