Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-01-01
G o N G r E S S.
DEBATE IN THE u. S. SENATE.

DA<D-h ~ Nv AAATs y. .. .oE4Nh
WEDNESDAY, December l6, 1870.
The motion submitted by Mr.. Wright on Monday
last, pro losing to refer so much of the Presidents
Message relates to the Finances to the Committee
ON Finance, coming up for consideration
Mr., Webster rose an addressed the Senate nearly
as follows
Mr.. President: 1t has not been without great rclue-
lance that have risen to offer any remarks on the
Message of the President especially at this early pc
rod OF the session. have wish to witness pro-
onged and angry and exciting discussion on the to-
pies 1t contains. The Message IS, mainly, devoted
TO an elaborate and plausible defence of the course of
the existing Administration on the finance and cur
rcrcy of the country; il dwells on the subjects which
have been so long discussed among u.s. on banks and
banHng, on the excess of commerce and speculation
on the State debts, and the dangers arising from them
on the Sub Treasury, it has been called or the
Independent Treasury, rs others have denomnnted
1t. propose now to deal with none of these points
81 far as they may be supposed affect the merits or
character oil the Administration, they have as I'M
derstand u, been passed upon by the country and
nave no disposition to reargue any Of them. Nor do
wIsh to enter upon an inquiry to what in these
mAtters, IS supposed to have been approved or dsap
proved by the People of the United States. 1t an.
pears however, thus far, to be the disposition of the
marion 10 change the Administration of the Govern.
ment All purpose at this time to do is, to present
some remarks the subject of the finances sneak
ing on the present state of things only without recur
ring to thepast, or specializing to the future. Yet
lslppose that some proper forecast disposition
to provide tor what is before u.s. naturally mixes itself
up IN greater or less degree with all inquiries of this
sort.
In this view, shall submit few thoughts upon the
Message of the President; but deem it necessary to
preface what shall say with some few preliminary
remarks.
| And, first will say word or two on the question
RS u s do 81 % ai
In this point of view | notice what the Presiden;
says in the sth page He there represents it as the
Il va fbn ltf ,,
the characters OF our public men-that of one elias,
of them IT has been the constant object create and
TO MAINTAIN public debt, and with another TO pre-
vent and 10 discharge it. This consider as an un-
| contemplation on those who have conducted the
Government of this country. The President says he
hns deemed his brief summary of our fiscal affairs
necessary TO the due performance Of duty specially
enJolned upon him by the Constitution 1t will
serve also 10 illustrate more fully the principles BY
which he has been guided in reference two contest
ed points IN our public policy, which were earliest in
Their development, and have been more important in
their consequences than any that have arisen under
our system Of government he ''audes n national
debt and National Bank" About, National Bank
have nothing at present 10 say but here il is Off
clay announced 10 us that it has been great con.
tested question in the country whether there shn or
shall not be national debt Now, submit it TO the
Senate whether there has existed in the country
any party, at anv time, which avowed itself in favor
Of national debt, per Sc asa thing desirable Does
the history OF the past debts contracted nv Tho Gov
eminent lay the least foundation for any such an as
! ser'ion The first national debt we have had wa,
the loan negotiated in Hollandb by John Adams None
presume, ever doubted the policy of such loan il
the then circumstances Of the country Then Their,
came the debt contracted for the nav of the Reyolu
,ionary army, by the Continental Congress or rath
er by the country though that Congress Next wer
me debts incurred during the war by the States 70
T the purpose of carrying on the war Provision wa.
made for 'schareing these debts as the cost of on
1 Revolution; can any body object to debt like this
Vi the same character were the loans made by Gov
eminent to carry on the late with Great Britain
These are the principal national debts we have owe
contracted, and cannot but think it singuarly I'M
, fortunate that what looks so much like an mputatio
: on tho'e who authorized these loans should com
from the head OF an Administration which, so far as
know, is he first that has erer commenced a nationo
dsbt IN a time Of profound peace.
And now to proceed TO the actual state of the Il
. nances.
d The Message, though it does not call the obliqo
tons of the Government national debt but ON IN
contrary, speaks IN the strongest ms against ma
tona debt yet admits that there are Treasury note
outstanding and hearing interest, To the amount {
four and half millions: and see, connected wit
this, other important and leading truths yery nece.
: snry TO be considered by those who would look o,
# beforehand that they may provide for future revenue
VI these The first IN Importance u.s. that the cxper
dtures OF the Government during the term Of III
present transportation have greatly exceeded its il
r come, shall not now argue the question whetht
these expenditures have been reasonable or nrcasor
=, able necessary or unnecessary. am lookinga II
n i"Nts !" HHhHcidl view puftiV-0nd say that Ol
experience OF the action Of Congress during the In
four years has been, that The public expenditures h
C srcteded the public income at the rate Of SEVEN MI
n LIONS OF DOLLARS FER AsSpa. This is easily d.
a | monstrateJ
Al The commencement of the first year If this Pr
sldenlial term, IN January, 1897 there was in Il
% Treasury balan Of six millions of dollars whic
J. was reserved from distribution by what has usual
n been called the Deposit Act The intention of Coz
,r gress was To reserve five millions only; but in Co
NJ sequence OF an uncertainty which attended the mo,
OF etlecting this result the Secretary in his ca cul
l. TONS wishing TO be, at lea the safe side, it ur
l. ed out That the sum actually reserved was six m
A. lions Here then, was this amount in the Treasu
IT, on the lst of January, 1897, Events occurred d
n ring that year which induced Congress to mod
" the Deposlte Act SO as to bring back again into 1
~ Treasury the fourth nsiament of the sum to be
sc posted with the States, which amounted to nine m
b. lions find further, from The communications
he the Secretary Of the Treasury now submitted to I
Senate that, of the stock of the United States in
= Bank OF the Unite States for which bonds had he
u, gwen TO the Treasury BY the Bank of the Unit
he States OF Pennsylvania which bonds are now pa
a. there have been received eight millions. Now, {
% these are all items Of pre-existing fund.- some
n which have accrued since January. 1887.
"a To these may add the outstanding Treasury no
" running on interest, -four and half millons;) n
W the whole forms an aggregate of tnentyseren ano
Is, half millions ofdoiiars of surplus, in addition to
at current revenue, which have been expended in HI
a and a ha!for four years-exceptinr, Of course, wi
n may remain in the Treasury at the end of Il
v" term. Here, then, has the Government been
pending money at the rate of nearly eight millio
NJ per annnm beyond its income. What state of thin
10 that Suppose il should go on. Does not eve
~ man s~ that we have ypst deb, Immediately
" fore U.S.