The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-12-08
MASSACHUSETTS,

terfere Our best wishes on ali occasions our good
offices when required, will be afforded, to promote
the domestic tranquility and foreign peace of all
nations with whom we have any intercourse. Any
Intervention in their affairs further than this even
by the expression of an official opinion is contrary
to our principles of international policy, and will
always be avoided.
The report which the Secretary of the Treasury
WILL in due time, lay before you, will exhibit the
national finances in highly prosperous state Ow-
ing TO the continued success OF our commercial en-
terprise which has enabled the merchants to fulfil
their engagements with the government, the re-
cepts from the customs during the year will exceed
the estimate presented at the last session. and with
the other means of the treasury will prove fully
dequate not only to meet the increased expendi-
ture resulting from the large appropriations made
by Congress, but to provide for the payment of all
the public debt which is at present redeemabe. 1t
is now estimated that the customs will yield to the
treasury, during the present year, upwards of TWEEN
ty-eight millions of dollars. The public landshow-
ever, have proved less productive than was antic-
pated, and, according to present information will
not much exceed two millions. The expenditures
for all objects other than the public debt are est-
mated to amount, during the year. to about sixteen
millions and half, while still larger sum- name
y, eighteen millions of dollars, will have been ap-
piled to the principal and interest of the public
debt.
II is expected however that in consequence of the
reduced rates of duty which will take effect after the
third OF March next there will be considerable fall
ling off in the from customs in the year 1888
1t will nevertheless be amply sufficient to provide for
all the wants of the public service estimated even un
on liberal scale and for the redemption and purchase
OF the remainder of the public debt On the first of
January next the entire public debt of the IT, States
funded and unfunded, will be reduced to within frac
ton of seven million of dolars-of which SO 227. 1863
are not fright redeemaDe until the first of January
1884, and 735 296 not until the I'd of January 1s35
f,pd
ever being invested with full authority TO purchase
the debt at the market price, and the means of the
Treasury being ample, may be hoped that the whole
will be extinguished within the wear 1883
l cannot too cordially congratulate Congress- and INV
fellow citizens on the near approach of that memorable
and happy event. the extinction of the public debt of
this great and free nation Faithful to the wise and
patriotic policy marked out by the legislation of the
country for this object the present administration has
devoted to it all the which hourishing COM
merce has supplied, and prudent economy preserv-
ed for the public treasury Within the four years for
which the people have confided the executive power
to my charge, y-eight millions of dollars will have
been applied to the payment of the public debt That
this has been accomplished without sntng the expen-
diures for all other obecs, will be by referring to
the liberal provision made during the same period for
the support and increase of of maritime and
military defence, for Internal improvements of ma
tional character for the removal and preservation of
the Indians and lastly for the gallant veterans of the
revolution.
The final removal ofthis great burden from our re-
sources affords the of further provision for all
the objects Of general welfare and public defence
which the constitution authorises, Gnd presents the
occasion for such further reduction in the revenue as
may not be required for them. From the report of the
Secretary of the Treasury it will be that after
the present year such reduction may be made to a
considerable extent, and the subject is earnestly
commended u the consideration Of Congress, in the
hope that TIE combined wisdom Of the representatives
of the people will devise such of effecting that
salutary object as may remove those burdens which
shall be found % fall unequally upon any, and may
promote all the great interests of the community.
Long and patient reflection has strengthened the
opinions have heretofore expressed to congress on
this subject and deem it my duty on the present
occasion again to urge them upon the attention of the
legislature. The soundest maxims of public policy
and the principles upon which republican nstitu
tons are founded, recommends proper adaptation of
the to the expenditure and they also require
that the expenditure shall be limited to what by an
economical administration shall be consistent with
the simplicity of the government and necessary to an
efficient public service.
In efecting this adjustment it is DUE in Justice to
the interests Of the different States and even to the
preservation of the Union ITSELF that the protection
afforded by existing laws to any branches of the ma
tional industry should not exceed what may be
sary to couneract the regulations of foreign nations
and to secure supply ofthose articles Of manufac-
ture essential to the national independence and safety
in time of war. IT, upon investigation, it shall be
found as it is believed it will be- that the legsla
tive protection granted to any particular interest is
greater than is indispensably requisite for those OBJ
jects, recommend that it be gradually diminished,
and that far may be consistent with these objects
the whole scheme of duties be reduced to the
standard Just regard to the faith of the Gov
eminent and to the preservation of the large capital
invested in establishments of domestic industry will
permit.
That manufacture adequate to the supply of our
domestic consumption would in the abstract, be benef
cal to country there is doubt and to
effect their establishment. there is perhaps no Amer
can citizen who would now for while be willing to
pay higher price for them But for this purpose, it
is presumed that Tariff of high duties designed for
perpetual protection has entered into the minds of but
few OF our statesmen. The most they have antici-
pated is temporary and generally incidental protec-
ton, which they maintain has the effect to reduce the
price by domestic competition below that ofthe foreign
article Experience however, our best guide this,
other subjects, makes doubtful whether the ad
vantages of this system not counterbalanced by
many evils and whether it does not tend to beget in
the minds of large portion Of our countrymen spirit
of discomfort and jealousy dangerous to the stability
of the Union.
What then shall be done? Large interests have
grown up under the implied pledge Of our national leg
islation, which it would seem violation of public
faith suddenly to abandon. Nothing could justify it
but the public safety, which is the supreme law. But
those who have vested their capital in manufacturing
establishments cannot expect that the people will con-
tnue permanently to pay high taxes TOR their benefit
when the money is not required for any legitimate
purpose in the administration of the Government. Is
it not enough that the high duties have been paid
long the money arising from them could be applied
to the common benefit in the extinguishment Of the
public debit
Those who take enlarged view of the condition
of country must be satisfied that the policy of pro-
lection must be ultimately limited to those articles of
domestic manufacture which indispensable to our
safety in time of war Within this scope, on reason
able scale, it is recommended by every consdera-
ton of patriotism and duty, which will doubtless al
ways to it liberal and efficient support But
beyond this object have already the operation
of the system productive of discomfort In some Sec