The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1843-04-07
ID 0 Initial.
SPEECH
M r. w GOD B u R Y .
OF NEW HAMPSHIRE,

h ing Referred 10 nun rs approx ing tho amendment
e II became necessary, in order To Prevent misa Jpre
g. henson,io state briefly The reasons for his oppnon
e lie did not wish TO fund treasury notes when III,
. treasury possessed the means Of payment or wa.
Il likely soon 10 have them, ur when those in power
were wlllng,o goiolward wisely and raise the nee
essay means within the year To discharge the ex.
n pences of the year. Bu, the close Of the session
+ had now arrived without II sing e effort, on HE par
OF The majority to raise those means, either by
modification Of the present injudic0us urlii, or by
/ any others taxes. This had occurred IN the face
! Of resolution, passed at the last session of the
Senate, almost or quite unanimously, in these
words:
, "Resoirei, Tina, it il the duty Of tho General
Government to provide an adequate revenue
Within the year To meet the current expenses of
! the year; and that any eSpedient either by loan
or treasury mites, to supply, in time Of peace, IL
deficiency OF revenue, especially during successive
}years, is unwiSe and mus, eud 10 perncious con.
sequences"
lliI own principles, at all times, had been unra-
vorablc TO The issue or Ie,isSuc uf treasury notes,
or 10 permanent loan, IN time Of peace, except in
Temporary eXigency; and when additional rev.
cnue TO meet the notes, as in 1897, was soon ex-
pecled; or when, ns between that and 1911, all
looked forward to II judcious alteration in the
tariff, at nm early day, suited TO redeem any notes
which might be outstanding. Indeed, the whole
amount out at several dates during that period
was only single million and Il lincon; and at
others, two millions md Il fraction; white now it
exceeded eleven millions; and now none Of the ma
jnry proposed 10 raise revenue sufficient, or ex-
! pressed any hopes oi having rcScnue sufficient,
| for many years, tn redeem them.
II is another alarming fact, that several mill.
ions Of the lreasury notes now out are actually due,
and m means Whatever nre provided which the
Administration intends 10 apply TO their ledemp-
| ton u Is luther manifest 10 amy one who will
take the irnuhlr to examine this subject. that quite
eleven mil ions of the eleven and Il half now out
will fall due within this calendar YEAR All thai
is proposed 10 be done by the Treasury Department
is, NOT 10 apply tho borrowed money 10 redeem
them MS Ear ~ 1t will g0-lhough we permitted il
to he borrowed for tina very ohject-but TO perse-
we're in Il system Of re- issue aud reissue, without
the least prospcc, Of final nayment, under the exist.
ing laws for several ye'rs.
We have been gra,cly told in n high quarter tina,
PfvltP pS 7s,'yeIe. Inires. they niuit pot he
department, might get nlong without any provision
whatever But wha, should we think of an hdl.
vdual. who made no prn'lsion 10 pay his note or
bond when falling due because was on INTEREST,"
What could be moro negligent md fatal 10 credit |
At last, however, it was disco, cred that, in any
nuciuu,ion Of the money market the whole Of tho
notes uight be pad in for duties and lands-or
payment demanded Of those due; md thus the
treasury be compelled again and at once, TO stop
PAYMENT Hence, the Official recommendation
now was 10 give power TO reissue other notes -
This was hel,er than nothing. bu, was not enough
for The occasion Mr. W. was con, inccd that this
would he mere evasion. and shullling oil and pro-
clastrnalon, without any expectation or ability
soon to make final pigment II was done, like
wise, at the highest, ratio (or six per cent? now,
though mt a much lower rate than formerly
On the contrary, pernnnet loan could probably
he nnw effected five per cent, or live and hall,
aud for eight or ten years only: and by auhorSing
these, or any better terms which can he obtained,
through The adoption of this aIiicndmen,,we shond
save niercs-considerng the rate now paid-and
(whnt was Of much more imporlance) should sus.
tain the national filth honorahly. lie conceded
that, Cor large aud permanent Deficiencies, loah
like that proposed in the amendment was only u
choice Of evils. We had 10 select between that,
and bankruptcy or financial disgrace. Rot, in his
view tho true coulse to meet such deficiency was
TAXATION or reduction Of expenses 50 us 10 have
prevented them.
But we had hitherto refused 10 reduce the on
penscs sufficiently; we had neglected to tax suli-
GENTLY; we had failed get means enough, by the
,naccas Of giving AWAY the land revenue for
| time, and making high protective tariff, instead
! Of u revenue one.
What. then, was the hest measure left II was,
| in hi4 opinion, IN make the loan, rather Than tenn
rorze longer, and incur the danger of further dis.
credit. protests, aud insolvency. hraped ON the
! public treasury.
The only remaining loub, nbou, this loan must
he. that some nigh, think the condiinn of e
treasury 50 Gouri,hing ~ TO be able 10 redeem
these notes NJ they fll due or redeem them rs
soon ns the next year. by the current revenue. "
either of these were the fact, or were highly prob
able, he for one, would not prefer permanent
I Loan but further issue or re issue olnocs during
another year.
Dnt. in his view, neither Of those events could
ins,ly be anticipated. Neither was pretended 10
be probable by the Treasury Department. or by It's
Organs on the nnor ul either House oi congress !:
nur could any Senator expect either, who wnulh
link n moment NJ the real. naked condition Of the
,reasury.--,houah il had been matter Of so much
eyultn,ion with some gentlemen on the other sie,n
few DAYS ago, in this body IN truth, 50 lament
able was iis condition, all nd.n that The eNp'nsrs
of this calendar year would not hn met without the
use. for that purpose. Of the millions 0iborfowed
uoney ON hand which had hecn authorized Tor tho
different purpose of rcdeenling these very notes
What, sir boast ihii we are able 10 get along
ths year, in profound peace and after al' reinrins,
only hv the help Of FIVE or six millions oG borrowe,l
money ,--hpnsi that we have been able. at last,
To borrow mcney. though not I'LL after abandoning
the finances distributed. and reducing uur expenses
Down 10 near the sinnder prcposed ly is, and ,io-
lent, resisted by our opponents, no longer ago than
the las, se.sirn'
In pr,nr Of this, he would submit two or three
facts AT this late hour, Mr. w. said he would
.omit al uuimporient Details and merely say ,ha,
the whole estimated revenue nf the ,car, inclu-
ding the lands WIS hut So 600, 900 independent
nf the customers. Now, compute these last nj
fourteen or sixteen millions, "a the Secretary did
last December; or at thirteen, M he has since
stated; aud every one can see that there will not
, he enough to pas either of his estimated amounts