Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-08-15
From the Baltimore American.
THE PUBLIC DEBT, AND THE AUTHORS
OE IT.


In order 20 fair understanding OF the facts reln
tive TO the public debt of the United States, and
the present deficiency Of revenue, Whereby many
embarrassments have come upon the country, il
may be proper 10 look little INTO the history OF
the last administration.
When MIR Van Buren, came into Office in 1887,
there was ready money in the Treasury TO the A.
mount Of SIS, 236, 0O0-including an insialment OF
some nine millions due TO the States under the act
Tor distributing the surplus revenue. This install
menl has never been paid; il was applied TO the
use Of the General Government. The stock own
ed by the Government, in the Bank of the United
States was sold for about So 100000; and this
then was an amount of some twenty-six Millions
| over and above the ordinary revenue of the Gov
eminent, lying as q surplus in the Treasury-and
all was at the disposal of Mr. Van Bursn's admin
istfaton. IL was all expended; the nccTuing
nue. from year to year was all expended; issues of
Treasury notes were made TO furnish still further
sums; and when that administration went on; Of
power there was an outstanding debt for Treasury
notes unredeemed 10 the amount Of more than FIVE
millions.
It's plair, therefore, that If MIR Van Buren, lad
come into Office with no other means OF his disposal
than the ordinary receipts Of Tue Treasury from the
customs and the Public Lands, he would have lef,
behind him n national debt fmo'e than thirty mil
lions. In other words, there were expended under
his administration thirty millions more than the re-
ceipts Of the Treasury during his term.
But this is not all. Towards the close Of MIR Van
and Obligations contracted To a large amount, the
fulhlment of which put Oft that the burden Of
payment might fall upon the Wing administration
which was about TO enter upon the government
In a speech delivered during the present session Of
Congress by MIR MerTiwelher Of Georgil, tue
amount Of these postponed Obligations, with the
several items specified Is set down OF the enormous
sum Of S247l9OOs. This aggregate includes
! Treasury Notes outstanding on the 4;h Of March,
1871, debts due in Holland assumed for cities in
the District Of Columbia; amount due navy; pension
fund for money used by government; amount due
various Indian tribes; amount due by Pos, Office
Department to contractors and Others amount due
Floida, Georgia, and Maine, Tor services OF militia
or on other clnims; funded and unlunded debt Of
last war-nll reaching the gross sum Of twelve mil
| lions and upwsrds; ana IN addition 10 these items
there weTo appropriations made by the Congress
| which expired on the 3rj OF March 1911, without
prov sion Of available means 10 meet them, to the
| amount Of twelve millions more.
These estimotes, moreover, orc exclusive or pri-
vate claims to large amount, and Of the Smith
sonian bequest OF half million Of dollirs. cit
may be said,' remarks Me- MERRIwETmrR, Chat
the appropriations are no debt, in the technical
meaning OF the word. This is true. But still, when
services have been performed under law, they are
as much entitled 10 payment as the holder Of a
Treasury note when il fills due md II is lust ns
difficult topiy demands against inc Treasury, when
created in this way, OF Si2,000O00, without any
funds TO do II with n would be to pay a similar
amount ofTrcasury notes without the means. And
% ~ 10 uc presumed thul thfhe appropriations wee
necessary for the public interests. ESQ., then either
the public interests must oe neglected and suffer
~ else we must raise the money 10 meet The de
mands on the Treasury made by the Van Burer
party"
Here, them wo have a brief exposition OF III,
state Of things brought atoui ny the Van Buren,
adminis,fat on. To what an inheritance Of deb
and disorder the Wings succeeded may hero he seen
The improvience and profession OF the Van Buren,
party IN their management Of the Government
their prodgsl Expenditures, their nniicipations oil
supplies by drafts Of credit which their successors
IN Office must meet the squandefng Of ready means
the eNha ust0n OF every source Of reVtnUe, the neg.
oci TO provide for past extfavsgance, for present
wants, and for future babiltiesthese, constituting
/ the main items Of the legacy bequealhed to tho
serve also ns a schedule Of accusations-as grounds
Of complants-pret KITS for Glamour and abuse, as
though the Wings were ansuombie for the wretched
condition in which they found things 10 be when the
official seats which they came TO occupy we're yet
warm from the pressure Of the la,o ineumbenis.
The public service is now suffering for want OF a
| sufficient revenue. Who is 10 bear the blame for
ths' II IS we'll known that the revenue from Gus.
toms under the Compromise Act became insult
Gent NJ an early period OF Mr.. Van Buren's admin
is'ration. Instead Of taking immediate measures to
secure IN adequate income by revision Of the
/ Tanh-ioft the Comp omise Act by its own terms
allowed Of such revision at any time 70 secure re
venue enough for "an oconomcal administration Of
the Governmenr -instead o. doing this, the admin
'itaton resorted 70 ell manner Of oxpcdents, using
up every dollar Of surplus on hand, then the pro
cseds Of tho sales Of bank stock with the nino mil
lions due The S.atcs, then having recourse 10 Treas
sury notes, and then cresting debt by new oppro-
pnatons and by deieuing oi old liabilities for The
wing administration TO meet as il could. IL would
not nave done 70 increase the import duties or TO
lay duties upon the immense imporlalions OF free
goods which came pouring into tho country to the
great injury u our domestic observation-disclosures II
such step had been taken the South would have
been dspeased ard was necessary for the strength
Io' we party 'hs' The South should be humoTed,