The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1859-02-15

more; 80, without any nnanclal system a.
all, we are to have great debt created by
this Congress of the United States, on the
recommendation of tho President to
strengthen the arm Of tho Executive, while
weakening the power and the constitutional
force of tho Senate and the House Of Repre-.
sentatives, a debt Of $5OO,OOO,OOO.
The Hon. Senator from Rhode Island,
[Mr. Simmons] tho other day spoke 10
glowing terms, and yet most justly, Of the
credit Of the United States, and showed
that, with tho small debt that We now have,
a nominal debt, we can 60 into tho market,
and with five per cent. stock borrow mon-
ey at premium, or perhaps, borrow mon-
ey on four per cent. stock anywhere in
the markets of tho world. That is because
We are novices, inexperienced, unknown,
untried in the money market, except for
paying such small debts as VIC have made.
But, Sir, when we shall have shown that
we can increase our debt in forty days, for
that is the period which remaius Of this ses-
sion, from 500, 900 to 100000, l
beg leave to express the opinion that tho
rate of interest will be found to riso in pro-
portion to the libelality with which we pro-
pose TO borrow. In that case you will find
your revenue derived from all sources,
scarcely moro than enough to pay the in.
terest Of the debt which you shall thus havo
created, leaving no funds whatever for car
rying on the ordinary operations Of the
Government.
This, however, it might be said, is fan
ciful picture, because the bill appropriates
only $50, 100000, and not the whole $l25,-
100000 which have supposed. Never
theless, Sir it appropriates tho whole
amount which the President shall write in
the treaty. We give him blank daft on
the Treasury, and authorize him to fill up
the amount for himself / have supposed
he will fiji it up with S250OOO,o0o. But
I am told that we can retreat from this
contract with Spain II VIC find it too expcn-
sive, and abandon the measure without
paying the additional sum which the Pres
ident may write in the treaty. Slowly and
carefully, Mr.. President, let us consider
Certainly, VIC cannot retreat from it with
out forfeiting the $3O,O0O,O0O which will
have been paid. That condition will oper-
ate as constraint upon Congress 10 appro-
pirate all the remaining millions which the
President may stipulate, and it v i'll equally
operate as a constraint upon the Senate to
ratlfy the treaty, whatever sum may be
stipulated by its provisions.
Again, Sir, no one can suppose that the
President, would pay the $3O,OOO,O00 iu
advance to Spain, without securing posses
sion of the island of Cuba. When he has
once obtained the Islam Of Cuba, and paid
$sO,OOO,OO0 as an advance upon the con.
sideration money Of the purchase, the trea-
ty will be contract executed, and Spain
and tho whole world will laugh. with do
rision at the pretense that wc could rescind
the contract and repudiate the remaining
debt on the ground that we had then look
ed into our Constitution, and had found
that We had violated it in passing tho law
by which we had authorix d the President
to make the important bargain.
Sir, this is plan of financial manage
ment to which l am a stranger. 1t is tho
province Of the Congress Of the United
States to take care Of the public Treasury,
and to soc that every dollar that is received
remains there until, by appropriation bills
limited to single objects, and each bill en-
during for only two years, the money is ex
pended by agents, under their own direc-
tion and authority, for objects appointed,
fixed and certain, The effect OF this meas
ure is TO surrender the control over large
portion Of the national treasure and resour-
ces, practically over all that is valuable in
the Treasury, to the President of the Uni. !
ted States, without retaining any effective
security for his wise and faithful administra-
ton of it.
I have said that the bill has also a polit-
ical aspect. 1t proposes to bring into the
United States foreign country, seven hun
dred miles long, and seventy miles wide,
containing 100000 human beings, sub.
jects Of government, occupying practically
every foot upon its sidewalks in its cities,
and every acre Of mountain and plain and
valley in the rural districts Of that Island
a population different entirely from that of
the United States, different in language,
different in race, different in habits, differ
ent in manners, different in customs, and
radically different in religion; population
that will, practically, forever hold the pow
er to exclude all American immigration; at
least to exclude it as effectualy as the old
States Of Europe exclude our migration
there, and as effectually as our old estab-
lshed States practically exclude immigra.
ton from outside their borders. This pop
ulation, then, is to be the ruling population
of that island. What rights will the citi-
zens Of the United States enjoy thorc9-
The 100000 souls are divided; one half
whites, 100000 free blacks, and 100000
slaves. What institutions Of justice, Of
freedom, Of religion, and public worship,
will obtain or remain therei need to
know. III wero willing to leave these
great questions to the President Of the Uni
ted States, I have voice, one Of sixty -four
voices, to determine whether such n coun-
try shall be brought into the United States,
and on what terms and conditions. Joined
with my colleague we have one Of thirty
two voices on these mighty questions! Tho
power to speak involves constitutional re-
spohsibility to express the voice of tho State
Of New York upon such measure, and on
all it's important details. before il shall be
adopted.