Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-03-22

remaining to be paid but the three per.
cent. stock, with surplus in the TreaA
sury, idle and unproductive, in which 1t
mig hit be expedient to apply that surplus
to the reimbursement Of the three per
cents. But, whilst the interest Of money
is at a greater rate than three per cent.
it would not, think, be wise to produce
an accumulation of public treasure for
such a purpose. The pOstponemeht Of
any reduction of the amount Of the reve-
nue., at this session, must however give
rise to that very accumulation; and It rs,
therefore, that ! cannot perceive the VI
tlity of the pOstponement.
We are told by the gentleman from
Maryland, that offers have been made to
the Secretary Of the Treasury to ex-,
change three per cents. at their market
price Of 90 per cent. for the bank stock
OF the Government at its market price,
which is about l26; and he thinks 1t
would be wise to accept them. If the
charter the bank is renewed, that stock
will be probably worth much more than
its present price; if not renewed, much
less. Would it be fair in Government,
whilst the question is pending and unde-
cided, to make such an exchange? The
difference in value between stock bear
ing three per cent. and one bearing
seven per cent, must be really much
greater than the difference between 96
and l26 per cent. Suoposing them to be
perpetual annuities, the one would be
worth more than twice the value of the
other. But my objection to the Treasury
plan is, that it is not necessary to execute
ito continue these duties, as the Sec
retary proposes. The Secretary has
debt of twenty-tour millions to pay; he
has, from the accruing receipts of this
year, fourteen millions, and we are now
told by the Senator from Maryland, that
this sum Of fourteen millions is exclusive
of any of the duties accruing this year
He proposes to raise eight millions by a
sale of the bank stock, and to anticipate,
from the revenues receivable next year,
two millions more. These three items,
then, of fourteen millions, eight millions,
and two millions, make up the sum re-
quired, of twenty y-four millions, without
the aid of the duties to which the resolu
ton relates.
The gentleman from Maryland insists
that the General Government has been
liberal towards the West in its appropria-
tions of public lands for internal improve
ments; and as to Notifications, he con-
tends that the expenditures near the
mouth of the Mississippi, are for its es-
pecial benefit. The appropriations of
land to the States of Ohio, Indiana, Hi
nois, and Alabama, have been liberal;
but it is not to be overlooked, that the
General Government is itself the great
est proprietor of land, and that tenden-
cy Of the improvements which these ap-
preparations were to effect, is TO increase
the value of the unsold public domain
The erection of the Notifications for the
defence of Louisiana was highly proper;
but the gentleman might as well place to
the account Of the West, the disburse-
ments for the Notifications intended to
defend Baltimore, Philadelphia, and N.
York, to all which capitals Western pro-
duce is sent, and, in the security of all of
which, the Western People feel lively
interest. They do not object to expen-
ditures for the army, for the navy, for
Notifications, or for any other defensive
or commercial object on the Atlantic,
but they do think that their condition
ought also to receive friendly attention
from the General Government. With re-
speot to the State Of Kentucky, not one
cent Of money, or one acre of land, has
been applied to any object of internal i'm
provement within her limits. The sub
scription to the stock ofthe canal at Louis
vile was for an object in which many
States were interested.
The Senator from Maryland complains
that he has been unable to obtain any aid
for the rail road which the enterprise Of
Baltimore has proje cted, and, in part, ex-
ecuted. That was great work, the
conception of which was bold and high
ly honorable, and it deserves national en-
couragement. But how has the Com
mittee of Roads and Canals, at this ses-
sion, been constituted? The Senator
from Maryland possessed brief author
ty to organize it, and, if | am not misrl-
formed, majority of the members COM
posing it, appointed by him, are opposed
both to The constitutionality of the power
and the expediency of exercising it.
And now, sir, l would address few
words to the friends Of the American Sys-
tenn in the Senate. The revenue must,
ought to be reduced. The country will
not, after, by the payment of the public
debt, ten or twelve millions of dollars be-
come unnecessary, bear such an annual
surplus. Its distribution would form a
subject Of perpetual contention. Some
of the opponents Of the System UNDER
stand the stratagem by which to attack