Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-01-05
[NO.1.

distinctive principle--thn Efaod dtfcjencs ~
the characters Of our public mcfs--thsto OF one
class Of them 1t has been his fpnstsn, Shpss VI I
create and tn maintain a public debt, sadwhh
aaother, 10 proven, and discharge Il. This !
consider rs an unioundcd impus,on on those
who have conducted the Go,ctnmen, Of THE
country. Tho President saws he has 'siseDed
this hriel summary Of our fiscal affairs nocesi
safy 10 the due performance of duty special.
ly en,oined upon him 10y the Constitution" -- :
IL will serve, 9lsn, To- illustrate more Mily The
principles by which he has been guided Va
reference 10 two contested points In crr pob-
lie policy, which were earliest IN ,heA devel.
opement and have been more impor2ps, u
R heir consequences than ans that have ArtseA
unoe' our system OF government I've sallodss 4
TO national debt and a National BANK
About Nsionn nank have noihiog al pres
ent 10 say, bui hencsu II officially announced q
I to ns that II has becpa great v-a,e,,,~i osrs Y
! ton IN the eelniry whsther there share. .hsit L
4 moi no, be national debt! Now, sui NIT y
: to the Sc e whether there has ever eIistsd
4 In the couno, any party, at any time, which
svowed iisefin favor OF national debt, psrss.
as thing desirablci Does tho history OF tho
past debts contrecnd's by the Government lay &
The least fuunda,ioh jaa any such an asertiot
] The first national debt we have had wss IN
/ loan negotiated in Holland by John Adams.
None, presume, ever doubted the policy a
such a loan in the then circumstance ofS6o
country, Then there came the debt contract
led, for the pay Of the Revolutionary army, ~
the Continental Congress, or rather BY thu Z
country through that Congress. Mex, were
the debts incurred during ,hc war by the Stssss
for the purpose OF carrying on the war. Pro- Z
vision was made for dscharging these debis
as the cost OF our Revolutions can any body !
object 10 debt like thisl OF the same char
acier were the loans made BY Government 70
carry on the late war with Great Brtian.---
These are the principal national debts we have,
contracted, and cannc, but think j, singuafiy
unfortunate that what looks so much like an
imputation on those who authorized these loshs-,
should come from the head Of an Adminis,rs-
ton which so far AZ know, Is he fret hss
has erer commenced q national det IN time #
profound peace. - 8
And now TO proceed 10 the actual state Of
the finances. AZ !.
The Message, though il does not call The
obligations Of the Government a national debsSr
but, on the contrary, speaks in the sitoneem
terms against q national debt yet amidst NH
there are Treasury notes outstanding and bezlss
ing interest, to the amount Of four pnd 3 Half
millions and see, connected with this, other
important and leading truths, very necessary
TO be considered by those who would look
out beforehand that they may provide for fa-
tue revenue.
Of these, the first in mpoi,ance 10, that
the expenditures OF the Government during
the term of the present Administration have
greatly exceeded its income. ] shall not new :
argue the question whether these expenditures
have been reasonable or unre Reasonable, necess
sary or unnecessary. ] am lookl ng at the facts
in financial view purely-and say that our
experience Of the action Of Congress during
the last four years has been, that The publss
expenditure has erceedad the pubic meo'pS ~
The rate Of SEVEN MILLIONS oY DOLLARS rss
AsNuM. This is easily demonstrated.
At the commencement Of the first year Of
the Presidential term, in January, 1897, thsso
|, was in the Treasury a balance OF SIX milliqe6
OF dollars, which was reserved fkom distiihu.
ton by wha, has usually been Chilled the D..
pusiie act. The intention Of Congress wss
10 reserve five millions only: but, in conss.
quence Of an uncertainty which attended The
mode Of affecting this result, the Secfetaty,in
his calculations. wishing TO he, al leas,, on the
safe side, II turned out that the sum actually
reserved was six millions. Here, then, wac
this amount in the Treasury on the LIST Of JAM
nay, 1897. Events occurrcddiiting tia, year
which induced Congress 10 modify the De-
positc Act so asto brlng back again into Tie
Treasury the fourth insiaImsnt Of the sum "
be deposited with the States, which announced,
10 nine millions. find. further, from the,
communications OF the Secretary Of tho Tressx
ury now submitted TO the Senate, that. Of ~
stock Of the United States in The BANK Of H.
United States for which bonds had been giysAs
on the Treasury by the Back Of the unit<1
States of Pennsylvania, which bonds arc nog
paid, there have been rereyed eich, millions.
Now, sir, these are all items of pre-sIissieg
fund, none Of which have accrued since Jaa-
) uary, 1927.
. TO these may add the outstanding Treas
cry notes running on interest, Qour asd-a half
millions } and the whole forms an aggregate
Z OF trenty- ser,n and half mRiions Of dollars
, OF surplus, in addition To The current revenue,
) which have been expended in three and bsl(
or four ysar.-excepiing Of course, what may
remain IN the Treasury at the end Of that term.
l. Here, then, has lie Government been eIpend-
ing money at the rate OF nearly elgb, millions
> per anum beyond us income. What state II
tlings is that Suppose II should 20 on
Z Docs not every man see that se have a vsss
y debt Immediately before u.s.
10 b., ~ This all---is this ALI ! am inclined
io'think hat IN one respect al least, il 10 NOT
:, all. Tho Treasury. pIigk, has not duly dis
= tinguished.in Telere0ce 20 one impoftan, branch
offs administration, between Treasury funds
proper and q trus, fund, set apart ty treaty
. stipulation, 20 be Invested for the benefit Of
= certain Indian tribes ] saytte Treasury has
e taken, as belonging 10 the Government, thst
r which properly belongs 10 q trust fund which
ihe Government engaged 10 invest ia perma-'
: nenLstocks for the benefit VI certain Indi4s
i tribes. This makes II necessary, mr. w. said.
$ to look iliile into these trust funds. lie re-
. ierf.d pubiic dpcumsnis 10 show that ibess
y trust funds hsdbeeq invested in different STATE
stocks, upon .oms 81 WHICH purchases consid-
c cradle p,e1iiu5is had been paid. These trust
r funds according 10 Tie statement oftbe See
E 'oAry OF uie Treasury. had bcsp IDired up In
= account with The general funds OF the Tressu.