The Woodstock age. [volume] (Woodstock, Vt.) 1844-1845, 1844-10-17

stocks ana Oank uNiuehuo oco'"e'' S"'
revenue had sunk so low that the credit OF
the nation was, at that very moment. IN The
most deplorable condition. We had Dor,
rowed on that credit till foreigners would
not lend US another dollar, aud in our own
market the per cent. certificates OF the
loan redeemable in 30 years, could not be
sold to any considerable amount, Tor any
thing like par value. We had approached
the very verge of national bankruptcy, and
but for the Wing revolution Of ls4O.whlch
had Wing Congress to decide our fate,
we should at that moment have been IN
imminent peril OF national reputation"
And again:
although they (the democrats) conlln-
ned in power from the passage OF that law
until the year lS4l, they nerer atempfea'
in single instance, to provide either by
prospective legislation or by any Executive
regulation, for any mode of assisting duties
ON the Home Valuation, nor didthey al
tempt to pass a law raising the du,les,pros-
pec,ively, after the Both of June, lsl9, to
the real wants of the government, although
thew know, as well through the whole ses-
sion of Congress of lS40-l, as we know
now, one or both of these measures ought
to be positively adopted, to save the gov
ernment from the danger o. the bankrupt
cy," 49,,
Here is an attempt to induce the belief
,ha, in consequence of the neglect or de-
faul. of the democratic administration oil
Mr. Van Buren, the country had been run
in debt, and brought to bankruptcy. Now
let us examine the facts. hold in my
hand copy of letter oflhe Secretary OF
The Treasury to Congress, dated May ~,
1913, in which the whole debt OF the gov
eminent on Ith of March, 1871, the day
when Martin Van Buren, went out OF olilce
is nut down at SS,34l ,555 70, which, at.
ter deducting debts assumed by the gov
crnmen, for the cities OF the District OF
Columbia, redeemed treasury notes, and
other improper items, was in reality but d
little over fire millions of dollars.
Nor had the credit of the Government
ut any time beeu doubted or impaired dur
inr MIR Van Bncn's administration. He
had never required loan, and had only IS
sued some five millions of Treasury notes.
These notes, the only marketable debt OF
the Government at that time, though only
drawing fire per cent interest, always passed
n, par'and above it;and was not until the I'D
Of March, 1912, more than year after the
Whir administration came into power that
they sunk below it. Then, and for some
time afterwards, it is true, that the credit
of the Government sunk so low that Irea-
snry notes drawing sir per cent interest
we're at discount, and no one would take
the Government loans at any price. The
cause of this was plain. The wings had
been in power more than ycar-had held
one entire session of Congress-had squan'
dcred the money of the government by
making large and improper appropriations
ard by distributing it among the States
had provided no mode Of raising adequate
revenue, nota:ilF, to supply their cx'rava
rancc and waste. They had ialsified al!
their promises of rc,rcnchment, and had
cxcr,cd all their energies in passing "bank
rupt laws" and in making Banks aud Fls
cal Agents, and ,,eysing plans to alter the
Constitution and destroy the whole char
acler of the Government
In the mds, Of this reckless career d
tquandering the public money and neglcc'
ting to provide for the public wants, ii
was then the credit of the Government
fell. And it did fall; and never would ha'e
risen again, had not Mr. Tyler in part
checked Mr. Clay aud his associates ii
their proAigate career, and the people CAME
~ in their might, as they did in 1912
and elected n majority Of Democrats to
Congress and the State Legislatures, anc
thus save the country, its credit and its in
situations, from the destructive hands that
in the madness Of 1910 had got unhoI!
possession Of the Government.
What elIrontery then ia it not for MI
Clayton TO impule The fallen credit Of the
Government to the Democratic party, when
it did not fall until more than year after
the Wing party came INTO power! Nor Is
less en'fontery for him to impn'c neglect o
the interests of the country upon the dem
ocrats for not passing a new tariff act II
view OF a deficient revenue, when his owl
party in Congress went on Tor year anc
halfunder more deficient revenue, dis
.rlbnting the public money, and increasing
the public debt, and leaving untouched the
whole tariff question. When they did en-
act one, have already shown how i. was
DONE
have said that the publc debt left by
Martin Van Bnreu's administration wa:
about five millions Of dollars. On the e
ofMarch, 1913. the day on which the whg
Congress expired. the Secretary of The
treasury stated to Congress the debt of the
Government a. ?27, 301 ,2Gl 10, making
an increase Of the public debt during these
two years of Wing economy, retrench
men. and reform, Of over treaty millions Of
dollars.
There is much Of this speech Of MI
CIayton's, tia, is equally void Of truth ant
fairness, bun have already extended my
remarks too far aud must stop. In con-
cusion permi, me to say to Mr. Clayton and
bis friends, if in anything | have said, he