Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-26

the important financial questions involved in the propositions
now under consideration he would content himself wan
some general remarks upon certain incidental questions mat
had arisen during the dcusson and notice briefly the oec
tons urged the bill reported by the majority Of the Com
mittee Of Ways and Means He did not design to attack
The Administration but he would endeavor 10 show that the
a proposed by the Secretary Of the Treasury and adopted
by the minority the committee just named, to relieve the
wants Of the Treasury and the OF the Ad
was but lily calculated accomplish these re
suits and was much Objectionable than the mode pro-
posed by the majority.
Mr. p said he had desire to cmbanass the Admnistra
ton In any Of its departments deange its mode OF opera
tion-he had risen with no such view Much had been
said during the debate, In praise Of the great nancier
now at the head of the Treasury Department his financial
schemes and their vaunted had been the theme Tor
the eoquence Of many gentlemen upon this oor and during
this discussion But said Mr.. P) gentlemen will differ in
opinion upon this upon all other subjects, and would re-
que conclusive evidence than we yet had Of the sue
Of present financial system % induce MN 70 sun
scribe the sentiments and opinions 50 often declared ny ITS
friends In this House and elsewhere, Mr. r. said at the
risk Of being considered behind the he would character
ze the present financial system Of this country in all its re-
laons as the bunglng inconsistent with ITSELF and de-
sructye to the interests both Government and people, that
had been adopted pursued by any administration since
the organization Of the Government We are now living
under the happy auspices q ee trade low oues mnense
constitutional treasury designed TO force upon the coun
try exclusive metallic currency the receiving and disDur
sing agents Of the Government prohibited by pains and
penalties by the of bolts and prsondoors, from so
touching bank note and yet the advocates Of
this system caorous for Treasury notes. and are ready
to denounce all who will not unite with them in flooding the
country with exchequer bills depeciated Government
paper. Such (said Mr.. p be the case when
practical wisdom is overlooked and theoretical nonsense sub
situted in the establishment Of systems Of finance.
Mr. said he could not avoid looking back few years
to the then situation of country We had then been in
the enjoyment of financial system whose daily practical
operation demonstrated its wisdom and its happy results were
seem felt, and acknowledged by ALL The Government in
all its departments all its relations and operations, felt and
enjoyed its beneficial effects and the public experience proved
that promoted alike the interests Of the Government and
people The of the Treasury supplied by large
and increasing revenue the public debt in progress OF
rapid liquidation the currency sound all the great interests of
the country protected and promoted enterprise encouraged
industry rewarded and the future bright with the prospect OF
continuing prosperity. But (said Mr.. the Administration
anxious the umphs of its peculiar poll
cy than promote the interests of the country abandoned
with reckless haste system whose practical results had
clearly its wisdom. And what have they given
substitute for that which they destroyed revenue
system based upon the principles Of ree trade and no pro-
lection system which, whilst it received the appreciation
of British statesmen and its adoption here hailed with
delight by the people Of England filled the minds OF the
American people with apprehension and alalm Under the
guidance Of the Secretary of the Treasury had entered
upon series of rash experiments the runous effects OF which
already beginning be felt The evils Of this policy have
been delayed by the distress and famine in unhappy Ireland
and in other of the European States crisis approach
ing and If he not Mistaken two years would not
away before the evils which he referred would be felt with
intensity that would strike dumb the advocates Of the free
trade policy. But how could il be otherwise Such re-
suits have invariably followed every attempt establish
system of low duties Look at the operations of the compyp
mise act The ruin and disasters of that period will
be forgotten During the last fiscal year, under the unnatural
and excited state of trade induced by the famine abroad and
the consequent demand for breadstufs the
principles and the practical operation Of the tariff act of 1916
could not be fairly tested but these having ceased to
act to great extent and the foreign demand for agricu
ura productions having in corresponding degree ceased,
and prices falling what this eetrade act doing for
US Last year. for the causes he had referred to- exports
and the balances of trade in favor How stands the
For the six months of the present fiscal year,
commencing July l. ls47, and ending January l. s4s, the
imports have exceeded the exports upwards of thirty millions
of dollars and, if the state of things continued until the
close of the year. the of imports exports will be
sixty millions Of dollars. Thirty millions six months
truly formidable balance against u.s.
Such said Mr. p has been the operation Of your vauned
tariff Of 1916 for the period named. Admirable economy
Wise fnanciering But (sad Mr.. p important ques
ton remains. How is this large balance to be paid The
foreign demand Of last year has ceased and they do
want your breadsufs prices at home have fallen
ports have decreased in quantity and value, and sill de-
creasing How then, to pay this large balance Will
the Secretary in his wisdom, inform us viii the friends
Of free trade IN the House inform the country Let (said
Mr. the five millions Of specie already abroad during
the last few months the question II must be paid in
species gold and silver must 60 to pay for foreign goods
do not want.
But gentlemen said Mr. p point us to the increasing re-
venues OF the country evidence of the wisdom OF their po
lcy Mr. p admitted that large importations increased the
revenues under weregused SYSTEM but denied that the
under tho act Of 1885, notwithstanding the excessive
mporations it exceeded any considerable
the under the tariff of 1912 But said Mr. Pr
will your large aid the country in paying the heavy
balances against it BY meaps. Under this system you
may fill your Treasury but youimpoversh your people you
may the credit Of the Government but you bankrupt the
nation Experience had uttered its warnings and was pre-
pairing its denuncatons Let but the country know and feel
the actual practical operation Of this eetrade scheme and
feel they will and there is vault your subtreasury,
empty is Deep dark, and strong enough this
Administration from the indignation Of deceived and beay
ed people.
But (Mr r sad) he would to the bill before the
committee Two propositions submitted for their
sderaton both contemplated the raising Of money! but diff
rng TO the mode The occasion demanded prompt ac
ton the wants Of the Government were pressing the Tea-
exhausted and funds be raised TO the
credit Of the country and the Government How was this
be done One Of the plans proposed that submitted by
fhe majority OF the Committee Of Ways and Means con-
sisted Of oa bearing interest Of six per cent payable
emannualy and the principal in twenty years This
no new projects was the old and wetried mode which had
almost always been resorted to- and with mode
sanctioned by experience and sustained by the wses and
Of the past and present age When he expressed his pre-
erence for this method of raising money and his determine.
hon 10 vote for it. he did because he believed il was the
ny ar and honest system Of raising money to relieve the
wants OF the Government when It's ordinary revenues were in
uicent He would for the bill from no desire 10 en-
the Treasury he believed this mode the best for the
interests OF the Treasury and the country.
BY the Of