The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-01-30

~ 'h's Hauuuient, deceptive, and
unconstitutional measure He was amazed tbat.
l, Southern man, should be in favor Of n public
deDe. ! could not then-as cannot now--see
any uinefence IN thai partlcular-between debt
.one.acted Dy the issuing of certificates Of stock
oearinghve per CT interest, and the issue of Trea-
sury notes 10 the same amount bearing five per
c. interest could not see that il was the less
When the obligation was precisely the same
because these obligations were written on diff
ierent kinds OF paper and with different engrav-
ihgs and deyices-nor because, in the case Of
STOCK, we should have one hundred creditors in
| stead OF, by this measure, five thousand But
aid see another, and to me, not an unimportant
dinerence--the one was measure clearly con-
stltutonal. The other, palpably and dangerous
ly unconstitutional And what was the reply
the single and only reply? Why it was this :
That the loan would be permanent debt and
that these notes would be redeemed probably in
three, certainly in six months. How has the re-
suit falslfied this calculation And yet the very
same men, one and all, with modest self-com-
placency--l had almost said with coolassurance--
come and make to us, with an air of oracular conf
dence, the very same predictions which the re.
suit has already thrice falsified am opposed
10 these temporary and unconstitutional expe-
dents to raise money-this spendthrift course of
not looking one month ahead to anticipate the
exigency and providing for it under present and
extreme pressure; and then only providing for
It, not by paying but by changing the form OF
the debt This Jeremy Diddler policy Of living
from hand TO mouth, and depending forever on
the last resource of areckess spendhrifts of bor-
rowing or giving note; and, / repeat, that the
financial ability of the present Secretary seems
TO be summed up in the rare art Of giving not.
NO, sir, let us come up to the work. Let us
meet the emergency with the frmness and intel
llgence OF statesmen, and provide permanent
means for meeting permanent deficit in the
revenues and abandon this course Of temporary
expedients as dishonoringin the end 10 the Gre
dit and character of government, as it is TO
those OF an individual. That there will be a
deficiency OF means to meet the demands on the
Treasury, cannot suppose that any one doubts
II has already been demonstrated BY those who
have preceded me, and i'll again advert, however
briefly, to that branch of the subject, it is not
with the idle and unnecessary purpose Of show
ing the inaccuracies of the Secretary. his want
Of intelligence, or his want Of candor That
would be to pile Peion upon Ossa-one more
added to the multitude of his mistakes would
not even be noticed; il any one of his estimates
has been verified by results for the last three
years, am ignorant of it. Certain it is that
mistake is the general rule-accuracy the excep-
ton. do not, in the least, doubt that Mr. Wood
bury will leave the Treasury twenty millions in
debt am certain fifteen millions. Will the ac-
cruing revenue support the government, howev-
er economical, and pay this debt2 1t will not.
do not believe that those revenues will even
meet the current expenses of the government,
even if things stand as they are, without any of
those extraordinary demands to which a wise
forecast should look. II was said, by the mem
Der from Tennessee, (Mr. Belly that it seemed
that these estimates were manufactured with a
view to square the receipts with the disburse-
ments. It's strictly true; the estimates of re-
ceipts are habtually exaggerated and the ex
penditures as habitually reduced. | have heard
do not vouch for it, but believe it, that previ
Gus 10 the last session, the Secretary having
made up his estimates Of the receipts, called
upon the heads of the different departments for
their estimates of expenditures, urging that
those estimates should be reduced to the lowest
possible point. 1t was done. For these wise and
candid rulers of ours exhaust all their econo-
my IN their estimates and practise all their ex-
travagance in the actual appropriations. Well,
sir, the estimates were presented TO him, and they
were found to exceed the estimated receipts BY
some three millions. What was to be done
Provide additional resources. Ohno; but TO put
down in the report, haphazard, three millions in
addition to the estimate of receipts already made.
will show, from the report of the Secretary
himself, that items of appropriation which he
knew were now existing and must be met, are |
not included in his estimates, and he tells US
himself that the heads Of the other departments
estimate the expenditures of their respective
departments higher than he does. Who is most
apt to be correct-they who are presumed to be
conversant with the circumstances, and calls up |
on their particular departments, or the Secretary
OF the Trasury2 He assumes TO know more OF
the situation of the War and Navy Department
than the heads of those departments themselves
do.
The estimated amount of Treasury notes to be
redeemed during the next year only includes
those already issued, and the small balance au-
a nd ictin Ia md
yet this IS urged upon US as an accurate estimate
in the discussion of proposition which no one
doubts will pass, to authorize the emission of
five millions more Here, then, is at once an
additional item Of FIVE millions. We are inform |
ed by the Secretary that the amount Of unex-
pended appropriations which will be called for
in the next year is three millions seven hundred
and forty nine thousand dollars. Here is sub
ssting charge upon the Treasury to an immense
amount. There is evading it. 1t IS not
even looked to in the estimates. 1t must be
met, and yet no provision is asked for it. Is It
surprising that with this habitual want OF fore
cast, to see future calls upon the Treasury, and
when seen, want of candor to say So that our
Treasury is always Strengthened, and that, with
all the slang about saving the plighted faith Of
the country from violation, we are, again and
again, urged with an indecent haste TO adopt
measure perncious in its consequences, and In
violation of the Constitution Once for all let
me answer this cry about plighted faith. !, sir,
never plighed my faith by the most solemn
sanction known to man. to preserve the Constltu-
tion--that faith will maintain whatever other
may be violated-and let the responsibility that
may result, be it what it may, rest with those
whose ncompetency has created the emergency,
not with me, because will not violate the Con-
stituion TO meet il. If you add TO these items
Of near nine millions three hundred thousand
dollars due the State of Maine--a large and adj
mitted deficiency in the post office. much larger,
no doubt, than is admitted, the abstraction Of the
two per cent fund Of about 100000 by the
s,.atnn &c Alabama and Mississinni Won have q