The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-03-26

agree, and all OF them will not agree well sup
pose case in which, among the large number OF cred
fuse to give their consent 10 the payment for The purpose
Of being paid of in full do not know that that is the
here but if it isif there obstinate men who
not TO be governed by any principle OF Justice can
imagn mode by which the difficulty can be Iemeded
Let pass act that those who do bring forward and
present their claims may draw Their pre- rata share pro-
States agree little modification OF The law, BY
which avoid the difficulty. II we cannot. there il
mode by which we can do II. and am ready to adopt
that mode and pay the whole $4,000 900 to Texas and
send the creditors and bondhoders there, aud lei them
knock al the doors OF Texas much and as long as
they please. That is where they belong, and am dis
posed 10 be In favor OF that project Just send the whole
IS 100000 10 Texas wash your hands of the whole mat
ter and have nothing 10 do with the Texas debts. Texas
bond holders, or Texas creditors am inclined 10 think
that that is the best way
But il is said they will come here Sir they will come
here il encourage them in the way that the amend
ment is encouraging them. We owe Texas five mil.
lions, which going 10 these bond holders. They
modesy ask us now 10 convert five millions OF five per
cent bonds into eight millions oi three cent bonds
and they tell will lose nothing because the interest
on the one sum is precisely the same that il upon the
other. The interest may be the same, and ii be that
we will lose nothing before the time TO redeem the
bonds; but when that time comes It may be that we
will find there is slight difference between redeemng
five millions and eight millions. When, therefore, you
look al the project It simply the naked proposition OF
donation OF three millions Of dollars these hungry
bond-hodes Of Texas, in conside ration OF their sacr
OF the boundary of Texas. | not willing to make
that donation. can no legal claim, moral claim
Tor it can equitable obligation upon us Tor IT,
do not think this proposition which oug ht receive
our concurrence Nor did | suppose that i, would have
received support enough here 10 suspend the operation OF
the government aud hazard even the appropriation bills
themselves, IN order TO force thus proposition upon Us.
was un willing to take the time in discussing it, But,
sir we have to meet il, tor am prepared to meet
II, and meet il boldy and it does defeat all the other
legislation OF the country lie, DO our duty, and let the
ntIxyt tat ha Tho
consequences that may follow.
Mr. PEARCE. Mr. President, am not willing that
the country should be mistaken to whom the respon
sbility justly chaIgeable II might well be imagined
from the remark made by the honorable senator from H.
iinos as he took his seat that il was who introduced
this subject at this time Sir, denyit.
Mr. DOUGLAS. They could not have imagined from
anything tha, said that meant 10 refer the senator
from Mary land. did aude to the senator at all
Mr. PEARCE The senator alluded to the ntroduc.
Mr. DOUGLAS. | alluded TO the pressing OF this
measure and The consumption of time.
MIR PEARCE. Who has pressed this measure and
consumed the time Who has made long speeches
Who just eleven o'clock rciu,e hat oiher gen
llemen supposed they had already reiued? And who
charges those who advocate this with hav-
ing thrown proposition before the Senate which to
defeat the appopra bills and stop the wheels of gov
eInmens Sir, did not introduce this measure except
as a matter of defence. The senator from Virginia in
sisted upon the introduction OF his proposton-a propo.
suon which some gentlemen here have characterized
atrocious will not do | was perfectly willing
TO lei the whole subject pass from the consideration OF
Congress. did not wish to introduce my amendment
told the honorable senator from Virginia that if he
oduced his amendment felt bound TO resist because
thought il violated principle OF justice. do moi
charge him with impropr'eiy for be is incapable OF do
ing tnat which he thinks wrongs When he introduced
his proposition, then submitted mine amendment
il but did not exhaust the time OF the Senate with
speech believe did not occupy five minutes stated
in the brefest way possible The reasons which Induced
me oner my proposition as an amendment 10 the
amendment OF the senator from Virginia, and would a
any time have abandoned II the honorable gentleman
had abandoned his. have been strongly tempted, a.
several senators know, withdraw the amendment du
ring the oil this discussion because saw the
to which discussion leading by proractng the tus
OF the Senate have myself rerained from spea k
ing. Very few friends OF the measure have spoken
They have scarcely consumed bali hour OF the
of the Senate altogether. The delay and embarrassment
with which the approPr alton bills threatened come
from those who oppose the But now, sir since
have begun, will ask the attention Of the Senale fo
a few moments while say something further upon The
question.
1t seems to me that n the course OF this discussion
senators have confounded things which entirely dis
nc and different think that they have forgotten the
distinction between power and right ! admit the force
and ingenuity OF the Argument urged by the senator from
Vermont MIR. PHELPs.l But IL was not new TO me
for remember TO have heard the same argument sub
s,nnllay from that senator some years ago. n reply le
colleague OF mine, (Mr Reverdy Johnson not now
member OF this body He has told that when a Stat,
pledges its revenues It in effect pledges nothing and
that sovereign power has the right 10 modify It's policy
as II pleases.
know very well that every State has the power ia
change IFS revenue laws 1t may have duty to day o
fifty per cent, and tomorrow It's policy may require the
reduction oi such duty 10 thirty per cent This is the
ordinary power OF modifying financial system. So too
pledge oi revenues OF any particular OF
be considered subordinate to those great ne
cessities OF Stale which require all its means 10 be de
voted the defence OF the country and the preservation
of national existence, since otherwise the very frame oil
the government may be broken up, and the national ex
istence be destroyed But utterly deny the general
proposition in the broad terms IN which is stated that
sovereignty, by virtue OF it's sovereignty has right 10
change as it peases the fund from which payment has
been pledged by IT, Such doctrine IL not consistent with
law, and hardly with morality. Nay, more | venture
to say that II power to make pledge OF its rev.
enues specifically by name, and then causeessy
under the preeuce OF sovereign right TO withdraw tba
pledge, and refuse TO perform ITS solemn PROMISE IL would
be the right and duty OF any other sovereign power whose
citizens thus deprived OF the pledge, TO its
performance. believe that has been done not sure
but think that something OF that sort produced the hos
ulites between France and Mexico which existed few
years ago. Suppose pledge made that the bonds OF a
State Issued TO certain OF It's creditors, should be quda.
ted by being receivable in payment of customs the
amount OF half OF the duties IN satisfaction of which
they should be rendered. and that the government thus
bound 10 receive them should refuse to allow their recep,
any amount at all would the governm country OF
swered by saying that sovereignty has right 10 modify
its financial system as II peases that the pledge OF
government in effect nothing at all Would any ma
ion with power to protect citizens in their right be
satisfied with such a subierfuge Would il not have a
right enforce the pledge by the ultima ratio rsgum
Would il be satisfied with the declaration that pledge
OF general or special Is only pledge OF honor,
and that having the character OF strictly legal trans
action, il might be departed from at pleasure
By the onventon between the United States and Mex.
co in lS43 the latter government agreed to pay certain
awards made in favor OF citizens OF the United States,
and soemny pledged he proceeds OF the direct taxes OF