Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1859-02-03
The Thirty Million Project.

The debate in the United States Senate,
on Monday last upon the proposition to
place $50; COO at the disposal of Mr.
Buchanan for ths purchase Of Cuba, was
very interesting aud instructive, particular-
the speeches of Senators Seward and
Ioomos' the former having spokensgainst,
and the latter in favor of the appropriation.
Both Senators may well be proud of their
efforts, as each was in its way creditable.
forcible, and eloquent. Mr.. Seward,s Ar.
hibit of the financial policy of the Admin.
istration was very striking. After stating
that $3O,OOO,OOO was but an initial SUM
which might be extended to 25O,OoO, 900
or more, according to the will and pleasure
of the President, he said;
u will assume that it authorizes the
President to contract debt to Spain, with
out again consulting Congress or the Sen
ate Of the United States, for the sum Of
$3.50, 100000. This proposition comes at
time when our revenues are reduced to
$4,000, 900 and there is confessed def
cheney for the year of s30, 100000. 1t is
immaterial whether we borrow this $780,
100000 TO pay to Spain, as the bill propo-
scs, or whether we pay it out Of the receipts
of the revenues flowing in to the Treasury,
and borrow the money to supply the place
of what we thus abstract. 1t proposes mo-
thing less than to authorize the President
of the United States to create at once and
absolutely debt of $3O,OOO,00O, and in-
directly further debt of s25O,0OO, 900,
in addition to deficit, which is virtually
an existing debt against the Treasury of
10000, 900; making s60, 1000, 900 of new
certain, and $25O,OOO,OOO contingent
This, added to an already funded debt Of
S6O,OOO,O0O will raise the national debt to
S2sO,OOO,O0O. This is to be done under
extraordinary circumstances. We have at
this moment no financial system-no no sys-
tenn Of revenue. We have indeed, a tariff
law which brought last year into the Treas
ury over $40, 100000, and this year is ex-
pected to bring in s5o,00o, 900; but rev.
enue law which leaves an annual deficit can
not be said to constitute fiscal system.
Congress, after being in session now near
two months, has utterly failed to advise
any kind of revenue system whatever
Nor has the executive Administration snb-
mit:ed to Congress any system for this
emergency. This statement is strictly true,
if you consider that the President recon-
mends one system in his annual message,
and that the Secretary Of the Treasury, his
own responsible minister of finance, sub
p,its to US another and widely different one.
"This great increase of the public debt
we are asked TO make at the very hour
when in compliance with the Executive rec
ommendation, we are .pi oposing to author
ize him to build the Pacific Railroad, at a
cost of not less than S125,OOO,O0O more !;
and, simultaneously with this, in the same
message, we are also asked to authorize the
President to move the army into Mexico,
which can cost nothing less than 100000
900 more; and, at the same time, in pur-
suance of recommendations of the same
weight and authority, we are asked toau-
thorize him to employ the army and the
navy against just SO many Spanish7Ameri-
can States on this continent as he shall
choose, which can require nothing less than
S10O,OOo,O0O more; so, without any fnan-
cial system at all, we are to have a great
debt created, by this Congress of the Uni
ted States, on the recommendation and ap-
plication of the President to strengthen the
arm of, the Executive, while weakening the
power and the constitutional force of the
Senate and the House of Representatives,,
debt of $5oo,oOo,0oo."l .s eF5