The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-04-01
l,76s,5il 10

Thi. will leave balance of debts
contracted by the last and the
present Administration, by the is
sue ofTicasury notes and by loans,
eff Sl2,959,5O4 81
From this deduct the balance of
debt contracted by the last Admin
isiralion by the issue Of Treasury
notes, and unpaid on the Sd Of
March last, ns shown by the docu-
ment 6,6O7,Sbl 5i
And il will leave the amount Of
debt contracted by this admiulstra-
ton from the 3D. Of March TO the
23d of December, 1871, standing
at $685., l43 OS
To the item Of Treasury notes outstanding, IN
this statement also, note is appended in the fol-
loving language to wit:
"This amount is exclusive Of notes received for
duties and lands subsequent to the 3Olh September
last, and not reported on for record in this office
by the accounting officers
lf the Treasury notes actually redeemed, by be-
ing paid for public dues, between the first of Octo
her, and tho 23d of December, 1871, and be.
tween the LIST Of January and the Sd of March of
the same year shall have been equal in amount,
then this comparative statement will be correct
and the balance of debt shown 10 have been con-
tracted by the prcscn, Administration up 10 the
23d of December last, will be the true balance, IT,
however the amour, Of notes so paid in, and by
tha, means redeemed in fact, shall have been less
during the period first mentioned, than during that
last MENTIONED then, TO precisely the extent oilhc
difference, the balance Of debt shown by the above
calculation 10 have been contracted by this Admin
istratlon will be too small.
Assume that it is the true balance, and how
stands the comparison with the rule we are asked
to establish, that every Administration should, in
time Of peace, administer the Government within
the means Of the Treasury, and not contract debt
To meet its ordinary expenses, The admlnislra-
ton of Mr. Van Buren,. IN period of four full
years, diminishing its expenses constantly from the
commencement to tho close Of the term, exceeded
the means of the Treasury BY about five and half
millions. Tine present Administration, in period
Of nine months and twenty days, increasing the
scale Of expenditure by a special session of Com
gress in that short time, exceeded the means of the
Treasury by more than six and one third millions
Such Is the comparison, as presented by the pres
en-, head of the Treasury Department; and here Mr.
w. would dismiss the first resolution of the hon
orable Senator, and the grounds upon which It's
introduction was justified. The I'd resolution is
in the following words
g Resolved, That such an adequate revenue
cannot be obtained BY duties on foreign imports,
withou, adopting higher rate than twenty per cent
rs provided for in the compromise act, which, at
the time of It's passage, was supposed and assumed
as a rate tina, would supply n sufficient re.cnue
for an economical administration of the Govern
men'.
This Mr. W. proposed to amend so thai, should
read as follows:
Resoiuei, That such an adequate revenue can
not he obtained without resorting 10 The ma
ticnn Treasury the revenue from the public lands,
or the imposition Of high taxes upon all foreign inn
potts. including The orGinny necessnis Of life, thus
making the tax onerous TO the whole people, be-
cause of those nesessaIies the whole people are
consumers.
The original resolution, i, would be seen, was
based upon Two assumptions
l. Tha, rate Of duty of 20 per cent. upon all
Imports, would not furnish the amount Of revenue
required for an economical administration Of the
Government.
2. That at the time Of the passage Of the com
promise act, so called il was assumed that this
rate OF duty would furnish that amount Of revc-
nue..
The amendment he had proposed would show
that. in his estimation. both these positions were
n departure from the great question which should
first be presented to, and decided by the Senate,
viz: was the Government 10 be supported and its
expenses met, in every contingency excep, that Of
actual war, by the revenue to be derived from i'm
post alone, without the application to those exppn-
SEES Of the revenue 10 be derived from the public
lands lie did NOT desire here to discuss the as
symptoms upon which The original resolution was
made TO rest. as the first would arse under n sub
scquent resolution, and as to the second be had
but single relnnrk TO make. II was, that he did
not know what might have been the opinions and
views and objects OF others, at The time Of The pas
sage Of the Compromise act, but, az n member Of
this body. voting for that law, he certainly never
for moment even dreamed that he was voting
for a measure which was eventually to separate
the land revenue from the public Treasury, and
throw that Treasury exclusively upon the revenue
from impos, fnr supply of means 10 meet the ex-
pen-cs OF tho Government.
To Ia eo,,inuad