The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-02-18

ssn,eS to consress '' ~ r. 100000
Due on account of Trust Funds (other
Fourth Instalment, under the depostc HI ~
on commerce Un us" : s'eA 0p 100000
To which is TO be added a sum necessary
to provide suitable average balance -,
in the Treasury o,Uo,ooo
MAKING in all $40, $780, 900
| Mr. Chairman the views which | have presented
Of our financial condition will if REQUIRED TO- suei-
emily show the ground of the position which now ds-
nclly take That position is that Ten millions Of dot
lars ought To be Immediately borrowed for the service
Of the year 1884, have shown that there will by my
estimates be deficit of means 10 meet the ndespense-
bic engagements ofthe year of at least 75O0OOo II
is quite as likely to be more as to be less But we
had this sum, still, at the end Of the year the lrea
sury would be swept clean Nobody will dispute that
50 900 is quite small sum as 1t would be al all
prudent to depend on for balance in the treasury
i Ten millions, then is the least sum we ought TO
have. And il is the bounden duty OF tins Admnstra-
ton provide for it, In the ordinary course OF things
there can be Legislature convened TO act ON tins
subject after this is dissolved until next December
This Congress is bound therefore, to legsate for the
whole year.
But this is not all the duty of this Congress II is
conceded that this Government must not rely on bor-
rowing for current support This would be that crea
ton of national debt in time of profound peace which
the President so much deprecates. But it is demon
strabe and stands confessed that, whatever may hap
pen in 1884, the Government cannot pay Its ordinary
expenses in lSi2to say nothing of redeeming lrea-
sury notes debts-wi,h ordinary and current reve-
nues, nor without new revenues to a large amount
from duties, in some other way. This is clear
enough, from the Secretary's view Of the case.
Duties are to fall off in January and July, lS42, to
the amount of So, 900, 900; and the whole income
from customs he says will not then exceed ten or ee-
ven millions. Now, if we are to wait till the session
of Congress in 1912, before any new provision for
revenuehal be adopted it not positively certain that
must live in 1912 to considerable extent, by bor
rowing2 Commerce ought to have, and must have,
several months notice before duties made to
operate; and the only way in which the from
customs be materially increased in 8f2 is to amend
the duties acts at the present session So says Mr.
Woodbury. who tells he has dgestcd plan for this
purpose which he is ready to offer if Congress will
call for It and so must every body say who knows
any thing of the matter This, then is another posi-
ton which take, and which / wish to express EN-
phaticay, namely that it is the Indispensable duty Of
this Administration, with this Congress- in which il
holds the political majority to amend the laws laying
--r~-.-ilZ Co. 1910. increased revenue from
toms. This it may do probably, without touching
the Tariff, keeping within the policy Of the Compro-
mise Act, and making the wealthy consumers of lux
uries contribute farer proportion than they do
towards the public burdens.
nave only repeat, ncre tnnt the neglect OF the
two principal measures adverted 10, by this Ad
minstration must suppose, force the next Admins
tration unavoidably into the calling of extra
sion oil Congress at an early day If that is the pur-
pose of those who now hold the control here, we shall
know it by what they do, rather neglect to d.
this subject.
MIR Chairman, if this Administration will do its
duty, the next will be relieved from embarrass
ment. And yet at best that coming Administration
will find enough 10 do What its general line of poll
cy ciH be cannot say can only say an humble
individual what in things at least hope may
hope it will provide for all the just debts of the
Government and meet all Just claims and demands
upon il in prompt and manly way. If the amount
of outstanding debts shall be found be large and
such as to press upon the Government, | hope they
will be founded and proper sinking fund provided
for their gradual payment.
l hope that current OBSERVATION-DISCLOSURES within the
limits of just economy-w be met by current reve-
nue., derived chiefly from duties imports.
hope that duties on imports will be so imposed
preserving hope may be done, without sacrificing
any great national interest the policy of the Compro.
mise Act-that while we shall have revenue enough
to meet the economical wants of the Government the
rich shall not escape taxation by receiving their luxu
res free Of duties the poor shall be relieved from
due and heavy burdens, and the industry Of the
try shall be protected from the injurious policy and
measures of foreign legislation.
hope to the proceeds Of the sales of the public
lands in proper time distributed among the States.-
OF war, or the pressure of heavy debt.
hope to see the necessary military and naval de-
fences OF the country put on proper footing, that
may not be called to sudden disaster
or dishonor.
hope to see vigorous but economical prosecution
of works for improving harbors and rivers 1t is
commercial matter Of the highest Importance and
through commerce, they ought to be prosecuted and
paid for
Finally, hope that the cumbrous and dangerous
political machine-the sub TrcasurywiIl be prompt
ly dispensed with. And | hope TO see the Govern
ment RETURN without delay, TO all It's constitutional
duties touching money and currency taking the pub
lie money Of the hands Of the President and put
ting il under the custody of law providing for its safe
keeping and ready disbursement without expense TO
Government; and, by due exercise of the authority
OF Congress- providing for the whole country sound
and uniform national currency, and electing thereby
a due regulation of the exchanges. And IL all this
high duty cannot be exercised without it, then hone
to see a national bank promptly established for the
purpose.
Mr.. Chairman, the honorable gentleman from Vir-
gina Mr., Jones at the close of his speech was pleas
ed TO alude in no unkind terms to the in coming Adj
mnsration. Sir, II deservest to be contemplated with
kind feelings on all sides. Great and most arduous
duties will devolve upon it. In some things il will
have 10 take an entire departure with difficulties
to encounter scarcely less than those which embarrass
ed the men of SO who undertook TO set the Govern
mcnt originally in motion under the Constitution
Then, indeed, there much TO he done now there
IS much to be done--and much first to be undone
This will be found TO be true apprehend in an espe-
cia manner in the department of finance Every
thing there is in confusion and arrangement The
redoubtabe Secretary, under Instructions has been
fighting long and obstinaely contested battle with
the People; at last he is conquered and no wonder
that his decks should now be found strewed thick
with unsghty fragments and accumulated ruin
There is danger that the battered and riddled
craft in which he has sailed may 60 down in the open
and calm sea- though within sight of the harbo before
relief can reach him And it She lives through as
hope she may, and holds together long enough TO be