Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1848-03-16
1DolitttaI.
SPEECH oFMR. PHELPS.
Ian. y. 1913.


The Senate resumed the consideration of the
bill to raise for limited time an additional mil
itary force.
Mr. PHELPS said: II is not my purpose sir,
in addressing the Senate at this time, to go into
an inquiry as to the origin of this war; as to its
merits or dement's; nor, sir, 10 inquire where
the blame rests, provided there be blame in its
commencement The important question now
before us is, first, how shall this war be prose-
cuted successfully while it lasts, and, above all,
how can it be terminated? When these ques.
lions are disposed of, and the coun ry restored to
a state of peace, we may then perhaps amuse
ourselves with the inquiry, who has been in fault?
In looking at this question, Mr. President, as 1t
now presents itself to us, as practical question,
the position in which the Senate has been pleas
ed to place me, has very naturally drawn my at
tenton TO the financial aspect Of the question
and have esteemed It to be my duty, after hav-
ing devoted some attention to the subject
though not indeed so much as | should desire to
do-to lay before the Senate the result of my
investigations. | am aware, sir, that there is no
amusement 10 be found in this inquiry; it will
be perhaps, not very interesting; but, sir, 1t Is
an inquiry which is not to be avoided. 1t is
matter of business and matter Of necessity.
Now, sir, if this war is 10 be prosecuted further
and such seems to be the fact US yet-a very
important question arises: What effect will 1t
Of the country? How are the means to be OBJ
tanned for its prosecution? and how are these
means TO be obtained consistently with the pros
perity of the country at large? Sir, in deter
mining this question, the first inquiry will be,
what has been i effects thus far r.? and when we
have ascertained that, we may perhaps be able
to Judge what will be It's effect hereafter. Sir,
from the best computation have been able 10
make, the Treasury has fallen in arrears within
the past two years, or nearly two years while
this war has already lasted-to an extent, not
much, if any thing, short of seventy millions of
dollars. Yes, sir, from the best computation
which | am able to make, the revenues Of this
country have fallen short of its expenditures for
the past two years to an amount, not much, II
any, less than seventy millions of dollars. Well,
sir, will submit TO the Senp,e certain estimates,
which will conclusvely prove this result, and
shall endeayor TO show to the Senate, If they
will give me their attention, from data in my
possession, that this result must inevitably be
produced.
Sir, in the first place. at the commencement of
the war, or rather The LIST of July, 1916, after
the war had, been for some six weeks IN exls-
tence, there was then-excluslyely OF the expen-
dltures during the short period the war had then
lasted-a balance in the Treasury of upwards Of
nine millions OF dollars | find from the several
reports of the Secretary of the Treasury that the
government mas borrowed, IN treasury hotes ana
stocks, issued during the fiscal year ending the
Both of June, l947, nearly twenty six millions OF
dollars, and that during the current fiscal year
they have borrowed, in addition TO this, six mil
lions two hundred and eghty-hve thousand dol
lars. The Secretary OF the Treasury tell us that
at the close of the current fiscal year there will
be deficiency in the Treasury OF nearly sixteen
millions. | take the original report OF The Secre-
tary, though am aware there has been recent
correction of that report. These sums, the bal
ance in the Treasury July !, 1876, the amounts
borrowed during the two succeeding years and
the deficiency anticipated at the close OF the
current fiscal year, as estimated by the Secreta.
ry, will amount to flly-sx millions eight hundred
and twenty thousand dollars. But this Is not all.
At the commencement OF this session we we're
informed by the Secretary that there was deii-
cheney OF appropriation for the current year OF a
little more than ten millions OF dollars. This adj
dition to the previous result gives lie amount OF
about sixty-seven millions OF dollars as the deil-
cheney OF revenue below the amount Of our ex-
pendlures for the last two years. From
this, sir, have deducted six millions six hun
bred and eighty-one thousand dollars, because u
1t is suggesled-upon what evidence know NOT
exacty-that upon revising the estimates sub