Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1847-01-21
NATIONAL FINANCES.

tue ftn, very strongly cOnuet1Hs tue Couise VI
the Government; indeed, had that speech cone
from the Wing side of the Senate, It could hard
ly have been more severe. The administration,
he truly says has entirely reversed the policy Of
our own government and of all civilized govern
ments: it is running up National Debt at the
rate of 35 millions year, and yet does nothing
to replenish the Treasury-yea, absolutely will
reduce the revenue! 1t is engaged IN a war,
and hopes to carry Through by borrowing mon
ey while it does nothing TO maintain its credit
But read the speech, remembering that this
severe condemnation of the administration has
been extorted from one of its friends.
Speech of MIR. Mics, of Conn.
Mr.. Niles said, Notwithstanding the lntmation
thrown out b, some of his honorable friends that
time ought not TO be consumed in debate upon a
resolution Of this kind, he, for one, was very glad
10 avail himself of this opportunity to say few
words which might as well be said upon this oc-
casioD, he thought, as upon any other, on the
subject generally of our finances. He wos well
aware, as every honorable Senator must he, that
this subject belonged more appropriately to the
other end of the Capitol; at the same time, it
was perfectly competent to a member Of this
body, if not to originate bills, at least to propose
inquiries; if not to frame a law, at least present
his views and suggest plans in accordance with
what he conceived the interests of the country
required, in relation to the subject of the finan-
ces of the Government. He was not disposed
however, to go very fully into the subject at this
time. He was veiy happy, however, to have an
opportunity TO say few words in relation TO it,
He had no particular solicitnde in regard to this
resolution, either one way or the other 1t pro-
rpf nil
them back 10 the proceedings Of the last session
---ab enquiry into the notifications and changes
which might be advantageousy made in a law
of the last session. But his views in regard 10
that law had been fully expressed at that time,
and he did not intend to renew the arguments
which he had then used. He concurred with the
Presidenl-ior he was entirely free from the
trammels of party views, and looked only to what
he considered The great interests of the country
her financial and industrial interests, and he
wished other Senators could say the same-he
fully concurrel, he repeated, with the President
in the desire that the tariff act of last session.
THAT act having been passed and become the law
OF the land) should remain, at least until such
tune as it should be fairly tested. He should
differ with the President, perhaps as to what
would be the result of that test, bat he was will
ling that it should have fair trial. lie did not
wish to disturb either the principle or the details
OF that bill at PRESENT; but the question which
he wished to present TO the Senate and the coun-
try was this-ond it was a grave question
whether that law, or any other, intended as ba-
sis of revenue eystemin state of peace, ought
to trainmel the action of the two Houses of Con-
gress when state OF peace no longer existed
when the circumstances OF the country were en-
tirely changed whether Congress ought, in con-
sequence OF the existence Of that law, TO stand
before the world, in view OF foreign countries
ant of the whole American people, as being en-
tirely powerless on the subject of revenue for the
uses OF Government in time of war. That was
the question which he wished to submit. Now,
what was the scheme which was presented to the
consideration Of Congress to supply the Treasu-
ry, at time when the country was engaged III
an expensive Wa? It'appeared to be supposed
that the action OF Congress was clrcumscrlbed
that their hands were tied up, that there was
nothing remaining to which they could look for
revenue but the small and meagre list Of free ar
tces. With regard to that, he had 10 partlcu-
lar objection TO placing duty upon those arl-
cles that duty would not touch the question OF
the protective policy that had been already dis
posed Of The list Of free articles heretofore
had usually comprehended the raw material, the
element OF the industry of the country, but now
that description of articles had been brought
within the list of articles taxed and there was
nothing remaining but.two articles Of universal
consumption, tea and coffee
As he had already stated, he for one had nc
particular objection to a tax upon those articles
but, admitting that such tax were imposed tho
it appeared this was not to be done,) he asked
would il be adequate 10 the wants of the Gov
eminent? Was it really worthy of serious de-
bate? Was 1t a matter worthy of being sub
mitted by the Executive branch of this Govern
ment to Congress toy its consideration as a means
of invigorating and sustaining our revenue in
time of war? In connection with other sour
ces o! revenue it would be certainly worthy Of
attention; but standing alone, he thought it was
altogether too insignificant. In what condition
then were they placed? After the commence
ment Of the war, be it remembered, for such was
the fact-at time when (and the experience
sagacity, and craftsmanship Of all nations had
sanctioned the policy the state Of the finances
ofe country should be placed in condition cor
responding, in reasonable degree, at least, tc
the expenditures Of that country, were they tC
go on and make no provision at all for increasing
their means in proportion as their expenditure
increased? Were they going to make no pro
vision at all for the extraordinary expenditure
occasiohed by the war? Did gentlemen believ
that the credit of this country could be sustaine
under a state Of things like this? They wer
told in the official re port of the highest financa
officer of the Government, that the expenditure
and he thought they might safely conclude tina
the expenditures OF the present year. if any thin
was to be done, as seemed contemplated, to in
crease our forces, in order to prosecute the wa
with wgor and energy, looking to the expecte
result, would not be less than sixty Millions
Where we're their means TO meet this expend
ture? Why, they were told by the Secretar
that there might he twenty-eight millions derive
from the customs, and about three millions and
half, he believed, from the public lands. But h
feared that these estimates were overstated thu
they would not be fulfilled; estimates were yer
uncertain things. The Secretary, year az,
estimated the receipts from the public lands
about million of dollars less than vs. esiiInat
OF this year. Why was that? He thought
could be accounted for in two ways AT III
time of the former estimate it was the policy
the Secretary, in order 10 maintain a theory,
undertake to show that the income of the Go,
eminent was falling off, which falling off he a
trbued to the tariff act of 1912 But il W.
unnecessary to take up the time with this matt,
at present lie believed that the receipts of ii
Government were over-estmated, and that III
expenditures were understated by several mi
lions of dollars. In any view of it, there won
be deficiency Of about thirty-f millions, al
this deficiency must be met in some way. I'll
thirty five millions, in conncxlon with the exi
ting debt of some seventeen millions, would mai
debt of upwards of fifty millions at the clio