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Henry Clay &c.
Debt to America!
December 10, 2017, 05:31:04 PM *
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« on: July 11, 2011, 04:30:46 PM »

the first great effort should be to rid our country of the free blacks

House of Representatives
Thursday, January 12, 1832.

Colonizing Free Negroes.

Mr. Jenifer moved the following resolution, viz.

Resolved, That a committee be appointed to inquire into the expediency of making an appropriation for the purpose of removing from the United States, and her territories, the free people of color, and colonizing them on the coast of Africa, or elsewhere.

In supporting the resolution, Mr. Jenifer observed that the State of Maryland was deeply interested in the subject of the resolution, inasmuch as she possessed a greater actual amount of the population referred to than any other State in the Union. Virginia, he believed, stood next, in this respect; and Delaware, in proportion to her whole population, had possibly still more than either. Maryland felt severely the evils resulting from the presence of a population of this description; and if there existed within the power of the Government a constitutional remedy, she believed it ought to be applied for her relief. If there was any subject in which that State might be said to feel a more lively interest than in almost any other, it was this. It was expedient, and very desirable, that if any legislation took place on this subject, it should be had at as early a period as possible. The Legislatures of several of the States were now in session, and some of them would be looking to the General Government for its co-operation. If, on deliberation, it should be concluded that there was no provision in the Constitution, and no means in the hands of the Government, then the States would have to look to their own resources; and they ought to know this as early as practicable. He had proposed a select committee on this subject, only because there was no standing committee to whom it seemed to belong.

Tuesday, January 31, 1832.
Free People of Color.

The resolution of Mr. Jenifer, proposing an inquiry on the subject of removing the free people of color from the United States, and colonizing them in Africa, or elsewhere, came up for consideration; and the question being, on the motion of Mr. Boon, to postpone the consideration of that resolution to the second Monday in December next,

Mr. Craig, of Virginia, said: After the occurrences of yesterday, it would seem to be hardly necessary to continue the discussion of this resolution further. I understand the subject, in extenso, to have been referred to a select committee by the order of yesterday; yet, as I was the other day interrupted in an attempt to offer some brief considerations in opposition to the pending motion to postpone the further consideration of this most important subject until some day in December next, I will avail myself of the opportunity now afforded to offer them.

The object of the motion is manifestly to give to the subject the go-by -- to deny it that investigation which its merits seem to me so imperiously to demand.

The subject ought not to be postponed, because the evil, the removal, or, at least, the diminution of which is contemplated by the measure under consideration, is less now, and consequently more easy of remedy, than it will ever be at any future time, unless it be made to feel the influence of some corrective. The evil is already of such appalling magnitude, that we can scarcely summon up moral courage enough to look it in the face. It is not only now thus appalling, by reason of its magnitude, but, sir, we know it to be of daily, even of hourly growth; and why, if it be intended that any thing shall ever be done toward lessening or eradicating the mischief, should there be any delay ? Delay, it is clear, can have no better effect than to increase the difficulty of effecting the object.

Wednesday, March 28, 1832.
In the Senate of the United States
Colonization Society

Mr. Clay rose, and said he had received a memorial signed by a large number of the citizens of Kentucky, inviting the attention of Congress to the subject of the colonization of the free blacks on the coast of Africa, and requesting the aid of Congress to accomplish that object. He felt some difficulty with regard to the proper disposition of the memorial. The general subject was one, than which, perhaps, no other had more seriously engaged the attention of the people of this country. No man, he presumed, could fail to cherish the hope that at some day or other, however distant, and in some mode, the country would be rid of this the darkest spot on its mantle. How that was to be accomplished, it was, perhaps, not allowable to the present generation to foresee. All, however, must unite in the hope that, at the proper time, the proper means would be devised to arrive at this most desirable end. With respect to the constitutional question involved, he entertained not the slightest doubt that the subject of abolition of slavery could not be touched by the General Government;  it belonged peculiarly and exclusively to the States where slavery existed;  they, and they alone, were directly concerned;  and they only had the power to entertain the question.

With respect, however, to the great question of the final disposition of the African race among us, he would take the liberty to remark that, in his opinion, the first great effort should be to rid our country of the free blacks as a preliminary measure. In that object, all the States had a common interest -- none were exclusively interested. Whether the General Government possessed powers to accomplish that object, was a question of great and serious import, and deserved a more careful and thorough investigation than in the present state of the country could be probably made. The idea had been entertained by some, whose opinions were entitled to much respect, that, in reference to the public lands, Congress possessed more extensive powers than it does in respect to appropriations of the ordinary revenue of the country. This was a question of great importance, and required the most serious consideration. It was not Mr. Clay's intention to press at this time any decision on the question he had suggested. When questions of such deep and exciting interest agitated the country from Maine to Georgia, literally;  when Congress was already engaged with a subject, the settlement of which was so important to the present and future welfare of the Union, [the renewal of the charter of the Bank] he did not think it expedient to introduce any new topic likely to produce fresh causes of excitement. He did, however, sincerely entertain the hope that the day was not far distant when, forgetting all that now tended to distract and excite us, and recollecting that we were a common people, alike interested in the common prosperity, we could, without any of those objections, take this great question into full consideration, and dispose of it in a manner congenial with the feelings, as well as the interests of all. He would now content himself with the simple discharge of his duty in presenting the memorial, in asking for its reading, and in moving to lay it on the table.

« Last Edit: September 07, 2011, 02:17:22 PM by 789 » Logged

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Posts: 64

« Reply #1 on: July 18, 2011, 11:52:04 AM »

1832 election campaign

Chillicothe Advertiser-----Extra.
"The Union---It Must Be Preserved."--Jackson.

For President, Andrew Jackson, of Tennessee.
For Vice-President, Martin Van Buren, of New York.
Nominated by the Democratic Republican Party of the United States.

Americans, Friends Of The Union, Of Jackson, & The Constitution, On Friday 2nd of November, You will be called upon to exercise the rights of Freeman, in voting for Electors of President and Vice-President of the United States ----

Rights which are denied the people of the old world, and were purchased for you by the best blood of our fathers in the war of the Revolution. Let no trivial excuse keep you from the polls --- On the vote you will then give, may depend the fate of millions yet unborn. Coalitions Have been formed, and bargains have been made by men of Hartford Convention stamp, the advocates for a consolidation of the National government at the North, with the Nullifiers, the disunionists at the South --- Leading anti-mason and leading masons have agreed to give each other their mutual support for office --- And the Mammoth Bank, the stock of which is owned by English Lords and American Tories, has boldly proclaimed that It Will Put Down The People's President, because he is in favor of giving us the power to tax that bank the same as we tax our own banks.

It has set up its Feed Lawyers as candidates for office, hired its Printers, and sent out its dependent shavers and borrowers to alarm the timid about the prices of produce and labor, which we all know that both have risen to be of nearly double value under Jackson as President, what they formerly were in 1825, '6 & '7, under Adams & Clay. Do you wonder the bank has so many advocates ?  The Bank Pays Well. Did you doubt it ?  Ask Henry Clay, Daniel Webster, John Sergeant, & James Wilson, of Steubenville, who were once its most Bitter Enemies, and are now its most Devoted Friends !  To Put Down the man who dares thus to do his duty to his country in despite of all opposition, and whom money cannot bribe, and men in arms cannot alarm, a resort has been had to intrigues the most unwarrantable, to plots the most despicable, and to combinations the most unnatural: And In Defiance Of Heaven Itself, the leader of this combination has dared to invoke the direst curses upon his country.

Will You Tamely Look On ?
In less than four years, President Jackson has recovered more money from foreign governments, for injuries done our commerce, than all other Presidents before him;  and has paid more of the Public Debt, and expended more on Internal Improvements, than any other President has done in the same time, besides reducing the taxes on sugar, tea, coffee, salt, &c.

Fellow Citizens--
Rally then to the Polls, and vote for the Hero, the Soldier, the Patriot, the Sage who presides over our beloved country---the Guardian of her Constitution---the Protector of her Treasury---the tried Friend of the Poor---the Foe of Aristocracy---the Champion of Liberty and Equality---the Foe of Monarchy and Monopolies---the Practical Statesman, and the object of admiration and respect throughout the civilized world.

Democracy Triumphant!!! The Grand Coalition Prostrated !
Lucas is elected by at least 7000 majority, 11 out of 19 members of Congress, and a majority of at least 12 in the Ohio Legislature, friendly to Andrew Jackson, are elected.

Gratitude, Glory And Patriotism!!
The Bank party are prostrated in their strong hold. In Pennsylvania, Wolf is elected by rising 4000, and the State is certain for Jackson by a majority of at least 20,000.

Jacksonians !
Your enemies will fill the land with newspapers, and handbills, and circulars, and falsehoods---Trust them not---They Will Attempt To Deceive You By False Tickets !  Be not deceived---below you will find the correct Ticket. Awake, ye that sleep !  Arouse, ye who slumber !  Shake off your apathy, ye who are careless!!  We have triumphed in the state elections in Maine, Pennsylvania, Kentucky, Missouri, Indiana, Illinois and Ohio.

To The Polls, then!---Onward!---Come yourselves---Bring Your Neighbors, one and all, and success is certain !

Sr. Member
Posts: 64

« Reply #2 on: July 22, 2011, 01:06:40 PM »

Tuesday, April 17, 1832.
Senate of the United States


The Senate then proceeded to take up the bill to extend the benefits of vaccination to the Indians.

Mr. Buckner made a few remarks in opposition to the bill. He expressed himself entirely averse to conferring benefits on those who had done so much injury to our own citizens: who were our natural enemy, and so frequently distinguished themselves by the ferocity with which they warred against us -- who had marked their course by fire and desolation;  who had committed the most wanton cruelties, and had so frequently snatched the infant from the nipple of its mother, and dashed its brains out against a tree. He did not wish to cherish these people, while a small appropriation was denied to his district to erect a hospital for the river-faring man, whose life was frequently sacrificed, for want of a little timely care and kindness;  when money could not be obtained to drain the swamps whose deleterious effluvia imposed an almost insurmountable barrier to internal improvement.


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Posts: 64

« Reply #3 on: July 22, 2011, 01:17:41 PM »

Wednesday, June 27th, 1832.
Senate of the United States

Day of Humiliation

Mr. Clay laid on the table a resolution, in effect that a joint committee of the two Houses of Congress wait on the President of the United States [Andrew Jackson], and request of him to appoint a day to be observed as a day of general humiliation and prayer to Almighty God that He may, in His mercy, avert from our country the Asiatic scourge which is now traversing and devastating other countries;  and that, should it be among the dispensations of His providence to inflict this scourge upon our land, it may please Him, in His mercy, so to meliorate the infliction, as to render its effects less disastrous among us than they have proved among the nations which it has heretofore visited.

Fast Day in the United States.

Friday last the 14th inst. was observed throughout the United States, as a day of fasting, humiliation and prayer; agreeably to the subjoined recommendation of President Tyler. This is, we believe, the first day of this character which has been generally observed for the last 26 years. --We have devoted some little time to ascertaining how many fast and thanksgiving days have been appointed by Congress, or other public authority. Below will be found the result as far as we have gained information. Through the revolution, seasons of thanksgiving or fasting were annually, and sometimes twice a year recommended by Congress, and afterwards by several of the Presidents. In order to show what were the views and feelings of our fathers in regard to the importance of the observance of such seasons, and their belief in a superintending providence over the affairs of nations as well as individuals, some quotations are made from the proceedings of Congress.

To the People of the United States.
a recommendation.

When a Christian people feel themselves to be overtaken by a great public calamity, it becomes them to humble themselves under the dispensation of Divine Providence, to recognise his righteous government over the children of men, to acknowledge his goodness in times past, as well as their own unworthiness, and to supplicate his merciful protection for the future.

The death of Wm. Henry Harrison, late President of the United States, so won after his elevation to that high office, is a bereavement peculiarly calculated to be regarded as a heavy affliction, and to impress all minds with a sense of the uncertainty of human things, and of the dependence of Nations, as well aa individuals, upon our Heavenly Parent.

I have thought therefore, that I should be acting in conformity with the general expectation and feelings of the community in recommending, as I now do, to the People of the United States, of every religious denomination, that, according to their several modes and forms of worship, they observe a day of Fasting and Prayer, by such religious services as may be suitable on the occasion; and I recommend Friday, the 14th day of May next, for that purpose; to the end that on that day, we may all, with one accord, join in humble and reverential approach to Him, in whose hands we are, invoking Him to inspire us with a proper spirit and temper of heart and mind under these frowns of His Providence, and still to bestow His gracious benedictions upon our Government and our country.

John Tyler.
Washington, April 13, 1841.

Thursday, July 20, 1775,
was kept by recommendation of the continental Congress as a day of public humiliation, fasting and prayer, in all the English colonies, and "was the first general fast ever kept on one day, since the settlement of the colonies." The following is an extract from the recommendation by Congress:

"As the Great Governor of the world, by his supreme and universal Providence, not only conducts the course of nature with unerring wisdom and rectitude, but frequently influences the minds of men to serve the wise and gracious purposes of his Providential government; and it being at all times our indispensable duty devoutly to acknowledge his superintending Providence, especially in times of impending danger and public calamity, to reverence and adore his immutable justice, as well as to implore his merciful interposition for our deliverance--

"This Congress, therefore, considering the present critical, alarming, and calamitous state of these Colonies, do earnestly recommend that Thursday, the 20th day of July next, &c. * * * * humbly beseeching him to forgive our iniquities; to remove our present calamities; to arrest those desolating judgments with which we are threatened, and to bless our rightful sovereign, King George the Third, and to inspire him with wisdom to discern and pursue the true interest of his subjects; that a speedy end may be put to the civil discord between Great Britain and the American Colonies, without further effusion of blood: And that the British nation may be influenced to regard the things that belon to her peace, before they are hid from her eyes; that these Colonies may ever be under the care and protection of a kind Providence, and be prospered in all their interests; that the Divine Blessing may descend and rest upon all our civil rulers, and upon the Representatives of the people in their several assemblies and conventions, that they may be directed to wise and effectual means for preserving the union, and securing the just rights and privileges of the Colonies; that virtue and true religion may revive and flourish throughout our land; and that all America may soon behold a gracious interposition of Heaven for the redress of her many grievances, the restoration of her invaded rights, a reconciliation with the parent state, on terms constitutional and honorable to both, and that her civil and religious privileges may be secured to the latest posterity."

October 24th, 1781,
"A letter of the 19th from General Washington, was read giving information of the reduction of the British army, under the command of Earl Cornwallis, on the 19th inst., with a copy of the articles of capitulation, whereupon on motion of Mr. Randolph,

Resolved, That Congress will at two o'clock this day, go in procession to the Dutch Lutheran Church, and return thanks to Almighty God, for crowning the allied arms of the United States and France, with success by the surrender of the whole British army under the command of the Earl Cornwallis."

December 13th, 1781. Thanksgiving and prayer.

Whereas, it hath pleased Almighty God, the father of mercies, remarkably to assist and support the United States of America in their important struggle for liberty, against the long continued efforts of a powerful nation: it is the duty of all ranks to observe and thankfully acknowledge the interpositions of His Providence in their behalf. Through the whole of the contest, from its first rise to this time, the influence of Divine Providence may be clearly perceived in many signal instances, of which we mention but a few.

In revealing the councils of our enemies, when the discoveries were seasonable and important, and the means seemmingly inadequate or fortuitous: in preserving and even improving the union of the several States, on the breach of which our enemies placed their greatest dependence: in increasing the number, and adding to the zeal and attachment of the friends of liberty: in granting remarkable deliverances, and blessing us with the most signal success, when affairs seemed to have the most discouraging appearance: in raising up for us a powerful and generous ally, in one of the first of the European powers: in confounding the councils of our enemies, and suffering them to pursue such measures, as have most directly contributed to frustrate their own desires and expectations: above all in making their extreme cruelty to the inhabitants of these States, when in their power, and their savage devastation of property, the very means of cementing our Union, and adding vigor to every effort in opposition to them.

And as we cannot help leading the good people of these states to a retrospect on the events which have taken place since the beginning of the war, so we recommend in a particular manner to their observation, the goodness of God in the year now drawing to a conclusion. In which the confederation of the United States has been completed: in which there have been so many instances of prowess and success in our armies, particularly in the Southern States, where, notwithstanding the difficulties with which they had to struggle, they have recovered the whole country which the enemy had overrun, leaving them only a post or two on or near the sea: in which we have been so powerfully and effectually assisted by our allies, while in all the conjunct operations the most perfect harmony has subsisted in the allied army: in which there has been so plentiful a harvest, and so great abundance of the fruits of the earth of every kind, as not only enables us easily to supply the wants of our army, but gives comfort and happiness to the whole people: and in which, after the success of our allies by sea, a general of the first rank, with his whole army, has been captured by the allied forces under the direction of our commander in chief.
« Last Edit: November 27, 2012, 02:24:39 PM by 789 » Logged

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Posts: 64

« Reply #4 on: August 12, 2011, 11:01:51 AM »

Senator William Allen, Ohio, (D)
Friday, July 16th, 1841,
In Senate

Mr. ALLEN traced this policy to its results. He pointed to those who were pressing upon the heels of Congress to hurry on those measures. He pointed to the letters received by the Secretary of State from Mr. Bates of the House of Barings, and from the Rothschilds of London, insisting that it is of "the utmost importance in a financial as well as a commercial view of the national character and credit of the United States," a State's debts should be provided for; and telling Mr. Webster  that "from the general expectations which are entertained that your able Administration will observe a sound policy, honorable as well as advantageous to the Republic, and from the high opinion we have formed of your enlightened views and zealous regard for the interest of your country, we have no doubt you will deem an occasion of this nature worthy of particular attention."  He asked what was the policy now proposed, but that dictated in the letter of Rothschilds and Barings, and the whole list of London bankers, whose correspondence, as recently drawn from the State Department, is now before Congress.  They seek provision for the payment of the dividends due from the States.  The public lands are distributed to make that provision, and the General Government, as a consequence, is called upon to run up a national debt with those bankers to supply the deficit in its own Treasury.  The States are no longer able to borrow to pay the interest on their debts, and the General Government is driven to give up its revenue, and to borrow for itself, because the States are no longer able to borrow for themselves.

« Last Edit: September 03, 2011, 04:44:46 PM by 789 » Logged

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« Reply #5 on: September 02, 2011, 04:00:11 PM »

Levi Woodbury, Secretary of the Treasury
Treasury Department, December 3, 1838.

The undersigned respectfully submits the following report, in obedience to the "Act supplementary to the act to establish the Treasury Department:"

The balance in the Treasury on the 1st of January, 1839, which will then be available and applicable to public purposes, is estimated at ....$2,765,342.36

This result is derived from the following data:
On the 1st of January, 1837, the balance in the Treasury, exclusive of trust funds and those belonging to the Post Office, was ....$46,337,688.36

The receipts during that year, from all sources exclusive of the funds aforesaid, were 22,643,973.53

Customs ....$11,169,290.39
Lands ............6,776,236.52
Miscellaneous .....1,705,457.47
Treasury notes ......2,992,989.15

These, with the balance last mentioned, constitute an aggregate of ......68,981,661.89

The expenditures during the same year, exclusive of the trust funds and those belonging to the Post Office, were 31,815,409.91

Civil list, foreign intercourse, and miscellaneous ....$5,524,252.76

Military service, including fortifications, Indian affairs, pensions, arming the militia, the Florida war, removal of the Cherokees and Creeks, improvement of rivers and harbors, constructing roads, and building armories and arsenals. ......19,417,274.44

Naval service, including gradual improvement and exploring expedition ........6,852,059.80
Public debt ...........21,822.91

This left in the Treasury, on the 1st of January, 1838, a balance of. ....$37,166,251.98

The receipts during the first three quarters of 1838, with exceptions similar to those before named, are ascertained and estimated to have been .........$31,075,723.19

Customs, including postponed bonds ....$12,228,770.56

[Of this sum, about $2,900,000, received in Treasury notes, cannot, until the settlements to which they belong shall be completed by the accounting officers, be entered upon the Register's books. A part will be carried into the Treasury by warrant during the fourth quarter, and the remainder next year.]

Lands ......2,036,828.54
Miscellaneous .........238,431.85
Proceeds of third bond of United States Bank sold for ....2,254,871.38
Part of second bond ......1,600,000.00
Issue of Treasury notes. ......12,716,820.86
The further receipts in the fourth quarter are estimated at .....7,052,230.84

Customs, estimating the actual receipts during the quarter, and not the sums which may be formally carried upon the Register's books from former quarters .........$5,250,000.00
Lands .....1,100,000.00

[Including only a portion of the preemptions, and such of the sales as may be actually paid into the Treasury before the year expires.]

Miscellaneous ...........15,000.00
On second bond of United States Bank, due in September, 1838, and paid in part before and in part after that date ......687,230.84
These united make the aggregate of receipts for the year 1838, as ascertained and estimated ..........38,127,954.03
This, with the balance on the 1st of January last, would amount to ....$75,294,206.01
The expenditures during the first three quarters of 1838, with similar exceptions, were ......28,427,218.68
Civil list, &c .........$4,029,674.13
Military service, &c ...........15,731,323.62
Naval service, &c ...........4,325,563.21
Public debt ................1,217.08
Redemption of Treasury notes, including interest ..........4,339,440.64

The particulars are given in the document annexed (A.) The expenditures during the fourth quarter, including $1,000 interest on funded debt, and the redemption of $3,750,000 of Treasury notes, are estimated by the different Departments at $13,511,920.10. But it is not expected that the redemption of all these notes will appear on the Register's books till next year. Nor does the undersigned anticipate that the actual expenditures within this quarter, including the above notes redeemed, will exceed ......12,000,000.00

Making an aggregate of expenditures for the year 1838 of .....40,427,218.68

This computation would leave in the Treasury, on the 1st of January, 1839, a balance of ......$34,866,987.33

It is proper to ascertain, in the next place, how much of this balance is not immediately available and applicable to public purposes.

The sum of $28,101,644.97, which has been placed with the States for safe keeping, is a part of that balance, and cannot, by the provisions of the act of October 14, 1837, be made available till directed by Congress.

Another part is about $1,100,000.00, due chiefly from various insolvent banks on account of the money that before 1837 had been placed in their custody to the credit of the Treasurer, and still remains unpaid.

Another portion is near $2,400,000.00, which is due from banks that suspended specie payments in 1837, and will probably not be paid during the present year.

About $500,000 of the amount which has been placed in the Mint, for the specific purposes designated in the laws on that subject, is another part of that balance, which could not at once be made available for other objects without much public inconvenience.

The aggregate of these items, not immediately available and applicable to public purposes, is $32,101,644.97; and if deducted from the foregoing balance, it would leave on the 1st of January next, as stated in the commencement of this report, only the sum of $2,765,342.36 then available and applicable to those purposes.

Subjoined is a condensed view of the receipts and means, as well as the expenditures for 1838, as ascertained and estimated; also the funds not available in that year.

Summary for 1838.--Receipts or Means.

Balance on the 1st of January, 1838 ........$37,166,251.98
Receipts from customs ..........17,478,770.56
Receipts from lands ...........3,136,828.54
Miscellaneous ...........253,431.85
Treasury notes issued .........12,716,820.86
Second and third bonds of Bank of the United States of Pennsylvania .........4,542,102.22


Civil and miscellaneous, first three quarters ...............$4,029,674.13
Military, first three quarters ..............15,731,323.62
Naval, first three quarters ...............4,325,563.21
Estimate of above expenditures for the fourth quarter ......8,249,000.00
Public debt for the year ...........2,217.08
Redemption of Treasury notes for the year .............8,089,440.64
Balance on the 31st of December, 1838 ...........34,866,987.33

Unavailable Funds in 1838.
Deposites with the States ...........$28,101,644.97
Due from insolvent banks before 1837 ..........1,100,000.00
Due from banks that suspended payment in 1837, and not payable till 1839 ...........2,400,000.00
Part of money in the Mint ..............500,000.00
Total ................32,101,644.97
From balance on the 31st December, 1838, being .........$34,866,987.33
Deduct total unavailable, as above .......32,101,644.97
Available balance remaining .............$2,765,342.36


The payments on account of the funded and unfunded debt since the 1st December, 1837, have been as follows:

1. On account of the principal and interest of the funded debt:
Principal ...............$215.27
Interest ..............2,001.81
Leaving unclaimed and undischarged ................$325,520.83
Principal ...................$75,954.47
Interest ....................249,566.36

2. On account of the unfunded debt existing previous to 1837, including $1.08 interest on Treasury notes of 1815 ........$21.08
Leaving the amount of certificates and notes payable on presentation ....$36,913.40

Certificates issued for claims during the revolutionary war, and registered prior to 1798 .................$27,293.31
Treasury notes issued during late war .............5,300.00
Certificates of Mississippi stock ...............4,320.09

In addition to the above, the United States, under the act of the 20th May, 1836, for the relief of the corporate cities of the District of Columbia, have assumed the following debts, bearing an interest of five per cent, exclusive of charges, viz:

Of the city of Washington ...........$1,000,000.00
Alexandria .............250,000.00
Georgetown ...........250,000.00

The payments for the year 1838, on account of the interest and charges on this debt, amount to .........$76,995.99

3. Statement in relation to the issue and redemption of Treasury Notes in 1837 and 1838.

Issued under the act of the 12th October, 1837 ................$10,000,000.00
Do. do. 21st May, 1838 .........5,709,810.01
Of this amount, $6,888,809 60 were at 6 per cent.
......................4,280,273.72 at 5%
......................2,784,844.73 at 2%
......................1,755,881.96 at 1 mill per cent.

The following amount has been redeemed:
There have been entered to the credit of the "account of redemption of Treasury notes" on the books of the Register ..........$5,063,197.41

And there have been cancelled and returned to the Treasury, and are now in the course of settlement, as appears from the records of the First Auditor and the Commissioner of the General Land Office ...............2,892,052.59


Sr. Member
Posts: 64

« Reply #6 on: September 03, 2011, 01:15:18 PM »

A short recap of the story of the Debt of the United States, and of the repayment of it.
Report on the Finances
Secretary of the Treasury, George M. Bibb,
Treasury Department, December 16th, 1844.

During the revolutionary war, and antecedently to the adoption of the Federal Constitution, the thirteen United States had contracted debts to the sum of $75,416,476.52.
On the 1st January, 1790, the foreign debt, viz: to France, Spain, and to foreign officers, including interest for the year 1790, amounted to the sum of $12,656,871.28,
and the domestic debt to $60,219,022.44;
together amounting to the sum of $72,775,893.72.
The population of the United States then numbered 3,927,827 souls, according to the census of that year.

On the 1st January, 1800, the national debt amounted to $82,976,294.35;
and the population of the United States numbered 5,305,920 souls, according to the census of that year.

On the 1st January, 1810, the debt of the United States amounted to $53,173,217.52;
and the population numbered 7,239,614 souls, according to the census of that year.

On the 1st January, 1816, the public debt had increased to the sum of $127,334,933.74.
This great increase was caused by the war of 1812, terminated by the treaty of Ghent of 1815, for the expenditures of which the taxes had been increased;
the loans obtained amounted to the sum of $70,478,209.73,
and Treasury notes were issued to the sum of $36,680,794;
together making $107,159,003.73.

On the 1st January, 1820, the public debt had been reduced to the sum of $91,015,566.15.
The population, as numbered by the census of that year, consisted of 9,638,131 souls.

On the 1st January, 1830, the public debt was reduced to the sum of $48,565,406.50.
The population numbered 12,866,020 souls, according to the census of that year.

On the 7th December, 1835, the President's [Andrew Jackson] message announced that "All the remains of the public debt have been redeemed, or money has been placed in deposite for this purpose whenever the creditors choose to receive it. All the other pecuniary engagements have been promptly and honorably fulfilled, and there will be a balance in the Treasury at the close of the present year of about $19,000,000."  On the 6th february, 1836, the commissioners of the sinking fund, and the report of the Secretary of the Treasury, stated that all the debt had been paid, except the sum of $37,513.05 -- which consisted of claims for services and supplies during the revolutionary war, $27,437.96;  Treasury notes issued during the war of 1812, $5,755;  Mississippi stock issued under the act of 3d March, 1815, $4,320.09;  and they renewed their recommendation that the sinking fund and the commissioners of the sinking fund be discontinued.

It may be presumed that those Treasury notes issued in the war of 1812, and not presented for payment, have been destroyed;  and that of the other sums so long due and unclaimed, only small part (if any) will ever be presented for payment.

From the 31st December, 1789, to the 31st December, 1835, the United States paid for interest on the public debt the sum of $157,629,950.69
and for the principal the sum of $257,452,083.24
together making the sum of $415,082,033.93

The national income out of which that extraordinary sum of four hundred and fifteen millions of dollars was paid, over and above the ordinary annual expenditures, (which, during that period of forty-six years, exceeded five hundred millions of dollars,) was derived principally from the duties on imports and tonnage, and the sales of the public lands. Direct taxes and intemal duties and excises were employed from and after the 8th day of May, 1792, until the 30th June, 1802, when they were repealed;  and again enacted in the year 1813, and repealed 31st December, 1817. A system of direct taxes and internal duties has been resorted to only in emergencies, and has prevailed only for about fifteen years of the fifty-five which have elapsed since the Federal Constitution was adopted.

The moral power, courage, and capabilities by which a nation in its infancy, loaded with a debt of the revolutionary war of such magnitude, harassed by Indian wars, and encumbered by another debt of the war of 1812, terminated in 1815, discharged those debts faithfully -- exhibiting to a gazing and astonished world the example of a nation which had exerted such energies, of a Government without a national debt, with an overflowing Treasury, and without direct taxes, internal duties, and excises -- are to be looked for in the genius of the Government, the integrity of those who have been elected to administer it, the good sense, honesty, and enterprise of the citizens, and lastly, though not least, in the beneficent smiles of an all-wise and protecting Providence.

Through patriotic and prudent management the debt of the Federal government was extinguished by 1835.  Not to worry, the members States were diligent, and some of them contracted more debt  (for internal improvements) than the General government.  In 1841 Henry Clay, John Sergeant and the Whig crew swept into power and set upon the country in hot haste to change this deplorable situation --for "the day of judgment is come" thundered Mr. Clay (mentor of H.A. Lincoln).  They took out a 12million dollar federal loan to pay some of the debts of member States;  passed a law to distribute to member States the revenue from land sales.  The result: by 1844 the Federal government owed $20million, and the United States have NOT been debt-free since !!!

Statement of the Debt of the United States, December 1, 1844.
1. Of the (old) funded debt, being unclaimed principal and interest returned from the late loan offices ................$156,174.51
2. Outstanding certificates and interest to the 31st of December 1798, of the (old) unfunded debt .....22,003.56
3. Treasury notes issued during the late war .....4,317.44
4. Certificates of Mississippi stock. .......4,320.09
5. Debts of the corporate cities of the District of Columbia, assumed by the United States, viz:
Of the city of Washington ......$840,000.00
Alexandria ......210,000.00
Georgetown .......210,000.00

6. Loans, viz:
Under the act of 21st July, 1841, redeemable January 1, 1845 .........5,143,020.88
Under the act of 15th April, 1848, redeemable January 1, 1863 ........8,343,886.03
Under the act of 3d March, 1843, redeemable July 1, 1853 .........7,004,231.36

7. Outstanding Treasury notes, viz:
Of the several issues under the acts passed prior to the 3rd of July, 1843 .......626,063.17
Of notes issued under the act of 3d July, 1843 ........1,286,650.00
Treasury Department,
Register's Office, November 30, 1844.
T.L. Smith, Register
« Last Edit: September 03, 2011, 04:43:29 PM by 789 » Logged

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Posts: 64

« Reply #7 on: September 07, 2011, 01:47:08 PM »

As the debt of member States stood at the end of 1839---

$52,640,000 for banking !!! | $60,201,551; $42,871,084; $6,618,958; $8,474,684; $170,806,177 --this is more than what the war of 1812 cost

The white population of Arkansas in those days was 97,000, yet the government issued bonds ~$30 per person, gave them to private banks to bank on, and issue bank notes.... (they could have just handed $30-worth of bonds to every man woman and child, and let them use bonds as currency; if providing currency was the excuse for the excercise.....)
Indiana had 980,000 people living in it, and borrowed ~$12million; in 1841 N.M. Rothschild & Sons wrote to the President of the United States to please expedite a payment of $3.6million on behalf of Indiana and other prodigal States in their arrears

Mr. Sevier (of Arkansas)
In the Senate, February 20th, 1840.

During the existence of the first Bank of the United States, the States owed nothing;  and we find that, up to 1830, which was fourteen years after the charter of the last Bank of the United States, the debts were trifling, and were confined to a few of the most wealthy and populous States.  The charter of the second Bank of the United States expired in 1836;

We find that the increase of the State debts, from 1830 to 1835, down to the period of the very close and termination of the Bank charter, that the State debts were increased from a very trifling debt, by the still trifling additional debt of forty millions.

Soon as the Bank of the United States was destroyed, and its days were known to be numbered, and its branches in the several States were being withdrawn, the States went to work to supply their places. They had no money to start their banks, and, from necessity, went into the market with their bonds to raise it. The ball, once put in motion, could not be stopped. If one city had a bank, another city must have one also;  and if the cities had banks, the country villages must have them also. And in this way, the work was overdone, and too many banks were established;  and as they were all banking upon borrowed capital, for which they were paying a high interest, it was necessary for them to make at least that interest, over and above their expenses. Each bank was driving at the same object;  and to accomplish it, they were led into excessive issues of their paper, and we all but too painfully know the result. This is one of the causes of the State debts;

Were the governments and legislatures of these member States made up of dolts, idiots, highly incompetent individuals ?
did they learn what they knew about money and banking from bankers ?
were they influenced, advised by bankers ?

even before the halcyon summer, Mr. Henry Clay had already been in the habit of introducing resolutions to assume the State debts by the Federal government..... where did he get the idea ?
« Last Edit: September 12, 2011, 04:55:06 PM by 789 » Logged

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Posts: 64

« Reply #8 on: September 14, 2011, 01:34:03 PM »

"Let us no longer hear that this is not a proper subject for inquiry and consideration by Congress, when a powerful party are maturing and organizing their plans to involve us in a new national debt of 300,000,000 dollars !  'Eternal vigilance is the price of liberty.'  When we see a conspiracy forming to plunge us into a debt of this amount, with all its attendant evils, are we to sit by with folded arms and sealed lips ?  On the contrary, it should arouse us to action and energy.  It behooves us, under such circumstances, to be up and doing, and, in the language of my friend from Tennessee, not to be too much afraid of danger either to understand or meet it.  When an insidious enemy is about to make war against me, I prefer to be first in taking the field, and not to sleep upon my post until, by a stolen march, I am surprised and captured.  As faithful sentinels, it is our duty to sound the alarm at the first approach of the enemy.  It is our business to meet, and defeat, if we can, this attempt to violate the Constitution, and to warn our constituents of a conspiracy to fix upon them another enormous national debt."

Baring, Brothers & Co.
"But if the whole scheme of internal improvements in the Union is to be carried into effect on the vast scale, and with the rapidity lately projected, and by the means of foreign capital, a more comprehensive guarantee than that of individual States will be required to raise so large an amount in so short a time.  A national pledge would undoubtedly collect capital together from all parts of Europe;  but the forced sales of loans made separately by all the individual States in reckless competition, through a number of channels, render the terms more and more onerous for all, lower the reputation of American credit, and (as reliance is almost exclusively placed on the London market) produce temporary mischief here, by absorbing the floating capital, diverting money from regular business, deranging banking operations, and producing an unnatural balance of trade against this country.  It would seem, therefore, as if most of the States must either pause in the execution of their works of improvement, or some general system of combination must be adopted."

New York Commercial Advertiser, Whig paper, 22d of November, 1839---
"There is a suggestion in the preceding extract, upon which we have been pondering for weeks, and which deserves the profound consideration of the American people, of the State Governments and of the National.  We refer to the proposition for a pledge of a national faith to sustain the credit of the States;  or, in other words, an assumption of the State stocks now oppressing both the European and American markets, by the United States, and the issue of a national stock in lieu thereof.  The suggestion, we doubt not, will startle many a reader;  but we cannot help that.  The subject is one of very great and very grave importance, and the position of many States of this Union is such that we cannot shut our eyes to their condition if we would.  Nor indeed should we.  The States of this Union are bound together by no common ties.  They are all one family — it is a great and a rich family — and what, though several of its members have, imprudently, certainly, and perhaps rashly, involved themselves in pecuniary difficulties, from which, singlehanded, they cannot well recover — shall the other members of the family allow them to sink —to be crushed— and their credit destroyed — or rather, like a wealthy parent, able to protect the credit of his whole family, shall not the National Government interpose, and by some equitable arrangement with the embarrassed States, assume their liabilities, and thus afford timely relief to them, and at the same time, to the whole country ?"

New York Herald, Whig paper, November 1839---
This plan is so far matured by the leaders of the Whig party as to be officially promulgated by in the Courier and Enquirer of yesterday morning.  The following extract conveys, in petto, the skeleton of the scheme:

"Let the Government of the United States — which means the people's immediate representatives in both Houses of Congress — create 300,000,000 of stock, bearing an interest of four per cent. per annum, and let this be apportioned among the States, on the principle of Mr. [Henry] Clay's Land bill — that is, pro rata, according to the number of their Senators and Representatives in Congress — and let the proceeds from the sales of public lands be set aside and sacredly pledged as a sinking fund for the redemption of this stock.  Let the Secretary of the Treasury, or some other suitable person, be appointed to exchange so much of this stock as may be the portion of any State for the stock of such State now issued;  and after a certain period —say six months— pay over the balance to the respective States.  Most probably the holders of some State stocks would not be willing to make such exchanges;  and, if so, the State would receive its entire United States portion, and from the interest annually received on the United States stock, and sales of it from time to time, as their necessities required, be in a situation to progress at once with all its public works, whether commenced or only in embryo.  United Stated stock would then immediately fill the space at present occupied by about two hundred millions of State stock;  the remaining one hundred millions would be deposited in the State treasuries, and would only be offered for sale as their public works or other necessities required, and which the capitalists of Europe and America would gladly purchase at a premium."

In illustration of this great scheme, the Courier goes at length into its popularity, economy, and means of escape from direct taxation which the several States must submit to if the present system continue.  With every view taken on these points we cordially concur.  It is the only and efficient system of relief for the financial troubles of the age.

Cincinnati Gazette, Whig paper---
    "But it will be objected the Federal Government has no constitutional rights to assume the debts of the State;  and farther, that it cannot be done without creating another national debt.  We grant that the letter of the Constitution confers no such power, unless it is to be found in the "general welfare" clause, and that clause was rendered inoperative by the successive vetoes and usurpations of President Jackson.  But there is yet a method by which the constitutional difficulty can be obviated, and the credit of the States sustained, by means which are already justly and truly their own.  Had not Mr. Clay's bill for the distribution of the proceeds of the public lands (passed by a triumphant majority of both Houses of Congress) been defeated — not by a veto, for that would not have arrested its passage, since a majority of both Houses were awaiting such a message to vote it down — but by an infamous act of the President, who thrust the bill into his pocket, and furtively carried it away from the Capitol — every State in the Union would have already been in the possession of ample means, not only of sustaining their credit as to existing obligations, but of completing their works.

    "Now, then, let the great legislator of the West renew the land bill, with the necessary modifications, dividing the proceeds of the public lands among the several States, conditioned that those proceeds shall be applied to the payment of the debts of the debtor States respectively.  Let the Federal Government issue a national stock, bearing, say, four per cent. interest, in exchange for the State stocks — the holders of which would gladly enough make the exchange — and let the proceeds of the public lands be attributed to the redemption of the said stock.  The fund is ample for the ultimate redemption of every dollar — a large saving annually would be realized — every State in the Union would be enriched, and the honor of the country redeemed.

    "As to the other objection, the creation of a new public debt, it has no terrors for us."

This was the school in which H.A. Lincoln learned what he knew about state finances;  and he was quick to jump to his feet and open his vile face, and advocate on behalf of the bankers
for joining State and bank,
for granting the State's credit to private bankers and then borrowing it back at interest,
for establishing a permanent national debt,
for a national currency furnished by private banks.
20 years later Lincoln and crew managed to accomplish for the United States what Alexander Hamilton and Henry Clay could not.........

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