Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1855-05-03

ed treasury, anC which eYfed a tsS az ano1t o. q
500. GOO on Tee snd Cc5ee The session of the pre-
cedng Congress had passed law authorizing the
loan OF Sl2 900 900, and the bonds OF the Govern
mel had been peddied ali over England without
for time finding purchaser. lie was OIL ti'e |
opinion that il was wrong in principle ana nhau-
thorized by the constitution, as had been oesss'
mined by the Senate a short time before.
The Bariugs Brothers il Company issueu a c'-
cular with view to affect the nloreyeo interest OF
thiscnntrv 7, was stated in that circular that they
,nrst have a national or more comprehensive secl
ri.r than they then had, which was tie several |
Ststee The Senate had repndiated this propose
ton declaring If ineapedteft and unconstitutional.
HIS councillors colleagues and the wing party, ac
cordno to his own explanation, dissuaded and i'm
nortunsd him not to bring it forward and press it
upon the country; yet he was determined to do so,
and it met with little favor in the House as it had
done former occasion in the Senate being cut
of by the previous question, and was never heard
OF again. He said there was no one but what
could see the disastrous effects of his competitors
policy, if it had been engrafted upon the Govern
ment at the time proposed. 1t would have been
the foundation of great national debt, which
would have been increased from time to time as
avarice and wild speculation required The stocks
Of the Government would have gone down IN value
| the treasury Overwhelmingly burdened with the
payment of interest and appropriations. The crea-
ton OF this great national debt would most GER
tainly have constituted the basis oil national bank
| The holders of the stock would have pressed in
| upon Congress for charter, making the Indebted
ness of the government the capital stock, we
| have seen illustrated in miniature under our own
| State authority The stock, when issued by the
| government was to bear an interest OF five per
cent. This interest would continue to run, though
| the stock was converted into the capital OF the
| bank. And upon this capital the bank would be
authorized to issue two dollars for one III effect
t,affx fbr0xrr into
laon an amount from t,ro to four hundred millions
of dollars. which would at once be moueyed power
based upon the credit of the government capable OF
controlling the government itself. II the people
with General jackson at their head had to strug-
gle for years to put down bank with capital of
only Mirty-fue millions of dollars, hos long would
il take to put down one with capital of tlUo hun
drea millions of dollars? He did not think it neces-
sary to go into an argument TO show the danger
Gus and enormous influence an institution ike this
might and would exert upon the business and mon
etary affairs of the whole country. He then stat
ed that national debts were the foundation of mo-
ncyed and government arstocracies; and history
, proved that those governments which owed the
largest national debts oppressed their people most
For this nation to begin with debt of t,co HIM
Cred millions of dollars, how long would it be be-
foreit would be run up in amount equal to that Of
| some of the kingly governments or Europe? The
debt of the United States on the lst of July last
only $47 900 900, which he trusted and hoped would
soon be paid off. He could not be induced to be.
leve that the people of the United States wished
to initiate England, with debt of So, $50 900 600
q OF of Spain with debt of 100000, 900; or o
France with debt Of 100000 ,0O0 or of Russis
i, with a debt of S550,000000. Here is a debt, ht
(. stated owed by four crowned heads in Europe
e amounting to So 972 000, 900. He said common
. was unnecessary; all he desired was, for the people
of Tennessee to look at these four powers and con
e trast the difference in condition of tksir people
with that of the people of the Uniteds ates, ant
the argument and policy was conclusive zeainst on
y | government initiating their example. 81
E The amount of the debts which were 10 be as
sumed by my competitors amendment to;t Die tart
g bill was about $500 000 the interest on tina
! amount at FIVE per cent per annum would b
4 | 100000. In twenty years this word amour
to 5000, 600, still leaving the principal unpaid
Gov. JOHNSON then stated that the population @
/ | England was 100000, Ireland and Scotlan
E exclusive; Russia, 100000; France, 80, 900,
= 000 Spain, II, 100000; in all, amounting q
100000 TIE national debt of England France
I Spain and Russia amounts to nearly sixty dollar
per head, there not being enough money in tn
world to pay the debts Of these four powers. a
1 present he intended to make no further argumen
iu reference to this dangerous and atHeoaStit,On0
. | scheme, but would wait for his competitors ex
D plsuaton.
Gov. J. said that he would direct public attention
f 70 an appropriation which had been made to Mr.
Harrison during the first session of the twenty-sey
enth Congress, OF twenty fire thousand dollars whic
3 IN fact was nothing than gratuity to her b.
, Government of that amount This he looked upo
! Is very clear caseof class legislation, FOR whic
I MS competitor had recorded his vote
. Gov. j. then went on and stated that during tn
first session of the twenty-seventh Congress, upo
: the naked proposition TO raise tao upon tea an
cofee and salt, amounting to 81, 100000, upon th
yeas and nays, his competitor voted for it to
done, which he followed up by his votes durin
the second session of the same Congress.
During the lst session of the SD Congress- Co
, Gentry offered an amendment TO the civil and di
pionatic appropriation bill which was to increas
the paw Of clerks and other officers of the Govern
ment 20 per cent, and made a speech in favor c
his amendment. Gov. johnson stated that be wa
in Congress at the same time and had offered al
amendment to his competitors amendment, whic
was as follows:
'r Andrew johnson, Of Tennessee offered The follow
ing amendment to the dnent OF sr. Gentry That
per cent be added 10 the per diem monthly pay now
ceived by all employees of the Government who are en-
gagged in any branch of Mechanics labor"
Gov. johnson said that his competitor made
} speech and voted against the latter amendment
One amendment was to increase the pay of tn
honest mechanic and laborer who was toiling te
hours per day, at four and six hundred dollars pc
annum, while the clerks and other officers of th
GoYernmenL VINO were employed SIX hours pc
J day, many of them receiving $4,000 per snnum
were TO have their pay increased from 10 to 20 pc
cent
Gov. J., continued by saying that be would b
compelled to make a reference 10 Daniel Webster
of Massachusetts,, as farther illustration of tn
principles and doctrines entertained by his honora
bic competitor.
| Mr.. Webster was member of the convention
which revised the constitution of Massachusetts,
and there advocated the doctrine that IL as tie pan
Of lVisaom 10 found government on property. IL
also prepared an article which was published in tn
North American Review which indicated his feel
ngs and views more fully upon this subject. Ii
states in that article that 'there is not more dan
gerous experiment than to place property in tn
hands OF one class and political power in those O
another. Indeed such state of things could no
long exist.
Mr.. Webster acted with and was under the in
fiuence of this money aud property aristociacy
from his entrance into public life until he was con
! signed to the tomb there Is abundant evidenc,
to show, in the fact OF the Boston and New Eng
! land capitalists settling upon him and bis family
large amount IN stocks for their support Then
when we come along down with Mr.. Webster i,
the last war between the United States and Grea
Britain We find that he was on the side of capita
and against the administration of Mr. Madison ant
the people, even refusing while member of Con-
to vote the necessary sunnlieS Tn our