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dence is the one thing needful for the public credit; and this confidence must exist in the right quarter.

The venerable Gallatin has given us a seasonable hint on these points, in the pamphlet on the Oregon question which he published last year. He tells us in what quarter, and by what means, the Government must obtain these loans :

" There is as yet (says he) but very little active circulating capital in the new States ; they cannot lend ; they, on the contrary, want to borrow money. This can be obtained in the shape of loans only from the capitalists of the Atlantic States. A recurrence to public documents will show that all the loans of the last war were obtained in that quarter."

And again : “When our Government relies on the people for being sustained in making war, its confidence must be entire. They must be told the whole truth; and, if they are really in favor of the war, they will cheerfully sustain the Government in all the measures necessary to carry it into effect."

Now, Sir, if the President desires to create an entire confi. dence in the public credit, and to render his loans easy of negotiation, he must let the people of the country understand where this war is to end. He must tell them the whole truth. He must disclaim these indefinite ideas of national aggrandizement. He must abandon the purpose of dismembering Mexico. He must dissipate that dark cloud of disunion, which is seen hovering over us as often as we agitate the question of an extension of territory. He must give assurance that peace is to be restored and the Union preserved; and he can then have all the money which may be wanted at a moment's warning. This, Sir, is the way, and this the only way, of creating real confidence in the right quarter.

But if it were true, Mr. Chairman, that additional taxes were necessary at this moment to sustain the public credit, this little bill, which has been reported by the Committee of Ways and Means, would do little or nothing toward such an end. Why, there is something almost ridiculous in the introduction of such a bill for such an emergency as the present. Here we are, with a public debt of fifty millions already created, and with an annual expenditure of more than fifty millions already authorized, and how do we propose to provide for it? We call upon

the Secretary for his grand projet, and what does he present to us? A few additional duties on a little iron and coal and sugar and on two descriptions of cottons, twenty per cent. on tea and coffee, and a graduation of the price of the public lands! I am wrong, Sir. The Secretary of the Treasury disclaims recommending the duties on iron, and coal, and sugar, and cottons. I am not surprised at it either; for the whole yield of them all would be too insignificant to be worthy even of his attention. From the best accounts I can get, the duties on one description of cottons would yield absolutely nothing, as none of them are imported. The Secretary has been loud in his complaints about minimums. Sir, this whole bill is a minimum, and a friend near me well suggests that it is worthy of a minimum Administration. Certainly, it is the very smallest bill that was ever reported in any country to meet so great an exigency. Three million's a year is the largest estimate which anybody can make of the revenue which will be derived from it; it will probably not exceed two millions and a half. Seriously, Mr. Chairman, such a bill, in my judgment, is more likely to injure the public credit than to sustain it. If we do any thing at this moment, we should do enough to impress capitalists with the idea that we are not afraid to tax. We should go for raising eight or ten millions more revenue at the least. With specific duties, and proper discriminations, we might easily accomplish that result. And until specific duties and proper discriminations are reëstablished, we shall have no sound, productive, permanent revenue system.

The Secretary is indeed pluming himself greatly on the operation of his new tariff. Undoubtedly, Sir, it has thus far yielded somewhat more than was anticipated. But one swallow does not make a summer. One month's operation is no test of a tariff. Nor is this a moment when any fair calculation can be made of its real results. There are too many disturbing causes. There is a war on this side of the ocean, and a famine on the other; no potatoes in Ireland; short grain crops all over Europe; a second short cotton crop in our Southern States. A general derangement of commerce and currency has ensued, which happens to enure greatly to our benefit. You might as well judge of the ordinary height of the waves by the tossings and

us.

heavings of an equinoctial gale, as of the legitimate tendencies of the new tariff during such a financial storm as now surrounds

Mr. Walker should employ Mr. Espy to make his calculations for the present year.

Sir, I have no confidence in this new system. The people have no confidence in it. It is based upon false principles. It defies all experience. It abandons all protection of our own labor; and, sooner or later, it will prove to be utterly insufficient as a revenue measure. For one, therefore, I am not for propping it up by any such little bill as is now submitted to us. I am not for eking out the insufficiencies of a horizontal tariff by taxes upon tea and coffee. I am not for supplying means for an unjust war upon a foreign nation, by an unjust war upon our domestic industry. I go rather, Sir, for the things which make for peace, and the things by which we may build up one another.

NOTE.

VOTE IN THE HOUSE OF REPRESENTATIVES ON MR. WINTHROP'S PROVISO,

TUESDAY, FEBRUARY 23.

The following Proviso, moved by Mr. Winthrop to be added to the bill appropriating money for defraying the expenses of the forces engaged in the present war and of the army generally, being under consideration, namely:

Provided, further, That these appropriations are made with no view of sanctioning any prosecution of the existing war with Mexico for the acquisition of territory to form new States to be added to the Union, or for the dismemberment in any way of the Republic of Mexico :"

the question on agreeing thereto was taken by yeas and nays and decided as follows:

Yeas. — Messrs. Abbott, Arnold, Ashmun, Barringer, Bell, Blanchard, Milton Brown, Buffington, William W. Campbell, Carroll, John G. Chapman, Cocke, Collamer, Cranston, Crozier, Darragh, Delano, Dixon, Dockery, John H. Ewing, Edwin H. Ewing, Foot, Gentry, Giddings, Graham, Grider, Grinnell, Hale, Hampton, Harper, Henry, Hilliard, Elias B. Holmes, John W. Houston, Samuel D. Hubbard, Hudson, Washington Hunt, Joseph R. Ingersoll, Daniel P. King, Thomas B. King, Lewis, McGaughey, McHenry, McIlvaine, Marsh, Miller, Moseley, Pendleton, Pollock, Ramsey, Ripley, Julius Rockwell, John A. Rockwell, Root, Runk, Schenck, Seaman, Severance, Truman Smith, Albert Smith, Caleb B. Smith, Stephens, Strohm, Thibodeaux, Thomasson, Benjamin Thompson, Tilden, Toombs, Trumbo, Vance, Vinton, White, Winthrop, Woodruff, Wright, Young. - 76.

Nays. — Messrs. Stephen Adams, Atkinson, Bedinger, Benton, Biggs, James Black, James A. Black, Bowdon, Bowlin, Boyd, Brinkerhoff, Brockenbrough, Brodhead, Wm. G. Brown, Burt, Cathcart, Augustus A. Chapman, Reuben Chapman, Chase, Chipman, Clarke, Cobb, Collin, Cottrell, Cullum, Cummins, Cunningham, De Mott, Dillingham, Dobbin, Douglass, Dromgoole, Dunlap, Edsall, Ellet, Ellsworth, Erdman, Faran, Ficklin, Foster, Fries, Garvin, Giles, Goodyear, Gordon, Grover, Hamlin, Harmanson, Hastings, Henley, Hoge, Hopkins, Hough, George S. Houston, Edmund W. Hubard, Hungerford, James B. Hunt, Hunter, Charles J. Ingersoll, Jenkins, James H. Johnson, Joseph Johnson, Andrew Johnson, George W. Jones, Seaborn Jones, Kauffman, Kennedy, Preston King, Lawrence, Leake, Leffler, La Sere, Ligon, Long, Lumpkin, Maclay, McClean, McClelland, McClernand, McCrate, McDaniel, Joseph J. McDowell, James McDowell, McKay, John P. Martin, Barclay Martin, Morris, Moulton, Newton, Niven, Norris, Owen, Parrish, Payne, Perry, Phelps, Pillsbury, Reid, Relfe, Ritter, Roberts, Russell, Sawtelle, Sawyer, Scammon, Seddon, Alexander D. Sims, Simpson, Thomas Smith, Robert Smith, Stanton, Starkweather, St. John, James Thompson, Jacob Thompson, Thurman, Tibbatts, Towns, Tredway, Wentworth, Wick, Williams, Wilmot, Woodward, Yost.- 124.

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