The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-05-19
SPEECH OF
Hon. VIM. A. Graham.
or NORTH cAROIINA,

VI AokIH GAROLlNA,
On The Loan Bill, delivered IN the Senate or
ihs unied States. April Is. 1853.
Mr. PRESIDENT: Il the division IL The
lsbnSs Of ibis brdy il las mol fsllrn 90
my lot 10 have any esl ecisl charge Of the
hasnees and expenditures OF ihe Go,sfn-
men'. Bot. b, ing called ~ on 10 vote Tor
an additional loan ior lhe public service.
! have f,ll myself constrained 10 examine
whether il vss demanded By ptcessii,:
and being now Satisfied that such neces
SHY exists. | must brspesk The patience
Of the Senate while fndesscf 10 show
is cxisieaee, and tic causes By which
u has been produced.
For more Than five years past the expen.
diiures Of this gnssrnmen, have exceeded.
very far exec. ded. Us revenues. By an Of
fetal document IRON The Treasury Depart
meni now before me, il is plainly demon.
sirsisd that, in fnDr year.. from the lei
&c January. 1897. 10 the fsl d January.
1871, The Expenditures we're above one
bundled and twelve millions Of dollars,
whilst. inIhe same time. The aggregate 10.
come from revenue VAS but cighiy.four
nillions Of dollars in round nUnbsrs, be-
ing an average annual expenditure OF
twenty eight millions. with al annual re.
venue 81 but iwtniy.one millions Of dol
lars. omit The fractions Of millions 10
simplify the statement. Il thus appears
that. during tia, space OF time. expcndl-
iure exceeded revenue by twenty eight
millions Of dullars. (See appendix.
In the four years from the 4ih Of March.
1887. TO lie 4 h Of March. ls4l, the PEE
else period Of Mr.. Van Bureu's Admins
rslion. the excess Of expenditure over re.
venue is still more surprising. l,amouni-
ed TO more than thirty one millions Of dol
lars, being an average annual excess ofex-
pense over income Of near eight millions
per yesr---sn expenditure greater in four
years Than would have been yielded from
The average revenues in five years and q
half.
Such having been the condition OF our
monetary affairs during the past Admin
isiraIion, the wonder 10, no, thai we are
compelled To borrow nov, bu, how they
avoided greater debt heretofore. Hsy.
ing expended ihirIy-one millions Of dol
lars beyond their income from revenue,
that would naturally be expected TO be The
amour, Of debt which they Left 10 their
successors on the 4ih Of March. 1871.
instead Of FIVE and half millions, which
they sdmii. Such would have been the
smoun, oil debt left by them upon The
country, had iiNyA like other Admlnisira
iions, had no other means to expend but
such as they themselves raised. But, sir,
i, was their good fortune 10 inheri, a foil
Treasury. III ready money. and 10 have
falling into il. at convenient periods dur
ing their term. millions upon millions Of
capital stuck, moi current revenues
which had been laid up by the Govern
meni from the contributions Of The people
in previous years. The surplus in The
treasury WIS seventeen millions Of dol
lars, nine of which had been directed To be
transferred 10 the States. as the fourth in
s,almrRt under the deposiie act Of 1886
Nine millions more were received by them
from debts due 10 The Ilniled Sta,es. prn.
eipally, almost wholly, for the sales Of its
siork in the late Bank Of The United States.
at Sis per share. Adding these togeth-
er, sou have twenty six millions Of tol>
lars Of extraordinary means, over and
shove The revenue. expended BY the late
Administration. Yet, in addition TO this.
they borrowed five and half millions Of
dollars by the issue of Treasury notes.
which were out standing al the end Of their
term. making in al more than thirty one
millions Of extraordinary means. Recol-
leci, too, that th's was during period when
they had tariff Of duties. on all the prin.
cipal articles yielding revenue. averaging
forty per cent. Ye, sir, we who feel
bound TO vote for this loan are tainted by
the adheren,s Of the Administrator by
being told that we ara running the nation
in debt. This reproof. il deserved at sll,
would come with better grace from those
who could show better administration ol
the finances while in THAR charge. The
distinguished and able Senator from Penn
slyssnis (Mr. Buchanan) proclaimed in
this discussion The other day that Wing
/, Administration, in the short space Of ihir-
teen months. was, by this bill. abou. TO
consummate public debt oil seventeen
miIlnns of dollars. in addition 10 tha, Of
i've and hall millions Of dollars, which he
admits was contracted By ,hs ir Pre,leces
sors. SIR, this may be very cnminsli but.