The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-29

two days later the great talents of
Fisher Ames in it's defense. Here was
a conflict of great minds in one of the
greatest of congressional debates.
Gallatin as Secretary of the Treasury
Before Gallatin left the house ne had
become the Republican leader of that
body, and it was largely owing to his
talents and leadership that the Jeffer-
sonian Republicans tritimphed in 1900
With the beginning of Jefferson's adj
nini5tration in 1901, Gallatin became
the secretary of the treasury, a posi-
ton which he held continuously under
two presidents until 1918.
Galatians policy in the treasury may
be summed up in two words-debt pay
ing and tax reduction 1t may be para
doXical that finance minister should
expect to accomplish both these ends
at once. Let us see what political sig
nificance attaches to the policy and
how it was accomplished. In studying
Gallatin as a fnancier. one is led IN
avoidably to compare him with Ham
ibton. To the Republicans Hamilton
was a dangerous enemy to liberty.
They charged him with looking upon a
national debt as national blessing.
The accusation was not Just; but 1t
was a fact that Hamilton had put the
United States under a good deal OF
debt, and he manifested no great anX-
iety to provide for it's immediate dis
charge. His political purpose was TO
attach to the new government the rich
and well-to-do. the banking and the
commercial classes. He did not feel
cure that men would support the gov
eminent unless IT was to their Decun-
larry interest to do so. But Gallatin.
representing the Republicans. looked
upon national debt as a means and
bulwark of corruption. He would lift
it's burden from the people as soon as
possible, and let them be free to work
out their own destiny and to pursue
their own way, without interference or
patronage from government. He be-
1ieved that men had a natural desire
10 serve the state. Hamilton was pes
simistic GaIlatin was optimistic.
Gallatin dealt with a revenue of Sl0,-
500. 0o0-an absurdly small sum when we
think of it in comparison with our an
nual national revenue today of over
s5OO, 000, 000 Of his SO, 1900, 900. Gallatin
proposed to appropriate s7,S00,000 yearly
to debt payment. At this rate he cal
culated that the interest and principal
of the debt (then about $50, 900, 000),
would be paid in sixteen wears. The
sources of his revenue were: From i'm
posts, IS, 500, COO; lands and postage,
II
to this s650,000 from internal revenue
tax. But this was an anti-ReDublican
tax, and Galatians policy involved It's
abandonment. The Republican appeal
to the people in 1900 had denounced
such taxes, and Gallatin's party was
under obligation to repeal them. TAX
ing out the receipts from this hateful
internal tax (s650. 000), and the amount
set aside for debt payment (s1.300 .000),
Gal,atin had left from his yearly reve-
rue 81, CSC, coo for the entire annual ex-
penses of the government He allowed
$3.50, 900 for the support of the army nnd
s670.000 for the navy. leaving about
81 600. COO for the entire civil list. Such
were Jeffersonian retrenchrnent and
economy in the days of jefferson. In
less than eleven years time, while lex
ting tine internal taxes go, and paying.
unexp eatedly. the full purchase money
of s15, coo. 600 for Louisiana sum equal
to one-fifth of our then existing debt
Ga1latin reduced the public debt from
sse.0oO,0 coo to s45.O0o.O0o.
r. Diplomat and Ambassador.
In 1873 Gallatin became one of our
five commissioners to negotiate treaty
of aeace with Great Britain His col
leagues We're John Quincy Adams, Clay.
Bayard and Russell. Gallatin was GER
tainly the equal of any of his colleag
ueS, and match for the best of his
opponents At Client he showed well
his self-control, sagacity. penetration,
his skill in diplomacy and his knowl-
edge of European politics. ITO Gala.
tin," says Mr. Stevens. the study of
history was a passion. He knew the
purpose. the tenor and the result of
every treaty made for centuries be-