Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1857-04-18


ted States, February 26, 1857, ON the
substitute proposed by him for House bill
(No. $500 to reduce the Duties On I'M
ports, and for other purposes.
/ Mr. HUNTER said
Mr. PRESIDENT: / must throw myself on
the indulgence of the Senate for tn oppor-
tunity to make brief exposition Of the rea-
soils which induce me to press so urgently
for action on 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 reasons for re-
sorting to some measure which will reduce
the surplus revenue and the constant influx
of specie into the vaults of the Treasury, |
/ scarcely need speak They are SO obvious
that they must be remarked even by the most
casual observer We already see that this
overfowing Treasury is afording tempta-
lions for the widest and most extravaganza
schemes of expenditure, and none SO wild
but that it may find some advocates here and
in the other House We already hear OF
plans for distributing the surplus revenue
amongst the States and for thus changing
thC iNidllOLo VI Ills NNNcl " VIZ
States, so as TO make it the almoner to col
lect and distribute revenues amongst them as
a majority here may choose, at its own arbi-
trary pleasure. We see, too. that this Is
afording temptations to combinations for the
purposes of plumber among the spoilsmen
and plaeemen who hang about the Treasu-
ry, and whose influence must be of the most
corrupting character. You, perhaps. sir,
Mr.. WELLER in the chair. recollect, for we
came into the House of Representatives at
nearly the same time, that at that day, when
a member voted fer an appropriation, he had
to explain himself and to answer for il be-
fore the people; but now the rule seems To
be-reyersed, and when he votes against an
appropriation he is called to account, and is
forced 10 give an explanation. Such a state
of things are startling, ard seems to admon-
ISL us, rs strongly rs anything can do, Of
the necessity for diminishing the rate Of du-
ties and putting an end to the accumulation
of this extravagant and surplus revenue. -
\ Just economy. Mr.. President, is almost
the greatest Of public virtues: indeed, it
may be said to inende nearly all those which
lock t. the material prosperity of people
d.iI8. NJ tstH ltf Eibia al lIhUtHCte ~ NdIQFti
tee highly, If il causcs Governments TO leave
unaene tie tiliHes that ought not 10 be done.
Tut Low can We hope for economy when a
large surplus revenue affords SO many temp
tations 70 great and irresponsible expendi-
tpre
But the financial reasons for resoriing TO
seme such measure as t!lis--somcthing which
will deplete the Treasury, aud Let loose tie
specie which is bearded up in its vaults into
the general circulation Of the country, are
as strong as the political considerations. s.
We are admouished BY the Secretary Of the
Treasury that the SUR lus Of specie aecumu-
lotcd in the vaults OF the Treasury at the
end Of this fiscal year viii be some 500
Geo, eco; and | learn that the actual hal
anee is likely to exceed what was estimated
BY the end Of TIE next fiscal yoar-and
unless We act this session We can do nothing
which will prevent that surplus, without a
resort to extravagant appropriations-it is
estimated that the balance WILL be some forty
millions OF dollars. Indeed, it probably will
lie larger than that. When we come to re-
feet that the whole specie currency of the
country, as estimated by the Secretary of the
Treasury, is only about two hundred and
fifty millions Of dollars, we can readily inn
agine the effect Of locking up twenty, thir-
ty, Oh forty millions of that specie in the
vaults OF tic Treasury. Twenty years ago,
before the discovery Of gold in California
ant Australia lhe present sum OF money
boarded in tie Treasury would have oeca.
stoned most disastrous soyusirn; and if
il has net Gone SO already, it has only been
because the constant productions enabled us
To supply this deficit as it was mule 10y the
action Of our revenue system. But, sir,
this has hee3, done 1t a great expense To the
country We have uo, only lost the profits
oh this surplus capital, which Is huar.et, IDLY
IL The vaults ef on. Treasury, but " have
thrown On the productive Interests ot the
country the expense OF tuyhg he specie
which vas necessary 10 til up tie vacuum
thus oecasioned. ana 20 preserve the general
ie1el Of the specie currency 81 the country
with thai OF tae rest 81 tho world, tlai is 10
say, these Interests must be forced either TO
do that, OF else the banks viii make an eff
fort to supply the vacuum by a paper cireu-
hilton, ans thus expose Us to the dangers of
another PIPER Revision.
tnaer these circumstances, the business
men Of the country have become alarmed,
, and | have received letter after letter ureng
me to adopt, if could 90 SO consistently
with my principles, almost ANY scheme OF
adjustment which would diminish this sur
plus Although it may lie possible, | will
rot say bow probable, that the constant pro-
duction Of gold may enable us u continue
to ill up the vacuum which is thus with
drawn, there is chance that We may not lie
able to do SO without the revulson ut which
we have hecu speaking, Certain ii is, that
we cannot Go it without imposing a great
burden ON the productive interests of the
country; that is to say the expense Of buy
ing that much more specie to ill the vacu-
um thus aniicillly made to preserve the
specie level Ii We do not preserve this level
il is manifest that there must be contrae-
ton and reyulsion Under such circum-
stances | have felt myself not only author
lzed hnt required 10 press On this body the
consider alton of some measure whose object
it was to diminish this surplus revenue, and
turn loose the specie into the general circu-
ation Of the country.
know that there is another remedy pro.
posed. that OF large and extravagant appro-
priatons that Of turning the money loose