Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-02-02
REMARKS OF MR.. FRAZIER,
On the Finance Report in the House of Dele

REMARKS OF MR.. FRAZIER,
On the Finance Report, in the House of Dele
gates, Jan. 90.
Mr.. Frazier remarked that upon this on most
other occasions he would have contented himself
with simply recording his vote, but for the deci-
sion of the Chair which had ruled il TO be out of
order to divide the question so as to to the vote
LIST upon the floating debt, and 2l upon the sink
ing fund. This decision, together with the gener-
al current of the debate, had rendered il necessary
that he too should "defne his position.' He
would premise that he held it of the first impor-
tance that the faith of the State be preserved, in
tho language Of tho Chairman of Finance, "ntact
and inviolable." And that whilst he would ac-
cord to the dominant party on this floor all the
honor for attaining that results should their labors
here so eventuate, he for one was willing TO share
with them the responsibility, provided they would
present to him and the House such scheme as
his judgment could approve. Mr.. +. was some.
what startled to behold the sudden zeal oil the
great democracy in favor Of sinking fund this
particular juncture---and especially when he heard
the distinguished chairman of Finance, (Mr. Ram
dolph,) backed by his whole party, assuring the
House that without a 'sinking fund" he would
not give farlhing for all our taxation, and that
the alternatives presented tous were a sinking
fund or Reputation. When he saw and heard
all this new born zeal he could not but recur 10
certain historical "reminiscences. lie advertcd to
the fact that Alexander Hamilton, the first Secre
tary of the Treasury, the great head of the FEEDER
al party, was the author of the scheme for funding
the State debt of the Revolution, and providing
sinking fund by the General Government. OPP
posed to him, stood his colleague in the Cabinet
and his powerful rival, the ilustrious ancestor Of
the Chairman Of Finance on this floor
Upon this more perhaps than upon any other
question in the early days of the republic, were
party lines first drawn. The scheme went into
operation and certainly worked we'll, achieving
all that its founders had anticipated. The FEEDER.
al party, however, went down. tho some of its
measures continued in operation.
The next occasion upon " hich resort was had
to the funding system was at the extra session of
Al, when the Wings came into power. Ii was
fresh in the recollection Of all with what holy
horror the universal Democracy then cried out
against the measure. But,
"Mcn change with ACKNOWLEDGEMENTS change with
Tencts with books--and principles with times -
and now we have the spectacle creditable to
the candor of that party-and especially to the
magnanimity of its financial head upon this floor,
of their eager adoption and earnest advocacy OF
the sinking fund system. One of Two things Mr..
F. thought 1t clearly proved. If Gas that party
were SO fond of alleging,) all Wings were eder.
alsts, and all Wing measures Federal measures,
then the Democracy by stealing their thunder
tacitly confessed that Wing measures very
good things, or else it proved that the ailinities
between modern Democracy s. ancient Federalism
so rery remote as gentlemen were fond OF
suPPoSlnS' and il yO ~. iii accord TO them
the fair title Of democracy il will prove so broad
| a mantle OF charity as to cover d multitude OF
sins.
Mr.. +. went on to argue that it was not the
principle OF sinking fund that lie was opposed
to-, for he had no doubt it was in itself "a good
principle-but he opposed its unnecessary intro
ductlon at this most inauspicious time. He was
opposed,at such period of distress, 10 make pro-
vision Tor the immediate redemption of the prin-
c'pdf OF a debt which had many years yet 10 run,
| and much the larger part of which was, when
due, redeemabie at the pleasure of the State she
continuing to pay interest upon it. lie contend
ed that II we made ample provision by taxation,
for the floating d,M and the annually accruinp
Interest, 1t was all the creditor required, and was
as much as people could at this juncture bear
Make secure and certain his interest and the cred
tor would prefer long investment to short
one; and SO important did he regard the abandon
ment OF the temPorizing policy of forced loans
from the Banks--the spend-thrft policy of crca
ting new debt to pay an old one; that he would
cooperate with all parties in imposing such addi-
lionai taxes as might be absolutely necessary to
that end-but further than that he could not at
this time go; especially not to create sinking
iund LOT the redemption Of the principal of a
deDt having yet years to run. If the majority
however, were determined to establish this fund,
he should prefer to rest il upon the more uncer-
tain and hactaang sources of revenue, as bank
ment stocks, rather than upon the revenues ari-
sing from land, negroes, &c. as proposed by the
Chairman OF Finance. He did not have entire
confidence In the antcip a;ed income from the pro-
posed new subjects of taxation. And if the de-
hciency from this source be realized, which he
feared, 1t had better fall upon the sinking fund
than that line acciuing interest on the public debt
should not be promptly and punctualy net.
The gentleman from Goochand wonders that
''old Federal Augusta" will not go for such a
Federal measure as sinking fund. Mr.. f. did
not know how 10 explain il, unless it was, that
old Federal Augusta was not quite so Federal as
Democratic Goochland.
Something had been said by the gentleman from
Albemarle (Mr Leake,) as to which party was
responsible for this debt. Mr.. T. had certainly
understood tie alusion to be to the Wing party,
as did the gentleman from Spottsyl vaDia ard 9TH
els. But the gentleman having discaimed all
such allusion, he would not pursue that branch of
the subject further than to say that the cause of
internal improvement had received its greatest inn
cd chairman of "Roads and Internal Navigation"
Col. Watkins, of Goochland and that the pre-
sent Governor of Va. had never exerted his splen-
did powers OF eloquence and oratory with greater
effect, here or elsewhere, than when upon this
floor, he so ably advocated the cause of improve.
ment as bring Wings and Democrats to embark
together III its support.
FEDERAL RELATIONS.
The Senate yesterday adopted the Resolutions
on Federal Relations with quite as great expedi-
ton as the House had done. There never was