The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-01-15
VOL. |. NO. 81.

Is IN debt, and requires permanent credit beyond
its means of payment, it may require government
bank to manage and regulate its fiscal affairs: to
extend credit when its necessities require, and so
regulate private business as to make that extension
safe and profitable to itself.
lie must then repeat, that, in his judgment, every
man and every interest in this country, favorable
to national debt, as the only safe foundation upon
which such supersructure can be erected with
any reasonable promise of permanency.
He must conclude, therefore, that there were in
this country interests strong, powerful, and active
interests, in favor Of national debt per Sc, that
these interests have favored, do now favor, and
will continue to favor, the contraction and perpet-
uation of national debt for the advantages which
they may derive from it, and that the President was
wise in warning his counrymee against their nflu-
ence in this direction. Other interests might be
added TO the enumeration, but these We're sufficient
to eucidate the argument, and show the danger to
be constantly apprehended.
The honoIblc Senator, if Mr. Wright had under
stood him correctly admitted that the views of the
President as expressed in his message, upon the
subject of a national debt, were correct and sound
but seemed to question his right to give them to his
countrymen, because, as he commended, they were
contrary to the practice of the administration, and
Of the President as lis head.
To prove this position, he asserts that the pres
tll Is llt INST UlutT
tons, which has begun national debt in time of
peace. The assertion is true; and yet is it fair
presentation of the point intended to be dscussed'
Is ii calculated TO do justice to the President, or TO
his administration? Why did not the Senator tell
us that the administration Of General Jackson was
the first, under institutions, which ever paid
national debt 1t would have been as true; and
vet the assertion presented in this way, would
have been calculated to do injustice to every adj
mnisraon preceding that of Gen. jackson. The
fact is that no administration, prior TO that of Mr..
Van Buren,, had ever existed, under our constitu-
ton, which could begin n national debt, because
every preceding administration had found nation
al debt in existence. Such debt was contracted
during the war of the revolution before our pres
ent Government was formed, and was first finally
extingushed during the administration Of General
Jackson; and yet he believed he was safe in say
ing that every administration had borrowed money,
and thus added TO the existing debt, and had made
payments towards its eXtingushment. While,
therefore, it was true that no administration, prior
to that of Mr. Van Buren,, had LegUn debt, either
in time of peace or war, and that no administra-
ton, prior to that of Gen. Jackson, had paid off
and exinguiShed our national debt, it was also true
that all administrations, as well in peace as war,
had borrowed money, contracted debts, and paid
debts. The simple assertion of the Senator, then,
lINl VII ' All bUItu y WIS tIt IlNl ADMINISTRATOR
which had begun debt in time of peace, did not,
in his udgmcnt-and he pronounced the opinion
with deierence-present fairly 10 the country the
President or his administration.
1t might be proper here TO remark, that if the
subsequent positions Of the Senator were sound, no
debt had been begun under Mr. Van Buren's adj
mnisraon, because a national debt had not ceas-
ed to exist. That which had been treated as our
national debt in our laws and in our fiscal accounts,
was extinguished during the administration of Gen.
Jackson; but fthe items Of Indian and other claims
referred TO by the Senator, are 10 be set down as
items Of national debt, then has our national debt
never been paid, and the administration ofNIr Van
Buren, cannot have ''begun" such debt.
The true and fair question is, however, why and
under what circumstances has any portion Of debt
been contracted under this administration?
1t would not be necessary for him, Mr. w. said,
TO spend much time in answering this inquiry, as
most Of the Senators present were members of the
body in 1887, and would retain personal recoec-
ions of the whole matter. All would remember
that Congress was convened extraordinarily, for
the single purpose of supplying the Treasury and
enabling it to preserve the public faith and honor;
that this call was not made ut time of scarcity or
want in the public funds, but when our revenues
were most abundant, when we had millions on de-
poste with the banks, and millions due from them,
rcr, in conformity with the laws of Congress, crea-
ted the want and compelled the call of Congress-;
and that the same inability Of the banks compelled
us, by the admission of all. TO borrow money upon
the credit of the people, to keep the National Treas
ury in operation.
This new debt was not, then, contracted or, in
the language of the Senator, "began.' because the
extravaganza of the administration had expended
our substance. No, hnt because ourtrustees--be-
cause those with whom the money Of the people
had been placed for safe keeping, could not pay
upon demand according TO our aws-because our
millions upon millions were without our control,
in the keeping of banking institutions, and the cred
it of the people resorted 10 10 sustain the faith
and honor of The country. What was the extent
of the power then conferred upon the admnistra-
ton to contract debit If his recollection served
him, it was $40 900 900. And what were our
dues from the banks alone' If he was not msta-
KEN some thirteen or fourteen million Of dollars;
and beyond that, one of the prominent and worthy
objects of the loan was TO extend indulgence upon
duty bonds TO the merchants of the country, who
were equally distressed with the public treasury
from the rcyusions of the time Under such cir
cumstances it was that the present administration
''bcgan debt in time Of peace
The next position Of the honorable Senator is,
that the administration Of Mr. Van Buren has ex-
pended Hlncn more money ANNUALLY IMAM me accfu-
ing revenue. That he (NIr WrighO beved to be
true; but he did not propose 10 follow the Senator
at all in the data given to prove the postion he
would say what he was sure would not be contro-
yerted that the administration had expended year
by year, Just so much and no more money than
Congress had appropriated and ordered 10 be ex-
pended-that every year The appropriations Of Con-
grcss had exceeded by millions the estimates of
expenditure presented TO it by the Executive De-
par,ments-and that il was matter for Congress
10 provide the means TO meet the expenditures it.
self directed. But it wonld not have been unjust
to that administration if the honorable Senator had
said, in passing. that during every year of its ex-
istcncc. the mass of the public expenditures had
been materially and rapidly reduced. The expen-
dtures of 1888 were shown by the Presidents
message and the Secretary's report, the two docu-
ments TO which the Senator had referred in this dis
cussion, 10 be less than of 1887. Those of 1889
were some six millions less: those for ls40 had
been from two TO three millions less than those for
1882 and the estimate for 1S4l were materially
l. Al al. =