coNGREssIONAL.

REDUCTION OF DUTIES.
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Tn the Senate of the United States, on the nth January, the resolution of Mir. CLAY, for the reduction of duties on certain articles, being under cOnsideratiOn-Mr. CLAY ad- dressed the Senate, in substance. as follows 1:

 have few observations. MT. President, and only few, to submit to the Senate, on the measure now before you; in doing which have to ask all your indulgence. l am get ting old; I feel but too sensibly and unatfec!- edIy the effects of approaching age; and have been, for some years, very little in the habit of addressing debsraiive assemblies ! am told that I have been the cause-the most unwilling cause, if have been, of eGeit- ing expectations, the evidence of which is a. round us. I regret it; for however the sub iect on which am to speak, in other hands, might be treated tn gratify or to reward the !. presence and attention now given, in mine, have nothing but plain, unvarnished ex- position to make.

 It forms no part of my present purpose, aaid Mir. c. to enter into consideration Of the established policy of protection. Strong in the convctions, and deeply seated in the affections of large majority of the People of the United States, it stands self.vindicated, in the general prosperity, in the rich fruits which it has scattered over the land, in the experience ofall prosperous and powerful na- tions, present and past, and now, in that of our own. Nor'do think it necessary to die. cuss that policy on this resolution. Other gentlemen may think differently, and may choose to argue and assail it. If they do. l have no doubt that, in all parts ofthe Senate. members more competent than am, .yi he ready to defend and support it. My object now is to limit myself to presentation of certain views and principles connected with the present financial condition Ofthe country.

 A consideration of tho state of the public revenue has become necessary in consequence of the near approach of the entire extinction of the public debt; and concur with you. sir, in believing that no season could be more appropriate than the present session of Con- gress to endeavor to make a satisfactory ad- justment of the Tariff. The public debt chiefly arose out of the late war, justly de- nominated the second contest for National In- dependence. An act, commonly called the sinking fund act, was passed by Congress near fifteen years ago. providing for its reim- bursement. That act was prepared and pro. posed by friend of yours and mine, whose premature death was not a loss merely to hi. native State, of which he was one of it, brightest ornaments, but to the whole nation No man, with whom ever had the honor to he associated in tho legislative councils, com. bined more extensive and useful information, with more frmness of judgment and bland ness of manner, than did the lamented Mr. { Lowndes. And when, in the prime of life, by the dispensation ofan lI.wise Providence. hs was taken from us, his country had reason to anticipate the greatest benefits from his wisdom and discretion. By that act, an an- nual appropriation of ten millions of dollars fnVv npsAO cipal and interest of the public debt; and al- SO any excess which might yearly be in the Treasury, beyond two millions of dollars. which it was thought prudent to reserve for unforeseen exigencies.

 But this system of regular and periodical application of public revenue tO the payment ofthe public debt, would have been unavail- ing. if Congress had neglected ro provide the necessary ways and means. Congress did not. however, neglect the performance ofthat duty. By various acts, and more especially by the tariff of l824-the abused tariff of 1924 -the public coffers were amply replenished, and we have been enabled to reach our present proud emineuce of financial prosperity. Al. ter Congress had thus abundantly provided funds, and directed their systematical appli- cation, the duty remaining to be performed by tho Executive was one simply ministerial SAUO uO AIAVSuuNS aHV UV Cdu justly claim for itself any other merit in the dis charge of the public debt, than that of a faith ful execution of the laws. No other merit than that similar one to which it is entitled for directing a regular payment of what is due from time to lime to the army and navy, or to the officers of the Civil Government for their salaries.

 The operation of the sinking fund act com Tlenced with the commencement of Mr. Monroe's Administration. During its contin uance of eight years, owing to the embarass- mant of the Treasury, the ten millions were not regularly applied to the payment of the debt; and, upon tha Termination of that Ad- ministration, the Treasury stood largely in arrear to :he sinking fund. During the sub sequent administration of four years, not only was the ten millions faithfully applied during each year, but those arrears were brought up and all previous defciences made good. S0 that, when the present Administration began, a plain unincumbercd and we'll defined path lay directly before it. Under the measures which have been devised, in the short term of fifteen years, the Government has paid nearly ono hundred millions of principal and about an equal sum of interest, leaving the small remnant behind oftwenty- -four millions.

 Of that remnant, thirteen millions consist Of the per cent. stock, created by the act of I79O, which the Government does not stand bound to redeem at any prescribed sime. but which it may discharge whenever it ] suits its. own convenience and when it is discharged it must be done by the payment f A~hl. Ea ANll~ r sAl