The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-04-08
a nItttraI.
SPEECH
OF NJ R. WRIGHT.
OE NEW YORK.

OE NEW YORK.
In Senate, "Wednesday, March 2, ls42-On Mr..
| CLAWS resolution in relation to the revenues
and expenditures Of the Government
| The third resolution was in this language:
3. Resolved, therefore, That the rate of duties
on foreign imports ought TO be augmented beyond
the rate OF twenty per cent. so to produce nett
revenue Of twenty-six millions Of enthusiastically
two Tor the ordinary expenses Of Government, two
for the pa! ment Of the existing debt and two mil
lions as reserved fund for contingencies.
This resolution assumes very important positions,
to one ofwhich certainly Mr. W. was not yet pre-
pared to subscribe. He referred to that one which
proposed 10 establish the sum Of twenty-sn mil
lions of dollars as the amount of revenue necessa-
ry TO be annually raised from impost alone. lie
thought that sum much TO high TO meet all the
wants OF the Government, if it was TO be admins
tered with any sort Of economy, and also to iqui-
date the existing debt, Indeed it appeared to him,
from the remarks Of the honorable Senator, as well
as from the language Of the resolution ITSELF that
this sum was two millions beyond the compula-
lion of the gentleman himself. His resolution sets
apart twenty-five millions of the amount, Z" for
the ordinary expenses of the Government and
so did his argument. All his remarks were based
upon that SUN as the standard of ordinary expend-
tuIe, and all his calculations and comparisons went
TO show that it should be sufficient. He then fol-
lowed his resolution, and set apart two other nil
lions " Tor the payment of the existing debt. -
AS to the remaining two millions, Mr. w. certain
y did not understand the Senator, or he did not
understand himself. The resolution says "twO
millions for reserved fund for contingencies" and
the remarks Of the honorable mover were cal
culated TO produce the impression that he had in
his mind, and intended by the language, =" u reser-
we'd fund for contingencies mere balance to be
" reserved" or retained in the Treasury to guard
against those numerous "continge ncies," which
might, in some years cause failure TO realize with
in the year, the whole twenty four millions to be
expended in meeting the ordinary expenditures of
the Government and paying the debt. In support
of this provision Of the resolution, the honorable
gentleman referred expressly TO the honorable Sem
ator from New Hampshire, late Secretary Of the
Treasury,(N MIR Woodbury. and TO Mr. W. as hav-
ing always favored, and urged upon Congress the
necessity, of the existence ola balance in the Trea-
sury of Two millions, to guard against fluctuations
in the current revenue and other contingencies;
and if he offered any other arguments or lucts up
on this point, Mr. w. did not hear him. 1t was
true that his honorable friend from New Hamp-
shire, when at the head of the Treasury Depart
mcnt, and himself when holding place upon the
Committee on Finance Of the Senate, had frequent
ensry he i.e s Sa n ssl NJ 81 @
change lis opinion upon that point. 1t had never
however, entered into his contemplation, that, to
sustain that balance in the Treasury, the whole
sum must be raised and replaced annually. lie
had supposed that once there, il the current reve-
nue. should be equal 10 the current expenses it
would remain there, sufficiently TO answer all USE
full purposes; that if delay Of collection, or re-
mitlance or other cause, should create Temporal
~ deficiency in the revenue for month or quar-
ter and thus call for the partial or entire use Of the
reserved balance, the correction of the irreguury
ia the next month, or The next quarter, would bring
into the Treasury u corresponding surplus and thus
restore the fund.
Mr. Wright said the explanation only showed. if
il was to be accepted as made, that the honorable
Senator had been mistaken in assuming twenty
two millions as the standard of ordinary annual ex-
pendi,ure, and that it was the object of his resolu-
ton to make that standard twenty four millions
and not twenty two. lie had no other remark to
add in relation TO this part Of the resolution or the
explanation upon it.
The honorable Senator had exhibited various
calculations and estimates to show what rate Of du
~ upon our imports would be required TO raise
the revenue which he supposed TO be necessary
Mr. W. did not propose TO review those calculations
or estimates, or TO exhibit others Of his own. lie
had never ventured TO estimate for the future Ell
Their rs to imports or revenue lie did not pos
sess sufficient knowledge ofhc trade Of the coun-
try and oithe causes which must, and Of the eau
ses which might, influence il, 10 enable him 10 do
SO in a manner which would give confidence to his
own mind, much less 10 impart confidence to 9TH
10, In In q bp mia
His course had been, and must be now to exam
inc the facts of past time upon these subjects, and
let them be his guides to action for the future
Even those facts time had allowed him TO examine
but very mperleCtly upon this point.
lie had looked, however, at the tables of i'm
ports for several years back, and found the follow
ing results. Taking periods of ten years together,
and averaging the impor,alions, exclusive OF such
as were rc-exported with the privilege Of draw
back Of the duties, the business Of thirty years.
commencing with the year 1909, and terminating
with the yesr 1888, presents the following average
of goods remaining in the country,
and of course consumed by our citizens:
Value Of Average Of
From ImporSIions the ten years.
1909 TO 1918, 1855, ,s46 SOS 1884 90
1919 to 1928, 579,07l,355 57,907, 1856 90
1929 10 1898, 9s5,9G3,959 So 1893, s96 90
Such had been the importations, not re-expor-
ed for the thirty years preceding and inclusive Of
The year 1888, II the tables presented TO Us from
The Treasury Department were 10 be depended up
on, though the results presented had. in some
things, greatly surprised him. lie had often heard
the increase of population referred to safe rule
by wllchto calculate the increase Of importatlons,
and the honorable Senat, from Kentucky had
made that reference, ms one Of the data by which
calculations were TO be made. 1t must undoubt-
eddy have its influence because the increase ofcon
sumers must tend TO enlarge the demand for the
articles 10 be consumed but when he saw that the
average impor,ations consumed in the country, for
the ten years including 1909 and 1918, were great
CT by almost eight millions per year, than those
for the succeeding ten years, including 1919, and
1928; and when he reflected that the first period
embraced our second war with England Of three
years during which foreign commerce was suppos-
ed to be almost annihaled. and that the whole Of
the latter period had been usually counted one of
almost uninterrupted trade and prosperity, and GER
tainly was one Of the most rapid and almost, If not
altogether, unexampled increase 10 our population
he was compelled to believe that there were iufiu