Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-05-06
CoNGREss--2d Session.
SPEECH OF Mr.. WILLIAM SMITH, OF VIRGINIA,
THE LOAN BILL.

on THE LOAN BILL
De.rered IN the House of Representatives., March 80
MI SMITH of Virginia observed, that if he had con.
suited ms own physical condition, he certainly should
have given his assent to the moton for the committee
to rlse but he would not allow his feelings to
leiete win Tie wishes of other gentlemen who desired
to be heard on this question lie felt particular de-
sire IN consequence Of the remarks Of some gentlemen
IN the course oi this detate, and the statements that
had been made with regard 10 the indebtedness Of thu
Government! nn'er the late Administration, TO get The
onr IN ORDER that he might, b. reference to the pub
lie documents, correct the errors into when they had
alien ana set The matter in proper light before The
country
been most discnrsve one il has been ailirmeby The
honorable member from Kentucky, IMr. Marshall.
md the honorable member from North CaroJn,, TAIr
aynerJ that the call nav nader consideration
10 pay the public debt incurred by the late Admnisra
ton, AID for "lch the Wings were in nowise resoon
sbis The printers to this House, the editors OF the
National lnte!ligcncer, whose position usies the in.
ference, at least that they are we'll informed of the
true condition Of public affairs, and whose statements
have consequently more than ordinary weight with
the country, in their tri weekly paper of tue 22nd
March, lS42, remark, in leading editorial:
appy "r the country twas noi:I same Wings cot
the rein out q" The han' Of these great economists The end
The last tour years. or Heaven knows where they
landed having contrvd, during these four of pro
ind pence 10 spend n seventeen mlona Of surplus
twenty millions Of dollars bsdes and the worst Of il
~hnut leaving
At The late Extra Session, the honorable member
from New York, [Mr. Barnard in his speech to be
found in the 9th volume Of the Congressional Globe
page 3d. put the existing debt of the country on the 4
March, 1871, at S36,0l5000. An honorable member
from Georgia, ralr Mer wether nlso stated il at M
wards OF twenty four millions. The newspaper Why
press also charged it to be $40,0 900 And ore more
specific than others, says: "KEEp 1T BEFORE rny
PEoPLE-it is now officially announced, that the ma.
tlonal debt, incurred by Mr. Van Buren, during the
four years OF his Administration amounts 10 rgTY.
ONE MILLIONS three hundred and ten thousand fourteen
doiiars and renfy CENTS One Of the charges during
the Presidential election against MIR. Van Buren, was
the debt he had created. And the cry BY the Wings
was, "Let US open new sci of books
Nov, MIR. Chairman, these statements thus re peat.
eddy made, propose to investigate 1t due to histo
rIcal truth, we'll TO the official conduct of those
public servants, who have been driven by these and
such like charges from the service of their country In
my examinations shall be materially assisted by the
developments OF the past year, and shall rely mainly
upon the official statements made by the Wings them.
selves.
What was the debt created by the late Adnnstra.
ion, and left as charge TO lis successor: This is the
question.
On the 4th March, 1871, Harrison was naugura.ed
The reins of Government in his hands A sa
isfacloy cabinet-sa;isfacory at least to the great
mass of the Wing pary-was selected. This cabinet
composed of partisans who had fought before the
country for their places and who stood ged to ex
rose those atrocities that proAgacy and exravacance
hey had unqualiedly charged to exist The deep re.
esses Of Official privacy theirs the secrets of the
,rison house" were in their keeping. With every ia.
ty that power could give, they had every induce
nent that could operate upon the passions of the man
o expose to the country every thing that excep.
ionube in the conduct and management of their pre-.
ecessors. Accordingly, Mr. Ewing ordered ga rest
the 4th March, 154l The accounts Of the late Ad
were run up to that period and those of
he new were dated therefrom The creditor is never
lou IN nressniina ha donna nd md p,a~n;sec-4---
n scsson-and the Sd June, ls4l, MIR Ewing sub
n,,ed his report on the state of the Treasury to the
consideration of that body. During this period, he
,ad ample time 10 ascertain the amount of the acknow
edged and undsputed obligations of the country, and
IF course 10 report the correct amount thereof.
ask attention TO the following extract on this SUBJ
ect taken from said report (Sec pages p 3, and l2)
Treasury notes issued prior to the LIST January, lo1
and outstanding on tue 9TH March,
lS41, So,o|o,<-o ""
Do issued under the act of 1910, from
Is, January 10 the 4th March, 1e4l,
which may, and most Of which proba.
bly, will, be presented in payment OF
public dues during the year ls4l l,ll0,6ll 0s
r rn estimated al about 100000 90