Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1882-04-27
New Series-Vol. %. No. Is


stances loan may be required. 1t was
required. Twenty millions in Decem-
Der, 1857. and twenty millions more
June, 1858. My friend from Tennessee
Mr.. Simontonl stated the other day that
revenue tariff was a benefit to keep
down expenses and to teach economy SO
that we would not spend too much. No
Mr.. Chairman, even an empty treasury
has never been able to repreSs the Dem
ocratic tendency to extravagance. Be-
cause in those days when the revenue
did not yield the money they borrowed
it, and that very year, 1857, the Presi-
dent says in his message that the appro-
prfations by Congress "a Democratic
Congress) was very large in amount.
Here the hammer fell.
The CHAIRMAN. The time of the gen.
tleman has expired.
Mr.. MCKINLEY. ask unanimous con-
sent that my colleagues time may be
extended. -
The CHAIRMAN. For how long?
Mr.. MCKINLEY. Without limit.
The CHAIRMAN. Is there objection to
the gentleman's time being extended
without limit? t'ie5- 3"
There was no objection. lal
Mr.. UPDEGRAFF. i thank the COM
mittee for its great courtesy, and will
trespass on its time as little IS possible,
though l invite questions from any gem
tleman who may desire the proof of any
statement. sll1i''
The loan was required. have before
me little volume containing state
ment of all the loans that have ever
been issued by the United States, and,
strange to say, the loans which were re-
Quired during three years of the golden
era occupy nearly four pages. Still, in
1857, Mr.. Buchanan recommended that
the revenue tariff should not be modi-
led. He said it had not had fair trial.
But as he grew older he became wiser,
and the next year, as the public debt was
still increasing and the revenue INSULT
cient, he urged change. Before come
to that part of his message ask the at
tentiOn of the gentleman from Ken
lucky, who is always fair and mostly ac-
rurate, to his statement that the country
had recovered from the disturbance of
1857 ''in single year" But here the
President says: "The effects of the re-
vulsion are sIoa0iy but surely passing
away. and it is to be hoped now
that the enterprise aud energy of our
with unbounded resources, will
within brief period restore our indus
,ries," sc. 7-'' ''
This is 1858, year and more after the
began, and was still pres
mt. Either President Buchanan, or my
friend from Kentucky, one or the other
vas mistaken. = - i't
Mr.. CARDIsLF. If the gentleman will
permit me. spoke of the financial dis
,urbances of 1857, and in this connection
would like to ask my friend from Ohio
low long it took the country to recover
rom the revulsion of 1873, under pro-
ective tariff?
Mr.. UPDEGRAFF. l answered that
question yesterday.
Mr.. CARLISLE. l did not have the
pleasure of hearing the gentleman yes
.erday.
NJ. UPDEGRAFF. 1t was financial
,evulsion, and in great measure caused
3y the wretched financial system of that
lay. The party of my friend for many
Tears had controlled our legislation, and
he country was flooded with worthless
money. But the great trouble with the
finances of the Government was that
he revenue tariff did not yield suf-
icient revenue for the ordinary ex-
Denses of the Government in a time of
peace. The President further says that
The revenue tariff then operating "did
lot afford the manufacturer the Incl
lental advantage to which he is fairly
entitled under a revenue tariff. The
present system is sliding scale against
him."
Mr.. CARLISLE Who is that?
Mr.. UPDEGRAFE. 1t is the "old pub
ic functionary." l am reading from
President BuchanaD's message of De-
,ember, 1858, in which, after more ex
he is now urging change in a
'evenue tariff, so that it it shall yield
eyenue.
Mr.. CARLISLE. Now as my friend
Ipeaks of the deficiency in the public
'evenues, which he says was the result
If the revenue-tarIff system, I would
ike to ask him whether in his judgment
he people, the tax payers. are ever in
ured by deficiency in the public Treas
Try, or are they not in more danger
rom full Treasury?
Mr.. UPDEGRAFF. That is an easy
question in the light of the history in
which we are just now speaking.
Mr.. robson. My friend from Ken
ucky Mr.. CarlisleI thinks public debt
s public blessing.
Mr.. CARLISLE. Not at all. am
peaking of deficiency in the ordinary
evenues of the Government, because /
INSIST that is all you have a right to i'm
,0Se taxes for.
Mr.. UPDEGRAFF. I answer, the peo-
lie and the Government are both injur-
ID by such deficiency, and l will prove
t by this long list of the loans the Gov
rnment has made. Instead of getting
Is ample revenues, as now, at very
ow rate, and without being felt by the
,eople, it was then obtained by loans for
which they paid from IL to II per cent.
interest. l have already showed that
wen an empty Treasury did not pre-
rent a Democratic Congress making
What Mr.. Buchanan says were "very
arge" appropriations. But worse than
hat, by 1851 the credit of the Govern
nent was so low that your President
.sked the States to stand surely for this
,reat Government and pledge the public
ands.
Mr.. HEWITT, of New York. Will the
Gentleman please state the date of that
oan?
Mr.. UPDEGRAFF. 1t was in the win
er of 1860 and 1851.
Mr.. HEWITT. Was there not little
domestic trouble on hand, about that
ime?
Mr.. UPDEGRAFF. There always was
when the gentleman's party, AS then, was
n power. Laughter and applause.]
But, Mr.. Chairman, these Interruptions
lave led me somewhat from the point
% which l will now return. l call spe-
,ial attention to the fact that for each
year of this golden era there
vas deficiency of the needed revenue;
zach year the debt was larger than the
rear before, and each year Democratic
President was urging in each message
=. A. =. a. L..