Skip to main content

Full text of "To the citizens of the First congressional district in the state of Kentucky"

See other formats


^°o 


-o/     i 


.'^'=>. 


^^'\ 


,<s> 


0^  ..^v:*.  V 


^oy 


:^'.   -^xv    .^^    /^ 


4  O 


/'  -  '^^  0.0,      <p 


(f 


XT'      .  ^ 


./\   ^'V^ 


\^  ..  -^  ""  ^ 


iVvVt. 


%. 


■*■/ 


^<-. 


»^      .♦ 


•^ 


'.       % 


■    4-- 

.A 


.^b' 

,^'\ 


'/T 


'■"Ha, 


^•/    \*^^\/    %^i^-/    \'^^\.^^ 


■AT  >0.  '  VV  .  .  <p.  •  ■  -  ^- 


K  --W-  /■%  °"^"  y% ' 


.'^\      ^'^^/    ./\    "-^^*'      ^'^^^      ^^ 


'  .  *  *      A  e . 


3c 


^•^ 


TO  THE  CITIZENS   OF  THE   FIRST  CONGRESSIONAL  DIS- 
TRICT IN  THE  STATE  OF  KENTUCKY. 


Gentlemen:  Tlie  27th  Congress  is  about  being  closed;  and  the  sum 
total  of  the  great  and  glorious  resuhs  which  we  wer^  ns^nrpd  won'^?  rrr 
taiiiiij  follow  the  triumph  of  the  Whig  party  uj  the  elections  of  lS4l»,  arw 
now  spread  before  the  country  in  the  tangible  tbrm  of  legislative  nroceccl- 
ings. 

On  the  4th  of  March,  1841,  the  Whigs  found  themselves  in  full  posses- 
sion of  the  reins  of  government.  They  had  the  President,  Vice  President, 
and  a  controlling  majority  in  each  branch  of  Congress;  the  wild  fury  of  the 
political  whirlwind  of  the  preceding  year  having  swept  over  the  land 
with  such  resistless  force,  as  to  leave  barely  enough  of  the  poor  Democrats 
to  tell  the  story  of  their  unparalleled  disasters,  it  is  not  my  purpose  now 
to  speak  at  length  of  the  extraordinary,  not  to  say  dishonorable,  means 
employed  by  the  Whigs  in  obtaining  power.  It  will  be  remembered,  how- 
ever, that  they  were  as  profuse  in  preferring  charges  against  Mr.  Van 
Buren  and  his  administration,  as  they  were  prolific  in  pledges  of  benefits 
to  the  country,  if  General  Harrison  should  be  elected.  The  fierce  and  vin- 
dictive manner  in  which  Mr.  Van  Buren's  Administration  was  traduced 
and  hunted  down,  finds  no  parallel  in  the  annals  of  party  warfare.  Charcres 
of  misrule  and  corruption  were  manufactured  in  such  numbers,  and  pro- 
mulgated with  such  rapidity,  that  in  many  instances  time  was  not  allowed 
to  collect  the  proof  with  which  to  meet  and  refute  them.  The  celebrated 
standing  army,  the  Hooe  case,  the  census  law,  the  blood-hounds,  and  a 
thousand  and  one  other  ridiculous  charges,  were  brought  into  requisition, 
and  were  designed  o?iZy  to  serve  the  purposes  of  the  hour,  and  then,  together 
withall  their  other  miserable  appliances,  to  be  thrown  aside,  and,  if  possible, 
remembered  no  more.  I  say  remembered  no  more;  for  I  fancy  there  are 
but  few,  very  few,  ofany  party — unless,  indeed,  it  may  be  such  as  have  lost  all 
love  for  their  country  and  its  institutions,  and  all  respect  and  esteem  for  the 
moral  sentiment  and  religious  feeling  of  the  community — who  would  not 
rejoice  (were  it  possible)  to  see  the  history  of  the  scenes  of  1840  blotted  out 
forever.  But  this  cannot  be!  On  the  contrary,  having  found  a  place  ia 
our  country's  history,  they  will  remain  afoul  blot  on  its  bright  pages^which, 
whilst  it  marks  the  folly  and  dangers  of  the  past,  will,  I  trust,  furnish  a 
salutary  lesson  for  the  future. 

In  close  affinity  with  the "  foregoing  charges,  was  that  of  the  extrava- 
gance, and  more  than  princely  splendor,  with  which  it  was  said  the 
President's  house  was  furnished.  Although  this  charge  was  met,  and 
triumphantly  refuted,  at  the  threshold,  still  the  boldness  with  which 
its  truth  v/as  asserted  and  reaffirmed  all  over  the  country  was  such 
that  the  refutation  of  it  went  for  nothing.  Who  that  listened  to  this 
charge — always   accompanied,   as   it    was,   with   a   grave    and  earnest 


dissertation   upon   the  plain   republican    simplicity  and  economy   which 
tiiuuld    cliaracterize    an    Aincrican    President — could    have    ll)ou},Hit    it 

fiossil)le  that  the  Whiles,  immfdiaiely  after  tlie  eU'ction,  could  come  into  the 
lalls  of  Cotiiiress,  and  ask  ndcJitional  furniture  for  the  President's  house? 
Yet  such  is  the  fact,  as  the  journals  will  show;  and  thesnm  of  $6,000  was 
ftctuallv  appropriated  lor  ihat  purpose.  Thus  was  it  acknowledged  in  the 
fact'  of  ihe  world,  not  only  that  the  charge  against  Mr.  Van  Buren  was  in 
HscW  false,  but  that  M<//- j)rolessions  of  economy  were  equally  insincere  and 
hyporriticul:  else  why  this  a[)propriation7  The  furniture  used  by  Mr.  Van 
Duren,  and  with  which  he  was  content,  was  still  on  hand.  Yet,  according 
to  those  plain  economical  gentlemen,  the  White  House  lacked  S6,0l)0  worth 
of  furniture  to  render  it  fit  for  a  log  cabin  President  (as  they  chose  to  call 
him)  to  live  in.  Next  follows  the  kindred  appropriation  of  $25,000  to 
Mrs.  Harrison,  for  the  services  of  her  husband  as  President  for  one  month 
onhj.  This  most  extraordinary  appropriation^  made  without  the  sanction 
01  exist'iig  law,  and  in  utter  disregard  of  the  Constitution  of  the  coun- 
try, bad  not  even  so  much  as  the  principle  of  common  benevolence  to  rec- 
ommend It;  for  it  was  known  at  the  time  that  Mrs.  Harrison  was  possessed 
of  a  most  ample  fortune.  The  salary  of  the  President  being  fixed  by  law 
at  S-5,(:0i)  per  annum.  General  Harrison  was  entitled  for  his  one  month's 
service  to  just  ."5=2,219  16,  and  no  more.  Being  unable  to  find  the  slightest 
justification  or  excuse  for  this  act,  myself,  I  leave  it  to  such  defence  as  its 
friends  may  ofier. 

But  again:  notwithstanding  it  was  known  that,  of  the  numerous  office- 
holders under  the  Federal  Government  at  Washington,  a  considerable  ma- 
jority were,  and  always  had  been,  opposed  to  the  Democratic  adminisira- 
tion — which  is  believed  to  have  been  the  case  throughout  the  Union — still  the 
perpetual  cry  of  Proscriptionf  proscription!  was  kept  up  until  thousands 
were  made  to  believe  that,  by  a  regular,  unprincipled,  and  most  tyrannical 
system  of  rewards  and  punishments,  Mr.  Van  Buren  and  his  friends  were 
ftllempting  literally  to  force  themselves  into  power  for  a  second  !■  rm.  An 
immense  army  of  office-holders,  it  was  affirmed,  were  stationed  all  over  the 
country,  who,  ^^spaniel-like,'''  were  corruptly  using  all  the  influenc*-.  and 
power  of  office,  and  even  the  money  of  the  Government  itself,  to  proh:./e 
the  views  and  subserve  the  interests  of  their  "rri.aster  at  the  White  House. 
The  idea  of  removing  men  from  office  for  opinion's  sake,  was  most 
eloquently  denounced  as  a  gross  abuse  of  executive  power ;  and  rp/brrn 
became  a  watchword  of  the  party  throughout  the  land.  It  will  be  remem- 
bered that  such  was  the  holy  horror  oi  the  Whig  leaders  at  what  they  chose 
to  characterize  as  a  dangerous  interference  in  elections  on  the  part  of 
office-holders,  that  they  actually  proposed  to  pass  a  law  to  punish  any  man 
in  office  with  instant  removal,  fine,  and  imprisomnevt,  who  should  dare 
to  express  his  opinions  of  public  men  and  public  measures.  Such  was 
the  [)reaching  of  those  gentlemen  before  the  election:  what  has  been  their 
practice  since?  I  have  not  learned  the  precise  number  of  removals  in  the 
other  departments  of  the  Government,  though  they  are  known  to  have 
been  numerous.  But  Mr.  GuANCiEii,  a  leading  Whig,  and  once  their  can- 
didate for  the  Vice  Presidency,  made  seventeen  hundred  removals  in  less 
than  five  months,  whilst  he  occupied  a  place  in  the  Whig  cabinet  as 
Postmaster  General;  within  the  month  of  June  aZo/ie,  he  unceremoniously 
debpatcficd  five  hundred  and  thirty  six  Democrats;  and  now  has  the  effront- 
ery to  tell  us,  iQ  his  place  upon  the  floor  ia  the  House,  that,  but  lor  his  owrii 


displacement,  he  would  very  soon  have  removed  three  thousand  more. 
Ill  the  face  of  such  facts,  comment  would  be  superfluous. 

"  'J'lic  appointmcni  of  members  of  Congress  to  o/Jice"  was  anotiier  ground 
of  perpetual  and  grievous  complaint  against  General  Jackson  and  Mr. 
Van  Buron.  Yet,  the  momentthe  Whigs  got  into  power,  as  if  in  vlter  con- 
tempt, of  the  solemn  obligations  imposed  by  their  oft-repeated  pledges  io 
the  country,  they  selected  four  of  the  six  cabinet  ministers  of  General  Har- 
rison fresh  from  the  halls  of  Congress. 

But,  of  the  long  catalogue  of  Whig  complaints  against  the  two  last  ad- 
ministrations, none  was  more  univet^ally  and  perseveringly  persisted  in 
than  the  charge  of  extravagance  in  the  public  expenditures.  This  allega- 
tion was  always  coupled  with  the  cry  and  promise  of /•e;re?/cAme?t/ and 
reform,  as  the  certai/i  consequences  of  the  election  of  General  Harrison  and 
his  frieijds.  They  were  elected — the  Democrats  turned  out:  and  what 
has  l>een  the  result?  We  have  already  noticed  a  few  samples  of  Whig 
economy;  but,  for  a  more  comprehensive  view  of  the  subject,  I  beg  leave 
to  refer  you  to  the  following  table: 


E.stimates. 

Appropriations. 

Expenditures, 

1837 
1838 
1S39 
1810 

-  §22,631.442 

-  22,735,249 

-  18,230,600 

334,126,807 
33,138,371 
23,862,560 

21,658,872 

S31, 610,003 
31,544,396 
25,443,716 
22,389,356 

This  table  shows  that,  during  Mr.  Van  Buren's  administration,  the  ex- 
penditures were  brought  down  (speaking  in  round  numbers)  from  thirty- 
one  millions  in  1837,  to  twenty-two  millions  in  1840;  and  no  one  in  the 
least  acquainted  with  the  policy  of  that  administration  can  doubt  that  these 
reductions  would  have  continued,  if  the  management  of  our  finances  had 
not  bee^ transferred  to  other  hands.  The  unusual  and  extraordinary 
burdeg^Pflirown  upon  a  good  portion  of  General  Jackson's  and  the  first 
twckMtixrs  of  Mr.  Van  Buren's  administration,  on  account  of  the  Florida 
aii|i^reek  wars,  building  new  custom  and  other  houses,  revolutionary  debt 
'/the  State  of  Connecticut,  protection  to  the  Northeastern  frontier,  remov- 
msf  Indians  to  their  new  homes  west  of  the  Mississippi,  dtc,  which,  in 
1838,  alone  amounted  to  upwards  of  $7.0ft0,n00,  were  known  to  be  rapidly 
passing  away;  and,  in  view  of  this,  Mr.  Van  Buren  and  his  friends  confi- 
dently calculated  on  being  able  to  reduce  the  expenses  of  Government  to 
$18,U00,0U0,  or  less,  per  annum.  How  stands  the  account  since  the 
Whigs  have  had  control  of  the  finances?  It  must  be  borne  in  mind  that 
estimates  and  appropriations  for  the  year  1841  were  made  by  the  Dem- 
ocrats, just  before  they  went  out  of  office,  and  were  as  follows:  estimates 
^17,688,736,  and  Congress  appropriated  for  ordinary  expenses  $19,708,- 
996  62;  and,  at  the  earnest  solicitation  of  the  Whigs,  and  to  avoid  the  ne- 
cessity of  ;i  called  session,  also  gave  power  to  issue  treasury  notes  amounting 
to  $5,43l,4"3L  17 — thus  giving  over  twenty-five  miUions  for  the  service  ot 
that  year. 

The  Whigs  were  not  content  with  that  sum,  as  will  be  seen  from  the  fiict, 
that,  upon  meeting  at  the  extra  session,  they  made  new  and  additional  appro- 
priations, to  the  amount  of  ^5.043,705  0?.  Thus  swelling  the  appropriations 
for  1841  to  thirty  instead  of  twenty  five  millions,  as  proposed  by  their 
Democratic  predecessors.  The  difference  between  Whig  and  Democratic 
economy  is  here  seen  at  a  glance.  And  it  may  be  set  down  as  one  item  in 
the  ioi)^  list  of  blessings  promised  by  the  former,  that  they  have  cost  the 


good  people  of  this  country,  in  tiie  first  year  of  their  rule,  the  modest  sum 
of  ^OjOl^.TO.J  02  more  than  the  Deinocrais  proposed,  or  would  have  ex- 
ponded,  had  ihoy  been  permitted  to  remain  in  power.  Passing-  to  the  year 
1842,  we  find  the  expenditures  were  $23,837,805  (51 — showina^  an 
increase  over  Mr.  Van  13urfn's  last  year  of  oiie  miihon  and  a  half  ;  and 
this,  too,  after  the  treasury  had  been  relieved  from  nearly  all  the  extraor- 
duiary  expenses  growirji^  oat  of  the  Florida  war,  as  well  as  the  other  causes 
to  which  I  have  alluded.  Heaiiuofin  mind  the  patriotic  strjuns  with  which 
the  Whigs  everywhere  denounced  what  they  were  pleased  to  call  wastefu  I 
extravagance  on  the  part  of  their  opponents,  who  could  have  dreamed  of 
such  a  showing  as  this?  Let  it  nflt  be  said  that  Mr.  Tyler  did  it.  The 
President  is  responsible  for  what  he  may  recommend,  and  for  the  faithful 
apjilication  of  the  stuns  appropriated.  But  it  is  the  Congress  that  "holds 
the  purse  strings  of  the  nation."  In  the  language  of  the  Constitution,  "no 
fiionf'ij  ti/tall  Iff  drawn  from  the.  treasury  but  in  consequence  of],  appro- 
priudons  made  by  law.''''  With  the  Whig  majority  in  Congress,  then, 
rests  the  responsibility;  and  it  would  be  vain  for  them  to  attempt  to  shift  it 
off  upon  others. 

Jjiit  our  proof  relative  to  the  boasted  economy  and  fiaa}icial  skill  of  the 
"Whigs  does  not  stop  here.  I  invite  your  particular  attention  to  the  follow- 
ing tables,  showing  the  precise  state  of  the  debt  charged  by  them  to  iiave 
been  left  upon  the  country  by  Mr.  Van  Burcn's  administration: 

1st.  Amount  of  the  public  debt  on  the  Aih  March,  1841. 

Old  funded  and  unfunded  debt — 
Funded  debt,  interest  and  principal  -  -  -     $296^642  05 

Unfunded  debt  (old) — treasury  notes  -         $4,596  20 

Mississippi  stock     -  -  -  -  4,320  09 

Kegislercd  debt       ...  -         26.622  44 

35,538  73 

Debts  o(the  corporate  cities  of  the  District  of  Columbia  as- 
sumed by  tlie  United  States         .  -  -  .     1,500,000  00 
Treasury  notes       -             -            -            -            -             -     5,648,512  40 

$7,480,693  18 


2c?.  tSlatcment  of  the  public  debt  on  the  I'Slh  February,  1843. 

Old  funded  and  unfunded  debt — 
Fundc  d  debt,  interest  and  princii)al  -  -  -       $2SS,306  40 

Unhinded  debt  (old)— treasury  notes       -         $4,317  44 
Mississippi  Slock   -  -  -  -  4,320  09 

Kegisiertd  debt    ...  -  26,622  44 

35,259  97 


Debts  of  the  corporate  cities  of  the  District  of  Columbia  as- 
sumed by  the  United  States       .'           -             -             -  1,380,000  00 
Trcasurv  n«tes    .-.-.-  11,711,210  17 
Loans  of  1841  and  1842  -            ....  13.974,44511 


$27,389,221  65 


T.  L.  SMITH,  Jlegister. 


How  vStand  their  own  records?  What  do  they  prove  ?  1st.  They  prove 
that  this  debt,  inherited,  as  they  say,  from  Mr.  Van  Bim-n,  was  only 
$5,05:^,108  (■)().  The  funded  debt,  and,  indeed,  all  the  items  in  itiis  lal)le, 
except  the  treasury  notes,  had  come  down  as  old  dtbis  from  fireccdii)') 
administrations,  and  are  nut  charifcahle  to  A]r.  Van  Hnren.  VVhencv(!r, 
then,  yon  hear  it  as  a  ^^  hig  apolojry  for  their  extrava<r:ince  and  \\\)i\i 
taxes,  that  they  were  necessary  to  enable  them  to  pay  off  Mr.  Van  IJnren's 
debts,  point  them  to  this  table,  and  fearlessly  challenge  every  "Whig  in 
America  to  show  that  it  was  one  dollar  more  than  .35,1353,108  OO.  JJiit 
did  they  pay  off  even  this  debt,  aher  ihey  came  into  power?  No  ;  on  the 
contrary,  instead  of  diminishing,  they  have  augmented  it  to  an  alarming 
amount.  The  second  table,  as  above,  shows  that,  on  the  1 3th  of  i-'eb- 
ruary,  1813,  they  had  increased  tiie  debt  over  twenty  millions  in  two 
years.  Is  this  the  economy  of  which  we  heard  so  much  during  the 
presidential  canvass  of  1840?  What  excuse  can  the  Whig  party"  ren- 
der to  the  people  for  such  a  state  of  things  as  is  here  presented?  Tlie 
extra  session  was  convened  (as  they  said)  for  the  express  purpose  of 
paying  off  the  outstanding  debt  of  Mr.  Van  l?uren's  administration,  and  to 
provide  a  sufficient  revenue  for  the  waiJts  of  the  Government.  'J'hen, 
why  were  those  objects  not  accomplislied  ?  How  does  it  happeti  that 
those  gentlemen,  after  having  full  control  of  the  Government  for  two 
whi'^e  years,  are  now  about  to  leave  it  in  a  condition  so  much  worse  than 
they  found  it?  A  proper  solution  of  these  questions  would  clearly  demon- 
strate the  whole  financial  policy  of  the  Wings  to  be  radically  defective, 
and,  if  persisted  in,  must  inevitably  lead  to  the  most  disastrous  conse- 
quences. But  what  is  this  policy,  as  developed  by  their  acts  during  the 
present  Congress?  We  have  already  seen  that  the  economy  they  preached 
with  such  impassioned  fervor  before^  was  lorgotteii  and  repudiated  njler 
they  got  into  power  ;  and  that  relief  to  an  exhausted  treasury,  by  means 
of  a  reduction  of  expenses,  has  formed  no  part  of  tJieir  syi>te7n.  With 
them,  a  high  protective  tariff  was  a  favorite  measure;  and,  ni  their  great 
eagerness  to  grasp  that  object,  tiiey  seem  to  have  entirely  overlooked,  or 
wilfully  trampled  under  foot,  the  interest  of  the  Goveintment,  as  well  as 
the  jjeoplp.  'rhat  this  is  true,  so  fi\r  as  the  Government  is  concerned,  is 
fully  verified  by  tlie  fact — that,  itistead  of  providing  relief  to  an  exhausted 
treasury,  by  fostering  witii  cnre  the  means  on  hand,  and  increasing  those 
means  by  the  imposition  of  suitable  taxes,  (as  every  prudent  man  will  say 
it  was  their  duty  to  have  done,)  they  went  off  full  chase  in  pursuit  of  tiieir 
great  idea  of  a  protective  tariff;  and,  as  a  necessary  prerequisite  to  the  com- 
plete consummation  of  tliis  grand  object,  their  first  stop  was  to  distribute 
the  land  fund  among  the  several  Slates.  This  fund,  which,  under  a  judi- 
cious manngement  of  the  land  sales,  may  be  estimated  at  about  33,Oil(  ,()(.i() 
per  annum,  constituted  a  part  of  the  regular  annual  revenues  of  this  Gov- 
ernment; and,  to  that  extent,  lessened  the  burdens  of  Federal  taxation  upon 
the  people.  To  say  nothing  of  the  total  want  of  cotistitntional  antliority 
to  distribute  this  fund,  let  nje  ask.  Was  it  expedient?  Kenuinber  the 
condition  of  the  treasury — its  embarrassments  and  indebtedness;  and, 
under  such  circumstances,  can  any  prudent  man  justify  tlie  policy?  It 
will  not  be  pretended  that  it  could,  in  any  possible  contingency,  operate  as 
a  measure  of  relief  to  the  Government;  nor  can  it  be  regarded  as  such  to 
the  people,  v/ho,  after  all,  must,  in  some  form  or  other,  pay  the  expenses 
of  Government,  both  State  and  Federal.     W'hy,  then,  this  robbery  of  tiie 


national  trciisiiry  ?  The  answer  is  plain.  It  was  done,  as  all  must  see, 
to  make  room  (or  the  high  protective  tarilF  which  followed.  By  sqnander- 
itigthis  land  fund,  they  furnished  an  excuse  for  the  iniposiiion  of  duties 
to  thai  extent  higher  than  would  otherwise  have  been  necessary  in  sup- 
f)lyini:  the  Government  with  revenue.  In  favor  of  their  late  exorbitant 
larilf,  the  Wliii^s,  hy  this  contrivance,  were  en;ihled  to  plead  a  neccssifi/ 
which  they  had  themselves  created,  This  dislribulion,  then,  is  in  truth 
a  tariff  Ineasiire  in  dis<riii.se.  That  such  is  Us  practical  operation,  none 
can  deny;  and  that  it  was  so  intended  by  its  authors,  who  can  doubt? 

But,  as  a  further  test  of  the  financial  skill  of  the  VVhi<(s,  let  ns  examine 
for  a  moment  the  effect  of  their  late  tarifl*  upon  the  revenue.  Let  it  be 
recollected  that  (beiiiii^  in  a  majority)  they  brought  forward  and  passed  just 
such  a  tariff  as  they  said  would  be  sufiicient  to  supply  the  Government 
with  all  necessary  revenue.  In  the  debates  on  this  subject,  the  Democrats 
contended  that  this  tariff  was  a  measure  which,  whilst  it  afforded  bounties 
to  the  mctniifarturer  on  the  one  hand,  would  diininish  the  revctnie  on 
the  other.  Let  us  see  who  was  right  in  tliis  important  matter.  By  refer- 
ence to  House  document  JNo.  244,  page  57,  it  will  be  seen  that  the 
receipts  from  customs  for  1840  were  $13,499,502;  for  1841,  they  were 
§;  14,187,210 ;  and,  as  appears,  by  reference  to  House  document  No.  17, 
(Secretary  of  the  Treasury's  report,)  the  receipts  for  the  fh'st  three  quar- 
ters of  1842  were  $14,260,830  30.  Here  we  have  exhibited  a  regular 
increase  of  revenue,  under  a  system  of  low  and  declining  duties,  as  pro- 
vided by  the  compromise  act  of  1833,  down  to  August,'l842,  when  the 
present  hiiih  tariff  commenced  its  operation.  And  what  has  been  the 
result?  By  another  letter  from  the  Secretary  of  the  Treasury,  (House 
document  No.  70.)  it  is  shown  that  the  receipts  from  customs,  under  the 
new  tariff,  for  the  last  quarter  of  1842,  were  $2,573,430  76;  and  the 
larsrest  amount  estimated  by  him,  for  the  whole  of  the  present  year,  is 
$13,000,000.  The  only  inference  which  can  be  drawn  from  these  facts 
IS,  that  a  protective  tariff  and  a  tariff  for  revenue  are  wholly  different//ow, 
and.  in  a  great  degree,  inconsistent  ivil/i,  each  other.  And,  in  adjusting 
this  question,  the  Whigs,  in  their  zeal  for  protection,  entirely  disregarded 
the  question  of  revenue. 

How  this  measure,  which,  in  addition  to  the  tax  it  imposes  for  the  benefit 
of  the  Government,  levies  a  much  greater  contribution  for  the  benefit  of 
the  manufacturer,  can  be  tortured  into  a  system  of  relief  to  the  people, 
I  am  totally  at  a  lo>s  to  conceive.  That,  on  the  contrary,  it  is  one  of  those 
ingenious  contrivances  by  which  the  few  seek  to  plunder  the  many,  nnist 
l)e  apparent  to  all  who  take  the  trouble  to  examine  its  praciical  operation. 

But  if  the  Whiws  were  unsuccessful  in  raising  a  sufiicient  revenue, 
they  have  been  etpially  unfortunate,  in  the  v/ay  of  providing  a  suitable 
system  for  its  collt;ction  and  safekeeping.  When  they  took  possession  of 
the  Governtnent,  they  found  the  independent  treasury  in  full  and  success- 
ful operation.  That  measure — to  say  nothing  of  its  other  salutary  ytrovi- 
■AMi\s—a.'itninlij  did  throw  around  the  public  treiisiire  more  eflicieiitand  sub- 
stantial saf'  guards  than  any  ever  adopted  since  the  foundation  of  the  Gov- 
ernment. But  it  was  an  antagonist  measure  to  their  favorite  credit  system. 
It  made  no  provision  wlwreby  the  bankers  and  stockjobbers  of  the  country 
eould  enjoy  the  use  of  the  public  moneys  to  trade  and  speculate  upon. 
Ihnce  it  was  peculiarly  obnoxious  to  the  Whigs,  who,  with  fierce  impa- 
tience, swept  it  from  the  statute  book;  leaving  nothing,  or  next  to  nothing, 
in  the  shape  of  law,  as  a  substitute  for  it. 


Thus  the  safekeepino^  of  the  vast  animal  revenue  of  the  Government  has 
been  placed  at  the  discrelii)n  of  the  President.  Where  or  how  it  is  to  bu 
kept,  is  for  him  to  determine. 

After  so  nwxch  frenzied  railing  against  executive  patronaj^e  and  jjoirer — 
the  union  of  the  purse  and  the  sword  in  the  liands  of  one  man — who  could 
have  supposed  it  possible  that  tlie  Wliips,  havm;s^  the  power,  would  have 
suffered  such  a  state  of  things  to  exist  for  a  single  day/  Yet,  at  the  end  of 
two  years  of  almost  perpetual  legislation,  these  gentlemen  are  about  to  go 
home,  leaving  the  purse  of  tfie  nation  in  the  bands  of  John  "^I^ybtr,  who, 
they  say,  is  not  only  weak  and  incompetent,  but  wholly  destitute  of  political 
or  moral  integrity. 

To  remedy  this  evil,  the  majority  passed  two  Federal  bank  cliartors,  in 
each  of  which  they  provided  that  the  national  treasure  should  go  into  the 
holy  keeping  of  the  President,  Directors,  «fc  Co.,  of  the  proposed  l)ank. 
Thus,  in  effect,  making  the  bank  the  treasuri/,  and  the  bankers  the  ircaau. 
rers  of  the  Government.  These  propositions  were  met  and  defn^ted  by  the 
veto;  and  iierethe  efforts  of  the  Wliig  Congress  to  provide  a  fiscal  agent 
for  the  Government  ended.  The  President,  on  fiis  part,  proposed  a  nation- 
al exchequer,  based  on  the  revenues  of  the  Government,  with  power  to  es- 
tablisli  branches  in  the|several  States,  to  receive  individual  depoi>ites  of  mon- 
ey, to  issuepaperon  the  credit  of  the  Government,  to  buy  and  sell  bills  of  ex- 
change, &c.  This  measure,  1  am  liappy  to  say,  met  with  no  favor  from  either 
party.  Hence  the  whole  question  is  referred  to  the  people,  who  will  deter- 
mine for  themselves  whether  they  will  adopt  a  bank,  tlie  sub  treasury,  or 
some  other  scheme,  as  an  agent  for  the  collection,  safekeeping,  and  disburse- 
ment of  the  Government  revenues. 

But  the  bank  was  proposed  as  a  measure  of  relief  to  the  people.  As  a 
sample  of  some  of  the  blessings  to  be  expected  from  it,  allow  me  to  offer 
the  following  extract: 

"What  banks  cost  the  people. — Notwithstanding  all  that  has  been  said  and  written  upon 
the  subject  of  the  credit  and  banking  systems,  lew  persons  are  actually  aware  of  the  vast  amount 
which  the  people  of  the  United  States  pay  to  ihe  banks  in  the  shape  of  interest  «/a«<:.  The 
United  States  Treasury  reports  enable  us  to  make  up  the  following  table,  exhibiting  ihe  whole 
number  of  banking  institutions  in  each  of  five  disastrous  years,  and  their  aggregate  amount  of 
loans  and  circulation.  It  is  a  brief  but  comprehensive  table,  worthy  of  careful  study  and  per- 
petual remembrance : 


Banks. 

Loans. 

Circulation. 

In  the  year  1836 
1837 
1838 
1839 
1840           -           -           - 

713 

788 
8-29 
840 
901 

S457,50G,0S0 
5-25,115,702 
485,631,687 
39 2, 278,0 15 
462,890,523 

$110,301,038 
119,1^5,890 
110,138,910 
135,170,995 
106,968,572 

At  an  interest  of 

2, 4-23, 4-28, 007 
6 

per  cent. 

$145,405,680  42 

"One  hundred  and  forty-five  million  four  hundred  and  five  thousand  six  hundred  and  eighty 
dollars  and  forty-two  cents,  paid  in  the  shape  of  interest  to  the  banks  of  the  United  States  in  the 
space  of  five  years !  1 ! 

"Who  can  wonder,  after  knowing  the  above  facts,  that  the  community  has  been  laboring 
under  embarrassment!  And  who  is  there  so  stupid,  or  so  headiitrong  and  perverse,  that  doe.^ 
not  wish,  in  the  fulness  of  his  heart,  that  the  industry  and  labor  which  dischar<,'cd  the  above 
debt  to  the  banks,  had  been  devoted  to  bringing  into  the  country  the  same  grand  sum  of  gold 
and  silver,  instead  of  worthless,  exploded,  fraudulent  bank  paper!"— OAio  Fatrwi. 


But.  in  the  catalojine  of  relief  measures,  the  bt\nkruptla\v  stands  too  con- 
jjpicuons  to  he  overlooked,  and  cannot  have  failed  to  coiuniiind  the  earnest 
consideration  ol  all  men  of  nil  parlies.  'IMiatit  has  had  the  effect  of  relieving 
manv  nnforinnate  and  wortliy  persons  from  a  state  of  hopeless  and  irre- 
irievahle  indebtedness.  I  am  free  to  allow.  Bat  1  think  it  mnst.  at  the  samo 
time,  Ite  admitted  that  it  does  n)ore  to  weaken  the  sacred  ohlio;ation  of  con- 
tr;icis,  offers  stron<;ei-  indncemenis  to  frauds  and  perjuries,  and  thus  in- 
fuses a  more  deadly  moral  poi^^on  tluout,diout  the  land,  than  any  law  ever 
passed  by  Couijress.     Such  a  law,  1  presinme,  can  have  but  lew  advocates. 

Tiiat  there  inay  be  no  misapprehension  as  to  wliom  the  country  is  in- 
d<>])ted  for  this  measure,  1  be<:  leave  to  say  that  it  passed  the  Senate  by  a 
vote  of  2(3  to  23 — but  four  Dt-mocrats  voting  for  it.  It  passed  the  House 
by  a  vote  of  111  to  105 — two  Democrats  onlt/  voting  for  it.  For  niyself, 
I  not  onlv  voted  ajjaiust  it  from  the  beginning,  but,  by  reference  to  the 
journal,  it  wdl  be  seen  that  it  was  upon  my  motion  a  bill  was  gotten  up  to 
repeal  it.  before  the  time  fixed  for  it  to  go  into  operation;  which  bill  passed 
the  House  by  a  majority  of  2S  votes,  but  was  defeated  in  the  Senate  by  uue 
vote. 

Notwithstanding  (he  evidences  of  popular  opinion  in  Kentucky  against 
this  law,  as  shown  by  the  action  of  her  Legislature,  and  otherwise,  it 
is  a  remarkable  (act  that  Mr.  Clay  was  among  the  numl)er  who  voted 
asainst  its  repeal.  If  he  had  voted  differently,  we  should  have  been  saved 
>^'halever  of  mischief  it  has  inflicted  on  the  country. 

The  repeal  of  the  sub  treasury — the  establishment  of  a  national  bank — 
the  distribution  of  the  land  fund — a  protective  tariff — and  this  bankrupt 
law — constitute  a  system  of  measures,  by  means  of  which  general  relief 
was  to  be  afforded  to  the  Government  and  the  people.  We  liave  had  the 
benefit  of  all  these  measures,  in  whole  or  in  part,  except  the  bank;  and 
where  are  the  evidences  of  that  glorious  prosperity  so  confidently  predicted 
by  the  Whijs,  and  so  fondly  hoped  for  by  the  people?  Let  a  bankrupt 
treasury — the  depressed  and  crippled  condition  of  trade  and  commerce — 
the  low  prices  of^  labor  and  produce — and  the  deep  and  widespread  pecu- 
niary suderingsof  the  whole  country — answer  the  question. 

If  I  am  asked  for  a  remedy  for  these  evils,  my  reply  is,  that  risid  econ- 
omy, hard  money,  and  low  taxes,  with  the  energy  and  industry  of  our 
people,  constitute  the  7nostj  if  not  the  only,  substantial  relief  which  can  be 
applied. 

Very  respectfully,  your  obedient  servant, 

LYNN  BOYD. 

Washington,  February  22,  1843. 


«4(3 


0>  ^^    '»•**     A 


.    ,.,^.1.    ...-r,.       ..-.    .    .H       --.'-'-•  .^       - 

■  ■ '  ii' 

'•■;i;  'V-iliriSS 

.!«; 

",',,:  i'\' i-Vi^' "-'M**^' 

I  !-'  '.*  ' 

■iK' 

ia.].;  ■  v';ii]'i  j^r 

ts'i