Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-22
TwENTY.sEvENrH coNGREss--ad Session.
SPEECH OF Ma WRIGHT. OF NV YoKK,

SPEECH OF Mr. WRIGHT, OF NEW Yokk,
In Senate Uednesday, March =, 1o42-On Mr.. Cay's
Resolution IN relation to The revenues and expendi-
lures OF the Governments Continued
The third resolution was in this language
Reored therefore, That the rate Of duties foreign i'm
ports ought 10 be augmented beyond twenty
50 as to produce nett Of wcnysx millions of dollars
twenty for the ordinary Of Government two for The
PAYMENT "i The existing debit and two millions as reserved
fund for contingencies.
THIS resolution assumes very important POSITIONS to
one of which certainly MIR. W. yet prepared 10
subscribe lie referred to that which proposed TO
establish the sum OF twenty six millions of dollars, as the
amount oil revenue necessary to be annually raised from
mpost alone lie thought that sum much too high 10
meet all the wants of the Government if to be ad
mnIstered with any sort of economy, and also TO qu
date the existing debt. Indeed appeared to hun, from
the remarks OF the honorable Senator well from
the language of the resolution ITSELF that this
two millions beyond the computation Of the gentle
man himself. His resolution apart twenty. Two
millions OF the amount "or the ordinary expenses of the
Government, and so did his argument. All his re-
marks were based upon that sum the standard of
drary expenditure, and all his calculations and coupa
rlsons went 10 show that it should te sufficient. ie
then followed his resolution, and set apart two other
millions 'for the paymen; of the cnStine debt" AS to
the remaining two millions, Mr.. w certainly did not
understand the Senator, he did not understand him
sell. Tine resolution says two millions for a reserved
fund for contingencies, and the remarks OF the honor
able mover were calculated to produce the impression
that he had in his mind and intended by the language
{" a reserved fund for contingencies, mere balance
to be preserved retained the Treasury TO guard
against those numerous Contingencies which might,
in some years, cause failure 10 realize, thin the
year, the whole twenty four millions to be expended
meeting the ordinary expenditures OF the Government
and paying the debt. in support ol this provision oil
the resolution the honorable gentleman referred cx
pressly 10 the honorable Senator from New llamp
shire, late Secretary Of the Treasury, mir Wood
bury,] aud to MIR. W. as having always favored and
urged upon Congress the necessity, OF the existence
oil n balance III the Treasury of two millions, 10 guard
against fluctuations i'll the and other
contingencies and il he offered any other arguments
or facts upon this point, Mr. w, did not hear them.
II true that his honorable friend from New Iamp.
shire, when at the head OF the Treasury Department,
and hnnse!f when holding place upon the Committee
on Finance of the Senate, had frequently urged the
great convenience and utility of such Treasury ba
lance and he had seen cause TO change his opinion
upon that point. 1t had never however, entered into
his pation, that to sustain that balance in the
Treasury, TIE whole must be raised aud replaced
annually lie had supposed that once there, II the
current should be equal 10 the current expen
ses would remain there sufficiently 10 answer all
useful purposes; that if delay of collection, remit.
lance, other cause, should create temporary def
cheney in the revenue for one month"; quarter,
and thus call for the partial Or entire Of the reserved
balance, the correction Of the rregnlary in the next
month, the next quarter, would bring into the rea
sury corresponding surplus and thus the fund
! MIR. Clay explained. He said lie might have pass
ed this point, and probably did, without sufficiently
planning his views lie did not intend these two m
lions Treasury balance simply, but also to meet the
contingencies OF legislation Of appropriation beyond
the estimates and the established means.
| Mr. Wright said the explanation only showed if it
was to be accepted as made that the honorable Sena
tor had been mistaken in assuming twenty-five millions
the standard OF ordinary annual expenditure, and
that il the object of his resolution 10 make that
standard twenty -four millions and not twenty-five He
had other remark add in relation this part of
the resolution or the explanation upon it,
| The honorable Senator had exhibited various calcu-
latons and estimates 10 show what of duty upon
imports would be required to raise the revenue
which he supposed to be necessary. MIR. W. did not
propose TO review those calculations estimates to
exhibit others of his He had never venturcd to
estimate for the future either as 10 imports or revenue
He did not possess sufficient knowledge of the trade
OF the country, and OF the causes which must and OF
those which might, influence it, 10 enable him to do so
! in manner which would give confidence to his own
mind, much less 10 mpar confidence 10 others, the
conclusions 10 which he might arrive. His course had
been, and must be now, TO examine the facts of past
time upon these subjects, and let them be his guides to
action for the future Even those facts time had al.
lowed him to examine but very mperiecily upon this
point.
He had looked, however, at the tables OF imports
for several years back and found the following results
Taking periods OF ten years together, and averaging
the mportations, exclusive of such re-cxported
with the privilege of drawback Of the duties the
business OF thirty years, commencing with the year
1909 and terminating with The year 1875, presents
the following average importatons of goods remain.
ing in the country and of course consumed by our CT
teens
Value cf Average for
lmpurations The wears.
From 1909 Ia ISIS, Si.d,i3 SO 60 St.5G!3,.s 90
Isle l..s, 1901 ~, 90 57oo5,i35 90
l-29 TO lsS,, 9-3,s9s $50 90 IS ;9ass5 90
Such had been the lmportatlons not rccxported for
the thirty years preceding inclusive Of the year 1898
thp nil IN Tho