The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1836-12-17
vDEN. AROlGsA DECEM BER ~, lss6

: Ter be enforced, which will not absorb 1
considerable portion of the money. to bs
distributed in salaries and commissions tc
the agents employed in the process. and
in the various losses and depreciation.
which arise from other causes; and the
practical efec. of such an attempt must
ever be 10 burden tho people with taxes,
not for purposes beneficial 10 them, but "a
swell the profits Of teposi.e banks, and
support band Of useless public OBJ.
GERS.
| A distribution 10 the people Is imprae-
licablc and unjust in other respects. I,
would be taking one mans property and
giving it to another. Such would be the
unavoidable resuI, Of rule OF equality
land none other is spoken Of. Or uould be
llikely 10 be sdopied) inasmuch as there ID
no mode by which the amount Of the in.
dividuai contributions Of our citizens to
the public revenue can be ascersained.-
We know that they contribute uaeqaaly,
and rule therefore that would distribute
to lhera equally. would be liable TO all the
objections which apply TO the principle Of
an equal division Of property To make
the General Government the instrument
Of carrying this odious principle into ef-
feet. would be at once TO destroy the
means Of ita usefulness. and chsnge the
character designed for il by the trainers
Of tie constitution.
But the more extended and injurious
consequences likely 10 resul, from poll
| cy which would collect surplu. revenue
for the purpose Of distributing it, may be
forc;bly illustrated by On examination of
The effects already produced by the present,
! dcposi,c act. This act, although certain
~ designed to secure the safe-keeping Of
the public revenue. is mol entirely free
in its tendencies from many of The objee-
.ions which apply to this principle Of dis
tribuiion. The Government had, without
necessity, received from the people large
surplus. which. ins,cad Of being employ
! ed rs heretofore, and returned TO them by
means uf the public expenditure, vas de
posted with sundry banks. The banks
proceeded 10 make loans upon this sur
/ plus, and thus converted il into banking
;. capitals. and in manner il has tended 10
multiply bank charters, and has had great
agency in producing spirl; Of wild spe.
cula,ion. The possession and use Of the
property ou, Of which this surplus was
created. belong TO tho people. but the Go
vcrnmcnt has transferred its possession 70
incorporated banks, whose intcrcs. and
efor, (, is TO make large profits ou, Of its
use. This process need only be stated 10
shaw It's injustice and bad policy.
And the same observations apply TO ihe
influence which is produced by the steps
necessary to collect, rs well as 10 distti-
butte such Q revenue. About three ffths
Of all the duties on imporso arc paid in the
! city Of New York, but il is obvious that
.hc means 10 pay those duties are drawn
from every quarter Of the Union. Every
citizen in every State, who purchases and
consumes sn article which has paid duty
q, tia, port. contributes 10 the aeeumula
Ting mass. The surplus collected there
must, therefore. be made up Of moneys
or property Withdrawn from other points
and other S,s,es. Thus the wealth and
business Of every region from which
these surplus iunds proceed, must be to
same extent injured, while that Of the
place where the funds arc concentrated.
and arc employed in banking. are proper
,ionsbly extended. Blu, both in making
the transfer Of the funds which are frsl
necessary II" pay the duties and eollcc,
the surplus-and in making the rc-,rans.
fer. which becomes necessary when the
time arrives for the distribution Of ths,
surplus--,hcrc is 4 considerable period
when the funds cannot be brought Int"
us.. and |, is nanifrst that, besides ~,
loss inevitable from such an operation. its
tendency is to produce fluctuations in
the business Of the country. which arc
always productive Of speculation. and
detrimental to the in,crr,ts Of regular
trade. Argumen. can scarcely be neces.
sary to snow thnl measure Of this
character ought not to receive further
legislative encouragement.
b. examining the practical operation
Of the ratio for distribution, adopted In
the deposi.e bill OF The last session, wc
shall discover other features, that appear
equally Objectionable. lie, il be ASST
med. for the sake Of argument, that The
surplus moneys to be deposited with the
k..t.s havc been collected. and belong IN