The Massachusetts spy. [volume] (Worcester [Mass.]) 1831-1858, 1832-03-21

mining to be paid hut the thres per cent. STOCK
with surplus in the Treasury idle and unpro-
!uctiye, IN which it might be expedient to apply !
hat surplus 10 the reimbursement of three per
cents. Bat whilst the interest of money Is at a
greater tate than three per cent. II would not,
think, be WISE 10 produce an accumulation oil
public treasure for such a purpose The post,
ponemenl % any reduction Of the amount OF
the revenue, at this session, must, however,
rive rise to that very accumulation; and 1t is !
that cannot perceive the utility o; !
The postponcment.
We are told by the gentleman from Mary
land. that offers have been made la the Sec re-
tary of the Treasury TO exchange three pei
cents 81 their market price of IS per cent for
the bank stock of the Government a. its mar
ket price which is about 1876 and he II inks
ii would he wise TO accept them If the & aF
Ter of the bank is renewed that stock " II be
probably worth much more than its pr sent
price if not renewed much less. Would it be
fair in government, whilst the question is pend
ing and undecided, tn make such exchange?
The difference in value between a stock bear
inc three per cent aud one bearing seven per
cent. mus really be much greater than the
difference between 96 and l26 per cent. Sup
posing them to be perpetual annuites, tie ore
would be worth more than twice the value of
the other, But my objection to the Treasury
plan is, that it is not necessary 10 execute it
10 Continues these duties, as the Sec fetary
proposes. The Secretary has debt of TWEEN
~ four millions to pay he has, from tho nc.
cruing receipts of this year, fourteen m il"ns,
and we are now told by tie Senator from Ma
ryiand that this sum of fourteen millions is
exclusive of any Of the duties accruing this
year. He proposes to raise eight mllors by
sale OF the bank stock, and to anticipate, from
the revenues receivable next year, two mil
lions mo:e. These three ITEMS then, ct four
teen millions. eight millions, and two millions.
make up the sum required, of twenty -four mil
lions, without the aid of the duties 10 which the
resolution relates.
The gentleman from Maryland insists tina.
the general Government has been lht raj tor
wards the West in its appropriations Of pub! &c
lands for internal improvements and, as 10
Notifications, he contends that the eXpep d.
lures near the mouth of the Mississippi are
for its especial benefit The appropriate ons
of land to the States of Ohio, Indiana, Hi
nns, and Alabama, have been liberal b u; it
is not to be overlooked, that the General Gov
eminent is itself the greatest proprietor ol
land, ard that tendency of the impToyeme nts
which these appropriations were to effect is
to increase the value Of The unsod public dom ain.
The erection the fnrticaions for the dcfent of
Louisiana WAS highly proper; but the gel tile
West, tne disbursements for the fortified lions
| intended TO defend Baltimore, Pliadc lphia,
and New York, to all which capitals N'isiern
produce is SENT ard, in the security Of all Of
which, the Western people feel lively IN terest.
They Go not object 20 expenditures for the Nrmy,
for the navy, for Qualifications. or for any other
defensive or commercial object on the Alta ntic.
but they do think that their condition ughs
also To receive friendly attention tro"l the Cen
eral Government. With respect 10 the State
Of Kentucky, not one cent of money, Or one
acre of land, has been applied TO any OBI ect Of
internal Improvement within her limits The
subscription to the stock of the canal at Louis
willie was lur an object in which many States
were Interested, the Senator !enm fiaryland
complains that he has been urable 20 obtain
any aid i0r the rail road Which the enterprise
OF Baltimore has projected, and, in part, exc.
cuted. That was great woik, the conception
Of which was bold and highly honorable, and il
deserves national CHcOuraEen ert. But hoy
has the Committee Of Roads ami Canals, al
this session, been constituted? The Senator
from Maryland possessed h-ief authority to
organize il. and, it ain no. Hjsintormed,
minority Of the members comprising it, ap.
pointed By him. are opposed boi - the con
stttutionaty ii the power and the expediency
OF exercising It.
And now, sit, would addrei few words
10 ihe friends of the American Sy stem in the
Sc:lte The revenue must, 0nGi at to be re-
dnc"d. Thr country will moi. after, by the
payment OF The public debt, ten or twelve mil
lIuus OF dollars become Hnneces s9ry, bear such
an annual surplus lis distribution would form
a subject of perpetual conientir n. Some of
the opponents OF the System understand The
slratagem by which to attack it. anu are shap.
ing their course accordingly. IL is 10 crush
the System by the accumulation of re1cnue,
aGd by tine effort 90 persuade the PeUrle that
they are unnecessarily aIcd. whilst those
would really tar them who would break ID the
nattre sources of supply and render the IL de-
pendent uPon the foreign. But the re ,enue
oagM To be reduced, 50 as to accomnod ate it
To the fact Of the payment of the public debt
And the alternative is or may be, to prt.Serre
the protecting system, and repeal the duties
on the uHPrOteCted articles or 10 prcScrjjs the
duties on u"p1Otected articles, and endanger, If
not destroy, the System. Let us then adopt
the measure before us, which will benz fit all
classes the farmer, the professional IN m The
merchant, the manufacturer, the mechanic
and the cotton planter mole than all. a few
months ago there was no diversity Of opinion
as TO the expectancy Of this measure All
then, seemed to unite in the selection of these
objects, for repeal of dulles which we re not
did not touch our domestic industry, violated
no principle, offended no prejudice
Can we not all, whatever may be our ravor.
tie theories, cordially unite on this M utral
ground When that is occupied, let us look
beyond IT, and see it anv thing can b1 dont, in !
the held OF protection. to modify, TO imp rove
ii, or 10 satisfy those who arc opposed to the
System. Our Southern brethren be ie"c that
IT is injurious to them, and ask its repo1l We
believe that its abandonment will be prejudicis
10 them, and rutn0uS TO every other section Of
Inc Union. However strong their co nvictiOns |
NAV be, they are not stronger than ours. Be. /
tween ne points OF the preservation Of The Sys- |
tenn ard lis absolute repeal, there is no Drinei. |
pie OF union. If it can be skolcn 80 operate
immediately on any quarter ifthe measure
OF protection TO any article can be del 1onstrat-
ed to be undue and inordinate, II won d he the /
duty OF congress to interpose and apply
remedy. AND none will cooperate m ore hear
uly than shall, in the performance of that
duty. 1t Is quite probable that benelic al mod
fcatons of the Syste y may be made. without
mpairing its efficacy. But, TO make it fulfil
the purposes OF lis institution, the me; sure OF
protection "nght be adequate. If il be not, all I
interests will be iniuriousIy affected Tho
manufacturer, crippled in his exertions, will /
produce less perfect and dearer labrcs and
The consumer VIII ieel The consequence. THIS
is the spirit, and these are the principles onlv.
on which, 1t seems TO me. that a settieme nj Of /
this great question car be made, satisfactorily
to all parts IF oar Union
a-f7--r-'-s --'--7---------zr-z--------s-.
From tie United States Gazette
II is known to our readers, that Mr. Senator
Isaac Hill rc"h in his place ii ong speech to
the senate sometime last month, whereof it
was said hy the National Gazet,c, that more