Το [JAN. 13, 1829. the States, they would cement, and not dissolve the Union. They were yielded up for the benefit of the whole: but would not this primary object be defeated by locking them up from the States when most wanted for their purposes, and not wanted for the purposes of the General Government? Such a time must have been anticipated by the statesmen who formed our constitution; and, if we conclude that they intended thus unnecessarily to cripple the energies of the States, do we not impeach their wisdom and their patriotism? But I will not pursue this inquiry further, or express any decided opinion upon it, as it is not necessary to my present purpose. other articles. There must be time to dispose of the present stock, before the alteration of the duties could have the least effect in reducing the prices, or we ought to restore to the importers the duties they shall have paid. If there is even a probability that we shall have surplus funds to a large amount, we should legislate to meet such probable event. It may be thought, and I have frequently heard it said, that however important it may be that the States should have the funds proposed to be divided among them, it is an unnceessary operation to collect the money from them for the purpose of returning it to them. That it would be better to suffer the State Governments to collect the money for themselves. That the time is at hand when a large portion of the this it would be a sufficient answer to say, that moneys revenues of the United States will be devoted to the obcollected by the General Government do not cost a quar- jects of internal improvements, by roads and canals, ter as much in the collection, as an equal amount collected either by the General Government, or by the State Governby the States; and, whether we raise a few millions, more ments, no one can doubt, who attentively considers the or less, from imposts, we have the same number of officers subject. The event is certain to those who hope, and engaged in collecting the revenue. It is, however, not inevitable to those who fear it. Of the two modes, the in contemplation to collect money merely for the purpose choice alone is left to us. I am among those who do of distribution-but to distribute the money that may and not believe that the constitution has given, or that it was will be accumulated in our Treasury, from time to time, by intended to give, by those who formed it, the power to the operation of our financial system; which, to provide for the General Government to make roads and canals through the exigencies of our Government at all times, and to be the States, with or without their permission. That to do prepared for contingencies against which it is our duty to so, without the assent of the States, would be an invasion make ample provision, will occasionally afford surplusses of their modified sovereignty-and that the assent of not wanted for the purposes of the General Government, States interested would not warrant the measure, as the and which may be estimated at five millions of dollars a system of internal improvement which the United States year at least. It is a subject worthy of inquiry, however, can exercise, if they can exercise, any, must be general if not now, at some future period, how far the States may and not partial-must be operative in all the States, or in avail themselves of the agency of the General Government, none. But this part of our constitution will yield to the to reach, for their several benefit, the objects of taxation overwhelming, the irresistible pressure of surplus funds, which have been surrendered to the Union for the gen- if left to their undivided operation. In 1817, Congress eral good. All revenues arising from foreign commerce passed a bill to set apart certain funds for internal imare vested in the General Government; and all revenues provements, in which they pledged those funds to the conarising from excises, with very few exceptions, are of structing of roads and canals, and improving the navigation necessity vested in the same Government: for no State of water-courses in the different States, with the assent of can lay an excise upon her manufactures, without driving the States in the ratio of representation. The President, the capital invested in such manufactures, in a greater or Mr. Madison, objected to the passing of this bill; and, in his less degree, into the neighboring States; nor upon the pro-reasons for so doing, he denies the power on the part of the duce of her soil, without enabling the farmers and planters United States, and says: "If a general power to construct of the neighboring States to supply her markets, to the ex-roads and canals, and to improve the navigation of waterclusion of her own industry and capital. Imposts and ex- courses, with the train of powers incident thereto, be not cises are, therefore, vested in the General Government. possessed by Congress, the assent of the States, as provided The only objects of taxation left to the States are of the for in the bill, cannot confer the power. The only cases in most odious character, and several of the States are com- which the consent and cession of particular States can expelled to resort to a land tax to support their governments. tend the power of Congress, are those specified and proThe Legislatures of such States reluctantly engage in any vided for in the Constitution." Notwithstanding these measures of internal improvement, or systems of education, objections, and notwithstanding our public debt then as they must lead to taxes which the people would not amounted to more than one hundred and twenty-three willingly bear. millions of dollars, the House of Representatives, on reconsidering the bill, gave sixty votes for its final passage, and but fifty against it; but as it required two-thirds in the affirmative, the bill was lost. It was with difficulty that the provision in the bill, requiring the assent of the States, was adopted-as, when proposed as an amendment to the original bill, it was strenuously resisted in the House of Representatives. A large portion of the most experienced statesmen of the nation believe that Mr. Madison's construction of the constitution was a correct one; upon the strict observance of which, the prosperity, harmony, and even permanency of the Union, in no small degree depend. When our constitution was formed, the whole of the revenues to be derived from the subjects of taxation, thus surrendered, were wanted for the purposes of the general Government, and have continued to be so for forty years. This, however, was not the reason of vesting these objects of taxation in the General Government to the exclusion of the States. The reason of the surrender was, that, without it, no union could have taken place; and the Union would be instantly dissolved if the States should resume the right of laying imposts. During wars these sources of revenue will continue to be necessary to the United States, and not to the several States, as at such times labor is too high to admit of works of internal improvement. In times of peace they will not be wanted, except in part, by the United States, but will be most wanted by the States, for objects of internal improvement, which only in peace can be carried on with success. It is absolutely necessary that all revenues derived from commerce should be collected by the General Government, as they cannot be collected by the State Governments without dissolving the Union; but there is no such necessity that they should be expended by the General Government. If expended by If, when we were laboring under the greatest weight of debt that ever oppressed this country, this part of our constitution was saved only by the firmness of the President, exercising his qualified negative, what are we to expect when it shall again be assailed by those who think the power of Congress is limited only by its will, and who shall be aided in their views by the irresistible force of surplus funds? Even those most determined to support the constitution must yield, or see the States which they represent excluded from a participation in those funds, which have been derived, in part, from their commerce and their industry. [SENATE. Ohio Canal; to vote for President and Directors of these companies, annually; and to receive the tolls and other emoluments accruing to the United States from these companies. And, as to the Chesapeake and Ohio Canal, he shall have and enjoy, in behalf of the United States, any other right of a stockholder in said company." Suppose we had subscriptions in one hundred canal and rail-road companies--and we are in a fair way to have twice that number in a few years-the Secretary would have a rare time of it in attending election-dinners of President and Directors of these companies, in which it is to be feared he might lose sight of our part of the tolls and emoluments arising from these numerous partnerships. We should soon want at least eight or ten additional Secretaries to attend to our complicated rail-road and canal concerns. Should we proceed in this system of becoming partners in all the rail-road and canal companies that will apply for our aid, we shall, in a few years, after squandering millions of money, be obliged, from the mere mass of legislation that it would impose upon us, to relinquish the whole in utter despair. Independently of constitutional objections to the exercise of the right of Congress to make roads and canals in the States, with or without the permission of such States, or even the right of subscribing to, and holding, shares in the stock of turnpike roads, rail-road and canal companies, there are other considerations, altogether sufficient, to prevent our ever embarking in this system. If Congress undertake to make roads and canals, it will inevitably happen, that States which do not want roads and canals must involuntarily contribute to make roads and canals in States where they are wanted; States which have expended large sums for roads and canals for themselves, must contribute to the making roads and canals in States which have made no such improvements; and States which are deeply in debt for their improvements, must aid those who are unwilling to devote their resources, or even pledge their credit, for such purposes. The most gross injustice must take place where great influence can be brought to bear upon the members of Congress. Moneys will be appropriated to the exclusive benefit of particular I have no doubt of the constitutionality of the measure sections of the country, without regard to the general good, proposed in this bill. Others may have. The doubts of and to the utter neglect of other sections, having equal some, as to the constitutional powers of Congress, if adoptclaims, but less influence. Jealousies of the most invete- ed by a majority, would put an end to some of the most rate character must arise, and distract the councils of the important and indispensable objects of legislation; while nation. State will be arrayed against State; the East and others seem to consider no provision in the constitution West against the South; the South and West against as an impediment to the exercise of the will of Congress. the East; the South and East against the West. The most I am with those who are in favor of a rigid construction of dangerous combinations will take place, for the purpose the constitution; but not too rigid. Among the enumeof engrossing the public funds; and these will have the rated powers of Congress, is that to provide for the commost deleterious influence in the passing of every import- mon defence and general welfare of the United States; ant law; will regulate the appointments to office, and and they are to make all laws which shall be necessary and control the election of every future President of the Unit-proper for carrying into execution the foregoing powers, ed States. The arm of the General Government will be and all other powers vested by the constitution in the rendered too strong to be restrained by any salutary check government of the United States, or in any department provided by the constitution; and the administration, or office thereof. It is a matter of extreme difficulty to with its host of engineers, will regulate the affairs of the ascertain the exact extent and limits of the powers vested nation at their pleasure, and prostrate the barriers establish- in Congress by this provision of our constitution. ed for the protection of State sovereignties and State rights. the members of the federal convention been required to If Congress should embark in a general system of mak- define those powers, they would probably have been as ing roads and canals, the experience we have already had much at a loss as we are. It was undoubtedly intended, must convince us, that the whole year would not suffice however, by this provision, to vest in Congress, a body of for the necessary legislation upon the subjects which which there was the least jealousy, a power not otherwise would be presented to us. Congress, instead of being a granted, but absolutely necessary to the perfection of the body for the superintendence of the general concerns of system-a power which it was impossible accurately to the Union, which of necessity belongs to them, would define, or upon the exact limits of which the convention find themselves almost exclusively engaged in the busi- could not agree. It was an expedient to avoid difficulties ness, never thought of by the federal convention, of mak- at the moment, that might otherwise have been found ining roads and canals, which properly belong to the States. surmountable; adopted under an impression that, being The experience we have had should convince us that subordinate to the other provisions of the constitution, it there must be a waste of one or two hundred per cent. might be safely trusted to the immediate representatives upon all the moneys to be laid out by the United States of the people and of the States. The power, however, for those improvements. The Cumberland road has al- has limits, and narrow limits. It must be exercised in ready cost us more than fourteen thousand dollars per strict accordance with, and in subordination to, the other mile, and it is now, in many parts of it, nearly impassable. provisions and principles of the constitution; its range And in some of our fortifications there has been as great must be confined by the words necessary and proper; and a waste of public money. In England, where more has been must, in no case, infringe the rights of States or individuals. done in making roads and canals than in any other part of There must be a power to dispose of our national funds, the world, the whole has been the work of individual en- when not wanted for the usual exigencies of the Governterprise; the government has never taken any part in them. ment, or the common defence of the country, to some obShould Congress pursue the plan already begun, of sub- jects of the general welfare of the United States. scribing to canal companies, and extend the same to rail- there must be a corresponding duty, on the part of Conroad companies, in a few years our financial system will gress, to provide for the case. Congress have power present an immense complication of funds and deficits, so to dispose of, and make all needful rules and regulations perplexed, entangled, intricate, and involved, as to defy respecting, the territory, or other property, belonging to the all powers of involution, extrication, or comprehension. United States. There is no property, of any character The Secretary of the Treasury was authorized to sub- whatever, belonging to the United States, that is not emscribe one hundred and fifty thousand dollars to the Dis- braced by this provision. The right of raising revenue is mal Swamp Canal; to subscribe three hundred thousand not property; but revenue in the Treasury is so; and that dollars to the Delaware and Chesapeake Canal; to sub-hereafter to be there, may be the subject of present lescribe one hundred thousand dollars in the Louisville Canal; and one million of dollars in the Chesapeake and Had And gislation. And, if we provide that any unappropriated balance in the Treasury, at any particular time, not want ed for the General Government, should be divided among the States, can it be an infringement of the rights of such States, or of the people of the United States? Suppose ten millions of dollars in the Treasury, drawn from the States in anticipation of a war which does not take place, and which money is not wanted for the purposes of the General Government, can it be doubted that Congress, acting for the general welfare, and exercising the right they have over the public property, may restore the money to the States from which it was obtained? It seems hardly necessary to attempt a proof of the affirmative. I should prefer the principle of the bill to appropriate, after the first day of January of the next year, half of the ten millions appropriated to the Sinking Fund to the fund for distribution, as this would still admit of the reduction of the public debt as fast as the interest of the country requires that it should be reduced, and it would bring into immediate operation funds of immense impor tance to the States. Ten millions of dollars was fixed as the amount of our Sinking Fund, when our debt amounted to more than one hundred and twenty-three millions of dollars. It is now but a little more than a third of that sum. In 1802, our registered debt amounted to eighty millions seven hundred and twelve thousand six hundred and thirty-seven dollars; the Sinking Fund was then fixed at seven millions three hundred thousand dollars; and, in 1803, when we had added fifteen millions to our debt, by the purchase of Louisiana, the Sinking Fund was fixed at eight millions of dollars. In 1817, it was raised to ten millions of dollars. It has heretofore been deemed proper to keep up a certain ratio between the debt and the fund for its redemption. As a considerable portion of the ten millions of dollars, annually, goes to creditors in Europe, its payment is attended with some inconvenience, as it increases the rate of exchange against this country. It was necessary to incur this inconvenience when our debt was large, but not so now, when it is nearly extinguished. [JAN. 13, 1829. the advantages of a system which restores to them, in a way to produce the greatest possible good, the funds derived from their commerce and their industry. Such, I confidently hope, will be the happy results of this measure, if adopted. I am deeply impressed with the importance of the subject, which I have endeavored, I fear unsuccessfully, to advocate. I have evinced, at least, a strong solicitude to provide, in time, for a crisis rapidly approaching, and full of danger. I have conscientiously discharged my duty, and must leave the responsibility of a failure of this, or some better measure, to meet the coming evil, to others, who are much more competent to provide for the case than I can pretend to be, and who have much more at stake than I can ever hope to have. Mr. SMITH, of Maryland, would say a few words in reply to what had been said by the gentleman from New Jersey, in relation to the Financial Committee of last session. They were appointed to perform a certain duty; they did perform that duty, and submitted their proceedings to the Senate. [Mr. SMITH then read a long extract from the report made at the last session.] He was of opinion, with the gentleman from Missouri, that, when the public debt was extinguished, it was better, instead of continuing to raise a revenue, to leave in the pockets of the citizens the surplus which the gentleman proposed to divide among the States. It was better to reduce the duties on imports, the result of which would be cheaper. Was it not better that citizens should be relieved from a part of their burdens, to decrease the expenses of every family in the United States, than to raise a revenue not wanted by the country? He thought it was. In relation to distributing the surplus revenue, the effect of it would be, that every State would repeal its own laws, levying taxes for its own support, and look to the General Government, for support. Thus the several States would be subservient to the General Government, giving that Government a power most dangerous. The situation of the State which I have the honor, in Congress, in the next place, had no right to raise part, to represent, makes me the more solicitous to obtain a revenue for the purpose of distributing it; the funds, that may enable her speedily to commence and gentleman from New Jersey could not find, in all the complete a canal to connect the waters of the Delaware powers delegated to Congress, any authorizing it to raise and the Raritan, and other highly important improve- a revenue, except for its support, and for the extinguishments in the State, now suspended for want of funds. ment of the public debt. Under the name of revenue, Yet, if, from the great impatience to see the public debt ex- the Government had already given large bounties, for tinguished, the Senate shall be unwilling to postpone the he would call them bounties, to the woollen manufactuday when that can, by any possible means, take place, I rers; the revenue was wanted for the protection of the shall cheerfully agree so to modify the bill, as to divide woollen manufacturers. When a duty was imposed upon among the States such funds, in each year, as, on the first cotton, it was said that the manufacturers would, in a few of June, shall be found in the Treasury unappropriated, years, supply all the demand of the country, and be enaincluding such portions of the Sinking Fund as the Com-bled to export. It was true it varied in different years, missioners shall not be able to apply to the redemption of but the amount annually exported was upwards of a milthe debt. This will answer, finally, the great objects in lion of dollars. It was expected, in 1816, that this would view; will be free, it is presumed, from all constitutional be the case; it was expected that the domestic would objections; and, indeed, from objections of any charac-drive all the foreign manufactures out of the country, and ter, except from those who hope and expect, in a general it turned out to be true at first, but, afterwards, it was scramble for our surplus funds, to gain for their States found that the importations were finally greater, notwithmore than their just shares. It will prevent a train of standing the first diminution; it would be the same with evils, that must, if not soon arrested, sap the foundations woollens, else there was no necessity for the gentleman's of our Government. It will, in the highest degree, pro- bill, for there would be no revenue to distribute, mote the general welfare, by extending the productive power of our funds to every section of the country. It will ensure strict justice to the States that have not the influence to obtain favors, as well as to those that have; and it will powerfully add to the strength and permanency of the Union. The distribution of ten millions of dollars a year to the public creditors has constantly secured to the General Government the support of the moneyed aristocracy of the country. That support is about to fail, and, as is hoped, forever. The distribution, annually, of half that sum to the States, will ensure to the Government a just support, not of the moneyed aristocracy, but of the people at large of all the States, who will feel and duly appreciate The gentleman from New Jersey had alluded to the labor about to be imposed upon the Secretary of the Treasury, in consequence of Government's retaining funds and stock in so many works of internal improvement. But there was no necessity for holding so much stock, or raising the revenue at all. The "Cross Cut," or Delaware and Chesapeake canal, would soon be finish. ed, and opened; the Louisville canal would be opened in the course of the year; the probability was, that the stock would be worth par immediately, and, perhaps, would be above par. Then, let the Government sell their stock, and be rid of this trouble. They can invest the same money in other works of the kind, and, in this T JAN. 13, 1829.] Distribution of the Revenue. manner, a million and a half of dollars would make all the internal improvements in the country. ter. [SENATE. the money which has been first drawn from our own As he read the section-and surely there could be no Mr. HAYNE said, that the proposition of the gentleman from New Jersey had gained favor from the public, and some countenance even in this House, from a misunderstanding which had gone abroad, as to its true characThe public supposed the gentleman from New Jersey had contrived a plan to settle this distracting question of internal improvement; not only that he had settled the constitutional question, but that the whole subBut what do you ject was hereafter to be set at rest. find, upon looking at the bill? It does not even propose It has no more to do with it than to settle that question. it has with the military or naval establishment. It simply provides, that all the unappropriated money remaining in the Treasury on the first of June, every year, shall be distributed among the several States, and that five millions of dollars of the Sinking Fund shall be applied in the same way. But are there to be no more calls for money for internal improvements? Are there to be no more claims presented upon this floor? Are there to be no more Ohio and Chesapeake Canals? No more Louisville and Portland Canals? No more improvements to be specially provided for? No, sir, there will not be a cent of revenue to distribute, except the five millions taken from the And this is the sum and substance of Sinking Fund. the bill. It does not even touch the question which it is It depends upon entirely different supposed to settle. principles, and has different objects from those discussed by the gentleman from New Jersey. That gentleman had, indeed, given a faithful picture of the state of things under the present system-of the scrambles, quarrels, and heart burnings; but his bill does not set them at rest, He repeated, that, if the bill nor even attempt to do so. passed to-morrow, it would never stop the application of one dollar for internal improvements. The gentleman seemed to think there would be some advantage in raising the revenue, even if it was not want ed, for the mere purpose of distributing it; but could any thing be more shocking to the common sense of manThe gentleman from New Jersey had offered two statekind than the idea of levying taxes for the sake of returning the money so raised back again to the pockets of ments, one showing that, by the regular operation of the Was it the ob- Sinking Fund, the debt would be extinguished in the year the people from whom it was exacted? ject of the gentleman to support an army of tax gather-1833; the other showing that, by his plan of delaying the ers, who should subsist by raising money that was not payment of a certain portion, for the purpose of distribut wanted? Or was it the object of the gentleman to have ing it, the debt would not be extinguished until the year the eyes of all the States fixed upon the Federal Govern- 1838. The proposition was, then, to prolong the period ment, and have them live under the apprehension that for the payment of the national debt for five years. in that Government rested the power to furnish them gentleman had asserted that there would be a difficulty in with money for State purposes? Or was it the object to paying this debt, because a portion of it was not redeemhave the States fed by the General Government, for the able. From his statement, it appeared that the whole of it purpose of keeping them in subserviency to it? Some was redeemable by 1833, except two sums, which, incon- . The project siderable, (less than $7,000,000) was to run for a few one of these objects must be proposed. could not be sustained for a moment, merely on the years longer; but could there be any difficulty in redeemground that the General Government was going to the ing, even by purchase, at the market price, seven millions > He contended that they could retrouble and expense of collecting this money, in order to of dollars, by the year 1833, if the country continued in a state of prosperity per cent. inhave the pleasure of returning it to the several States. Then, again, let it be specially noted that it was not to deem the whole of it (for it bore only 44 or 5 be returned in the ratio of consumption, (by which it terest) by purchase, at any time, after the manner proposwas raised) but in the ratio of direct taxation. The ed by the gentleman from Missouri. The stock could be gentleman had advocated the passage of his bill, on the obtained at par, or a little above it; and he took it for ground that it would be easier for the Federal Govern- granted that, by the passage of a timely act, the whole ment to raise this revenue and return it, than it would be of the four and a half and five per cents. would be obfor each State to raise sufficient for its own purposes; tained. but, when the constitution was formed, was it ever imagined that the States would require the aid of the Federal Government to levy taxes for domestic purposes, within their individual boundaries? Supposing the bill to have passed, what was to be the effect? The Government has the money, and we, in the States, are to be put in the situation of mendicants, scrambling, as it has been described, for a portion of our We are to have doled out to us, as a favor, VOL. V.-5. own money. The The gentleman from New Jersey had argued that it was wrong to purchase stock which bore a less interest than money was worth in the market; but Mr. H. was of opinion that the debt should be purchased up and extinguished as fast as it could be done conveniently. He considered money, idle in the Treasury, not only as bearing no interest at all, but as actually fifty per cent. below parin value for it would lie there to be squandered, and be always subject to the general "scramble" of the States, which had been described by the gentleman. He took another view of this part of the subject, which he deemed satisfactory. It had been said that the Bank would not sell this stock, which it held, for the purpose of having it redeemed. But, suppose the Bank would not sell this stock, we have only to change our measures a little to arrive at the same result. If the Bank would not sell the stock in its possession, the aim proposed would be arrived at by paying off the $7,000,000 which the United States had subscribed to the Bank, and which was redeemable. By this operation, which was in our power, the Sinking Fund would do its office, even without the purchase of any stock. But he believed there would be no difficulty whatever, and that the whole of the national debt could be extinguished in 1833, and before the close of the next administration. He believed that it would be paid, because he believed that the great and good man who was about to wield the destinies of this country would not desire to earn a greater honor than to have it inscribed on his tomb-stone, that he had extinguished the national debt. In conclusion, he moved to strike out the second section of the bill, for the purpose of bringing up the isolated question, whether the Senate was prepared to touch the fund pledged to the payment of the public debt. Mr BENTON rose, not to make a speech, but to read some extracts from a debate in the British House of Commons, about an hundred years ago, on a proposition of the same kind as that which now occupied the deliberations of the Senate. England then had a small debt, not much larger than the debt of the United States was at present; she had a sinking fund also, under the operation of which her debt was annually melting away; and she enjoyed a season of peace-the long peace under the timid administration of Sir Robert Walpole, in which the debt might have been paid off. The circumstances of the two countries, with respect to their debt, were as alike as possible; that is to say, the condition of England one hundred years ago, and that of the United States now. In these circumstances, Sir Robert Walpole made a motion to divert £500,000 from the English sinking fund, as the Senator from New Jersey [Mr. DICKERSON, who Mr. B. was sorry to name in compa. ny with Sir Robert Walpole,] now proposes to divert five millions annually from our sinking fund. The motion of the English minister was supported by all the common place arguments in mitigation and in favor of the public debt, as, that a debt increased the wealth of a country, and gave stability to the Government; that the then debt of England was inconsiderable, and might be paid at time; that the public creditors were in no hurry to receive, and that the money, for the present, could be used more beneficially for other purposes. The opposition members, however, from whose speeches I propose to read extracts, were opposed to all these doctrines. These members were the Iron Barons of the day, such as Lord Chatham afterwards contrasted with the Silken Barons of a later period. They had the best of the argument, and their prophecies, unhappily for their country, have be-* come its history. But the minister had the best of it at voting, and his motion prevailed. He succeeded in violating the sinking fund-in diverting one half of its amount from its proper object, to objects of transient interest and subordinate importance. The consequences were such as had been foretold by the Iron Barons. any The season of peace passed away; the long and timid administration of Walpole itself passed away; the debt was unpaid; successive wars came on; and the debt, which was then made so light of by the minister, rapidly grew up to a frightful amount; soon overwhelmed the country with taxes, and banished all idea of ever seeing it paid. The example, Mr. B. hoped, would not be lost upon the United States, the child of England. The experience of the mother, he humbly trusted, would not be lost upon the daughter, as the experience of parents too often [JAN. 13, 1829. lost upon their children. History was said to be philosophy teaching by example; he hoped this moral and sublime teacher would not lavish her lessons in vain upon the American Senate. Mr. B. joined in the wish expressed by the Senator from South Carolina, (Mr. HAYNE) that the debt of the United States might be paid off under the ensuing administration. He concurred with that Senator in the measure of the new fame which such a consummation would confer upon General Jackson. Observing some Senators to smile, Mr. B. spoke up with animation and vehemence, repeating what he had said, and even going so far as to say that the new President would have as hard, or harder work in baffling the enemies to the payment of the debt, than he had in vanquishing the British at New Orleans: for there he had his enemy in front, and saw what he was at, but here he would have his opponents on his flank and rear, covered up in masks and disguises, laboring to accomplish what would not be avowed. No one would now stand up and say, "a public debt was a public blessing;" but many would practise upon the maxim, and endeavor to perpetuate ours, by withholding the means of paying it; by abolishing duties beforehand, and preventing the acquisition of revenue, or by squandering it upon all sorts of objects. Mr. BENTON then read the following extracts from the debates to which he alluded: Sir William Pulteney." The Sinking Fund, that sacred deposite for extinguishing the duties and abolishing the taxes which lie so heavy on the trade, and on the people of this nation, ought never to be touched: no consideration whatever ought to prevail with us to convert that fund to any use, but that for which it was originally designed. It has, of late, too often been robbed-I beg pardon, sir, robbing is a harsh word, I will not say robbed-but I must say, that, upon several occasions, there have been considerable sums snipped away from it." Sir John Barnard.-" The creditors of the public are, perhaps, at present unwilling to be paid off, because they have a greater interest for their money from the public than they can have any where else. But, let their inclinations be what they please, it is certainly the interest of the nation to have them all paid off; the sooner it is done, the happier it will be for the nation, and therefore, no part of what is appropriated to their payment ought to be converted to any other use. Their unwillingness to receive payment is so far from being an argument against paying them, that, on the contrary, it shows that they have a better bargain from the public than they can, in the same way, have any other person." from Sir William Wyndham.—“ The Sinking Fund is a fund I have always had the greatest veneration for; I look on it as a sacred fund, appropriated to the relieving the nation from that load of debts and taxes it now groans under. *. I have, indeed, been always afraid that some enterprising minister might be tempted to seize upon it, or some part of it, in time of war; but I little dreamt of seeing any attempts made upon it in a time of the most profound tranquillity. It is to me a melancholy consideration to think of the present vast load of the national debt-a debt of no less than forty-five millions and upwards, and that all contracted since the Revolution, (1688.) This must be a melancholy consideration to every gentleman that has any concern for his country's happiness; but if the motion now made to us shall be agreed to, how dismal will this consideration be rendered, when we reflect upon the little appearance there will then be of this debt's ever being paid. Is the public expense never to be lessened? Are the people of England always to pay the same heavy and grievous taxes? Surely, sir, if there is ever a time to be looked for of easing the peo |