Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1857-03-28
SPEECH OF Mr.. HUNTER,
OF VIRGINIA
On the substitute proposed By him for the House bill
to reduce the Daties Imports and for other purposes
In THE SENATE. FEBRUARY 26. 1857.

10 reauce e Daes on Imports ana f0r other purposes
In THE SENATE, FEBRUARY %, 1857
Mr.. HUNTER said Mr.. President, Unjust throw my
self the indulgence of the Senate for opportunity
to make brief exposition of the which induce
press urgently for action this subject at this
late period of the session and also to say few words
in explanation of the measure which shall propose,
Upon the strong political for resorting some
measure which will reduce the surplus and the
constant influx of specie into the vaults of the Treasury
scarcely need speak. They obvious that they
must be remarked even by the most casual observer
We already that this overhowing Treasury is afford
ing temptations for the widest and extravagant
schemes of expenditure and wild but that may
find advocates here and in the other House We
already hear of plans for distributing the surplus
amongst the States and for thus changing the
laons of the Government to the States make it
the almoner to collect and distribute amongst
them majority here may choose at its arbitrary
pleasure We see too that this aording temptations
to combinations for the purposes of plumber amongst
sposmen and pacemen who hang about the Treasury,
and whose influence must be of the most corruptng cha
racter. You perhaps, sir Mr. WELLER IN the chair
recolec for into the House of Representatives
at nearly the time, that at that day, when
Der voted for appropriation he had to explain him
self and to for it before the people but the
rule to be reversed and when he votes against
appropriation he is called to account and is forced to
give explanation. Such state of things is startling,
and to admonish strongly as any thing
do of the necessity for diminishing the of duties and
putting an end to the accumulation of this extrayagant
and surplus just economy, Mr.. President,
is almost the greatest of public virtues indeed it may
be said to include nearly all those which look to the
erial prosperity of people alone Nor its moral
influences be valued highly if causes Governments
to leave undone the things that ought not to be done.
But how hope for economy when large surplus
revenue affords many temptations O great and an
i irresponsible expenditure?
But the financial for resorting to such
measure his-something which viii deplete the Urea
sury and let loose the specie which is boarded up in its
vaults into the general circulation of the country-are
strong the political considerations We are ao
nshed by the Secretary of the Treasury that the surplus
of specie accumulated in the vaults of the Treasury
the end of this fiscal year win be S22 and
learn that the actual balance is likely to exceed what
was estimated
BY the end of the next fiscal year-and unless we act
this session we can do nothing which will prevent that
surplus without resort to extravagaht appropriations
it is estimated that the balance viii be some forty mil
lions of dollars Indeed it probably viii be larger than
that. When to reflect that the whole specie
currency of the country estimated by the Secretary
the Treasury, is only about two hundred and fifty mil
lions of dollars readily ina CINE the effect of lock-
ing up twenty, thirty, forty millions of that specie in
the vaults Of the Treasury Twenty years ago. before the
discovery of gold in California and Australia the present
of money boarded in the Treasury would have occa
stoned most disastrous revulsion and it has
already it has only been because constant produc
ton enabled us to supply this deficit as was made by
the action OF our revenue system But sir this has been
done at a great expense to the country. We have not
only lost the profits this surplus capital which
boarded idly in the vaults of Treasury but have
4 O
pense of buying the specie which was necessary up
the thus occasioned and preserve the general
level of the specie currency of the country with that of
the rest of the world that is say these interests
be forced either to do that else the bank will make
effort to supply the by paper circulation and
expose us to the dangers Of another paper revuson
Under these circumstances, the business of the
country have become alarmed and have received letter
after letter urging adopt if could do so consist
emily with my principles, almost any scheme of adjust
ment which would diminish this surplus Although it
may be possible, will not say how probable that the
constant production of gold may enable to continue
fill up the vacuum which is thus Withdrawn, there is
chance that may not be able to do without the he
vusion OF which we have been speaking. Certain lis
that cannot do without imposing great burden
the productive interests of the country that to s
the expense of btng that much spccie to
the thus artfcally made preserve the specie
level If do not preserve this level it is manifest that
there must be contraction and revulsion Under such
circumstances have eltmyself not only authorized but
required to press this body the consideration Of
measure whose object it to diminish this surplus
venue and turn loose the specie into the general crcua
| tion of the country.
that there is another remedy proposed that of
large and exravagan appropriations that of turning
the money loose in the shape of appropriations for
rous objects, for distribution amongst the various
States but surely need not waste moment in weigh
ing the comparative merits of plan which reduces
ton and leaves this money in the pockets of the people,
which does not Withdraw it unnecessarily from them,
and the other which proposes large wasteful and it
may be, unnecessary expenditure.
If then, it be true and hold it to be so, that there
the strongest reasons, both political and financial
for resortng measure to diminish the reve-
from customs, to diminish the surplus which is
cumulating in Treasury, may say there
period when could be done with greater safety all
those interests which have been heretofore considered
protected by the operations of laws. say
there has been period when it could be done with
greater safety because is evident that the rate of pro-
fit of production is rising all the world l affirm
that rate to be rising because with the acknowledged
before us OF great increase of money the rate OF
interest is constantly rising all the world over which
could not be but for increase in the rate of profit,
which causes demand for money greater than the sup
ply, great as that is growing to be. We are living in
that regard in remarkable period of the history of the
world Heretofore in times of peace and when the pro-
ductve industry of the world active the accumula
fact that the quantity of specie constant; and soon,
from the increase of commodities, their price began to
fall and the profits of production too to sink But now
the production of money which measures the values OF
all these commodities has gone par, the pro-
ducon of them The consequence has been that the rate
of profit has not only been continued but there reason
for believing that it is increasing; and if it is increas
ing surely this must be safe period at which to make
reduction in the duties. 1t is safe for all the in
teress that concerned 1t is not only eminently
dese for the consumer but tits safe for
of producveindustry which have grown up, they sup
pose, under the shadow of protective legislation.
might add, in reference to the financial view of the
that if instead of resorting such scheme
this continue to hoard the specie and if contrac
ton and revuson should come the first force Of that blow
will fall the country in which the is produced
by its SYSTEM and that country will be ours for
there is other in which they withdrawing the
specie of the State merely to hoard it idly in the vaults of
the Treasury.
If them be true that there is this pressing necessity