The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1858-06-10

Speech of Hon. Henry Wilson, Of Mass,
on the National Finances. Delivered
in the q. s. Senate, May 24th, 1885,
Mr.. PREsIDENT-The Administra-
ton proposes by this bill to borrow
SIS, 100000. 1t proposes to incur a
permanent national debt of SIS, 100000
to meet the ordinary and current ex-
penses of the Government for the first
two quarters of the next fiscal year.
Yes, sir, the proposition is to incur a
national debt of $l5, 1000, ,O00-to tax
the productive industry of the people
for the next fifteen years to meet the
current expenses of the Government at
a time when we are at peace with all
the world. This is an Administration
measure-the measure of the Demo
cratic Administration it comes here
with the seal and superscription of the
Administration stamped upon it; and
the majority here in both Houses of
Congress, as in duty bound, will has
ten with alacrity to register this Exc
cutive mandate. Necessity, stern i'm
perious necessity, goads on the sup
porters of the Administration to its
early consummation. 1 do not rise,
Mr.. President, to interpose obstacles
to the prompt passage of this bill; but
do ask the Senate to pause long
enough to take an observation to see
where we now are, and whittier we are
drifting.
1t was, Mr.. President, the doctrine
-ay, and the practice, too-of the
republican fathers, of Jefferson and
Madison, of Adams and Jackson, that
the ordinary and current annual ex-
penditures of the Government must
be kept within the receipts of the
Government in time of peace; that
national debts were not national bless
ings, and must not be incurred to
meet the ordinary wants of the Govern
ment in time of peace. Mr.. Van
Buren alone, of all our presidents,
from Washington to Buchanan, aban-
doned this good old policy of the re-
publican statesmen of the country, by
borrowing moneyin time ofpeace omeet
the ordinary and current expenditures
Of his administration. That violation
of the cherished policy of the Republic
contributed in no small degree to his
disastrous defeat in 1910. Sir, MIR.
Buchanan is fastening on in the foot
steps of Mr.. Van Buren. Like Mr..
Van Buren, he is rushing headlong
into debt, borrowing money, incurring
national debts, TO meet the current
expenditures of his Administration.
Eighteen hundred and sixty may repeat
the lesson of 1910; and / commend
the Administrations commend the
supporters Of the Administrations
both Houses of Congress-to ponder
well the lesson taught by the people in
1910. Believing the doctrines and
policy of the republican statesmen OF
other days to be the true doctrines
and policy of the Government, we who
inherit the name and the principles OF
the republican fathers are infexibly op-
bposed to this policy by which the Ad-
Eministration is hurrying the nation on
4 1headlong into debt in time of peace,
q and the resorting to borrowing money,
to incurring permanent national debts,
! to meet wants created by its own ex-
travagance. Sir, let the supporters OF
the Administration understand, let the
nation understand, we dcnounce. this
policy in advance; that we wash our
hands of it, now and forever; that we
take an appeal to the people against
the adoption of policy so much al
war with the lasting interests of the
Government and of the People.
The expenditures Of the Govern.
ment during the eight years of the ad-
ministrations of Mr.. Polk, General
Taylor and Mr.. Fillmore, in which
time we went through the Mexican
War, were, on the average, forty-three
million dollars annually. When Presi
dent Pierce came in, he commenced
the fiscal year of 1853 with twenty -one
million nine hundred and forty-twc
thousand dollars in the Treasury. Du
ring his administration, the average ex
penditures, exclusive of payment on
account of the'public debt, were fifty
eight million dollars, being an average
annual increase of fifteen million dol
lars over the eight preceding years
years, too, during which happened the
Mexican war, with all its vast expend
itures. The expenditures of the Gov
ernment during Mr.. Pierce's admins
tration were larger than the expendi
lures of the Government from 1889 to
1917, during the administration o.
Washington, Adams, Jefferson and
Madison, a period of twenty-eigh1
years.
When President Buchanan came into
power he commenced the fiscal year
with eighteen million dollars in the
Treasury. He has collected from al
sources about forty-four million dollars
! or, rather, he has collected the first
quarter twenty-one million dollars; the
} next, seven million dollars the third
quarter, eight million dollars and it is
estimated that the last quarter will be
} eight million dollars, making forty-foul
: million dollars to be added to the
eighteen million dollars amounting to
sixty-two million dollars. We have
borrowed twenty million dollars by
} Treasury notes, which makes eighty
} two million dollars as resources of the
administration for the present year.
The Senator from Virginia, the Chair
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