Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-01-04
SPEECH OF MIR. WEBSTER,
In relation to The Public Endnccs.-h Senate, Dec
INN 1Rdn-


The motion submitted by Mr.. Wright on Mon
day last, proposing to refer so much OF the prosi-
dents Message ms relates to the Finances TO the
Committee on Finance, coming up for consdera-
ton
MIR Webster rose and addressed the Senate near
ly rs follows;
Mr. Prcsdcnt:--It has not been without great
reluctance that have risen TO offer my remarks
on the Message OF the President especially Mt this
early period Of the session. | have no wish to
witness prolonged and angry and exciting dis
cussion oil the topics it contains The message is,
mainly, devoted to an elaborate and plausible de-
fence o 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, aud I'll dangers arising tom thcm--on the
sub-treasury, as it has been called, or the nlepen
dent treasury, as others have denomnatcd it. /
propose now TO deal with none Of these points; so
far as they may he supposed to affect the merits or
character of tho administration, they have, us
understand it, been passed upon by the country !;
and have no disposition TO re-argue any of them.
Nor do wish to enter upon an inquiry us to what,
in these matters, is supposed to have been appro-
VUd or dsapproved by the people OF the United
States. 1t appears however, thus far, to lie the
disposition OF the nation to change the administra
ton Of the government All propose at this time
TO do, is 10 present some remarks on the subiec;
Oft fnances speaking on the present state of
things only without recurring to the past spec
ulating as to the future. Yet suppose that some
proper forecast, some disposition TO provide for
what is before lis, naturally mixes itself up in n
greater or less degree, with all inquiries of this
Sort
In this view | shall submit few thoughts I'M
on the Message of the President; but deem it
necessary to preface wha; | shall saw with some
few preliminary remarks.
Aud. first will sny word or two on the uues-
l,otIh 1.r,G,.
impression is communicated to the people by that
document In this point of view | notice what
tile President says in the 9Th page. lie there re-
presents u us the great distinctive principle--thc
grand difference Ill the character of pubic men
that OF one class of them 1T has been the constant
oDlGft 10 crea'e auu maintain public snalysfnd
N"tnotheri 10 prevent anu ~ altFTsrGe H. i,hls
r1ts'uef a. a. - 'ef imputat,on on those
VINO =fes.scted the Government ol this coun-
Try. Tbe Pi Nsileut says he has deemed this
brief summary of our fiscal affairs necessary 10 the
due performance ola duty specially enioined upon
him ny the constitution IL will serve also to il
luslrate more fully the principles by which he has
been guided in reference to two contested points
in our public policy, which earliest in their
development, and have been more important in
their consequences than any that have arisen un-
der our system Of government he salludes to
national debt and a national bank About u ma
tiona bank have nothing at present to say but
here it is officially announced to us that has been
a great contested question in the country whether
there shal or shall not be a national debt! Now.
- submit il . the Senate whether there has ever
Sisted IN The country any partvat any time which
ayoyed Itself in favor ofa national debt per se ms
a thing desirable? Does the history of the mast
debts contracted by the Government lay the least
foundation for any such an assertion? The first
national debt we have had was the loan negocia-
ted in Holland by ]Nhn Adams. None, pre-
sumo, ever doubled the policy of such a loan in
the then circumstances OF the country. Then
there came the debt contracted for the pay Of the
revolutionary war, by the Continental Congress
81 rather by the country through that Congress -
Next were the debts incurred during the war by
the States for the purpose of carryng on the war
Provision was made for discharging these debts
as the cost of our Revolutions can any body oh
-ieet to p debt like this? OF the same character
were the loans made by Government to carry on
rho war with Grnat l{riioiu 'rhasa ora tho ,rip
o;noi aa,ionnI dah,s "o Jo', oar oon,roo nnII
80, L,,, I'LL :, 81, w, r. ,,,,nt - h,
Inais 60 '',,'ni, ill., IS ;,"o,, ,' , '.h
n,,hon;od ,hasa Ioa,s I I,II $780,, hoa lanJ
ofon NEUTRALITY-SUSPICIOUS. Viii en- g. 10 ! ,,,r, !;
Hs 6roi Unt Lns ener con,nn,,ceJ .,,t;o,,i Jbi 70
ill.,. o %"' ,,oM"" ''''''0""' "e'' :"
And nov ~ nroceed n the actual state Of tho
6nances r'
NJ S,o.,.uo ,to,o,, :, doos mn, coll tbo oil;
,,o,;a,.s ~ IT, Snor';7,an, na,;on,I Jnht L, ~,
co,,,ra,v sneoIs in The s,ronaes, ,o,1s roi,1,,
na,ionoI 3eht vet admits there are ,reas,v notes
ou,stordipr md beorng ;nteros, IN tho nn,orr,
If Ionr and half millions. and 7 GOO connsc,eJ
win This o,bor ;n,nnr,on, ord Iood;n 1919 or
necossnrv ~ ho cops;doreS hv ,honae i ,,o,',I
LOOK ont he Coreband that ,bov oav nrov;do for G'I
tnre revenue '
Ofthone. the first in ;mnort,nce Is ,bo, Tho ex-
nenditurps of ,he Covornroant Jnrino tho ,nr,, or
he nre.ent odn,;n;s,r,,;nn hn,e nnoa7i ovoaodoI
lis income shnll not oroue the oncs;;on u, he'll
or these e~uond;,ures Lave hoen rodpsonab,o
reasonable. necessary or unnecessary, am look.
ing at the facts in a financial view nurclv-nnd
sac ,ho' o,'r o~,,or;annn ~ 'i'o
d,;rng tbe las, fo"r yeoos bns %os Tho, ~ ptEs
.,nend;lr. lao orc:edaJ H. ILL., :o'o r. ~
yafc ssrs ,n;;o,S ,o ~ w. nc
s;,' i,,s.".I y ''''' ~" u""'" i"'' 10