The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-01-30
SPEECH or MIR. wADDY THOMPSON,
OF SOUTH CAROLINA,

STEESh VI WIN. VADDh THOMPSON,
OF SOUTH CAROLINA
On the BIZ 10 authorize the issue Of Treasury
Notes. Delivered in The House Of Represen-
tatireS q. s. January 81, 1s4L
II is not my purpose again to discuss the con-
stitutonal power of Congress to issue Treasury
Notes, intended to circulate as a currency II is
not necessary, for any practical purpose, that
should do so and if il was should regard il as
a work altogether supeniuous until the argu-
ments heretofore made on that point have been
answered, which, as yet, has not been done.
have no wish to disturb the self-complacency Of
the Secretary, nor to controvert the assertion
in his report, of the financial ability with
which he says, with equal truth and deicacy,
"the affairs OF the country have been managed
by him." Considering his present peculiar con-
ditlon, he Is entitled 10 some indulgence, as he
has been tried, and all that remains to him is
" TO show cause why the sentence of the law
should not be pronounced;n and in all such
eases much latitude is allowed The honorable
Secretary congatulates the country that, "not-
wthstanding some depressions in particular
branches OF business, or in particular places,
the general prosperity has been such as to Gre
ate large surplus of products, and to enable us
to send abroad immense and increased values
Of them, however great the complaints have
been as to low prices"
certainly uQ not envy tne man, VINO, having
charge of the most responsible Office in the GO
vernment--one which wields power over the
currency and business of the country little short
of absolute autocracy-and who, by series of
experiments, recklessly and ignorantly made,
has reduced the public Treasury to bankruptcy.
carried insolvency and misery into the abodes
of atfiuence and happiness-waged an unceasing
and Nandal war upon commerce and credit-re-
peating his blows before the flesh had ceased to
from odu tnAi tod
last reduced our importations almost one-third,
by destroying, not the wants of our people for
foreign commodities, but their ability to purchase
them, and reduced the value of every one of
the products of our industry-now coolly con-
graduates the country that he has not also des-
troyed the physical ability to labor and produce,
that the limbs and snews OF our peosle are left
uncrushed-that they will labor industriously-
although, It IS true, they get very little for the
productions of that labor
We have been told by the Chairman of the
Ways and Means, that this measure is only
temporary, and that these notes will be redeemed
within the year. IL that honorable gentleman
will turn to his speech at the last session,
on similar proposition, he will find that
he told US the very same thing and lin ipissimis
verbls.n then, as now, said that it was not
true, and that no one intelligent of the cond-
ton of the country could think so. And what
has been the result2 But the honorable mem
Der says, who could have anticipated such
falling of in the customs ? who could have anti
clpated such curtailment Of importation ]
answer-every man in the United States
OF any Intelligence, except the Secretary
This, as far as am concerned is no ex post fac
TO prophesy. In speech made early in the last
session, used this language:
.The receipts into the Treasury, will be left
very much less than the Secretary estimates,
and the expenditures much greater than thosees
Inmates. The revenue from customs for the first
quarter, which was estimated at $3,600,000, will
not be one million, and the prospect for the future
no more cheering. Goods will not be imported
for many reasons. There are more goods now in
the country than are needed in healthy condi
ton of commerce and currency, very many more
than can be sold at all as things are. To whom is
the importing merchant to sell these goods To
the country merchant? To whom is he in turn to
sell them? To the people? If he does he willnot
receive payment They want the goods, but they
hayeno money TO buy them. No, sir instead Of
duties on imports, we are destined TO drawbacks
on exports. The goods cannot be sold, and the on
" alternative is to re-export them, or let them rot
on the Shelves
The two Identical things have occurred
which were predicted, a diminution of inn
ports, aud increase of drawbacks. The account
IN the report of the Secretary, after the events,
with change Of very few words, is the
same my confident prediction before, and
vet he regards il as great wonder, and the
Chairman Of the Ways and Means, most
innocently exclaims, who could have antcipa-
ted this ? answer any one not wilfully blind
We wanted foreign goods, it is true, but we
wanted also, the ability to buy them. The
great law of demand and supply governs this, as
all the other operations of commerce. But what
IS demand II is not simply the wants of a com
munity, but it is compounded of those wants and
an ability to buy. The Camanche Indians, no
doubt, need fifty millions of merchandise, but
they have moi the means Of buying. Would any
one then say, that there was demand there for
these fifty millions Certainly not. The Sc
we're and protracted pressure which we have been
suffering has cut down the consumption of every
class Of society to the lowest possible point,
never has there been a greater revolution in
ple--a change almost instantaneous from re-
pletion TO inanition-from profuse indulgence
70 parsimonious economy. Men have been
strained 10 the pressing wants OF absolute ne
ccsslty. What wonder then that Importations
have been diminished as the market has been
reduced, and that the public lands have remain
I'D unsold to people who have had no money to
purchase them2 BUTT was not the last session
alone that we were told that these loans were
ony temporary. II has been the uniform Ian
guage which has been held tous. well remem-
her that more than two years ago my colleague
(Nlr RhetD read me severe lecture because
preferred oan--an honest bona ide consttu-