Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-16
Correspondence Baltimore Patriot.
In SENArE-Dec. II,

In SENATE-Dec. II, 1910.
The Senate proceeded to the unfinished bust.
ness OF yesterday, being the motion to refer so
much of the Presidents Message as related to the
Finances OF the country 10 the Committe on Fl
nance.
Mr.. Wright, Of New York, having the floor,
rose, and after complimenting the high courtesy
and dignity which had characterized the speech
Of Mr.. Webster yesterday, published in our lastl
proceeded to reply to some of his observations.
He said that the President did not mean that
there was party in this country in favor Of a
National Debt per se-but there are interests in
this country which desire the benefits of Ma
tional Debt. There are many persons who
would prefer their country as their creditor to any
other. He had, indeed, often seen in the news
papers arguments in favor Of National Debt, on
account of its uses in the commercial business
of the country. But year ago a proposition
had directly been made for the creation OF Debt
All who seek the means Of enriching themselves
by dealing in Stocks-all the corporate insttu.
tons that deal in money and stocks, find their in
terest in the existence and perpetuaton Of Ma.
tional Debt. He mentioned them, not to con-
denim them, but he only desired to state facts.
This was not all. He was OF opinion that all
whe desired National Bank must desire Ma.
tional Debt. TWAS so in England. The very
capital Of that Bank was the debt; and if we
want a permanent Banking Institution OF the
Nation, 1t must be predicated on large and per
manent debt He therefore repeated that while
he did not charge that there was any party in the
country in favor Of a National Debt, yet there
were interests that must be in favor OF maintain.
ing it.
MIR. Wright then commented on the remark OF
Mr.. Webster, that the Administration Of Mr.
Van Buren, was the first to begin public debt in
time oil profound peace. Why he asked, did
not that Senator say that General Jacksons was
the hfst administration that ever paid off public
debit The circumstances under which this debt
was incurred were known TO the country. The
administration had not expended the substance Of
the country-but the banks had failed to pay Ia
the administration their dues. Mr.. Wright
dwelt at large on this point, and on the merit.
which he attributed to the Governmunt for hay
ing issued treasury notes to pay the ordinary ex
penses oil the country.
He then urged, by way OF apology for the
great admitted outlay OF the Administration over
and above the income, that the appropriations by
Congress had always exceeded the estimates,
(Ihs is the old plan of blaming Congress for the
appropriations, and throwing off the RESPONSIBLE,
ty Of the Executve.)
He then adverted TO the remarks OF Mr.. Web.
ster upon the conduct of the administration in
credting itself with trust fund, and especially
those that were, by treaty stpuatons, to be in.
vested in State stocks, for the benef. of certain
Indian tribes; and after number statistical de.
tails respecting the operations of the Treasury in
regard to these trust funds, he admitted that in
several cases, the treaty s;ipulations with the
tribes did constitute these funds as debts agains,
the Government. But he contended that the Sc
cretary was not required to state these as parts O
the public debt in tho accounts Of the Treasury