Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1829-12-22


improve the West India trade, might not, with adj
vantage, De arranged In such manner, give n
preference to tie productions of those colonies into
when American navigation is permitted.
The effects OF change III the credit system and
OF reduction OF duties, upon the various interests IL
the nation ether than revenue, suggested MS IT,
cidentai considerations. which, thouph thev ni,rlt
not be deemed OF such character ns to iustfv 70
vision of the revenue laws, yet cannot safely be over,
looked in modification called for BY other indsoen-
saoie OBJECTS. 1t may be proper, however, in all
i'easureS OF hs nature, to keep in view, that tl.
money power of the Coz ernincut whether eyer,ed
ia .ie imposition distribution, reduction of taxes
or IN the disbursement of the public treasure re-
CURES TO be exercised with the most u,arded and
steady purpose OF uniting absolute and relative nus
ti'c IN the same point. Whatever prorels an undue
portion OF capital INTO pursuit mus, tend where
capital is abundant, later to overcharre i
ana lessen the profits The same operation will
cause at least relative increase in the profits of
ether pursuits romwhich capital has been Withdrawn.
Hc appHca'ion OF the money power of the Govern
e"t 10 regulate the unequal action caused by such
or any other changes in human economy is IN its ma
.re' incapable OF precise and certain adaptation TO
us ena' h'hce the necessity for and moderation
IN al measures OF this character. Every mistake
must increase the irregua rites intended TO he remo
cred ana interrupt and disturb that gradual growth
Whch pest promotes and secures substantial prosper.
Ivy. 80 injurious great and sunden fuctuat;ons
IN human employmen's, that it has been even doubted
whether the inventive genious of man. in he ,Ieve
opement OF means for saving labor and multiplying.
mechanical power, has proved IA; her an evil ib.
heneNt, a close observance of this operation will
however, demonstrate that, whatever there NAV Lr
OF evil IN 1t, arises only from The suddenness of thu
change Employments essential to the support ef'.
many have been superseded so suddenly as 70 leave
them dependent on the charities of those who rno.,
have prohted by the event; this would not have or:
CURED had the process been graduated as TO time,
more coniormaby to the habits and conditions of
those liable to be affected by it. The enplovnoents
thus superseded, WILL however scarcely be known to-
or needed by, the next generation; others will takn
their place, and those who cannot enter upon na.v
though for osol,,o
we, be consoed with better prospect for postcrtv
IL may not be Improbable to Observe that total
lesoIu'loh Is 'aklng place IN many of the productive
employmehts throughout the civilized world Tire
improvements In science and arts no onpey inte run
teo oy var have been directed to other Objects and
nave SO ncreasedthe power of production that the
tide OF prices, which had been long on the flood 10
gradually ebbing, even under deprecated currnn
cy The relative values between labor and pro
ducts have also changed, but not yet adjusted
The depression of prices, falling uneouay on the
different species Of property, is ruinous to manv and
repugnant to the feelings of those who do not
really sntter 1t may be long before a proper adjust
Inent OF these values removes the evil and until
them the busy world will be agtatcd by the conyr]
sVc struggles of its various interests each to avert
from ITSELF and throw Others the Impendino adj
Verslty. The ramifcntions OF these connecting ard
eohiilcng operations are complicated that MY
he doubted whether any degree OF intelligence how
ever free from the influence of special interests,
could by the exercise of political power, material
iy lessen the evil The active energies of man. slim
ulated by necessity, emulation and love of wealth
are perhaps the agents most to be eed upon, in
maintaining sautary equilibrium in the various op-
eratlons OF human enterprise. Every new dispcs:-
ton, therefore, of the money power, TO be SAFE
should be gradual and requires great caution to nvod
increasing the unequal and irregular action which is
SO obviously preJudciol, both to individual and pub
| lie welfare. 80
| Whatever objects may, in the wisdom of the Gov
eminent, be found for the application of surplus rev,
enue' aer the pubic debt shall be paid, there will
probably remain a considerable amount, which NAV
De dispensed WITH by reduction Of the import dr-
ties, without prejudice to any brench of domestic III,
dustry. Such reduction will present favorable
opportunity for avertug portion of the evil resnl
ting from the general depression in the price of prop
erty before referred to. qhe repeal of tax is sim
liar III ITS effects to the REIMBURSEMENT of so much
annual debts relieving to that amount, the ysrions
species of labor upon which it was charged and dis
trbutlng its benefits in proportion to CONSUMPTION
upon every individual of the nation.
The extinguishment of the public debt tends to tIno
same result in another way. The interest is now
paid to capitalists, out of the profits labor not onfy
will this labor be released from the burden hui tlra
capital thus thrown out of an unproductive will
seek productive employment; giving thereby neyy
impetus TO enterprise, i'll agriculture The arts CON-
MERGE and navigation, at lower charge for interest
than before. The heavy impositions on The labor
employed IN these pursuits in those nations where
the arts have attained their highest perfection had
become in great measure counterbalanced in latter
years, by the increased capacity of that labor but
Ihese BURDENS still remain, and with but little pros
| pect OF dmInulon. In the time the industry
OF the United States VIII have positive advantan p
over that OF other countries, equal 10 the difference
between their respective rates of taxaton and it fs
worthy OF conside' alton, that there has been proba-
bly, no period, in which such opportunity for i'd
vancing the general economy OF the American Peg
pie and aiding them to maintain successful compe-
tItlon with that of other countries, could have been
moro Propuous, or more necessary to their interests
than that which approaching II is" known,
that the most uncxampled exertions are making, In
oil civilized nations to increase the productive pow
er; and those who shall stand foremost in this Iauda,
IF
not merely the prosperity of their People, bit hig
rank among the family of nations.
All which lie respectfully submitted
S ID. INGUAM
-. Secretary gFhe Trea&u5.u
TREASURY DEPARTMENT, Dec. ii, 1920.