Mr. CLAY said he wished to put no restrictions on the gentleman, and would withdraw the motion to lay on the table. [JAN. 27, 1832. It made. Mr. C. wished to know whether the evidence of that, in his opinion, the course pursued by that gentleone State would satisfy him. Will information from man was not intended to conciliate the feelings of the Kenhawa satisfy him? will information from New York country. Mr. B. said he was in favor of a reduction of satisfy him? or will he desire it from Maine, or Missouri, duties, not only on alum salt and Indian blankets, but on or Ohio, or Kentucky? or is the committee expected to a variety of other articles. These bills were calculated procure it from all the various sources in the country? If to effect only a partial reduction. He wished the whole so, it would be proper to give the committee leave to sit subject of reducing the duties should come before the during the recess, for the information could not be ob-committee together, and he objected to those bills betained in six months. The Committee on Manufactures cause they did not bring up the whole question of reducwere conversant with that interest in all parts of the Union, tion. The gentleman seemed very anxious to disseminate and were inquiring into it from year to year. Does the knowledge upon the subject, by his motion for inquiry: gentleman want information as to the price, the quality, or but, sir, said Mr. B., the people of this country are capathe quantity, of the article manufactured? If so, he might ble of investigating the subject themselves. They want learn by inquiring of the committee which had in its pos- no such light as the resolution seeks for, neither does the session all the requisite information upon the subject. committee to which the subject is referred. That comWhere, then, is the propriety of further inquiry, or mittee is capable of investigating it fully with such inforsuch as was proposed? He considered it perfectly in-mation as they can themselves obtain. Yet the gentleman expedient to make the inquiry; at any rate, he would, for insists that this cannot be done without the aid of the the present, move to lay the motion on the table. Western people, who have been represented as sinking Mr. BENTON said he rose to give notice that the sub-beneath the blight and mildew of oppression. Sir, said ject could not be got rid of without there being some- Mr. B., I protest this is not, and never was, the case. thing said upon it. The debate could not be cut off. will require no labor to establish this position. We need The VICE PRESIDENT said the motion did not admit only to look at the fact that the West enjoy the blessings of debate. of happiness and contentment to an eminent degree, and wish for nothing but to be let alone. They want no alteration in the present system of protection, and, least of all, such a change as the gentleman proposes. They are a geneMr. BENTON then observed that the letter presented rous as well as a brave people, and will desire the welfare to the Senate by the chairman of the Committee on Manu- of the country at large. The same principle that led them factures gave information respecting the salt trade, incon- to battle will induce them to sustain the interests of their sistent with that in his possession: and as this letter had common country. We are now, as we ever have been, been laid upon the Senate table as evidence to influence willing to make all necessary sacrifices for the common its decision on the subject, he wished to have an oppor- good, not merely because a system may promote their petunity to meet it by countervailing testimony. With re- culiar interest, but from their elevated principles and disspect to any difficulty he himself might experience in interested spirit, which ever had, and ever would, he furnishing information for the guidance of the committee, hoped, continue to animate them. The gentleman wishes he did not know how far they would be willing to receive the subject investigated; I say amen; let it be done, and it from him; and he had therefore presumed upon the the more it is investigated, the stronger, in my opinion, disposition of the Senator from South Carolina, who sat on will be the conviction of the propriety of fostering manuhis right, [Mr. MILLER,] to aid his views, by asking for factures in the bosom of our own country. Mr. B. said he summonses for such witnesses as he [Mr. B.] might point would admit that, in curing provisions for a southern out. He had no disposition to call for evidence to a greater market, alum salt was necessary; but for all domestic purextent than that given in the letter referred to. The evi-poses the other kind was preferable. He must be perdence he proposed was one for the purpose of counteracting mitted to say that as he was a farmer himself, and residing it; and if the Senate refused this, it would be a declaration in the midst of farmers, whose interests and sentiments he to the people that they were determined to continue the was intimately acquainted with, it would be reasonable to burden without listening to any evidence against it. suppose that he had more practical knowledge upon the Mr. BUCKNER, of Missouri, rose to explain the reasons subject than his colleague, whose location and pursuits which had induced him to vote for the reference of his were better calculated for speculative and theoretical colleague's bills to the Committee on Manufactures, in ad- conclusions, which, however plausible on paper, were dition to those which he had given on a former occasion. delusive; and he must take leave to say that the gentleWith respect to the present motion, he had but little to man was deceived in his views. That gentleman uses say. He did not propose to refer the letter which had perhaps one barrel of salt annually, while I use, said been alluded to, to that committee; nor was any part of Mr. B., twelve or fifteen. [Mr. BENTON said he that production in his phraseology. But he did vote for did not count his salt.] Very well, said Mr. BUCKNER, the reference of the bills to the Committee on Manufac-the gentleman does not count his salt; but, sir, I, who have tures, because he believed it due to the committee, to to work hard for it, am obliged to count mine. himself, and to his country, that an inquiry of so much plains loudly of the oppressive duty on his barrel, while importance as that how far the provisions of bills recom-I am perfectly satisfied with the duty on my twelve. The mending the repeal of the duties on certain articles com- only difference of interest on this article, said Mr. B., if ing in competition with the manufactures of our own any, will be found to be in favor of the West, not against it; country would interfere with, and run into, the interest and the people of the West are generally of that opinion. of the manufacturer, should be referred to the committee Mr. B. repeated he was from a farming district, was of which was entrusted with those interests; it not being the that employment himself, was surrounded by fellow-citizens province of any other committee properly to investigate of the same class, the immediate charge of whose intethe subject. He voted for it, because, in addition to the rests was entrusted to his care. If his colleague, instead reasons before given, he was disposed in his soul to take of introducing theoretical resolutions and learned quotainto consideration all the views and bearings of the questions from Prince Talleyrand to prove that the North tion, in order to give a fair support to every interest of the Americans were the heaviest taxed people in the world, nation, which he believed that the bills to repeal the duty would go out among the farmers of the West, and get a on alum salt and Indian blankets, introduced by his col- little practical knowledge, he would be more likely to adleague, were not calculated to effect. This was his rea-vance their interests. He would like to see the gentleson, and he would proclaim to the Senate and the nation man go among the farmers of the West, and try to persuade He com JAN. 30, 1832.] Bank of the United States.—The Tariff. [SENATE. proposition on the table; which motion prevailed; when MONDAY, JANUARY 30. BANK OF THE UNITED STATES. Mr. WILKINS presented certain resolutions of the president and directors of the Bank of Pittsburg, in favor of the Bank of the United States, and urging a renewal of its charter. THE TARIFF. day, being the resolution ofreduction and repeal of cerThe question being upon Mr. The special order of the fered by Mr. CLAY for the tain duties, was taken up. HAYNE's motion to amend, Mr. SMITH, of Maryland, rose, and addressed the Senate as follows: I make no apology, Mr. President, said he, for approaching age. It will, however, admonish me to take up as little of the time of the Senate as the important subject under consideration will admit. them that they were injured and oppressed, and borne of home manufacture. He renewed the motion to lay the down with burdens--that they were taxed like slaves; why, sir, they would laugh him in the face; the very children would laugh at it. The Western people never were more prosperous or more flourishing than they are now; they want nothing to promote their happiness but appropriations for purposes of internal improvement, to facilitate their intercourse with the different sections of the country. If the gentleman, instead of repealing a paltry duty of a cent or two per bushel on salt, which the people feel not, nor care for, had proposed a measure calculated to remove the obstructions in the Mississippi, Missouri, and other Western rivers, or some mode to construct a railroad from some proper point on the river, Mr. W. observed that the resolutions, while they bore say from Cape Girardeau or Herculaneum, to Potosi, the testimony to the liberality of a State bank, also afforded heart of the mineral country, by an appropriation of the evidence of the utility of the Bank of the United States, public lands, or otherwise to facilitate navigation and in establishing a sound currency, and exercising a salutary intercourse, this would have come home to their feelings, control over the State banks, always accommodating speand have been worth all the trouble that he has taken cie-paying banks, and restraining the issue of a spurious about a few cents difference in the price of alum salt. or unsound currency. He moved that they be printed, Mr. B. said that he spoke the sentiments of his fellow- and referred to the special committee on the memorial of citizens when he said this; and he would bare his bosom the United States' bank; which was agreed to. to meet the result of their response to the opinion, while he proclaimed that this was the true interest of the people of Missouri. The gentleman had alluded to the practice of the English Parliament with regard to this subject, and seemed to infer that we must do the same. Sir, this is not an English Parliament; it is an American Senate; and it is a well known principle of legislation, that what is the interest of our country does not, of course, become the interest of another; in particular, when differently situated, with different institutions and opposite principles of Government. Because the British Parliament have adopted a certain course of proceeding, it does We have arrived at a crisis. Yes, Mr. President, at a not follow that the American Senate and people must fol- crisis more appalling than a day of battle. I adjure the low their steps. Our duty is to proceed in a manner suit- Committee on Manufactures to pause--to reflect on the able to the feelings and interests of the American people; dissatisfaction of all the South. not those of the subjects of the King of Great Britain, pressed itself strongly against the tariff of 1828--stronger whose feelings and interests may be, and no doubt are, than the other States are willing to speak. But, sir, the very different on this subject. Sir, said Mr. B., this doc- whole of the South feel deeply the oppression of that tatrine is most obnoxious to the people of the Western riff. In this respect, there is no difference of opinion. The country. The gentleman asks leave to introduce this South--the whole Southern States-all, consider it as optestimony, because the evidence of the letter alluded to pressive. They have not yet spoken; but when they do was before them. Mr. B. said, if he thought the interests of any rendered it necessary, he certainly should not object; but until he learned that the business could not be well done without it, or that the committee had not power already to obtain all the information required, he should not vote for it. There was no rule or order of the Senate to prevent the gentleman from laying all the information I am, Mr. President, one of the few survivors of those in his possession before the committee; and if he thought who fought in the war of the revolution. We then thought the interests of his constituents required it, he was in we fought for liberty--for equal rights. We fought against duty bound to do so. He would be the first to require taxation, the proceeds of which were for the benefit of the committee to examine into any information or facts others. Where is the difference, if the people are to be which might be offered. Mr. B. said he would appeal taxed by the manufacturers or by any others? I say mato the country to say whether he had manifested any dis-nufacturers--and why do I say so? When the Senate position to shut out facts or stifle investigation; or whe-met, there was a strong disposition with all parties to amether there was any difference of principle between the liorate the tariff of 1828; but I now see a change, which case of directly presenting, or referring evidence to a com- makes me almost despair of any thing effectual being acmittee by permission of the Senate. As this power now complished. Even the small concessions made by the Seexisted, he could see no necessity for the measure pro-nator from Kentucky, [Mr. CLAY,] have been reprobated posed. He certainly did not wish to shut out any light, by the lobby members, the agents of the manufacturers. nor was he willing to prevent inquiry; and if the neces-I am told they have put their fiat on any change whatever, sary information could not be obtained without this mea- and hence, as a consequence, the change in the course sure, he would vote for its adoption. and language of gentlemen, which almost precludes all South Carolina has ex speak, it will be with a voice that will not implore, but Mr. CLAY said the Committee on Manufactures were hope. Those interested men hang on the Committee on ready to take up the whole subject of the tariff, but the Manufactures like an incubus. I say to that committee, gentleman from Missouri required that they should pro- depend upon your own good judgments--survey the whole ceed with his favorite articles alone. This was what Mr. subject as politicians-discard sectional interests, and study C. objected to. He was opposed to a partial investiga- only the common weal-act with these views, and thus tion of the subject. If, therefore, it was proper to require relieve the oppressions of the South. the committee to pursue the course proposed in regard I have ever, Mr. President, supported the interest of to salt, it was equally proper in regard to other branches manufactures, as far as it could be done incidentally. I SENATE.] The Tariff. [JAN. 30, 1832. supported the late Mr. Lowndes's bill of 1816. I was a thirds thereof bearing interest of six per cent. from a cermember of his committee, and that bill protected the ma-tain date, and one-third remaining free from interest until nufactures sufficiently, except bar iron. Mr. Lowndes ten years thereafter, commonly called the deferred debt. had reported fifteen dollars per ton. The House reduced It also authorized stock to be issued for the amount of in it to nine dollars per ton. That act enabled the manufactu-terest due to each creditor, on an interest of three per rers to exclude importations of certain articles. The hat- cent., which stock was not to be redeemed at any price ters carry on their business by their sons and apprentices, less than the par value thereof. For the payment of these and few, if any, hats are now imported. Large quantities several species of stock, the public domain, and the balanare exported, and preferred. All articles of leather, from ces in the treasury arising from duties on imports and tontanned side to the finest harness or saddle, have been ex-nage, (after paying the expenses of Government,) were cluded from importation; and why? Because the business pledged. In the year 1791, a law was passed, which creis conducted by their own hard hands, their own labor, ated a sinking fund. It provided that eight per cent. per and they are now heavily taxed by the tariff of 1828, to annum should be paid in quarter-yearly payments to the enable the rich to enter into the manufactures of the coun- holders of the six per cent. stock, (on which interest was try. Yes, sir, I say the rich, who entered into the busi-payable,) by which system six dollars was applicable to the ness after the act of 1824, which proved to be a mushroom interest in the first year, and two dollars towards the prinaffair, and many of them suffered severely. The act of cipal of the debt every year thereafter. The payment for 1816, I repeat, gave all the protection that was necessary interest annually lessened, and that of principal annually or proper, under which the industrious and frugal com- increased. This system was not materially changed until pletely succeeded. But, sir, the capitalist who had invest-the year 1802, when Congress passed an act appropriated his capital in manufactures, was not to be satisfied with ing the sum of 7,300,000 dollars to be applied to the payordinary profit, and therefore the act of 1828. ment of the interest and principal of the public debt, inThe Senator from Kentucky [Mr. CLAY] says that a cluding the payment for loans previously made, and for progressive decrease of duties is a slow poison, and yet any loan that might hereafter be made. In the year 1803, that Senator swallowed the poison in the act of 1816, in a further sum of seven hundred thousand dollars was added the article of cotton, and I have never heard that it has to that fund, making the whole sinking fund amount to done him much injury. He has also swallowed the poison the sum of eight millions of dollars. This additional sum in the act of 1824, where the duties are progressive, rais- was intended to meet and extinguish the debt created by ing them annually. Are they to be understood to be less the purchase of Louisiana. No material alteration was poisonous by a progressive increase than a progressive made respecting the sinking fund, until the whole of the decrease? The South considers the progressive increase debt (three per cent. excepted) was nearly or finally as the most deleterious. The handicraft-man—the black-extinguished. In 1806, a law was passed, which authosmith--the whitesmith--the workers of the bar iron, are all rized the Secretary of the Treasury to purchase the three cruelly oppressed by the heavy duty on that all-important per cents., provided they could be obtained at sixty per article. Give them the raw material as cheap as it is re- cent. A portion of this stock was (I believe) redeemed. ceived by the British workmen, and they will ask for no In 1807, an exchange of old for new stock was proposed, protection: they will depend on their own hands, and on on certain terms, which, however, was of but little consethose of their sons and apprentices. They are not heard. quence, further than that it contributed to facilitate the Why? They are not rich--they must be sacrificed to the payment of the public debt. In 1817, an act passed "to rich iron master, whose business is more profitable than provide for the redemption of the public debt," which that of any other in the Union. I forbear going further had been created by the war. This act appropriated, aninto this subject at this time. I reserve my further re-nually, the sum of ten millions of dollars, to be applied by marks until the subject shall be presented in a tangible the commissioners of the sinking fund to the payment of shape--in a bill; when I trust I shall be able to show that the interest and the extinguishment of the principal of the the act of 1828 is highly injurious to the interest of the public debt; and it declared that any surplus which might manufacturer. If you intend that this country shall be a remain in the treasury, beyond the sum of two millions of manufacturing country, you must give the manufacturers dollars, after the payment of the expenditures of the Gothe raw material (as England does) free of duty, or with vernment, should be applied to the payment of the public very light duty. While you tax them high, as you do with debt. Two millions were thus reserved to meet any eximposts on hemp, wool, flax, and bar iron, you afford traordinary exigency which might arise, and to provide them no efficient protection by your minimum and exces- for any unforeseen demands on the treasury. It was deemsive duties. ed advisable to make it legal for the treasury to retain a I rise, Mr. President, principally with an intention of certain sum, rather than to permit the course which had following the Senator [Mr. CLAY] in the view taken by been previously pursued without any legal authority; for him in relation to the financial operations of the Govern- it was shown by two reports from the Secretary of the ment since the adoption of the constitution. It is neces- Treasury, that one million of dollars had been annually sary to take this extensive review, in order to a full un- reserved for the purpose of providing for any extraordiderstanding of this important matter. In it, I shall probably nary demands on the treasury, which sum had been rebe obliged to differ somewhat from him on some points, tained in the treasury without any legal authority. The which have unintentionally escaped his observation, but authority to retain the two millions, (as I have reported to which are, nevertheless, very material to the subject un- the Senate on a former occasion,) had seldom been exerder consideration, and will endeavor to show that he has cised. In 1827, the Committee on Finance reported a bill thrown unmerited censure on the Secretary of the Trea- to reduce the two millions thus retained to one million. sury, arising, I must presume, from the fact, that the ex- The bill did not receive the sanction of the Senate. In istence of the act of Congress of the 24th April, 1830, was 1828, the Senator from Missouri [Mr. BENTON] presented entirely unknown to him, [Mr. CLAY.] Before I arrive a bill, on leave, to repeal the 4th section of the act of at that part of my argument, I deem it necessary to go 1817, "to provide for the redemption of the public debt," back, and trace the public debt from the establishment which would have deprived the treasury of the whole two of the funding system, in which review I hope the Senate millions held in reserve for exigency. This proposition will indulge me. was rejected. The same Senator, in 1829, submitted a In the year 1790, the funding system was created. It resolution for the purpose of repealing so much of the act authorized stock to be delivered to each creditor of the referred to, as authorized the retention of the two millions Government to the amount of the debt due to him, two- in the treasury, which resolution was referred to the Com JAN. 30, 1832.] The Tariff [SENATE. mittee on Finance, and reported against by that commit-The Secretary, therefore, acts only in obedience to the tee, as inexpedient to be adopted at that session, for rea- law. He dare not act otherwise, and must pay the three sons expressed in the report. per cents., unless the act be repealed. If repealed, what I now, Mr. President, have arrived at the principal would be our situation? The report of the Secretary of point of my argument. In the year 1830, the Committee the Treasury at the present session of Congress conveys on Finance deemed that the time had now arrived, at which more information in relation to the financial concerns of the the treasury might safely dispense with the reserved two Government, than any previous treasury report which I millions, and that authority should be given for the pur- have seen. It is clearly expressed, and easily understood chase of the public debt with this sum; and they accord-by all who have any knowledge of the subject. It coningly presented a bill, which passed into a law on the 24th tains no ambiguity; on the contrary, it frankly and openly April, 1830. I will read the first and second sections of declares the views and plans of the writer, and submits that law: them boldly to the consideration of Congress. The plans "SEC. 1. Be it enacted by the Senate and House of Re- of the Secretary, as expressed in the report, meet my presentatives of the United States of America in Congress as- entire approbation, and shall have my cordial support. sembled, That whenever, in the opinion of the Secretary The report states, and very correctly, too, that there will of the Treasury, the state of the treasury will admit of the remain in the treasury, in the present year, (1832,) a sum application of a greater sum than ten millions of dollars, exceeding fourteen millions of dollars, applicable to the in any one year, to the payment of interest and charges, payment of the principal of the debt. He also correctly and to the reimbursement or purchase of the principal of states, as I shall hereafter show, that, with the particular the public debt, it shall be lawful for him, with the appro- exception of the three per cents., there is payable, in this bation of the President of the United States, to cause such year, a sum less than $4,000,000. Well, sir, there will surplus to be placed at the disposal of the commissioners then remain in the treasury $10,000,000 inapplicable (exof the sinking fund, and the same shall be applied by them cept to the redemption of the three per cents.) to any to the reimbursement or purchase of the principal of the object. Is this large amount to remain dormant, losing public debt at such times as the state of the treasury will interest? Or shall it be applied as the act of 1830 has best admit. directed' The several sinking fund acts place all the "SEC. 2. And be it further enacted, That whenever, in public debt on the same footing, and, therefore, whenever any year, there shall be a surplus in the sinking fund, the treasury has the means, it must apply them to the rebeyond the amount of interest and principal of the debt imbursement of the three per cents., in common with the which may be actually due and payable by the United other Government stocks. The Senator from Kentucky, States in such year, in conformity with their engagements,[Mr. CLAY,] aware of the dilemma, insinuates that the it shall be lawful for the commissioners of the sinking fund Secretary has erred in supposing that there will be a surto apply such surplus to the purchase of any portion of the public debt, at such rates as, in their opinion, may be advantageous to the United States; any thing in any act of Congress to the contrary notwithstanding." The first section vests in the commissioners of the sinking fund ample authority to direct that "any surplus that may remain in the treasury shall be applied by them to the reimbursement or purchase of the principal of the public debt." No exception is contained in this section in relation to the purchase of the three per cents. or to any other part of the public debt. This provision of the bill authorizes the purchase of every description of debt due by the Government. The second section removes every doubt which might remain on this point in the mind of any gentleman. It distinctly declares that "it shall be lawful for the commissioners of the sinking fund to apply such surplus to the purchase of any portion of the public debt." The commissioners have considered the law to be imperative, and, in consequence, they have redeemed the seven millions of stock deposited in the Bank of the United States. The present Secretary of the Treasury informs us that it is intended to purchase or redeem the three per cents. To that intention the Senator from Kentucky [Mr. CLAY] objects. He says, "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 stockholders." This language is intended for effect, and has doubtless operated on the minds of some Senators who may have been unacquainted with the act of 1830, to which I have referred, and of which even the Senator from Kentucky [Mr. CLAY] seems to have lost sight. That Senator seems to think that the payment of the three per cents. is a project originating with the Secretary of the Treasury. Such, however, is not the fact. It was the project of Congress, who passed the act of 1830, at which time the present Secretary of the Treasury was in England. plus of fourteen millions. The Senator has reasoned as most gentlemen will do who are not fully informed, or have not carefully examined the subject. He has said that the importations of 1831 have been unusually great; that those of 1832 will, in consequence, be greatly reduced; and, in this particular, I think he is correct; but the Senator seems to infer that the receipts at the treasury will not amount to the sum reported, (fourteen millions.) In this supposition, Mr. President, the Senator from Kentucky is entirely wrong. The receipts in 1832 have little connexion with the importations of that year; perhaps onequarter of the duties which accrue in 1832 may be received into the treasury during that year. But there is a difference between revenue accruing, and money actually received into the treasury. The Secretary predicates his report on bonds taken for duties which accrued in 1831, and which, from the usual credits given, are payable in 1832. In this matter, therefore, he cannot be mistaken. He has a list of the bonds before him. The Senate may, therefore, rest satisfied that the sum stated by the Secretary of the Treasury, of fourteen millions of dollars, will remain in the treasury, as expressed in the report; and that there will be ten millions of dollars inapplicable to any other object than the redemption of the three per cents., unless applied to the purchase of the stock payable in 1833 and 1835. I trust I have satisfied the Senate that no censure can attach to the Secretary of the Treasury for the expression of his intention to pay off the three per cents.; that, in so doing, he simply performed an act of duty, in compliance with existing laws. The sale of the bank stock for the purpose of paying the debt is objected to. I propose to take notice of it merely as a financial measure. The principal considerations by which the proposition to sell the stock is recommended, are those connected with the public interests, with the liberation of the country from debt, and with all the consequences arising from such a state of things. The report of the Secretary of the Treasury goes upon the supposition that, on these grounds, the Government cannot be resembled to an individual dealing with his stocks for the purpose of the greatest pecuniary profit; and SENATE.] The Tariff [JAN. 30, 1832. that the general advantages of a sale, and the consequences, ject fully before them. I purposely omit the unfunded are more than equivalent to those of a mere stockholder. debt of thirty-nine thousand three hundred and fifty-five But, as a mere financial and money operation, the dollars, which may never be called for. scheme of the report is absolutely profitable. Debt redeemable in 1832. per cents. of 1822 per cents. of 1824 Redeemable: The authority asked in relation to the Government stock in the Bank of the United States, is to sell that stock at a sum not less than $8,000,000, and not absolutely to the bank, but only in the event that it will give more than can On the 31st Dec. 1832, be obtained in any other manner, or from any other source. On the 31st Dec. 1833, Under a general authority, there is a reasonable probability that a portion of the stock may be exchanged on advantageous terms for the three per cents.; a proposition for more than a million has been already made to exchange Estimated receipts for 1832, at their respective value in the market. Old balance in the treasury, Total of funded debt, $24,245,073 $30,100,000 1,208,276 31,308,276 13,365,202 3,423,525 16,788,727 14,519,549 500,000 14,019,549 Deduct probable expenses, I will assume, however, that the stock be sold at eight millions of dollars, which is about fifteen per cent. advance, and which may be considered as a fair price, when we take into consideration the question of the renewal of the charter, and the effect of this is conclusively shown by calculating the value of the stock to the Government if it retained it during the whole term of the charter, and comparing it with the amount of sale and saving of Interest on the public debt, interest on the three per cents. One share of bank stock, with three years' interest, seven per cent. per annum, would be worth, on the 3d March, 1836, Amount applicable to the public debt, 9 00 3 per cents. $3 00 aggre $7,000,000 being the amount of the debt remaining unpaid on the 1st January, 1833. The amount of three per cents. which will then be unpaid, will somewhat exceed three millions; and they must be first paid, because the other remaining stock will not be immediately payable. This inconsiderable amount of debt remaining unpaid, may be extinguished either by a sale of the bank stock, as proposed by the Secretary of the Treasury, and which I 1,470,000 approve, or, if this course should not be adopted by Congress, then this debt can be redeemed by the sale of the public lands, or by an extension of the time for the reduction and repeal of import duties to the 30th June, 1833. 8,000,000 I feel almost confident that, if we adopt the course I have 470,000 here proposed, the whole amount of public debt may be discharged in that year, except the small amount due in 1835, which also may be redeemed, if the holders of the stock due in that year will sell it. 720,000 Thus showing an actual gain by the opera- The Senator from Kentucky [Mr. CLAY] supposes that we ought to retain a revenue of eighteen millions of dollars. [Here Mr. CLAY explained. He said that he' remarked in his speech that eighteen millions might now be retained, and hereafter to be reduced, if circumstances would permit.] To which I replied that I had not read the printed speech of the Senator, [Mr. CLAY,] but was amply sustained in the quotation he had made, by the recollection of the Senator from South Carolina, [Mr. HAYNE.] Let me inquire why, and for what purpose, the eighteen millions should now be retained. Besides the objection to the proprietary interest of the Government in the bank, it ought to be observed that, should the charter be renewed, the Government may always amply indemnify itself against loss, in the premium nual expenses of Government, hereafter, ought not to for the new charter. exceed thirteen million five hundred thousand dollars; and The an I now proceed, Mr. President, to present a brief statement they will not, probably, exceed twelve million five hunof the funded debt, that the Senate may have the sub-dred thousand dollars. The miscellaneous expenses can |