SENATE.] Public Expenditures. [JAN. 10, 1832. positive assertions of gentlemen for whom I entertain great souri [Mr. BENTON] had been under some misapprehenrespect. When the Senate adjourned on that day, I re-sion. The Senate are aware of the effect which such an marked to a Senator that I thought those gentlemen had assertion, coming from such high authority, must have committed a great error. He replied that he thought upon the public mind. It certainly had its effect, even their statements correct. This induced me to reflect on upon this enlightened body. I mentioned to an honorathe subject, and to see whether I could not ascertain the ble Senator a few days since, that the average ordinary truth or fallacy of the assertion. I found that the Senator expenditure of the Government for the last nine years [Mr. BENTON] had taken his seat in the Senate at the ses-did not exceed the sum of twelve and a half millions. But, sion of 1821-22; of course the expenditures for the year said the Senator, the expenditures have greatly increased 1822 were those which he asserted had been nearly during that period. I told him I thought they had not; doubled since he came into the Senate. I saw how I and I now proceed to prove, that, with the exception of could obtain the desired information. I caused a state- four years, viz. 1821, 1822, 1823, and 1824, the exment to be made from the annual reports of the Secretary penditures of the Government have not increased. I shall of the Treasury, from the year 1822 to 1830, both years endeavor to show the causes of the reduction of expenses inclusive. In order to avoid any error in this statement, during those years, and that they afford no criteria by I sent it to the treasury for the purpose of being minutely which to judge of the necessary expenses of Government, examined. It has been returned to me as perfectly cor- and that they are exceptions to the general rate of exrect; and I was referred to the book called "Receipts and penditures, arising from particular causes. But even they Expenditures for the year 1830," lately delivered to each exhibit an expenditure far above the one-half of the preSenator, for a full view of the expenses for a series of sent annual ordinary expenses. years, and I found a perfect accordance with the state- In the year 1822, which was the period when the Senament I had prepared. So that the exposé which I pro-tor from Missouri [Mr. BENTON] took his seat in the pose to give, is, I may truly say, founded on facts, leaving Senate, the ordinary expenses of the Government amountnothing vague or derived from conjecture. The book to ed to the sum of $9,827,643. The expenses of the year which I have alluded, I immediately sent to the Baltimore 1823 amounted to $9,784,154. I proceed, Mr. President, library without inspecting it. I had no idea of looking in to show the cause which thus reduced the ordinary exit for the detailed statement of our expenditures. Every penses during these years. I speak in the presence of Senator has the book, and can, at his leisure, compare it gentlemen, some of whom were then in the House of Rewith the view which I propose to give; in which I flatter presentatives, and will correct me if my recollection myself I shall be able to show that the Senators from should lead me into error. During the session of the Missouri and South Carolina have been mistaken; that the year 1819-'20 the President asked a loan, I think, of five expenses have not nearly doubled, nor increased-in fact, millions, to defray the expenses of the Government, if the expenditure in one year exceed thirteen millions, which he had deemed necessary, and for which estimates the next year falls below that amount; and that the average had, as usual, been laid before Congress. A loan of three expenditure of the last nine years, say 1822 to 1830, both millions only was granted; and, in the next session, another inclusive, amounts only to the sum of twelve million three loan of, I think, seven millions was asked, in order to hundred and seventy thousand four hundred and thirty-enable the Executive to meet the amount of expenses one dollars. estimated for, as necessary for the year 1821. A loan of A superficial reader, Mr. President, when he looks at five millions was granted, and in the succeeding year the public expenditures, most generally will look at the another loan of five hundred thousand dollars was asked, sum total of each year, and will conclude that the ex- and refused. Congress were dissatisfied that loans should penses have been higher or lower than usual. He has no be required in time of profound peace, to meet the comparticular object in view, and will not give himself the mon expenses of the nation, and they refused to grant the trouble to investigate the causes which create the large or amount asked for in the estimates, although this amount small expenditures of any one year. Thus, he may look at would have been granted if there had been money in the the expenses of 1817, and will find the total amount to treasury to meet them, without resorting to loans. The have been the enormous sum of $40,877,646. He then Committee of Ways and Means (and it was supported by turns to the year 1818, and finds the total expenditures of the House) lessened some of the items estimated for, and that year to amount to the sum of $35,104,875. He takes refused others. No item, except such as was indispensathe year 1819, and finds the expenses only $24,004,199, and bly necessary, was granted. By the adoption of this concludes in his own mind that the Congress of 1817 and course, the expenditures were reduced, in 1821, to 1818 must have been extravagant in their appropriations $10,723,479, and to the sums already mentioned for the of the public money, and the Executive no better. When, two years, 1822 and 1823, and the current expenses of if he had investigated the subject fully, he would have 1824, $10,330,144. The consequence was, that the treafound that there had been paid in 1817, towards the sury was restored to a sound state, so that Congress was extinguishment of the public debt, the unusual sum of enabled, in the year 1825, to appropriate the full amount $25,423,336, thus reducing the ordinary expenses of the of the estimate. The expenditures of 1824 amounted to Government to the sum of $15,454,609; that, in the year $15,330,144. This large expenditure is to be attributed 1818, there had been paid towards the redemption of the to the payment made to Spain in that year, of $5,000,000 public debt the sum of $21,296,001, thus making the or- for the purchase of Florida. I entertained doubts whether dinary expenditures of the Government amount to the I ought to include this sum in the expenditures, but, on sum of $13,908,673. The expenditure, independently full consideration, I deemed it proper to include it. It of the payment on account of the debt, amounted to may be said that it was an extraordinary payment, and $16,300,273 in the year 1819. This increase arose from such as could not again occur. So is the payment on acvarious causes not necessary to detail. There was paid count of awards under the treaty of Ghent, in 1827 and towards the public debt in the year 1819 the sum of 1828, amounting to $1,188,716. Of the same character, $7,703,926 only. This diminution of payment is attribu- too, are the payments made for the purchase of lands table to the fact that there was little of the principal of from the Indians; for the removal of the Indians; for paythe public debt then payable. I will now come, Mr. President, to my principal object. It is the assertion, that, since the year 1821, the expenses of the Government had nearly doubled;" and I trust I shall be able to show that the Senator from Mis ments to the several States for moneys advanced during the late war; and a variety of other extraordinary charges on the treasury. The payment on account of the purchase of Florida happened in the last seven years; and if this sum were deducted from the expenditures of 1824, JAN. 10, 1832.] Public Expenditures. [SENATE. it would exhibit a great reduction in the expenses of the annual average expenditure of the first seven years last seven years, when contrasted with those of the seven amounts to $12,733,337, and of the last seven years to years between 1817 and 1823, both years inclusive. The the sum of $13,103,154-presenting an inconsiderable comparison of average expenses between the first seven increase, which is entirely attributable to the fact that reyears, contrasted with the last seven years, would then ductions had been made in the years 1821, 1822, 1823, amount to $12,733,337 for the first period, and $12,388,868 and 1824, on account of a scanty treasury, which reducfor the latter period; which would show an actual average tions, in the ordinary expenses of the Government, had decrease of $344,469 between these periods. This decrease could be rendered much greater, if the other extraordinary expenditures to which I have referred were also deducted in the comparison. The subsequent years being years when no deductions were made from the estimates, it will be seen to vary alternately. In the year 1825, the expenses were 1826, 1827, 1828, 1829, 1830, $11,490,450 13,062,316 It may be proper for me to show that the average expenditures of the Government for these nine years, say from 1822 to 1830, both inclusive, amount only to the sum of $12,370,431. A considerable part of these expenditures has arisen from extraordinary charges on the treasury, such as, for the removal of the Indians; the purchase of their lands; the payment of the States for the advances made by them during the late war; for property destroyed by the enemy; and for payment of awards under the first article of the treaty of Ghent, amounting to $1,188,716. A navy has been created, and our national flag floats proudly on every sea. Immense fortifications have been erected. Arsenals have been built in different parts of the Union, and filled with small arms and the munitions of war. The only wonder is, that so much has been done, with such limited expenditures. had a tendency to cause an increase of expenditures in the succeeding years. These reductions were not savings; they were a mere temporary diminution of necessary expenditures. The majority of the objects thus reduced, or altogether refused, were, in the subsequent years, pro vided for. It is perfectly fair, Mr. President, to compare a series of years with an equal number of years; but it is neither fair nor just to select one year, and to compare it with another. I speak with reference to the annual ordinary expenditures. Would it be fair towards the late President Monroe, to compare the expenses of the last year of his administration, amounting to $15,330,144, with the first year of Mr. Adams's administration, which amounted only to 11,490,549 dollars? Would it be proper to compare the expenditures of the last year of Mr. Adams's administration, which amounted to $13,296,041, with the first year of President Jackson's administration, which was $12,660,490? Certainly not. To do so, would be committing an act of political injustice, and yet I have seen this done. But, if you compare the last year of Mr. Adams's administration with the second year of President Jackson's, ($12,229,533,) little difference in the expenses will be found to exist. I have, Mr. President, shown to my own satisfaction, and, I trust, to that of the Senate, that the expenses of the Government have not only not nearly doubled since the year 1821—(unless it can be demonstrated that 13,296,041 dollars, being the expenditures in 1828, be nearly double I think I have shown, Mr. President, "that the ex- the sum of $9,827,643, the amount of expenditures of penditures of the Government have not nearly doubled 1822)--have not increased, and, on the contrary, have since the year 1821;" nor do I think that there has been actually decreased. I have taken for the investigation of any increase. If there had been any, the fault would the subject the eight years of the late President Monroe's rest with Congress. administration, the four years of the administration of It has been said, Mr. President, "that the expenses of Mr. Adams, and the two years of President Jackson's the Government increase annually, and go on increasing." administration, to which the accounts are made up at the With a view of testing this assertion, and also of elucidat-treasury; and in this investigation and comparison I have ing the subject, I trust I shall be permitted to institute a carefully avoided every thing of a party complexion. few comparisons. The first will be between the expendi- Having been a member of, and for several years chairman tures of the four years, 1817, 1818, 1819, and 1820, with of the Committee of Ways and Means in the House of those of the four years, 1827, 1828, 1829, and 1830. I Representatives, and having also been chairman of the find, on examination, that the average expenses of the Committee on Finance in the Senate, I consider it an imfirst four years amount to the sum of $14,699,521, and of plied reflection on those committees that they had seen the last four years to the sum of $12,959,790, showing a with indifference the expenses of the Government annudecrease in the public expenditures exceeding a million ally increasing, and actually nearly doubling in nine years. and a half of dollars; thus amply contradicting the asser-I have therefore deemed it incumbent upon me, in partition, that the public expenditures "go on increasing." cular, to make the necessary investigation of this subject, The second comparison I shall make will be between the and to present to the Senate the extensive view I have four years, 1823, 1824, 1825, and 1826, with those of submitted in relation to a matter which has so frequently 1827, 1828, 1829, and 1830. I find that the average been misrepresented, and which I trust will be considered expense of the first four years amounts to the sum of a sufficient apology for having occupied so much of the $12,416,768, and the last four years to $12,959,790, show-time of the Senate. ing an average increase of $543,022, or an annual average increase of $135,755, inconsiderable in amount, and arising from the reduced expenditures in the year 1823, the cause for which has been already stated, and to the payment in 1830 of the Massachusetts militia claim of four hundred and thirty thousand dollars. Were it not for the payment of this latter claim in 1830, the comparison would Years. have shown a different result. The true test is to be 1817 found in comparing the expenditures of the Government 1818 in those years when Congress were not restricted in the expenditures by reason of a scanty treasury. EXHIBIT, showing the expenditures of the Government of the United States, exclusive of the payments on account of the public debt, from the year 1817 to 1830, both inclusive. 1819 Expenditures. Years. $15,454,609 92 1824 13,908,673 78 16,300,273 44 Expenditures. $15,330,144 31 1825 11,490,459 84 1826 13,062,316 27 12,653,095 65 1828 13,296,041 45 1829 12,660,490 62 1830 13,229,533 33 The next comparison I offer, will be the expenditures 1821 of the seven years from 1817 to 1823, both years inclusive, 1822 with those of the seven subsequent years, beginning with 1823 the year 1824 to 1830, both inclusive, and I find that the SENATE.] Public Expenditures. [JAN. 10, 1832. Mr. BENTON rose in reply to the Senator from Mary- the expense of working the machinery of the Government land. Mr. B. said that a remark of his, in a former at the period which I had in my eye. But the pensions debate, seemed to have been the occasion of the elaborate have not yet totally ceased; they are much diminished The financial statements which the Senator from Maryland had since 1822, 1823, and in a few years must cease. just gone through. Mr. B. said he had made the remark revolutionary pensioners must now average seventy years in debate; it was a general one, and not to be treated as of age; their stipends will soon cease. I hold myself well an account stated by an accounting officer. His remark justified, then, in saying, as I did, that the expenditures of was, that the public expenditure had nearly doubled since the Government have nearly doubled in my time. The he had been a member of the Senate. Neither the words remark had no reference to administrations. There was used, nor the mode of the expression, implied the accuracy nothing comparative in it; nothing intended to put up, or of an account; it was a remark to signify a great and put down, any body. The burdens of the people is the inordinate increase in a comparatively short time. He had only thing I wish to put down. My service in the Senate not come to the Senate this day with the least expectation has extended under three administrations, and my periods of being called to justify that remark, or to hear a long of calculation extend to all three. My opinion now is, arraignment of it argued; but he was ready at all times that the machinery of this Government, after the payment to justify, and he would quickly do it. Mr. B. said that of the public debt, should be worked for ten millions or when he made the remark, he had no statement of ac-less, and two millions more for extraordinaries; in all counts in his eye, but he had two great and broad facts twelve millions; but this is a point for future discussion. before him, which all the figures and calculations upon My present object is to show a great increase in a short earth, and all the compound and comparative statements time; and to show that, not to affect individuals, but to of arithmeticians, could not shake or alter, which were-show the necessity of practising what we all profess-first, that since he came into the Senate the machinery of economy. I am against keeping up a revenue, after the this Government was worked for between eight and nine debt and pensions are paid, as large, or nearly as large, as millions of dollars; and, secondly, the actual payments the expenditure was in 1822, 1823, with these items infor the last year, in the President's message, were about cluded. I am for throwing down my load, when I get to fourteen millions and three-quarters. The sum estimated the end of my journey. I am for throwing off the burden for the future expenditures, by the Secretary of the of the debt, when I get to the end of the debt. The Treasury, was thirteen and a half millions; but fifteen burden of the debt is the taxes levied on account of it. I millions were recommended by him to be levied to meet am for abolishing these taxes; and this is the great quesincreased expenditures. Mr. B. said these were two great tion upon which parties now go to trial before the Amerifacts which he had in his eye, and which he would justify. He would produce no proofs as to the second of his facts, because the President's message and the Secretary's report were so recently sent in, and so universally reprinted, that every person could recollect, or turn to their contents, and verify his statement upon their own examination or recollection. He would verify his first statement only by proofs, and for that purpose would refer to the detailed statements of the public expenditures, compiled by Van Zandt and Watterston, and for which he had just sent to Mr. HAYNE said that he had been called upon unexthe room of the Secretary of the Senate. Mr. B. would pectedly to answer for his remarks made a few days ago on take the years 1822-23; for he was not simple enough to another bill. If he had been aware of the intention of the take the years before the reduction of the army, when he gentleman from Maryland, he should have taken the pains was looking for the lowest expenditure. Four thousand to be prepared with statements to make out the correctmen were disbanded, and had remained disbanded ever ness of the assertion alluded to. He said it must be recolsince; they were disbanded since he came into the Senate; lected that it was not his assertion that the " he would therefore date from that reduction. This would were nearly doubled." That had been the assertion of bring him to the years 1822-23, when you, sir, (the Vice the gentleman from Missouri; and it had struck him so President,) was Secretary of War. What was the whole forcibly, that he had merely adverted to the language of expenditure of the Government for each of those years? that gentleman in his subsequent remarks, and added, that the expenditures of the Government had been annually increasing ever since he had been in the Senate. For this additional assertion, and for that alone, he stood responsible; and if he was mistaken in that remark, he was never These two sums include every head of expenditure- so much mistaken in any point in the whole course of his they include public debt, revolutionary and invalid pen- life. He was still confident of its correctness; and he trustsions; three heads of temporary expenditure. The payed that, before this matter was done, with, he should be ments on account of the public debt in those two years, It stood thus: were- 1822, 1823, In 1822, $17,676,592 63 $7,848,919 12 can people. One word more, and I am done for the present. The Senator from Maryland, to make up a goodly average for 1822 and 1823, adds the expenditure of 1824, which includes, besides sixteen millions and a half for the public debt, and a million and a half for pensions, the sum of five millions for the purchase of Florida. Sir, he must deduct twenty-two millions from that computation; and that deduction will bring his average for those years to agree very closely with my statement. expenses able to satisfy the Senate and the country that it was not him, but the chairman of the Committee on Finance, who was mistaken. He did not intend to do this, however, by any comparison of a series of years and general averages, Deduct these two sums from the total expenditure of as that gentleman had done, but he should submit a resothe years to which they refer, and you will have— For 1822, 1823, $9,727,673 41 9,784,155 59 lution to the Senate, calling for the necessary information in relation to the expenditures during the time mentioned, from the proper officer of the department; and if the result of that statement did not make out his assertion to be correct, he would acknowledge his error, and abide by that decision; and he expected the gentleman from MaryAggregate. land would do the same. Mr. H. said that if the event $1,947,199 40 should show him in an error, it was that gentleman's fault, 1,730,588 52 for he had led him into the error, if an error it was, which, years to which however, he did not believe. He had led him to believe $8,000,000 as that there was an increased expenditure, by his repeated JAN. 11, 1832.] The Ordnance Bill.--The Tariff. [SENATE. attempts to justify the fact, by urging the necessity of an from the lakes to the Gulf, from the Atlantic to the Misincrease to keep pace with the times. Sir, said Mr. H., sissippi: and besides this quantity on hand, about one can I forget that it had been publicly stated that, in the million of dollars was annually expended either to increase two first years of the present administration, the expendi-it, or to supply the current use and consumption. An tares of the Government on internal improvements were establishment having so much property in charge, requirgreater than during the whole four years of the late ad-ed an organization, and this was what the bill proposed. ministration? Can I forget the fact I have never seen The first section provided for the enlistment of two hundenied by the friends of the present administration, though dred and fifty men for the ordnance service; they would repeatedly rung in their cars? But, on the contrary, they supply the place of about that number of laborers now have uniformly maintained that this increase was occa- hired to do the business of soldiers. This single fact would sioned by appropriations under the previous administra- [show that the department was without organization. The tion. Can I forget that the gentleman from Maryland has second section provided for the appointment of a veteran told the Senate that it was the intention of the Committee sergeant, to take care of the ordnance stores at each post. on Finance to reduce the revenue to fifteen millions after Such an appointment was necessary, and would stand in the extinction of the public debt, because that sum would the place of the conductors of artillery, formerly allowed probably be wanted to meet the demands of the Govern- for the same purpose, but dropped, he believed, from inment. Where, said Mr. H., shall we find the boasted advertence, in the repeal of different laws. Another secdiminution of the expenses of this Government? Shall we tion provided for the repeal of existing laws which would find it in the civil list, or diplomatic intercourse? Shall clash with the present bill if passed into a law. The conwe find it in the army, the navy, or in any department of the cluding section provided for additional officers, and reguGovernment? On the contrary, has it been our constant lated their pay. Mr. B. said the present number of policy to create new offices, and enlarge the salaries of officers was entirely too few, besides being officers dethose already existing? tached from the line of the army, and not trained to ordnance duties. But, said Mr. H., we will have this matter determined by an appeal to facts which cannot deceive us, which the proposed resolution will elicit. These were the brief reasons for preferring the bill, which was not a new measure, but had been before both How can the gentleman suppose that I should imagine Houses of Congress, and favorably reported by their comthe expenditures were not increased, in the face of all mittees for several years. The expense was the next item. those facts which the gentleman himself has admitted? On this head, he said, the enlisted men would be no addiHave I not, said Mr. H., risen in my place, repeatedly, tional expense, but rather an economy, as hired men were to oppose the various new appropriations which have been now employed. The sergeants put on ordnance duty called for, and received for answer that the increased would be but a trifle; and would be some reward to a wants of our growing country required them? If mis- veteran, and stimulate him to act so as to deserve it. The taken, therefore, the fault lies upon those who, having only additional expense was in the officering the corps, our finances in charge, could long since have corrected and that would add about $12,000 of additional expense. the supposed error. He was persuaded, however, there Mr. B. submitted that this was nothing when the question was no error--there could be none. Indeed, he under-was to provide for the preservation and due accountability stood the gentleman himself to show an average increase of twelve millions of dollars worth of public property, and of the expenditures. And how could it be otherwise? to secure the most skilful and efficient application of a The gentleman from Missouri, in referring back to the million per annum to the manufacture of arms, and the documents this morning, states the average expenditures, acquisition of munitions of war. Mr. B. then said that he for some years back, at nine millions; the Senator from had made this brief statement to apprise the Senate of the Maryland gives the average of the few last years at nature of the bill; and he would now comply with the twelve millions; and that Senator himself, only a few days request made of him by one of the Senators from Pennsylago, set down the future average at fifteen millions. And vania, [Mr. WILKINS,] and let the bill lie over a day or yet we are gravely told our expenses are not increasing. two for consideration. When it was called up again, it At the conclusion of the preceding debate, would afford him pleasure to answer any questions which Mr. FORSYTH rose, and stated why he (having object-Senators might put. ed to the bill yesterday for want of certain information) Mr. WILKINS expressed his desire to have a little time should now vote for it, as he had obtained the information to look into the bill, and it was laid on the table, to be which he desired on the subject, (and which he recapitu- taken up in a day or two. lated to the Senate,) and was satisfied of the expediency of the bill. THE ORDNANCE BILL. The bill providing for the better organization of the ordnance corps was next taken up. [The bill was taken up subsequently, and passed.] WEDNESDAY, JANUARY 11. The resolutions submitted yesterday by Mr. Benton, were taken up and agreed to. THE TARIFF. Mr. BENTON, as chairman of the Military Committee, rose to explain it. He first asked for the reading of a let- The following resolution, submitted by Mr. CLAY ON ter from the Secretary of War, to whom the bill had been Monday last, being the special order of the day, was taken referred by the committee for his remarks and sugges-up for consideration: tions. [The letter was read by the Secretary of the Se- Resolved, That the existing duties upon articles importnate, and expressed a favorable opinion of the bill.] Mr. ed from foreign countries, and not coming in competition B. then proceeded with his explanations. He said the title of the bill was to organize the Ordnance Department; and the title was right. The Ordnance Department had no organization; it had grown up by piecemeal from small beginnings to a great and important branch of the military establishment, and needed an organization suited to its The resolution having been read, Mr. CLAY rose, and present magnitude. Senators could judge of this magni- addressed the Senate as follows: I have a few observatude, when he told them that the arms and munitions of tions, Mr. President, and only a few, to submit to the Sewar in the care of this department were now worth twelve nate, on the measure now before you; in doing which I millions of dollars, and were distributed all over the Union, have to ask all your indulgence. I am getting old; I feel with similar articles made or produced within the United States, ought to be forthwith abolished, except the duties upon wines and silks, and that those ought to be reduced; and that the Committee on Finance be instructed to report a bill accordingly. VOL. VIIL-5 SENATE.] The Tariff. [JAN. 11, 1832. but too sensibly, and unaffectedly, the effects of approach- the commencement of Mr. Monroe's administration. Duing age; and I have been, for some years, very little in ring its continuance of eight years, owing to the embarthe habit of addressing deliberative assemblies. I am told I rassments of the treasury, the ten millions were not have been the cause--the most unwilling cause, if I have regularly applied to the payment of the debt; and, upon been, of exciting expectations, the evidence of which is the termination of that administration, the treasury stood around us. I regret it; for however the subject on which largely in arrear to the sinking fund. During the subseI am to speak, in other hands might be treated to gratify quent administration of four years, not only was the ten or to reward the presence and attention now given, in millions faithfully applied during each year, but those mine I have nothing but a plain, unvarnished, and unam- arrears were brought up, and all previous deficiencies bitious exposition to make. made good. So that, when the present administration It forms no part of my present purpose, said Mr. C., to began, a plain, unincumbered, and well-defined path lay enter into a consideration of the established policy of pro- directly before it. Under the measures which have been tection. Strong in the convictions, and deeply seated in devised, in the short term of fifteen years, the Governthe affections, of a large majority of the people of the ment has paid nearly one hundred millions of principal, United States, it stands self-vindicated, in the general and about an equal sum of interest; leaving the small remprosperity, in the rich fruits which it has scattered over nant behind of twenty-four millions. the land, in the experience of all prosperous and power- Of that remnant, thirteen millions consist of the three ful nations, present and past, and now in that of our own. per cent. stock created by the act of 1790, which the Nor do I think it necessary to discuss that policy on this Government does not stand bound to redeem at any preresolution. Other gentlemen may think differently, and scribed time, but which it may discharge whenever it suits may choose to argue and assail it. If they do, I have no its own convenience; and when it is discharged, it must doubt that, in all parts of the Senate, members more com- be done by the payment of dollar for dollar. I cannot petent than I am, will be ready to defend and support it. think, and, I should suppose, Congress can hardly beMy object now is to limit myself to a presentation of cer- lieve, with the Secretary of the Treasury, that it would tain views and principles connected with the present be wise to pay off a stock of thirteen millions, entitling financial condition of the country. its holders to but three per cent. with a capital of thirA consideration of the state of the public revenue has teen millions, worth an interest of six per cent.-in other become necessary, in consequence of the near approach words, to take from the pockets of the people two dollars of the entire extinction of the public debt; and I concur to pay one in the hands of the stockholder. with you, sir, in believing that no season could be more The moral value of the payment of a national debt conappropriate than the present session of Congress to en- sists in the demonstration which it affords of the ability of deavor to make a satisfactory adjustment of the tariff. a country to meet, and its integrity in fulfilling, all its The public debt chiefly arose out of the late war, justly engagements. That the resources of this country, indenominated the second contest for national indepen-creasing as it constantly is in population and wealth, are dence. An act, commonly called the sinking fund act, abundantly sufficient to meet any debt which it may ever was passed by Congress near fifteen years ago, providing prudently contract, cannot be doubted. And its punctufor its reimbursement. That act was prepared and pro-ality and probity, from the period of the assumption, in posed by a friend of yours and mine, whose premature 1790, of the debt of the revolution, down to the present death was not a loss merely to his native State, of which time, rest upon a solid and incontestable foundation. The he was one of its brightest ornaments, but to the whole danger, perhaps, is, not that it will not fairly meet its ennation. No man, with whom I ever had the honor to be gagements, but that, from an inordinate avidity, arising associated in the legislative councils, combined more ex- from temporary causes, it may bring discredit upon itself tensive and useful information, with more firmness of by improvident arrangements, which no prudent man, in judgment and blandness of manner, than did the lamented the management of his private affairs, would ever think of Mr. Lowndes. And when, in the prime of life, by the adopting. dispensation of an all-wise Providence, he was taken from Of the residue of that twenty-four millions of debt, after us, his country had reason to anticipate the greatest bene-deducting the thirteen millions of three per cent., less fits from his wisdom and discretion. By that act, an an-than two millions are due, and, of right, payable within nual appropriation of ten millions of dollars was made the present year. If to that sum be added the moiety towards the payment of the principal and interest of the which becomes due on the 31st of December next, of the public debt; and also any excess which might yearly be in four million four hundred and fifty-four thousand seven the treasury, beyond two millions of dollars, which it was hundred and twenty-seven dollars, created by the act of thought prudent to reserve for unforeseen exigencies. 26th May, 1824, we have but a sum of about four millions But this system of regular and periodical application which the public creditor can lawfully demand, or which of public revenue to the payment of the public debt, the Government is bound to pay, in the course of this year. would have been unavailing, if Congress had neglected to If more is paid, it can only be done by anticipating the provide the necessary ways and means. Congress did periods of its payment, and going into the public market not, however, neglect the performance of that duty. By to purchase the stock. Can it be doubted that, if you do various acts, and more especially by the tariff of 1824-so, the vigilant holder of the stock, taking advantage of the abused tariff of 1824-the public coffers were amply your anxiety, will demand a greater price than its value? replenished, and we have been enabled to reach our pre- Already we perceive that the three per cents. have risen sent proud eminence of financial prosperity. After Con- to the extraordinary height of ninety-six per cent. The gress had thus abundantly provided funds, and directed difference between a payment of the inconsiderable portheir systematical application, the duty remained to be tion remaining of the public debt, in one, two, or three performed by the Executive was one simply ministerial. years, is certainly not so important as to justify a resort to And no Executive and no administration can justly claim highly disadvantageous terms. for itself any other merit in the discharge of the public Whoever may be entitled to the credit of the payment debt, than that of a faithful execution of the laws-no of the public debt, I congratulate you, sir, and the counother merit than that similar one to which it is entitled for directing a regular payment of what is due, from time to time, to the army and navy, or to the officers of the civil Government, for their salaries. The operation of the sinking fund act commenced with try, most cordially, that it is so near at hand. It is so near being totally extinguished, that we may now safely inquire whether, without prejudice to any established policy, we may not relieve the consumption of the country, by the repeal or reduction of duties, and curtail, consi |