The daily union. [volume] (Washington [D.C.]) 1845-1857, 1857-02-14

The House being in the Committee of the Whole the
state of the Union and having under consideration the
bill GIL r. No 556) to reduce the duty on imports, and for
other purposes--
Mr. LETCHER said
Mr. CHARMAN The question of revision of the tariff is
always question OF Importance, and emnently de-
serving at the hands of the legislators Of the nation calm
consideration and dispassionate exainiDaou Whenever
this question has come Before the national Legislature it
has created struggle and consequent excitement
growing out of the fact that the interests Of smaller classes
In the community arrayed against the interests OF
Others who constitute majority of the people of the Uni
ted States That contest has been fought various
occasions in our history Sometimes vicory has perched
on the banner OF party sometimes the banner OF
the other And yet whenever the time for read
usment OF the question, each party into the field
with as strong determination to contest every inch Of
ground If it had been driven from its position in
previous struggle Such has been the result in the past
Such imagine ia be the result in the present struggle
from some of the indications that have already shown
themselves
In the discussion Of this question on the present occa
bon shall endeayor to do justice TO all sections of my
country and all classes of her people shall not SEEK TO
array here section Of the country class of the
people against another shall endeavor far it is
possible to bring parties together that may arrive
ut some satisfactory conclusion in regard to this important
question shall labor to accomplish great practical
suit which now claims consideration at bands. ! al
ude to the present condition of the treasury of the United
States and the best depicting without waste
fulne:s and without deranging the finances of the
try
OF lts passage, WOulu produce suflcent
of revenue for the purposes of the government econot
caly administered, has more than realized the expecta
ons of its author and friends TO the of
that would We collected its operation The Sec
reary of the Treasury Informs in his last annual
port, that the surplus in the treasury will be, on the
30th of june 1851 estimated by him, $22345 222 81
He reports further that according to his estimate, the
surplus in the treasury on the 36h of June, is5s will
amount to the sum OF $43995l0 62. Are not facts like
these calculated to make impression the public mind
of the country and to admonsh all thinking and rejecting
that financial storm is gathering the land which
involve thousands ruin before the Both day OF
june 1851 arrives II some decided measure be not adopted
to reduce the to depee the treasury and to
stoe to the business OF the country that specie which is
now locked up in the government vaults and withdrawn
from circulation If this surplus shall continue
mulae what ask to be the effects when it shall reach
the enormous amount of $44000,000, in june 1852
call the attention of the House this matter now and
appeal to each and all this floor to this country
from commercial reyusion--such has never been
known In our history any previous occasion-a revul
sion compared to which the revusion of 1886 small
and unimportant affair for since the revuson of that Pc
riOd our has extended interests have multi piled
business relations have greatly increased in magnitude
and Importance and the result of financial crisis, there
fore must be more serious and alarming appeal to all
10 go with me for the adoption OF some which will
reduce the and which will to the people the
right OF retaining in their hands the proceeds Of their
labor The does not require for its these
large contributions and there is necessity for abstract
ing great amount from the pockets Of the people and
Withdrawing it from circulation
Let look at the effect this large surplus in the treasury
producing throughout the States Various schemes of
internal improvement have been ostered by the legsa
lures of the thrtyone States Of this Union and many Of
these legislatures haSS loaned to those nternaimprove
mani companies the credit of the State in the shape Of
bonds to enable them TO rea means for the purpose
of prosecuting their works What s the value of these
bonds in the market nowy What is the value OF the
bonds pf tho bert and most solvent Of the Sates2
think may safely say from my observation, that
there is not State in the Union which has so loaned its
credit to improvement companies that newrccevng the
par value of its bonds in the market Why 10 this2 A
i time q
know that these bonds would command their par value
and eagerly sought after and promptly purchased
We found that money matters at that time easy
throughout the country that you could borrow money
readily in almost all places that the banks oursbed and
were able to accommodate their friends. But since this
accumulation in the treasury and the consequent with
draWa Of specie from circulation we find the banks them
selves embarrassed that in the State which have
the honor in part 10 represent here they prefer making
their discounts those who will agree to pay in
of the cities of Baltimore Philadelphia and New York. in
order TO protect themselves from anticipated dangers and
wegrounded apprehension of serious difficulties in mon
etary affairs This provden the part Of the banks
should admonish the people that the storm is impending,
and prepare them to Withstand ts fury.
say that these facts show that there is an unhealthy
condition in the monetary affairs of the country, which
the of the people, ought to seek in some
way and relieve Is there any better mode that
suggest itself to the mind of any man amongst us than
to depete the treasuryo collect no more from the peo-
pie than absolutely necessary to enable the government
to carry its operations economical scale2 Awse
and great man has said, with force and truth
"The United States profess legsate the benefit
the many, in other words dojaice to ALL This all
that is desired by the many could be for their
benefit Justice is the only righteous object of oil legitimate
governments
Are you Iegislang for the benefit of the many by
adopting the bill OF the majority of the Committee Of
Ways and Means Are you doing justice TO all Are
you securing the righteous object of Legitimate govern
ment n The present tariff abstracts from the pockets OF
the agrcuursis the aborers, the mechanics the arti-
and others who make up society," what the
ment does not need to defray s expenses it wthdraws
that money from circulation ii denies to them the right
to it for their profit and for the increase of their
own worldly estate and this for needul governmental
purpose Whenever government goes beyond the point
necessary to meet its wants economical scale be-
unjust and oppressive to the people and the
you about correct the evil the you will
the government to its original principles and to the great
end which it designed to Justice is the only
righteous object of all legitimate government. desire to
this righteous object carried out by protecting every
In this broad land in tire enjoyment of the avas
his labor and relieving him from every burden which may
| be unnecessarily imposed upon him.
lay down the proposition that all tariffs arranged for
the purpose Of protecting domestic manufactures do in fact
take from class of men in the community the
proceeds of his their labor and apply those proceeds
the benefit Of other parties without compensation TO the
party whose property is thus taken from him by govern
mental power maintain that this proposition is ncon-
troveribe maintain, further that while this govern
ment has the right arrange its scale of duties for the
purpose of supplying its treasury with much may be
necessary to carry it's operations economically il has
right in laying those duties to lock to any other object
than the acquisition OF needfu revenue that whenever
undertakes lay them not with eye revenue, but
with an to protecting any class of the community
either manuacu Others it does so in violation Of its
obligation to the many; it robs the majority for the pur-
pose OF placing money in the pockets of the minority
therefore IL is not in with the spirit with
the terms Of the constitution, but utterly subvrsve Of