[THE following resolution, previously offered by Mr. Clay, was
taken up for consideration:
‘Resolved, that the existing duties upon articles imported from
foreign countries, and not coming into competition 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.’
To meet the approaching crisis of the extinguishment of the
national debt, and to endeavor to allay the hostility to a
protective tariff, then existing in the southern states, Mr.
Clay offered the above proposition, which he supported in the
following speech. The discussion of the subject, in the senate,
led to a debate which was not terminated until late in the month
of March, when the resolution was referred to the committee on
manufactures. Mr. Clay having given his views in part in this
opening of the debate, followed it up in February by a more
elaborate speech in defence of the American system (as will
be seen by the one which we have given under that head). The
resolution having been read, Mr. Clay rose and addressed the
senate as follows.]
I HAVE a few observations, Mr. President, and only a few, to submit
to the senate, on the measure now before you, in doing which I have to
ask all your indulgence. I am getting old; I feel but too sensibly and
unaffectedly the effects of approaching age, and I have been for some
years very little in the habit of addressing deliberative assemblies.
I am told that I have been the cause――the most unwilling cause, if I
have been――of exciting expectations, the evidence of which is around
us. I regret it; for, however the subject on which I am to speak, in
other hands, might be treated, to gratify or to reward the presence and
attention now given in mine, I have nothing but a plain, unvarnished,
and unambitious exposition to make.
It forms no part of my present purpose to enter into a consideration of
the _established policy of protection_. Strong in the convictions and
deeply seated in the affections of a large majority of the people of
the United States, it stands self-vindicated in the general prosperity,
in the rich fruits which it has scattered over the land, in the
experience of all prosperous and powerful nations, present and past,
and now in that of our own. Nor do I think it necessary to discuss that
policy on this resolution. Other gentlemen may think differently, and
may choose to argue and assail it. If they do, I have no doubt that
in all parts of the senate, members more competent than I am, will be
ready to support and defend it. My object now is to limit myself to a
presentation of certain views and principles connected with the present
financial condition of the country.
A consideration of the state of the public revenue has become necessary
in consequence of the near approach of the entire extinction of the
public debt; and I concur with you, sir, in believing that no season
could be more appropriate than the present session of congress, to
endeavor to make a satisfactory adjustment of the tariff. The public
debt chiefly arose out of the late war, justly denominated the second
contest for national independence. An act, commonly called the sinking
fund act, was passed by congress nearly fifteen years ago, providing
for its reimbursement. That act was prepared by a friend of yours and
mine, and proposed by him, whose premature death was not a loss merely
to his native state, of which he was one of its brightest ornaments,
but to the whole nation. No man with whom I ever had the honor to be
associated in the legislative councils, combined more extensive and
useful information, with more firmness of judgment, and blandness of
manner, than did the lamented Mr. Lowndes. And when in the prime of
life, by the dispensation of an all-wise Providence, he was taken from
us, his country had reason to anticipate the greatest benefits from his
wisdom and discretion. By that act an annual appropriation was made,
of ten millions of dollars, towards the payment of the principal and
interest of the public debt, and also any excess which might yearly be
in the treasury, beyond two millions of dollars, which it was thought
prudent to reserve for unforeseen exigences.
But this system of regular and periodical application of public
revenue to the payment of the public debt, would have been unavailing
if congress had neglected to provide the necessary ways and means.
Congress did not, however, neglect the performance of that duty. By
various acts, and more especially by the tariff of 1824――the abused
tariff of 1824――the public coffers were amply replenished, and we
have been enabled to reach our present proud eminence of financial
prosperity. After congress had thus abundantly provided funds, and
directed their systematical application, the duty remaining to be
performed by the executive was one simply ministerial. And no executive,
and no administration, can justly claim for itself any other merit in
the discharge of the public debt, than that of a faithful execution of
the laws; no other 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 the commencement
of Mr. Monroe’s administration. During its continuance, of eight years,
in consequence of the embarrassments of the treasury, the ten millions
were not regularly applied to the payment of the debt, and upon the
termination of that administration the treasury stood largely in arrear
to the sinking fund. During the subsequent administration of four years,
not only were the ten millions faithfully applied during each year, but
those arrears were brought up, and all previous deficiencies made good.
So that, when the present administration began, a plain, unincumbered,
and well-defined path lay directly before it. Under the measures which
have been devised in the short term of fifteen years, the government
has paid nearly one hundred millions of principal, and about an equal
sum of interest, leaving the small remnant behind, of twenty-four
millions. Of that amount, thirteen millions consist of three per cent.
stock, created by the act of 1790, which the government does not stand
bound to redeem at any prescribed time, but which it may discharge
whenever it may suit its own convenience, and when it is discharged
it must be done by the payment of dollar for dollar. I cannot think,
and I should suppose congress can hardly believe with the secretary
of the treasury, that it would be wise to pay off a stock of thirteen
millions, entitling its holders to but three per cent., with a capital
of thirteen millions, worth an interest of six per cent. In other words,
to take from the pockets of the people two dollars, to pay one in the
hands of the stockholder.
The moral value of the payment of a national debt consists in
the demonstration which it affords of the ability of a country to
meet, and its integrity in fulfilling, all its engagements. That
the resources of this country, increasing, as it constantly is, in
population and wealth, are abundantly sufficient to meet any debt,
which it may ever prudently contract, cannot be doubted. And its
punctuality and probity, from the period of the assumption, in 1790, of
the debt of the revolution, down to the present time, rest upon a solid
and incontestable foundation. The danger is not, perhaps, that it will
not fairly meet its engagements, but that, from an inordinate avidity,
arising from temporary causes, it may bring discredit upon itself by
improvident arrangement, which no prudent man, in the management of his
private affairs, would ever think of adopting.
Of the residue of that twenty-four millions of debt, after deducting
the thirteen millions of three per cent., less than two millions are
_due_, and of _right_ payable within the present year. If to that
sum be added the moiety which becomes due on the thirty-first of
December next, of the four million four hundred and fifty-four thousand
seven hundred and twenty-seven dollars, created by the act of the
twenty-sixth of May, 1824, we have but a sum of about four millions,
which the public creditor can lawfully demand, or which the government
is bound to pay in the course of this year. If more is paid, it can
only be done by anticipating the period of its payment, and going
into the public market to purchase the stock. Can it be doubted that,
if you do so, the vigilant holder of the stock, taking advantage of
your anxiety, will demand a greater price than its value? Already we
perceive, that the three per cent. have risen to the extraordinary
height of ninety-six per cent. The difference between a payment of the
inconsiderable portion remaining of the public debt in one, two, or
three years, is certainly not so important as to justify a resort to
highly disadvantageous terms.
Whoever may be entitled to the credit of the payment of the public
debt, I congratulate you, sir, and the country, most cordially, that
it is so near at hand. It is so nearly 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 considerably the public
revenue. In making this inquiry, the first question that presents
itself is, whether it is expedient to preserve the existing duties in
order to accumulate a _surplus_ in the treasury, for the purpose of
subsequent distribution among the several states. I think not. If the
collection for the purpose of such a surplus is to be made from the
pockets of one portion of the people, to be ultimately returned to
the same pockets, the process would be attended with the certain loss
arising from the charges of collection, and with the loss also of
interest while the money is performing the unnecessary circuit, and it
would therefore be unwise. If it is to be collected from one portion
of the people and given to another, it would be unjust. If it is to be
given to the states in their corporate capacity, to be used by them in
their public expenditure, I know of no principle in the constitution
that authorizes the federal government to become _such_ a collector for
the states, nor of any principle of safety or propriety which admits
of the states becoming such recipients of gratuity from the general
government.
The public revenue, then, should be regulated and adapted to the
proper service of the general government. It should be ample; for a
deficit in the public income, always to be deprecated, is sometimes
attended, as we know well from history and from what has happened
in our own time, with fatal consequences. In a country so rapidly
growing as this is, with such diversified interests, new wants and
unexpected calls upon the public treasury must frequently occur. Take
some examples from this session. The state of Virginia has presented
a claim for an amount but little short of a million, which she presses
with an earnestness demonstrating her conviction of its justice. The
state of South Carolina has also a claim for no inconsiderable sum,
being upwards of one hundred thousand dollars, which she urges with
equal earnestness. The gentleman from Pennsylvania (Mr. Wilkins) has
brought forward a claim arising out of French spoliations previous to
the convention of 1800, which is perhaps not short of five millions,
and to some extent I have no doubt it has a just foundation. In any
provision of public revenue, congress ought so to fix it as to admit
of the payment of honest and proper demands, which its justice cannot
reject or evade.
I hope, too, that either in the adjustment of the public revenue, or
what would be preferable, in the appropriation of the proceeds of the
public lands, effectual and permanent provision will be made for _such
internal improvements_ as may be sanctioned by congress. This is due to
the American people, and emphatically due to the _western people_. Sir,
temporary causes may exact a reluctant acquiescence from the people
of the west in the suspension of appropriations to objects of internal
improvement, but as certain as you preside in that chair, or as the
sun performs its diurnal revolution, they will not be satisfied with an
abandonment of the policy. They will come here and tell you, not in a
tone of menace or supplication, but in the language of conscious right,
that they must share with you in the benefits, as they divide with
you the burdens and the perils, of a common government. They will say
that they have no direct interest in the expenditures for the navy,
the fortifications, nor even the army, those greatest absorbents of the
public treasure. That they are not indifferent, indeed, to the safety
and prosperity of any part of our common country. On the contrary,
that every portion of the republic is indirectly, at least, interested
in the welfare of the whole, and that they ever sympathize in the
distresses and rejoice in the happiness of the most distant quarter of
the union. And to demonstrate that they are not careless or indifferent
to interests not directly their own, they may proudly and triumphantly
appeal to the gallant part which they bore in the late war, and point
to the bloody fields on which some of their most patriotic sons nobly
fell fighting in the common cause. But they will also say, that these
paternal and just sentiments ought to be reciprocated by their Atlantic
brethren. That these ought not to be indifferent to the welfare of the
west, and that they have the same collateral or indirect interest in
its success and advancement that the west has in theirs. That it does
not ask internal improvements to be confined exclusively to itself, but
that it may receive, in common with the rest of the union, a practical
benefit in the only form compatible with its interior condition.
The appropriation of the proceeds of the public lands, or a
considerable portion of them, to that object, would be a most natural
and suitable disposition. And I do hope, sir, that that great resource
will be cherished and dedicated to some national purpose, worthy of
the republic. Utterly opposed as I trust congress will show itself to
be, to all the mad and wild schemes――and to that latest, but maddest
and wildest of all, recommended by the secretary of the treasury――for
squandering the public domain, I hope it will be preserved for the
present generation and for posterity, as it has been received from our
ancestors, a rich and bountiful inheritance. In these halcyon days of
peace and plenty and an overflowing treasury, we appear to embarrass
ourselves in devising visionary schemes for casting away the bounties
with which the goodness of Providence has blessed us. But, sir,
the storm of war will come when we know not, the day of trial and
difficulty will assuredly come, and now is the time, by a prudent
forecast, to husband our resources, and this, the greatest of them
all. Let them not be hoarded and hugged with a miser’s embrace, but
liberally used. Let the public lands be administered in a generous
spirit; and especially towards the states within which they are
situated. Let the proceeds of the sales of the public lands be applied
in a season of peace to some great object and when war does come, by
suspending that application of them during its continuance, you will
be at once put in possession of means for its vigorous prosecution.
More than twenty-five years ago, when first I took a seat in this
body, I was told by the fathers of the government, that if we had any
thing perfect in our institutions, it was the system for disposing
of the public lands, and I was cautioned against rash innovations in
it. Subsequent experience fully satisfied me of the wisdom of their
counsels, and that all vital changes in it ought to be resisted.
Although it may be impracticable to say what the exact amount of the
public revenue should be for the future, and what would be the precise
produce of any given system of imports, we may safely assume that the
revenue may now be reduced, and considerably reduced. This reduction
may be effected in various ways and on different principles. Only three
modes shall now be noticed.
First, to reduce duties on all articles in the same ratio, without
regard to the principle of protection.
Second, to retain them on the unprotected articles, and augment them on
the protected articles. And,
Third, to abolish and reduce the duties on unprotected articles,
retaining and enforcing the faithful collection of those on the
protected articles.
To the first mode there are insuperable objections. It would lead
inevitably to the destruction of our home manufactures. It would
establish a sort of bed of Procrustes, by which the duties on all
articles should be blindly measured, without respect to their nature
or the extent of their consumption. And it would be derogatory to every
principle of theory or practice on which the government has hitherto
proceeded.
The second would be still more objectionable to the foes of the
tariff than either of the others. But it cannot be controverted,
that, by augmenting considerably the duties on the protected class,
so as to carry them to the point, or near to the confines, of absolute
prohibition, the object in view, of effecting the necessary reduction
of the public revenue, may be accomplished without touching the duties
on the unprotected class. The consequence of such an augmentation would
be, a great diminution in the importation of the foregoing article, and
of course in the duties upon it. But against entire prohibition, except
perhaps in a few instances, I have been always and still am opposed.
By leaving the door open to the foreign rival article, the benefit is
secured of a salutary competition. If it be hermetically closed, the
danger is incurred of monopoly.
The third mode is the most equitable and reasonable, and it presents
an undebatable ground, on which I had hoped we all could safely tread
without difficulty. It exacts no sacrifice of principle from the
opponent of the _American system_, it comprehends none on the part of
its friends. The measure before you embraces this mode. It is simple,
and free from all complexity. It divides the whole subject of imports
according to its nature. It settles at once what ought not to be
disputed, and leaves to be settled hereafter, if necessary, what may
be controverted.
A certain part of the south has hitherto complained, that it pays
a disproportionate amount of the imports. If the complaint be well
founded, by the adoption of this measure it will be relieved at once,
as will be hereafter shown, from at least a fourth of its burdens. The
measure is in conformity with the uniform practice of the government
from its commencement, and with the professions of all the eminent
politicians of the south until of late. It assumes the right of the
government, in the assessment of duties, to discriminate between those
articles which sound policy requires it to foster and those which it
need not encourage. This has been the invariable principle on which
the government has proceeded, from the act of congress of the fourth
of July, 1789, down to the present time. And has it not been admitted
by almost every prominent southern politician? Has it not even been
acknowledged by the fathers of the free-trade church, in their late
address promulgated from Philadelphia to the people of the United
States? If we never had a system of foreign imports, and were now
called upon for the first time to originate one, should we not
discriminate between the objects of our own industry and those produced
by foreigners? And is there any difference in its application between
the modification of an existing system and the origination of a new
one? If the gentlemen of the south, opposed to the tariff, were to
obtain complete possession of the powers of government, would they
hazard their exercise on any other principle? If it be said that
_some_ of the articles that would by this measure be liberated from
duties, are luxuries, the remark is equally true of some of the
articles remaining subject to duties. In the present advanced stage
of civilization and comfort, it is not easy to draw the line between
luxuries and necessaries. It will be difficult to make the people
believe that bohea tea is a luxury, and the article of fine broadcloth
is a necessary, of life.
In stating that the duties on the protected class ought to be retained,
it has been far from my wish to preclude inquiry into their adequacy or
propriety. If it can be shown that in any instance they are excessive
or disproportionately burdensome on any section of the union, for one
I am ready to vote for their reduction, or modification. The system
contemplates an _adequate_ protection; beyond that it is not necessary
to go. Short of that its operation will be injurious to all parties.
The people of this country, or a large majority of them, expect that
the system will be preserved. And its abandonment would produce general
surprise, spread desolation over the land, and occasion as great a
shock as a declaration of war forthwith against the most powerful
nation of Europe.
But if the system be preserved, it ought to be honestly, fairly, and
faithfully enforced. That there do exist the most scandalous violations
of it, and the grossest frauds upon the public revenue in regard to
some of the most important articles, cannot be doubted. As to iron,
objects really belonging to one denomination to which a higher duty
is attached, are imported under another name, to which a lower duty
is assigned, and thus the law is evaded. False invoices are made as to
woollens, and the classifications into minimums is constantly eluded.
The success of the American manufacture of cotton bagging has been
such that, by furnishing a better and cheaper article, the bagging of
Inverness and Dundee has been almost excluded from the consumption of
the states bordering on the Mississippi and its tributaries. There has
not yet been sufficient time to fabricate and transport the article in
necessary quantities from the western states to the southern Atlantic
states, which have therefore been almost exclusively supplied from
the Scottish manufactories. The payment of the duty is evaded by the
introduction of the foreign fabric, under the name of burlops, or some
other mercantile phrase, and instead of paying five cents the square
yard, it is entered with a duty of only fifteen per centum _ad valorem_.
That this practice prevails is demonstrated by the treasury report
of the duties accruing on cotton bagging for the years 1828, 1829–30.
During the first year the amount was one hundred thirty-seven thousand
five hundred and six dollars, the second, one hundred and six thousand
and sixty-eight dollars, and the third it sank down to fourteen
thousand one hundred and forty-one dollars.
The time has arrived when the inquiry ought to be seriously made,
whether it be not practicable to arrest this illegitimate course of
trade, and secure the faithful execution of the laws. No time could
be more suitable than that at which it is contemplated to make a great
reduction of the public revenue. Two radical changes have presented
themselves to my mind, and which I will now suggest for consideration
and investigation. On such a subject, I would, however, seek from
the mercantile community and practical men, all the light which they
are so capable of affording, and should be reluctant to act on my own
convictions, however strong.
The first is, to make a total change in the place of valuation. Now
the valuation is made in foreign countries. We fix the duties, and we
leave to foreigners to assess the value on articles paying _ad valorem_
duties. That is, we prescribe the rule and leave its execution to the
foreigner. This is an anomaly, I believe, peculiar to this country.
It is evident that the amount of duty payable on a given article,
subject to an _ad valorem_ duty, may be effected as much by the
fixation of the value, as by the specification of the duty. And, for
all practical purposes, it would be just as safe to retain to ourselves
the ascertainment of the value, and leave to the foreigner to prescribe
the duty, as it is to reserve to ourselves the right to declare the
duty and allow to him the privilege to assess the value.
The effect of this vicious condition of the law has been, to throw
almost the whole import trade of the country, as to some important
articles, into the hands of the foreigner. I have been informed that
seven eighths of the importation of woollens into the port of New
York, where more is received than in all the other ports of the United
States together, are in his hands. This has not proceeded from any want
of enterprise, intelligence, or capital, on the part of the American
merchant; for in these particulars he is surpassed by the merchant
of no country. It has resulted from his probity, his character, and
his respect to the laws and institutions of his country――a respect
which does not influence the foreigner. I am aware that it is made, by
law, the duty of the appraiser to ascertain the value of the goods in
certain cases. But what is his chief guide. It is the foreign invoice,
made by whom he knows not; certainly by no person responsible to our
laws. And if its fairness be contested, they will bring you cart-loads
of certificates and affidavits, from unknown persons, to verify its
exactness and the first cost of the article.
Now, sir, it seems to me that this is a state of things to which we
should promptly apply an efficient remedy; and no other appears to me
but that of taking into our own hands both parts of the operation――the
ascertainment of the value as well as the duty to be paid on the
goods. If it be said that we might have in different ports different
rules, the answer is, that there could be no diversity greater than
that to which we are liable, from the fact of the valuation being now
made in all the ports of foreign countries, from which we make our
importations. And that it is better to have the valuations made by
persons responsible to our own government, and regulated by one head,
than by unknown foreigners, standing under no responsibility whatever
to us. The other change to which I allude, is, to reduce the credits
allowed for the payment of duties, and to render them uniform. It would
be better, if not injurious to commerce, to abolish them altogether.
Now we have various periods of credit, graduated according to the
distance of the foreign port, and the nature of the trade. These
credits operate as so much capital, on which the foreign merchant can
sometimes make several adventures, before the day of payment arrives.
There is no reciprocal advantage afforded to the American merchant, I
believe, in any foreign port. As we shall probably abolish, or greatly
reduce the duties on all articles imported beyond the cape of Good Hope,
on which the longest credits are allowed, the moment would seem to be
propitious for restricting the other credits in such manner, that while
they afforded a reasonable facility to the merchant, they should not
supply the foreigner, at the instance of the public, with capital for
his mercantile operations. If the laws can be strictly enforced, and
some such alterations as have been suggested can be carried into effect,
it is quite probable that a satisfactory reduction may be made, on some
of the articles falling within the system of protection. And without
impairing its principle, other modes of relief may probably be devised
to some of those interests upon which it is suffered to press most
heavily.
There remains one view to present to the senate, in respect to the
amount of reduction of the revenue which will be produced by the
proposed measure, if adopted, and its influence upon the payment of the
public debt within the time suggested by the secretary of the treasury.
The estimate which I have made of that amount, is founded upon treasury
returns prior to the late reduction of duties on tea, coffee, and
cocoa. Supposing the duties on wines and silks to be reduced as low
as I think they may be, the total amount of revenue with which the
proposed measure will dispense, will be about seven millions of dollars.
The secretary of the treasury estimates the receipts of the present
year, from all sources, at thirty million one hundred thousand dollars;
and he supposes those of the next year will be of an equal amount.
He acknowledges that the past year has been one of extraordinary
commercial activity, but on what principles does he anticipate that
the present will also be? The history of our commerce demonstrates that
it alternates, and that a year of intemperate speculation, is usually
followed by one of more guarded importation. That the importations of
the last year have been excessive, I believe is generally confessed,
and is demonstrated by two unerring facts. The first is, that the
imports have exceeded the exports, by about seventeen millions of
dollars. Whatever may be the qualifications to which the theory of
the balance of trade may be liable, it may be safely affirmed, that
when the aggregate of the importations from all foreign countries
exceeds the aggregate of the exportations to all foreign countries,
considerably, the unfavorable balance must be made up by a remittance
of the precious metals to some extent. Accordingly we find the
existence of the other fact to which I allude, the high price of bills
of exchange on England. It is, therefore, fairly to be anticipated,
that the duties accruing this year will be less in amount than those
of the past year. And I think it would be unwise to rely upon our
present information, as to the income of either of these two years, as
furnishing a safe guide for the future. The years 1829–30 will supply
a surer criterion. There is a remarkable coincidence in the amount
of the receipts into the treasury during those two years, it having
been the first, from all sources, twenty-four million eight hundred
and twenty-seven thousand six hundred and twenty-seven dollars and
thirty-eight cents, and the second, twenty-four million eight hundred
and forty-four thousand one hundred and sixteen dollars and fifty-one
cents, differing only about seventeen thousand dollars.
The mode recommended by the secretary for the modification of the
tariff is, to reduce no part of the duties on the unprotected articles
prior to March, 1833, and then to retain a considerable portion of them.
And as to the protected class, he would make a gradual but prospective
reduction of the duties. The effect of this would be, to destroy the
protecting system, by a slow but certain poison. The object being to
reduce the revenue, every descending degree in the scale of his plan
of gradual reduction, by letting in more of the foreign article to
displace the domestic rival fabric, would increase the revenue, and
create the necessity for further and further reduction of duties, until
they would be carried so low as to end in the entire subversion of the
system of protection.
For the reasons which have been assigned, it would, I think, be
unwise in congress at this time to assume for the future, that there
would be a greater amount of net annual revenue from all sources,
including the public lands, than twenty-five millions of dollars.
Deducting from that sum the amount of seven millions of dollars, which
it has been supposed ought to be subtracted, if the resolution before
you should be adopted, there would remain eighteen millions of dollars,
as the probable revenue for future years. This includes the sum of
three millions of dollars, estimated as the future annual receipt
from the sale of the public lands――an estimate which I presume will
be demonstrated by experience to be much too large.
If a reduction so large as seven millions be made at this session,
and if the necessary measures be also adopted to detect and punish
frauds, and insure a faithful execution of the laws, we may safely
make a temporary pause, and await the development of the effect of
these arrangements upon the revenue. That the authority of the laws
should be vindicated, all ought to agree. Now the fraudulent importer,
after an exposure of his fraud, by a most strange treasury construction
of the law, (made, I understand, however, not by the present secretary,)
eludes all punishment, and is only required to pay those very duties
which he was originally bound for, but which he dishonestly sought
to evade. Other measures, with a view to a further reduction of
the revenue, may be adopted. In some instances there might be an
augmentation of duties for that purpose. I will mention the article of
foreign distilled spirits. In no other country upon earth is there so
much of the foreign article imported, as in this. The duties ought to
be doubled, and the revenue thereby further reduced from six hundred
thousand, to a million of dollars. The public morals, the grain-growing
country, the fruit-raising and the cane-planting country, would be all
benefited by rendering the duty prohibitory. I have not proposed the
measure, because it ought to originate, perhaps, in the other house.
That the measure which I have proposed may be adopted, without
interfering with the plan of the secretary of the treasury for the
payment of the public debt by the fourth of March next, I will now
proceed to show. The secretary estimates that the receipts of the
present year, after meeting all other just engagements, will leave a
surplus of fourteen millions of dollars, applicable to the payment of
the principal of the debt. With this sum, eight millions of dollars,
which he proposes to derive from the sale of the bank stock, and two
millions of dollars, which he would anticipate from the revenue of the
next year, he suggests that the whole of the debt remaining, may be
discharged by the time indicated. The fourteen millions, I understand,
(although on this subject the report is not perfectly explicit,) are
receipts anticipated this year, from duties which _accrued_ last year.
If this be the secretary’s meaning, it is evident that he wants no
part of the duties which may accrue during the current year, to execute
his plan. But if his meaning be, that the fourteen millions will be
composed, in part, of duties _accruing and payable_ within the present
year, then the measure proposed might prevent the payment of the whole
of the remnant of the debt by the exact day which has been stated. If,
however, the entire seven millions embraced by the resolution on your
table were subtracted from the fourteen, it would still leave him seven
millions, besides the bank stock to be applied to the debt, and that,
of itself, would be three millions more than can be properly applied to
the object in the course of this year, as I have already endeavored to
show.
I came here, sir, most anxiously desiring that an arrangement of the
public revenue should be made, which, without sacrificing any of the
great interests of the country, would reconcile and satisfy all its
parts. I thought I perceived, in the class of objects not produced
within the country, a field on which we could all enter, in a true and
genuine spirit of compromise and harmony, and agree upon an amicable
adjustment. Why should it not be done? Why should those who are
opposed to the American system, demand of its friends an unconditional
surrender? Our common object should be, so to reduce the public
revenue as to relieve the burdens of the people, if the people of this
country can be truly said to be burdened. The government _must_ have a
certain amount of revenue, and that amount must be collected from the
imports. Is it material to the consumer, wherever situated, whether
the collection be made upon a few, or many objects, provided, whatever
be the mode, the amount of his contribution to the public exchequer
remains the same? If the assessment can be made on objects which will
greatly benefit large portions of the union, without injury to him, why
should he object to the selection of those objects? Yes, sir, I came
here in a spirit of warm attachment to all parts of our beloved country,
with a lively solicitude to restore and preserve its harmony, and with
a firm determination to pour oil and balm into existing wounds, rather
than further to lacerate them. For the truth and sincerity of these
declarations, I appeal to Him whom none can deceive. I expected to be
met by corresponding dispositions, and hoped that our deliberations,
guided by fraternal sentiments and feelings, would terminate in
diffusing contentment and satisfaction throughout the land. And that
such may be the spirit presiding over them, and such their issue, I yet
most fervently hope.