Richmond palladium., 1836-12-24


= y result eNA bs sipseied IL receive che pll
y Nv eouN,sNHnes. Ne,hlns. eeuld bs nNIns
I by II, even " fsaoh tNdlv ld0Nl WIN e0Nt tIbWis
I, n portion Of lhs lNs could receive hNo
J, promptly ths sNms portion. llut u u Nrrs
: snl Tint NO system Ut the Mind can ever u
|, IentOreed. which viii not absorb n consider,
bio port lon 81 ths money, N hs distribute
7 IN s0lnvles Nnd commissions ~ ths agents on
ploysd ~ ihs rroasss, and IN ths various lo,
sss and depvseIa,loNs which avIse from o,hs
cnu.es! AMI ihs practical effect ~ such NJ
/. |Ni,empt must evcr bs " burden ths psep
them, hut ~ swell Inc profits Of depouIi,
hunks, md support n band of useless pvblI,
Officers. n dis,rIbuilon IN Tho people ID I'm
practicable md unjust In other respects. !
would DO taking 0he mans property and Rtv
ing u ~ Nho,her.. kuch would bs tho tna
voldabe resnl. of 4 rule of equality (and none
other H. spoken Of, 0r would be likely ~ be
adoP!sd) ,has0uoh ~ there " no l0ods by
buttons ef our citizens ~ the public reveNua
gan be asesrtained, We knew tha, The
GoRtrlbuie kNegN0|iW and a rule therefore
that would distribute n them eQWaiiw would
be liable 10 all tho objections which apply 10
the principle Of an equnl division of property.
To make the General Government tho in.
sirument ot carrying this odious principle
into eittct. would DO at once 10 destroy The
means Of its uscfulnsss, aad change tho char.
acter designed tor u BY tho trainers Of tho
constitution.
But tho more extended and injurious con.
sequences likely to result from policy which
would collect u surplus revenue TOR tho pur.
pose Of distributing II, n'ny be forcibly illus.
trnted by an examination of tho effects alrea.
dy procuccd BY tho deposite act. This wct
although certainly designed TO secure the safe
Keeping Of the public revenue, is not entirely
free in its tendencies from many Of the oh.
jec,ons which apply to this principle Of dis.
The Government had, with ne.
cess'ty, received from the people a large sur.
p:u., which, instead Of being employed as
heretofore, and returned to them by means oil
the public expenditure, was deposited with
sundry banks. The banks proceeded to make
loans upon this surplus, aud thus converted
il into banking capitals and in this manner II,
has tended to multiply bunk charters. and has
had great agency in producing n spirit OF
wild speculation. The possession and use Of
The propcrty out Of which this surplus was
crnmcnt has transferred its possession to in
banks, whose interest and effort
i is TO make large profits out ofits use. This
process need only be stated to show its in.
Justice and bad policy.
And the same observations apply to the in.
nucnce which is produced by the steps me-
cessary to collect, as well rs to distribute
such revenue. About three.ftths Of all the
1uties on imports are paid in the city OF N.
York, but it is obvious that the means to pay |
hose duties are drawn from every quarter OF
lie Union. Every citizen in every State,
who purchases and consumes an article
which has paid duty at that port, contrib
lies to the accumulating mass. The surplus
collected there must, therefore, be made up
,f moneys or property withdrawn from 9TH
.r points and other States. Thus the wealth
Ind business of every region from which these
surplus funds proceed, must be to some ex-
cnt injured, while that Of the place where
he funds are concentrated, and are employ
ID in banking, are prOportiOnably extended.
But both in making the transfer Of the funds
which are first necessary to pay the duties
md collect the surplus-and in making the
which becomes necessary when
he time arrives for the distribution OF that
is a considerable period when
he funds cannot be brought into use; and II
$ manifest that, besides the loss inevitable
rom such an operation, its tendency is to
produce fluctuations in the business Of the
country, which are always productive Of
peculation, and detrimental TO the interests
Il regular trade. Argument can scarcely be
necessary to show that measure OF this
character ought not 10 receive further legis- I
ative encouragement.
Bv examining the practical operation Of
he ratio for distribution, adopted in the de. I
,osite bill Of the last session, we shall discov.
II other features, that appear equally ohjcc.
ionable. Let il be assumed. for the sake of
rrument, that the surplus moneys to be de.
,osited with the States have been collected,
md belong to them. IN the ratio Of their feds'
Al re representative popula ation-an assumption
ounded upon the fact that any deficiencies In
,ur future revenue from imposts and public I
nnAs, must b made Up BY direct taxeSs cel.Il
pcted from the states In that ratio. j "
proposed 70 distribute The surplus, cay SSo..
10000. not according - the radio In which
| hss been collected and belongs 10 ,hs peo. !
10 Of ne States. In that Of their votes IN the
colleges Of electors Of PRECEDENT and Wee
e.naEaanl Tha a6(hal al AialYihullsA uponl I