The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-12-16
BY ROBERT ARmsTRoNa.
Debate on the rarin, Dec 1864.

Debate on the Tariff, nee, 1852.
Speeches Of Mssrs Bayty, Browa, WoodOaa. Ciagman,
&C.
Mr. BAYLY. OF Virginia Mr., Chairman, approve OF
The practice which The gentleman from New York [Mr
BRooKs would seem 10 desire to introduce here by his
amendment Ii is borrowed from the British Parain snt,
where they never undertake 10 egslae upon any great
subject OF pohcy affecting individual pursuits without
first nsuting commission OF inquiry in respect
And so far The tariff - concerned, especially would
favor that practice because the manufacturers COM
paratvely few in numbers. and always act in
cert and by thus acting always present their views
in the most plausible manner to the country wher eas
the great body OF the community, including the agrcul-
urists, are lef 10 individual industry TO combat III is
combined action. would go for such resolution as
The gentleman from New York has proposed with great
pleasure, if proposed at the proper me and when
we had time but the very reason which would prompt
me 10 go for such committee, when we had time,
would cause me to oppose itnow. The combined powers
would be ready at moments warning we would not
But sir there IL another practice OF the British Parlia
men, that is equally as wise as that to which have
ered--one that is becoming 10 us even than 10
hem because here greater difference supposed to be
maid 10 public senmentand that practice is for out
gong Parliament and an Outgoing administration to propose
no radical reform IN the policy OF the country upon the
eve Of their going out When minister has been de-
eaed in Parliament and an appeal TO the country is de-
,ermined upon they always regard it becoming them
10 propose nothing but the usual appropriation bills and
10 attempt no radical change OF policy.
Well, now sir, this House and this administration
stand somewhat in that attitude at this time. The whg
marty has gone upon appeal before the country and
ihey have been defeated In little more than two
months we will have new President installed Already
nearly half OF this House have been passed upon by The
peope Some OF the memhers oil this House who are
now called upon TO institute new legislation in respect
The tariff that has prevailed during the greater part of
democratic administration, aud which has survived
whg administration, have been changed. Some have
gone out in consequence OF the reduction of the number
Of members OF the older States; others have gone
out because they have been dismissed from public
vice by their constituents still others have been super
seded BY conyenlions and yet still others have volun-
tarly resigned The next Congress has been and will
be elected under new census, under which there is
new distribution OF political power In this precise
diton OF things il does seem to that this House, du-
ring this very short session. have It's time sufficiently
occupied with the ordinary appropriation bills and other
pressing measures which will not admit OF delay. with
out opening the inleIminable subject OF the tariff
But, sir, the gentleman from New York [Mr. Brooks
seemed 10 the force of these considerations, for he
uslfes this movement OF his to induce outgoing Con-
gress during outgoing administration, to interfere with
measure Of such vital Importance, by referring TO the
large and nconvenent surplus now in the treasury and
The necessity OF preventing IFS still further accumulation
Now sir have the estimates of the Treasury
Department. told that they have not been sent 10
The printer; il so, very likely they not printed The
report OF the Secretary OF the Treasury has not yet beer
sent in 10 Therefore, any estimate by me as TO the
precise condition OF finances present, their
prospective condition, would be entirely premature But
we have enough already, however, TO satisfy the House
that Inconvenience will result from delay in redu
ptuPoct
such thing as they had proposed before Now, in
the hrs place. The gentleman exaggerates the surplus or
hand, il the President states it correctly. The Presl-
dent IA his annual MESSAGE, states II at about Sl4
10000.
Mr. BROOKS That was in July last.
Mr. BAYLY. Well, sir, aid not anticipate this de
bate, and am speaking without documents before me
therefore speak in round numbers have not the
returns since ha, time but my impression is that the
plus has been increased that time; but the doc
umenis will show when we get them. But be that as i
nnte fha yiaftn tha fha
ury authorized 10 purchase portion OF stock
know OF no better debtor make OF his surplus
money than pay his debts. The gentleman says, how
ever, the stocks st 100 in New York. and he thinks
II not desirable arrangement to purchase stocks a
that rate. Why, sir per cent stock, redeemsble II
1865, al 20, Is only little more than per cent sock
redeemabe at the time and government per cents
with that time to run. would be above par Therefore
there IS no loss IN buying up these per cents al 100 IL
say nothing about our surplus OF revense, which Is idle,
do not know that would lose by negotiating ives TO
deem them and besides that we have a loan do no
pretend TO speak with precise accuracy, because the es
mates have not been sent In, and have not referred 4
hose OF last year since they appeared but on the Let
July next upwards OF ak millions oil our loan OF March
ls43, will be due. My impression is that more than 81
millions and a quarter will be due al that time, but
know there will be more than six millions due by III
50ih OF June next
MEMBER. That has been anticipated
Mr.. BAYLf. We are somewhat IN the dark upo
this point, have not the report OF the Secfeiar
OF the Treasury nor the Official estimates; but TAX
deemed because the President his message, states ha
about nine millions and half OF the public debt ha
been redeemed in the last scs year. including the Mex
Ican indemnity and the interest upon the public debtth
twotogethef making upwards of seven millions lhn
there has been only little than two millions OF III
public debt paid within the last fiscal year, and that ID
loan due let July, 1853, OF upwards OF six millions, re
mains yet to be paid
Mr. JONES. OF Tennessee. The Presidents messag
says that 81 900 900 OF the public debt has bre
paid in the last year. but that about - 100000 had bee
paid since the OF the present fiscal yea
Mr.. BAYLY That ~ very true; bat he states N
amount redeemed about nine and a hall mlllIOns bu
s 10 make that out, he includes what has been paid
the Mexican indemnify and the interest on the publi
deb-the two amounting to upwards OF $40 600 Bu
10 the stock OF 81 March, lSI3 pas able July, 1855
my impression that great amount has been redeemed
This will remain TO be when Get the documents
when this discussion will be better timed The Secrea
" OF the Treasury has authority OF law, however, TO
deem the stock OF ls47, and do not think would b
bad policy 10 purchase 1t up al s market value Whe
the government has large surplus in its Golfers, u
worth as much TO u as u Is 10 anybody else and y
not dscredtabe TO the government, IN my opinion, 10
1t, when II has surplus hand, 20 purchase lts owl
stock at its cgrrehi market rate.
But The gentleman from New York says II the govern
nent Of the United States is known 10 be IN the marke
as the purchaser OF its stocks, IL will them up lo
high. Why, SIR does not every stock broker IN the Uni
led States know that the government Is IN the mar ke
purchasing its stocks at premium, Just az well a
h pr know ~ and yet the price has gone but tth
above the par value OF per cent stock II we wen
compelled 10 purchase Them we might be undnly pul "
90 900 doe July, there is debt Of 80 600,
900 due in 1885, These loans cannot be much aboy
par ashey have SO short time TO rqn and Il tho pres
en law does not authorize the purchase OF these loans
advance, we can easily pass law to authorize il, ant
lhns make the best disposition OF our surplus means By