The daily union. [volume] (Washington [D.C.]) 1845-1857, 1857-03-17
CONGRESSIONAL.
SPEECH OF HON. r.. N. It. HUNTER,
~ VIRGINIA


On e substitute proposed BY him for ne House o No be6l
10 reduce the Duties Imports and for other purposes
dvesd in The Senate ef s United States, February 2s,
1857.
Mr. HUNTER said
Mr. PREsIDESr must throw myself on the indulgence
of the Senate opportunity make brief exposition
sf the which induce TO press urgently for
action this subject at this late period of the session and
also to say iew words in explanation OF the measure
which shall propose.
Upon the strong political for resorng TO
which will reduce the surplus and the
influx of specie into the vaults of the treasury
scarcely need speak They obvious that they
be remarked by the most casual observer. We al
ready see that this overowing treasury aording temp
tons for the widest and most exravagant schemes cf
expenditure and wild but that il may find
here and m the other House We already hear
Of plans distributing the surplus amongst the
Ses and for thus changing the relations of this
en TO the States so as TO make the alnoner TO collect
and distribute amongst them majority hcrs
may choose arbitrary pleasure We see too,
that this affoId,ng temptations to combinations for
the of rlunder amongst spolsmen and place
men who hang about tie treasury and whose
influence must be of the most corrupting character.
You, perhaps sir, Mr.. WELLER in the chair recol-
lect into the House OF Representatives at
ly the same time that that day, when member voted
for appropriation he had 10 explain himself and to
for II before the peope but now the rule seems to be
reversed and when he against appro, ration he
is called account and is orted to give explanation
Such of things startling and seems 10 admonish
as as strongly anything do of the necessity for di
mn,shng the rate OF duties aud putting end the
cunulaon OF this extravagant and Surplus revenue
just economy Mr. President is almost the greatest OF pub
lie virtues indeed it may be said to include nearly all
those which look the material prosperity of people
alone Nor it's moral influences be valued too highly
hit causes to leave uhdone the things That
ought not BE- DONE But how hope for economy
when large surplus affords many temptations
to a great and an irresponsible expendture2
But tho financial reasons for resorting to some such
measure az thsomsthing which win deplee the treasu
ry and let loose tile spsce which boarded in its vaults
into the general circulation Of the as strong 40
the political considerations We admonshed by the
Secretary of the Treasury that the surplus OF specie accu
mulated in the the treasury the end OF this fiscal
year will be SOME SaaeooOoo and learn tat the actual
balance is likely to exceed what was estimated.
BY the end of the next scal yearand unless we act
this do nothing which will prevent that SUR
plus without resort TO extrayagsnt Is
dollars Indeed it probably will be larger than that
When reflect that the whole specie currency Of
the country estimated by the Secretary of the Treasury
is only about hundred and fifty millions of dollars
readily imagine the effect Of locking up twenty thirty
forty millions Of that specie in the vaults OF the treasury
Twenty years ago before the discovery OF gold in Caifor
mia and Australia the present of money boarded in
easury would have occasioHed most disastrous
vuson and If it has done already it has only been
because the production enabled supply this
deficit made by the action of rcvenue system
But this has been done at great expense to the eoun
try We have not only lost the profits on this surplus
CAPITAL which is boarded idly in the vaults of treasury,
but have thrown the productive interests OF the
country the expense of buying the specie which was neces
sary fill the thus Occasioned and to preserve
general level the specie currency OF the country with
the of the world that s these interests
must be forced either 10 90 tna or sise lno VIII
make an effort supply the by paper circula-
tom and thus expose us to the dangers OF anone paper
revulsion.
Under these circumstances business Of the
try have become alarmed and have received letter after
letter urging TO adopt if could do SO consistently with
my principles, almost any scheme OF adjustment whch
would diminish this surplus Although may be posi-
BILE will say how probable that the constant produc-
of gold may enable continue to fill up the vac
which is Withdrawn, there is chance that we
may be able do without the revulsion of which
have been speaking Certain it is that we cannot do
without imposing great burden the productive in
OF the country that is to say the expense OF o
ing that specie fill up the vacuum thus art
fcaly made preserve the specie level III we DO not
preserve this level it is manifest that there must be con-
traction and revuson Under such circumstances, have
felt myself only authorized but required to press on
this body the consideration of come measure whose OBJ
ec 1t was to dimi ish this surplus revenue anu turn
loose the specie into the general circulation OF the coun
know that there is another remedy proposed that of
large and appropriations that of turning the
money loose in the shape OF appropriations for various OBJ
ec for distribution amongst the various States but
surely need moment IN weighing the compar-
merits of plan which reduces taxation and leaves
this money in the pockets of the people, which does not
withdraw it unnecessarily from them aud the other which
proposes large wastefa and, it may be- unnecessary eA
penditure.
IT. then be true and hold it to be So that there
the strongest reasons both political and financial for our
resoring diminish the revenues from
customs, diminish the surplus which is accumulaung
| in treasury, may say there never was period
when it could be done with greater safety to all those IN
tecd by the operations of revenue laws say there
been period when it could be done with greater
safety, because is evident that the rate OF proh OF pro-
ducon is rising all the world affirm that rate to
be sng because with the acknowledged fact before us Oh
great of money the rate of interest s constant
rising all the world over which could not be but for an
increase in the of profit which causes demand for
money greater than the supply great as that is growing 70
be- We living in that regard in remarkable perod
of the history of the world Heretofore in times OF peace
when productive industry Of the world was active
the accumulation Of commodities received an arncal
from the fact that the quantity OF specie was con-
stan and soon from the increase OF commoeues tner
price began to fall and the profits of production too, to
sink But now, the production Of money, which meas
the values of all these commodities has gone on pdrt
passu with the production of them The consequence has
been that the of profit has not only been continued
but there for believing that 1t is increasing and
it is increasing surely this must be safe period at
which make reduction in the duties 1t safe for
all the interests that concerned 1t s not only emil
neuty desirable for the consumer but it safe for those
great branches of productive industry which have grown
they suppose under the shadow of protective legs
| laton
might add in reference TO the financial view OF the
case that IT, instead of resortng such scheme as
this continue to hoard the specie and IT
and revuson should come the first force Oh tnat dow
will fall on the country in which the vacuum is produced
by its revenue SYSTEM and that country will be ours ior
there ia none other which they Withdrawing the
specie o the State merely hoard idly in the vaults OF
| the treasury.
IT. then it be true that there this pressing necessity for
reducing the revenue and that it can be done with SO lit
tie injury those interests that are called the protect
ed interests question arises In what way Is IL 10 be
done 1t is obvious that in the short period OF the ses-
sion which is left u.s. there mode in which it can
| in he