Martinsburg gazette and public advertiser. [volume] (Martinsburg, Va. [W. Va.]) 1826-1833, 1832-03-22

think. be wise to produce an accumulation
Of public treasure for such purpose The
posfpanemeRt OF any reduction 81 the
ameun. OF the revenue, at this session must
however give rise TO that very accumulation:
and Il IS. therefore that | cannot perceive
the utility of the postponenent
We are told By the gentleman from Mary
land. that offers have been made To the BE
cretary of the Treasury to exchange three
per cents al their market price Of 90 per
cent for the Bank Stock of the Government
al its market price, which is about l26; and
he thinks it would be wise to accept them
! If the charter of the bank is renewed. that
stock will be probably worth much more than
| its present price; ii net renewed, much less
Would If he fair III Government, whilst the
question is pending and undecided. to make
| such an exchange? The difference in value
| between stock bearing three per cent and
one bearing seven per cent, must be really
much greater than the difference between 90
! and I26 per cent Surprising than to be per
| petual annuilcs, the one would be worth more
| than twice the value Of the other But may
objection to the Treasury plan is, thatIt IS not
| necessary TO excite ito continue these au
| ties, as the Secretary proposes The Sec
Rotary has a debt OF "a millions TO pay; he
| has from the accrulng receipts OF this year,
| fourteen millions, and we are told by the
| Senator from MARYLAND, that this sum OF
! fourteen millions is exclusive of any Of the
duties accruing this year He proposes 10
| rise eight millions by the sale of The bank
stock, and 10 anticipate, from the revenues
! receivable next year, two millions moro
| These three items then, oil fourteen millions.
| eight millions, and two millions, make up
| the SUM required, of twenty fou, millions
without the aid Of the dnties to which the re
! solution relates
And now. SIR. would address a few words
| 10 the liiends OF the American System IN the
| Senate The revenue must, ought to be re
duced. The country Mil not, after, by the
| payment Of the p9bhe debt, ten or twelve
| millions OF dollars become unnecessary. bear
sach an annual surplus. Its distribution would
torn a subject OF perpetual contenion. Some
OF tn opponents Of the SYSTEM understand
| The .trstagem Ivy which TO attack IT, and arr
shaping their course accordingly. Ii is t.
! crush IA. -19rs.em by the accumulation oil r.
| venue, and hy the effort 10 persuade the Pco-
| pie that they are unnecessarily tared, whilst
! hose would really tar them who Womb freak
| 4p the intjre sources Of supply and render
| nem dependent upon the foreign But the
! revenue ought TO be reduced SO as TO accom-
| nod.ie il to the fact of the payment of The
| 9nhhc debt And The Alternative is or ma,
| be to preserve the protecting system. and ~
| p,t IL d,t4rs on the unprotected articles
| - L. Yveserce the duty on unprotected articles
J aud naanger n not destroy, tie system
| Let Us then adopt N. measure before ~,
| s~litb will benefit all clAsse.: h farmer, the
| professional nI;,n. the merchant, the mauaiae
| t,fci the mechanic, and The cotton planter
| more than all A few msh'hs aga there was
/ diversity Of opinion as to the expedeney ct
rncasare. All, then seemed 10 unite il tn
selection of these objects, fpr a repeal OF tiu
! ties, which were not produced uilhin the
! cosniry Such a rePetl did not touch eur
domestic industry. violated no principle, of
Tended no prejudice
| Can we aot al, "iai yer may ne cur IA
vori'r hcerle~. cotd y 'pite OH this peutral
sropmdP When that IS ccupied. let as look
beyond it, and see il any thing can he done,
| In 'he field OF protection. to modify, to I'M
! TT II or TO satlsis those who are opposed
| 10 tn system Our Southern brethren he
! lreve, THAI it is injurious to them and ask ITS
! rtpca W lelleve tba, It's abandonment
WI, he arejuditial to them. aud r,inous to
every other section OF the Union. However
| tronser than ours. Between the points Of
| the preservation OF the 81 stem and its alb. o.
ufe repeal there Is no principle Of union II
| Il can he shotra TO operate nnmoderately on
! any quarter; IL measure Of protection to any
aFtICl, eau he demonstrated to De undue and
inofdInate, It would be The duty OF Congress.
| to interpose and apply eeurcdy And none
viii cooperate more hearty thanl shah. in
the pertoi nance Of that duty Ii is unlc4
probable that beneficial notifications Of he
~ysten may he made, without impainns it,
efficiency Bat, TO ia G It fulfil the purposes
OF us institution, tie measures of protection
ought TO be adequate HI it he not, all inte
RESTS will be injuriously Effected The man
u'aetnrer crippled IN his exertioas?, svill pro-
d"ce less perfect and dearer ia bricks and the
consumer viii ieel HE consequence This is
the spirit. aud these are the principles enl,
on which, At seems to me, that settlement
ot d'iS great question can he made, satisiac
fr'y 10 all parts OF our Union.
s-s ~ sa.ars,
4 ~