DEBATE IN RELATION TO THE PUBLIC FINANCES.

 "WEDNESDAY, Dec. l6, l64O.
{"character_count": 4026, "word_count": 727, "ccnet_language_score": [0.9664000272750854], "ccnet_perplexity": [1540.0999755859375], "fasttext_language": ["en"]}
DEBATE IN RELATION TO THE PUBLIC FINANCES.

 WEDNESDAY, Dec. l6, lS4O.

 The motion submitted by MT. Wright on Monday last, proposing to refer so much of the Presidents Message as relates to the Fi- nances to the Committee on Finance, com ing up for consideration

 Mr. WEBSTER rose and addressed the Se- nate nearly as follows:

 Mr. PRESIDENT: It has not been without great reluctance that have risen to offer any remarks on the Message of the Presi- dent, especially at this early period of the session. have no wish to witness pro- lOnged and angry and exciting discussion on the topics it contains. The Message is, mainly, devoted to an elaborate and plausl. ble deferce of the course of the existing ad. ministration on the finances and currency of the country it dwells on the subjects which have been so long discussed among us, on banks and banking, on the excess of com. n1erce and speculation, on the state debts, and the dangers arising from them-on the Sub. Treasury, as it has been called. or the Independent Treasury, as others have de- nominated it. propose now to deal with none of these points so far as they may be supposed to affect the merits or character of the administration, they have, as l under stand 1t, been passed upon by the country 1; and have no disposition to re.argue any of them. Nor do wish to enter upon an inqui. ry as to what, in these matters, IS supposed to have been approved or disaPproved by the people of the United States. It appears, however, thus far, to be the disposition of the nation to change the administration of the government. All purpose at this time to do is, to present some remarks on the sub- feet of the finances, speaking on the present State of things only, without recurring to the ,past, or speculating as to the future. Yet Suppose that some proper forecast, some dis position to provide for what is before us, nat urally mixes itself up in a greater or less de- gree with all inquiries of this sort.

 In this view, I shall submit few thoughts upon the Message of the President but l deem it necessary to preface what l shall say with some few preliminary remarks.

 And, first, will say 0 word or two on the question whether or not an unfounded or CT. roneous impression is communicated to the people by that document. In this point of view notice what the President says in the 6th page He there represents 1t as the great distinctive principle-the grand differ ence in the characters, of our public men that of one class of them it has been the con. Ntant object to create and to maintain pub- Aic debt, and with another, to prevent and to discharge it. This consider as an untOund- ed imputation on those who have conducted the g0vOrNm0uI Ok tntS county. Au0 ETcSi" dent says he has deemed this brief summa- ry of oilr fiscal affairs necessary to the due performance of duty specially enjoined upon him by the Constitution" It will serve, also, to illustrate more fully the prin- ciples by which he has been guided in refer arace to two contested points in our public Ooi;cy. which were earliest in their develop snent. and have been more important in their consequences than any that have arisen un der our system of government he aiiudes to a national debt and a National Bank. About National Bank l have nothing at present to say but here # is officially an- nounced to us that it has been a great con- tested question in the country whether there shall or shall not be national debt Now, ! submit it to the Senate whether there has ever existed in the country any party. at any time. which avowed itself in favor of na- tional debt. per se, as e thing desirable !- Does the history of the past debts contracted by the government lay the least foundation for any such assertionl The first national debt we have had was the loan negotiated in Holland by John Adams. None. presume. eveg doubled the policy of such loan in the then circumstanees of the country. Then there came the debt contracted for the pay ofshe Revolutionary army. by the COntiRep-