Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-02-25
sneech of the Hon. John Letcher,

reduce Ine uutS vi llliPoils, anu ioi N -
poses
Mr.. LETCHER said:
Mr.. CHAIRMAN: The question of q revision OF
the tariff is always question OF Importance, ana
one emnently deserving, at the hands OF the leg,
islators of the nation, calm consideration anu
dispassionate examination. Whenever this ques-
ton has come before the National Legislature, IL
has created q severe struggle ana consequent eA-
citement, growing out OF the fact that tlle inter-
ests of smaller classes in the community were
arrayed against the interests OF others, VINO con,
stitute majority of the people OF the Unlled
States. That contest has been fought out Oh
various occasions in our history. Sometimes
victory has perched on the banner OF one party,
sometimes on the banner of the other. AND YET,
whenever the time came for readlustment. c, OF
the question, each party came into the neid WIN
rs strong determination to contest every ihch
of ground, as if it had never been driven from
its position in q previous struggle. ouch mas
been the result in the past. Such, imagine Is
to be the result in the present struggle, rom
some of the indications that have already shown
themselves.
In the discussion of this question on the pres,
ent occasion, shall endeavor to DO justice 10 all
sections of my country, and all classes OF her
people. | shall not seek to array here one sec
ton of the country or one class OF the Peopie a.
gainst another. l shall endeavor, so far as IL is
possible. to bring parties together SO thai we
may arrive at some satisfactory conclusion IN re-
gard to this important question. snail laoor
to accomplish great practical result whicn now
claims consideration at our hands. l allude 10
the present condition of the Treasury OF the Uni
ted States, and the best means OF depie!ihg 1t
without wastefuness, and without deranglng the
finances of the country.
The tariff of 1S46 which it was predicted, at
the time of its passage, would not produce q SUI
ticient amount OF revenue for the purposes OF
the Government economically administered, has
more than realized the expectations OF Its autnor
and friends as to the amount OF revenue tnat
would be collected under its operation. Inc
Secretary of the Treasury informs us IN his last
annual report, that the surplus in the treasury
will be, on the 30th of June, 1857, as estimated
by him, 500, ,345, ,222 81. He reports further,
that, according to his estimate, the surplus III the
Treasury, on the 30th of June, 1858, will amount
to the sum OF $43,995,710 80. Are not facts
like these calculated to make an impression on
the public mind of the country, and to admonlsh
all thinking and rejecting men that hnanclal
storm is gathering over the land which may m
volve thousands in ruin before even that oUth
day of June 1857, arrives, if some decided meas
ure be not adopted to reduce the revenue, TO de-
plete the Treasury and to restore to the business
of the country that specie which IS now Locked
ND in the Government vaults and Withdrawn
from circuation2 If this surplus shall continue
to accumulate what, / ask, are to be the eHects;
when it shall reach the enormous amount OF
S44, 900, 600, in June, 1852
Il ,oft tha
ter now, and appeal to each and all on thls
floor to save this country from commercial re-
vulsion-such as has never been known IN our
history on any previous occasion-a revuisloh
compared to which the revulson OF 1885 was
small and unimportant affair, for since the re-
vulsion of that period our area has EXTENDED
our interests have multiplied; our business re,
lations have greatly increased IN magnitude ano
Importance; and the result OF a fnancial crisis
therefore. must be more serious and alarming
anpeal to all TO 90 with me for the adoption Of
some measure which will reduce the revenue
and which will reserve to the people the right
of retaining in their own hands the proceeds Of
their labor. The Government does not require
for its use these large contributions and there
no necessity for abstracting so great an amount
from the pockets of the people and withdrawing
Let Ms look at the effect this large surplus ir
the Treasury is producing throughout the States
Various schemes of internal improvement have
been fostered by the Legislatures OF the thirty
one States of this Union and many OF these Leg
islatures have loaned to those internal improve
ment companies the credit of the State in th'
shape of bonds, to enable them to realize means
for the purpose of prosecuting their works.
What is the value of these bonds in the marke
now? What is the value of the bonds OF tht
best and most solvent of the States2 | think
nav safely say, from my own observation, tia
there is not one State in the Union, which ha
so loaned its credit to Improvement companies
that is now receiving the par value OF its bond
in the market. Why is this? A short time a
90, when there was no surplus in the Treasury
we know that these bonds would command thei
par value and were eagerly sought after ant
promptly purchased. We found that none,
matters were at that time easy throughout tn
country: that YOU could borrow money readily
in almost MI places that the banks tlourished
and were able to accommodate their friends
But since this accumulation in the Treasury, an,
the consequent withdrawal of specie from circu
lation, we find the banks themselves so embar
rassed that even in the State which | have tn
honor to represent here, they prefer making thei
discounts to those who will agree to pay in som
one of the cities of Baltimore Philadelphia, ant
New York, in order to protect themselves iron
anticipated dangers and well-grounded appre
hension of serious difficulties in monetary affairs
This provident care on the part of the bank
should admonish the people that the storm j
impending, and prepare them to withstand it
fury.
i say that these facts show that there is al
unhealthy condition in the monetary affairs O
the country. which we, the Representatives o
the people, ought to seek in some way to correc
and relieve Is there any better mode that cal
suggest itself to the mind of any man amongs
us, than to deplete the Treasury; to collect III
more from the people than is absolutely necessa
ry to enable the Government TO carry on It's op
erations on an economical scale! A wise ant
great man, has said, with force and truth
''The United States profess to legislate for th
benefit OF the many, or in other words, TO do jus
tice to all. This is all that ever is desired b,
the many, or could ever be for their benefit
Justice is the only righteous object Of all legiti
mate Governments"
Are you legislating for ''the benefit ofthe ma
ny" by adopting the bill of the majority Of th
Committee of Ways and Means9 Are you do
ing Justice to all2" Are you securing th
righteous object" of Legitimate Government
The present tariff abstracts from the pockets O
the agriculturasts, the laborers, the mechanics
the artisans, and others who make up society
what the Government does not need to defra,
its expenses it withdraws that money from
circulation it denies to them the right to use j
for their own profit, and for the increase of thei
own worldly estate and this for no needful gov
ernmental purpose. Whenever q Governmen
goes beyond the point necessary to meet it
wants on an economical scale, it becomes unjus
and oppressive to the people; and the soon
er you set about to correct the evil the soone
YOU will restore the Government to its origina
principles, and to the great end which it wa
designed to secure. Justice is the only right
eous object carried out by protecting every mai
in this broad land in the enjoyment of the avail
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