Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-01-29
Financial Policy Of the AdmInistra-
ton.

Financial Policy Of the Administers
ton. r
fss SO limited was the financial sagacity OF the
Administration when the commercial and f.
znancal storm of 1857 burst upon the coun-
try, that they seem not have anticipated any
serious falling of in the revenue; and they
went on after its occurrence to pay out of the
diminishing resources of the Treasury sepea-
teen per cent. premium for the privilege of re-
deeming portion Of the public debt years be-
fore ii would fall due, and continued to do so
as long as any certificates OF debt were pre-
scented by the holders.
The next thing was to borrow money to
meet the deficit in the Treasury occasioned by
the falling or Of the receipts from customs
Accordingly, on the 18th OF December. 1857,
the Secretary of the Treasury wrote letter
TO the Committee of Ways and Means asking
for authority to issue $50, 900, 900 of Treasury
notes, (paper moneyD and in that letter he
saids
Though the amount Of 10000, 900 will
not, in all probability, be needed at an early
Gay. IL at all, yet it is deemed best that the
department be authorized to issue them and
keep out that sum. should it be required by
the public service"
He was doubtful whether he should want
the whole of it At all-not in all probability
at an early day. Yet, in less than five months,
notwithstanding the $40 5000, 900 of Treasury
notes, the issue of which Congress had au-
thorized early in the session, the exgencies
of the Treasury became SO pressing, that Con-
gress had TO authorize loan Of $50 600. 600
more. Here was debt Of $40, O0O. 900 con-
tracted, or authorized to be contracted, in
time of peace, without any provision whatev-
er for its redemption. or for increasing the re-
ceipts into the Treasury from the ordinary
sources of revenue. The Secretary of the
Treasury did not deem it expedient to make
any change in the existing provisions OF law
for raising revenue, inasmuch as the times
had not been favorable for testing the opera
ton Of the tariff act of 1857, and upon this
view of the subject the Democratic majority
in Congress acted throughout the session
steadily refusing to interfere with that act,
even so far as to change the foreign for the
ion of distinguished men of both parties would
of itself, without any increase Of duties, save
to the Treasury annually millions Of dollars.
At the commencement of the present SEES
sion, the President in his message, and the
Secretary OF the Treasury, in his report, both
recommended change in the existing tariff
with a view to such an increase OF the receipts
into the Treasury from that source as would
obviate the necessity of resorting to further
loans to meet the ordinary expenditures of
the Government. But while they both con-
Cured in recommending revision of the tar
i'll, they differed widely as to the principle up
on which il should be done--the President be-
ingin favor of returning to specific duties
(the old Wing doctrine) in all cases where
such duties would be suitable, upon the ground
that they would afford "incilental" protec-
tIon 10 our domestic manufactures and at the
same time save to the revenue IA large amount
annually lost to the Government through the
facilities with which frauds are committed I'M
der the existing al Ualorem system; while the
Secretary of the Treasury sturdily adheres to
that system aud to the foreign rather than the
home valuation. Which of these two high
Democratic functionaries will prevail with the
present Democratic Congress remains to be
seen. The Southern Democrats will, 1t is pre-
sumed, generally act upon the views Of Mr.
Cobb, while the Northern Democrats. Lee
compton and anti-Lecompton, together with
the great mass of the opposition, will proba-
bly, be found DESTROYS OF carrying out the
views of Mr.. Buchanan.
Thus, on this most important question, the |
Administration is divided and the Democratic
IRsjorities in both HOUSES are divided. rs a
party, Modern Democracy has no fixed princi- /
pies in regard to tariff any more than it |
has in regard to internal improvements. or |
the question of slavery in the territories, or /
the public lands. or the Pacific Railroad or
any other question of national importance
IAvy make great professions of principles
these Democratic leaders and organs-but as
often and rs long as they have been in power
they have never, a. party, given a practical
exposition of those principles and never will
or can-'for they have principles by which
the whole party have ever acted or ever will
att And this is the reason why the party
has continued so long in power Had the
Democrats members of Congress from the
different sections OF the Union acted aud
voted as a unit on the question Of the tariff,
internal improvements and other questions
Ivolving what is called strict construction
Of the constitution, the party would have
be n shivered TO pieces long ago, because the
views taken of those questions in different
parts of the.UniOn partake very much of a
sectional character, and what would suit the
Democracy of one section, would be received
with Indignation in another. In this differ
e1ce OF opinion, ever on the most important
questions, the widest federation has ever been
allowed among that party. Internal Improve
nent Democrats, protective Tariff Democrats,
Pacific Railroad Democrats, &c, have ever
got along lovingly with their brother Demo
rats who differed with them on those subjects
All that they require of one another Is, to
'ote the regular Democratic ticket in Nation
Il aud State elections. This doae. Demo-
rat may support a protective Tariff. Internal
mproyr ments, &C., &o., without having his
Democracy seriously questioned and without
ncurring obloqay aud denunoia,ion, while a
ike support OF those measures by the oppon-
'nts Of Democracy Is urged as proof the most
ouclusive Of rank. nnmitigated Federalism!
lay 1t not with truth and jastiee be said,
hat Modern Democracy is the grandesi " or
.anized hypocrisy y Of the age.
4 CLEVER MENDIcANr.-A stout looking