Portland gazette and Maine advertiser. (Portland, Me.) 1805-1818, 1814-11-28
which had been called into the public
fervice, and which the government did
not now pofcfs funds 10 meet.

(tIere Mr. O. fubmitted f1atsment of the terms
upon which the Ian FUN by lean was ob,ained by
which it appears thar the premium in f. Ct paid by
Government for the fun of : $50 800 dollars, was
1896 $50 dollars, or very nearly FIFTY PER CENT.
When, Mr.. o (aid, the Treafury was reduced TO
the necelIity of negotiating loan. on terms like
thefe j, required no argument TO prove that the
finances and credit Of the nation in Rate 1T
utter run ...
He had ifated the IA of one per cent
On the amount of the contracts as one
the law authorizing the loan as com
miiionto any perfon who fhould collect
fab.criptions rom others, and was not
intended TO be given on any FUN which
the contractor might offer for his own
benefit. 1t would be feen by the refer
ence to the report of the late Secretary
of the Treafury, that more than one
half of the tirf contract for o,7os,o53
dollars, was taken by an individual, for
any thing which appeared, on his account
yet the commiilion had been allowed
to him, and indeed, had been expressly
fipulated for in his written propofals,
which could not have been neceflary, had
hs been entitled to it by the terms of the
law He could not therefore help think
ing, Mr.. o. faid, that in this inftance, i,
had been paid contrary to the fpirit, and
indeed. to the plain letter of the law.
Mr.. Q. faid, he had entered into thefe
details for the purpofe of fhowing the
committee that total and immediate
change in the fyfem of finance hitherto
purfuti by the Administration was abfo.
luteIy neceiIary. 1t was the hrt itep
towards that reform in the management
of the finances, which could alone reltore
and maintain the public credit. Cen
,lemen mutt refort now to what it was
their duty long ago to have adopted
| fyltem of direct and internal taxes, fulfil
cicntly extended, to form the baiis Of
loans. To make that BATS firm, the
proceeds of the taxes mutt be adequate,
not only to pay the interea, but to con-
ttitute certain fund for the reimburfe-
ment of the principal-And mutt be ipe-
ci6cally pledged to the pnblic creditor by
law. Had this fyitem been purfued
from the beginning, much fmal.er a
mount of taxes would have been neCeaa-
~ to fupport public credit, than are now
demanded to roitore it. In proportion,
as the fate Of the finances was desperate
the more VIGOROUS mutt be the remedy
applied for their relief.
In any fuch fyttem Of revenue, Mr.. 0.
faid, the direct tax was undoubtedly
principal feature :. tie hAl always thought
tha, in all countries land was the legiti-
mate and proper object OF taxation, when
ever the exigeocy required it. But in
this country there were fome reafons
which, in his judgment. rendered it pc
culiarly 70. BY the contribution, direct
taxes were apportioned among the leveral
fate, according to their Representation
in that HOuie. The representation of
the itates holding ilaves, it was well
k own, was greatly increafed by that lpe-
cies of population. 1t was therefore pro
vided by the contribution, that they ihould
pay greater proportion OF every direct
tax as an equiva lent for the undue weight,
which they thus required in the govern
ment. The chairman Ct the committee
of Ways and Means had iaid that the
direct tax was unequal and therefore OBJ
Ijectionable; being apportioned among the
itates according to population, and rot
according to wealth. In any other Fate
of things than that preiented by the con
iti;utios, the remark would be correct
he trainers of that initrument intended
that it fhou.d be unequal, and that il
ihould enter as principal part into every
iyitem OF extraordinary, it not ordinary
taxation, TO which the country might be
compelled to reiort.
lie was therefore, Mr. o. faid, in fas
vor of continuing the direct tax, and OF
encreaGng it beyond the amount propo-
fed by the committee of ways and means.
Indeed, 10 jutt political point of view
was it and 70 much III conformity with
the fpirit Of the contribution, that he
thought that much the greater part OF the
revenue row required, ought to be RATED
by that tax alone i; that it could be exten
ded greatly beyond the amount propo'ed,
did not admit OF doubt. IT gentlemen