Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1857-03-28
SPEECH OF Mr.. A. WAKEMAN,
OF NEW YORK,
ON TIE TARIFF QUESTION.
HousE OF RRrnEsEsrArrvEs, FEsnuARr 1s. 1857.

poses
Mr. wAKEMAN said Mr. Chairman, it is impossible
for in the short space of time allowed to enter
any extent into the investigation of this subject fee
impressed with its Importance with the difficulties
that surround it. with the diversity of interests involved
In it, that enter its discussion with deep sense OF
my inability to do it justice. No individual acquainted
with the history of the country with its vast and diver
s6ed resources and with the fact that manufactur-
ing interests exceed ST. 400 900 000 agricultural in
teress 81, 200, 600, and commercial and
maritime interests unsurpassed except by nation on
the globe and at the time reflects that all this IS
based upon and represented the business operations of
the country by limited amount of precious metals
avoid feeling that this is the most important question to
which American Congress can at this time address
itself
Before proceed Mr. Chairman, to st;te the few sim
pie propositions which will control my action and the
votes that shall be called upon to give this subject
desire to invite members to reflect the absolute neces-
sity of harmonious action this BILL and on the pro-
ducon of final result which viii reduce the reve
You all know that all demands of the Government
required to be paid in specie its equivalent Your
independent treasury system calls all the officers OF
the Government receive nothing in payment except
that which equivalent in fact the precious
tails. All your duties imports, therefore are to be
paid in this manner and when the money is placed
by virtue of that act in your Treasury it is locked up
without the possibility of escape, except by virtue Of
act of Congress either existing to be enacted The
consequence that you exact from your constituents
larger than you disburse you efectuay with
draw from the business operations of the country the
difference between that amount and the amount collected
Under the present revenue system you have gone on
largely exacng from the people, compelling them pay
heavy and burdensome tax and at the same time dis
bursting much less than the received In 1850 this
difference in favor of the Treasury 00o 00o
and the has continued to increase from that pc
Rod the present year. until tnow exceeds so 000
exacted from the hard earnings of the people by way of
taxes upon imports and above what is required and
what is actually dsbursed by the Government. AT the
present day. in the city which have the honor in part to
represent there is locked in your subtreasury
S14500000 of the precious metals, than have
In all the vaults of all the banks Of city put together
and which is based all the circulation and business of
that great metropolis of the country You have now in
your various subtreasuries scattered throughout the
country Sf 600 600 tied up and in effect practi-
cay dead all the business operations of the country
These financial relations between the Government and
the people, Mr. Chairman, may not to affect us Sc
riously at this moment but when you reflect that we
have thousand three hundred and ninety char
tered banks scattered throughout the United States with
circulation of S19 co., coo and capital of S344 000
000 and add to this capital of 000 600 represent
ed by individual bankers making total bank capital of
1852 GEO. sustaining deposit account of $3.50 000
000 and with line of discounts from ninety days.
running up to S700 600; and when in conjunction
with these facts you know that all this immense business
is carried with only 900 of the precious met
ais the basis, (S6000O000 of which is in the hands
of chartered banks and 600 in the hands of
individual bankers the necessity for immediate action
appears absolute And the thought that the diversity
sentiment and interest which exists among US may pre-
vent unity of action should make all deeply anxious
to the condition in which country may be placed
1t IS estimated that in less than eighteen months the
amount OF precious metals withdrawn from the business
operations OF the country viii exceed $50 600 000 Now
submit to all candid gentlemen whether if these facts
be sit here quietly and allow the time of this
session to away without making extraordinary
effectual effort stay this unnecessary influx of
the precious metals from the hands of the people into the
Golfers Of the Treasury?
think, Mr. Chairman the Committee of Ways and
Means are entitled to the hearty thanks of this House
and of the whole country for their unweared labors and
pertnaeous attempts bring this subject the
ton of Congress Sir, if we leave these halls without
some successful effort to bring about reduction of
constantly increasing revenue can foreell the
disastrous consequences which follow. We have
had financial commissions, which have only shaken
the great metropolis but the whole country its very
centre; and if do wish those scenes reenacted
with enfold force let address ourselves like states
to intelligent and thorough investigation of the
matter before US, with hearty determination to
some favorable and harmonious result.
Mr.. Chairman will proceed to state the several
propositions which will guide me in the performance
my duties upon this most difficult question.
First. lay down this proposition fundamental and
to be borne in mind in the performance of this
well as all legislative duties to wit: that the great
interests of the United States united and nsepara-
be that agriculture manufactures, commerce, and
vgaon will flourish together anguish together and
that all legislation is dangerous which proposes to bene
fit of these without looking to the consequences
which may befall the others.
To this proposition all agree But when at
tempt to apply it individual cases serious difficulties
the most diversified character only in extent but in
population and in almost every interest that be
celved These various interests have their representa-
tyes upon this floor and each seeks without regard to
the ether the protection of the particular interest he d
recty represents For example: the State of New York
furnishes six millions of bushels of salt per
mum. The duty upon salt is twenty per cent 0ugh
that interest to induce the representatives of that State
to entirely disregard in reference the subject
matter, the interests of twentyseven millions Of people
Should this population heavily taxed upon all thu
hr-T 80
talsts engaged in that manufacturer Every body will
once see that such would be unfair and utterly
unjust.
Again. look at the sugar interest of Louisiana. Their
are thirteen or fourteen hundred planters engaged in tn
production and manufacture of sugar in that State Thi
being article of universal consumption, should tn
whole people of the United States be heavily taxed upo
all the sugar they for the benefit of those thr
teen or fourteen hundred sugar planters? Will the rep
resentaves of that any other State upon this floor
justified intelligent and just statesmen in disregard
ing the interests of millions for the benefit of few hun
dreds Ought not to lock to the interests and
all the people of the United States rather than conne
attention and benefits to particular district class
individuals? When members take their seats upon thi
floor they do not do the representatives of any
ticular section interest," their constituents in the fu
OF the term, not confined any particular dis
trct but limited only by the confines of the Repub
lie We are the servants of the Uhote people, and
compensation is derived, not from immediate con
stuens but from the peoples Treasury and the Who'll
people and all their interests entitled to be Justly
fairly considered in all our legislative enactmens.
Mr. Chairman, having urged that the unity of all on
great interests may ever be kept in view, procee
to the consideration of the second proposition wit
That all extreme legislation in the reduction of dutie