The national era. [volume] (Washington [D.C.]) 1847-1860, 1859-03-31
Mr.. SEWARD said :

Mr.. SEWARD said:
Mr.. PRESIDENT: beg leave to call the
attention of the Senate, for moment, TO
The financial condition Of the country.
What is that condition.? 1t may be de-
scribed in a few plain words. The Exec
utiye department needs twenty millions Of
dollars more than its utmost available IN
come, TO carry on the Government for the
next year. In other words, after allowing
the largest margin for our expected re-
ceipts, and reducing our expenses TO the
lowest figure, we encounter foil IN the face
an annual deficiency of twenty millions OF
dollars. So much for the Government.
Now for The financial condition of the
people. The general manufacturing in
terest among US is straltened, embarrass-
ed, and struggling, and the manufacture
of iron is held in state of suspension.
Our cities and towns, the seats of manu-
factories. obtain cheaper bread than heIe-
tofore; but the artisans and laborers are
at least half unemployed, hesltating. be-
tween the policy of standing still and
waiting for revival Of their businesses, on
the one hand, and.the doubtful expedient,
on the other, of resorting 10 agriculture,
without practical skill, in new States and
Territories. So much for the financial
condition of the country.
Next, | ask the Senate TO consider the
nature of the measure before US. Ii is no
proposition to bring money into the Treas
ury by taxation, or by converting fixed
property into money. II is a proposition
10 reissue Treasury nOtes-in effect, the
same thing as TO issue new Treasury
notes-for twenty millions of dollars, TO
meet the annual deficiency of that sum.
1t is TO borrow to-day, to pay the debt Of
yesterday, and TO borrow tomorrow the
money 10 refund that we borrowed to-day.
j implore the Senate to bestOw mo-
ment's reflection upon the circumstances
under which this proposition is made.
The country is at peace-in normal con-
ditiOn of profound peace with all the
world. do not call the demonstration
we are making against the pitiful Repub-
lie of Paraguay, high up as it is on the
slope of the Andes, a war; nor do deem
the occasional skirmishes between our
scanty regulars or volunteers and the In
dlaDs on the Western plains worthy to be
called war. The country is engaged in
no great civic enterprise, either at home
or abroad. Ii is more completely olsen
gagged now, than ever before. 1t has de-
clined TO undertake the construction of
railroad TO connect and bind together lis
widely-distant ocean shores. 1t has de-
clined TO attempt the subjugation of what
remains of Mexico. 1t has refused to arm
the President with power TO levy war
against the Spanish American States. Ii
has refused tai attempt the acquisition of
Cuba, either 10y negotiation or by force.
1t has even abandoned the improvement
of It's domestic channels of commerce, and
suspended the prosecution of its great
scheme OF military defence. These twenty
millions of dollars, therefore, are wanted
merely 20 keep the Government in action,
within ITS most contracted sphere they
are wanted, IN short, only for The ordinary,
common, inevitable transactions Of the
State, 10 keep the machine in motion.
The President of the United States has
the best of reasons for entertaining a ia
vorable opinion of the Senate. We have
been ms. willing council in most cases; his
though unsuccessful designs in somewhat
devious ways. He of all men is the last
who ought 10 question the craftsmanship
OF tins Senate as a legislative body OF
all legislative bodies In our country, the
Senate is most conclusively cstopped from
questioning the political wisdom and viz
tue of the President. Let us see, there
fore, what has opinion Is concerning the
policy of borrowing twenty millions TO
pay the ordinary expenses of the Govern
ment under existing circumstances. He
gives II TO US IN his annual message. d" No
statesman The says) would advise that we
should go on increasing the national debt
10 meet the ordinary expenses of the Gov
eminent" 1t is clear, now, that if we
adopt this measure, we shall forfeit the
character of " statesmen in the estiIna-
ton of the President of the United States.
The President is right in this point, and
am happy IN being able TO agree with him.
Cordially sustaining his Administration as
1 do whenever no paramount principle or
policy forbids, shall not vote to borrow
the twenty millions of dollars now pro-
posed. / did consent to borrow last wear.
i consented on the ground that the de-
rangement of the public credit and of the
business OF the country was merely an eX-
ceptiOnal and Temporary one, and under
The belief that one year of returning pros
perity, with the operation of the tariff OF
1857, would bring into the Treasury
money enough TO discharge a great part il
not the whole of the forty millions of debt
we then contracted. That expectation
has been disappointed. We were brought
at the very beginning of this session Of
Congress TO confront deficient revenues
and failing Treasury. So early as that
day, il became perfectly manifest that il
we should borrow money to defray the
current expenses of the Government, we
should add just so much permanently to
the existing national debt. So early as
that day, we began to consider how to act
in this great emergency. We have de-
bated it with more or less diligence al
various stages of the session. Ii was fol
the friends Of the Administration to pro.
pose the policy which the exigency de,
mands. | have waited to hear them pro-
pose il. But they have divided and differ
ed. Some of them have insisted that the
remedy for the existing evil is retrench.
ment. | believe that | have seconded
their measures of that character fairly and
literally. / gave my cordial support &c
the proposition which was made by the
honorable Senator from Tennessee, Mr.
Johnson, to raise a committee to devise
and perfect an adequate scheme of gen
eral retrenchment under the promised favo
and patronage of the President of the
United States. But that proposition, Sc