Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-03-10
SPEECH OF JUDGE PHELPS.
is SENATE.-Jan. 81, 1913


THE WAR AND THE PUBLIC FINANCES.
The Senate resumed the consideration of the
bill to raise for limited time an additional mill
tary 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, to its
merits or dement's nor. sir, to 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-
culed successfully while it lasts. and. above all,
how can it be terminated ? When these ques-
tons are disposed of, and the country restored
| to a state of peace, we may then perhaps ainuse
ourselves with the inquiry, who has been in
fault In looking at this question. MIR. Presi.
dent, as it now presents itself TO us, as practi-
cal question. the position in which the Senate
has been pleased TO place me. has very naturally
drawn my attention to the financial aspect OF
the question, and ! have esteemed it to be my
duty, after having devoted some little attention
to the subjcct-though not indeed so much as
would desire to do-to lay before the Senate the
result of my Investigations. am aware sir.
that there is no amusement to be found in this
inquiry it will be perhaps, not very interesting
but, sir, it is an inquiry which is not to be avoid
ed II is a matter of business and a matter Of
necessity
Now, sir, if this war is to be prosecuted fur
thcr-and such seems to be the fact yet-a
very important question arises What effect
will it have on the financial and commercial in
terests of the country! How are the means to
be obtained for its prosecution and how are
these means to be obtained consistently with the
r'o"ro.'', If III" s"."try ut large Sir, in de-
termining this question, the first inquiry will IN,
|. what has been its effect thus far and when we
have ascertaned that we may perhaps be able
to Judge what will be its effect hereafter. Sir
from the best computation have been able tc
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 no
much, if any thing, short of seventy millions o
dollars. Yes, sir from the best computation
which am able to make the revenues of th
country have fallen short of its expenditures 70
. the past two years to an amount not much,
any, less than seventy mi lions OF dollars Wei
sir, will submit to the Senate certain estimates
which will conclnsively prove this result, and
- shall endeavor to show TO the Senate, il they wi
o give me their attention, from data in my posse.
sion, that this result must inevitably be pre-
!. duced
m Sir, in the first place, at the commencement
nd of tie war, rather on the lst of July, lSit
80 after the war had been for some six weeks
., existence, there was then-eXclusively of III
- expenditures during the short period the WI
had then lastcd-a balance in the Treasury
unwards of nine millions of dollars. | fin
ii frnn tho sovrr,l renor,s of the Secretary of II
Treasury that the Government has borrowed,
n. Treasury notes and stocks, issued during Il
fiscal wear cndnr the 3Oth June, 1877. near
lie twen,y.six millions of dollars, and that durir
the current fiscal year they have borrowed,
addition to this. six millions two hundred al
einb,v.tiye thousand dollars. The Secretary
the Treasury tells us that at the close of Il
current fiscal year there will be a dciicic
[e- cv, in the Treasury of nearly sixteen nj
in lions take the oriGinal report of the Seer
in ,arv ,bonrh am aware there has been rcce
re onr,oc,inr nf ,ha, rcnort These SIMS. the h
a. ,mn,; IN ,ho Troasurv JuIv Isl6 the amoun
UNI -" ~" Jnrr ,h,. ,'vo sncceedna vears a.
norro"eu uu'."s ,no WV ", ill., II
lre' the uehc'ehcy anticipated at u'c o'osc " '.
. current ilscal year. as estimated ny 'ie seer
tary, wl amount TO iiity-sX iniillohs e,ght hu
dred and twenty thousand dollars. But this
not all. At the very commencement OF IL
session we were informed by the Secretary tn
> there was Il deficiency of appropriation for 4
1885, current year of little more than ten millio
of dollars. This addition to the previous rest
b giyes the amount of about sixty.seyen millio
- As the deficiency of revenue below the amou
of our expenditures for the last two veal