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ENTERED, according to Act of Congress, in the year 1854, by

D, APPLETON AND COMPANY, in the Clerk's Office of the District Court of the United States for the Southern

District of New-York.



On the Loan Bill, delivered in the Senate, July 19th,


[THE Bill from the House authorizing a loan of twelve millions of dollars, was taken up, the question being on its passage.]

MR. Calhoun said : I rise simply to state my reasons for voting against this measure, but without the slightest expectation of changing a single vote, after witnessing the united and disciplined resistance, during the progress of the bill, to every amendment, however clear and necessary.

I am not one of those who believe that we are bound to vote supplies to cover a deficiency in the treasury whenever called on, without investigating the causes which occasioned it. On the contrary, I not only regard it as a right, but as a duty, before voting supplies, to scrutinize, with the utmost caution, the necessity of granting them, and then to grant with extreme moderation, after we are satisfied of the necessity. I hold, in fact, that the right of granting or withholding supplies is a fundamental principle in all free States, be the form of government what it may; and that it is not less necessary in our Government than in that of Great Britain. It springs necessarily out of the relation which is to be found under every government of tax payers and tax consumers

VOL. IV.-1


those who support and those who are supported by the Government. Governments will ever be found leaning to the side of the latter, and that tendency, unless counteracted by withholding supplies, must, in the end, impose on the community oppressive burdens.

To make out his case, it was not sufficient for the Secretary to show that there was an actual deficit ; he must go further, and show how it occurred, and why it could not be avoided. This he has not done, except to state that there has been a falling off in the estimated amount of the reve

I hold he ought to have gone further, and to have shown that every effort has been made, on his part, to meet such falling off by economy in the expenditures, and limiting their amounts as far as was consistent with the public service. If, after showing that he had done so, a deficit still remained, I would feel bound to supply it, but not otherwise,

So far from doing this, he had shown a disposition precisely the reverse--a desire to make out a deficit, instead of avoiding one; and that too, expressly with a view that he might make this call for supply in the form of a funded debt.

I feel satisfied that, had the present Secretary been actuated by the same strict regard to economy as his predecessor, there would not have been a cent of deficiency at the end of the year. I believe the treasury was as amply supplied, in proportion to the demand upon it, at the commencement of this year, as it was at the commencement of the last ; and yet we have a demand now, when the year is but half expired, of an additional supply of $12,000,000; when, at the termination of the last, under circumstances not less trying, a considerable surplus remained in the treasury. The Senate will remember that, after the estimates had been made and voted to meet the demands on the treasury for the present year, they were enlarged at the suggestion of one of the members of the opposition (Mr. Wise), by the grant of power to

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