Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1836-12-14

80 bNEititAtstAV u 1QCtt u tICd6uEG
would doubtless be employed, at some
time, as ii has been in other countries,
when opportunity tempted ambition.
10 collect j, merely for distribution
% 'he States, would seem to be highly
lmpoltlc' II not as dangerous as the
proposition to retain it in the treasury.
In shortest reflection must satisfy CIV.
cry n that to require the people 10
pay taxes to the Governmen, merelv
tina: they may be paid back again i
sporting with the substantial interests
of the country, aud no system which
produces such a result can be expected
TO receive the public countenanco.-
Nothing could be gained by il, even if
each individual who contributed a Dor.
ton Of the tax could receive back
promptly the same portion. But 1t 10
apparent that no system Of the kind
car ever be enforced, which will not alb.
sorb a considerable portion of the mon
ely to be distributed and commissions TO
the agents employed in the process,
and in the various losses ard d~eprecia-
tons which arise from other causes ;
and the practical effect of such an at
tempt must eve be to burden the peo.
pie with taxes, not for purposes benof-
cial to them, but to swell the profits Of
deposite banks and support a band Of
useless public officers.
But the more EXTENDED and injurious
consequences likely to result froma po-
Icy which would collect a surplus rev.
enue for the purpose Of distributing II,
may be forcibly illustrated by an ex.
animation OF the effects already ptodu.
ced by the present deposite act. This
act, although certainly designed TO 10.
cure the safe keeping ofthe public rev
enuo, is not entirely free in its tonden.
cies from many OF the objections which
apply TO this principle of distribution.
The government had, without necessi-
ty, received from the people a largo
surplus, which, instead ofbeing employ
ed ms heretofore, and returned to them
by meal of the public expenditure,
was deposited with sundry banks
The banks proceeded to make loans ups
on this surplus, and converted it into
banking capital and in this manner it
has tended to multiply bank charters,
and has had a great agency in pro-
ducing a spirit of wild speculation
The possession and use OF the property
out of which this surplus was created
belong to the people but the Govern.
ment has transferred It's possession to
Incorporated banks, whose intereAt
and effort l, is to make large profits U
of its use. This process need only be
stated TO show its injustice and bad POI
Icy.
And the same observations apply to
the influence which is produced by the
steps necessary to collect, as well as 10
distribute such a revenue. About three
ffths Of all the duties on imports are
paid in the City of New York, but il is
obvious the means to pay those duties
are drawn from every quarter Of the
Union. Every citizen in every Stnts,
who purchases and consumes IN article
which has paid a duty at hat port,
contributes to the accumulating mass.
The surplus collected there, must, there
fore be made up ofmoneys or property
Withdrawn from other points and 9th.
er States. Thus the wealth and busi>
ness OF every region from which these
surplus fluids proceed, must be TO some
extent, injured while that ofthe place
where the funds are concentrated, and
are employed in banking, are prorpor.
tlonably EXTENDED. Rut both in ma>
king the transfer ofthe funds which
are first necessary TO pay the duties ard
collect the surplus-and in making tho
transfer, which becomes necessary
when the time arrives for tho distribu.
ton of that surplus-there is a consid-
cradle period when the funds cannot
be brought into use (; and it is manifest,
that, besides the loss inevitable from
such an operation, its tendency 10 TO
produce fluctuations in the business Of
the country, which are always produce
tive Of speculation, and detrimental 10
| the interests of regular trade. Argu-
ment can scarcely be necessary to
| show, that a measure Of this character
ought not to receive further legislative
encouragement.
By examining the practical opera.
ton Of the ratio for distribution, adopt.
ed in the deposite bill of the last sess-
ion, we shall discover other features
that appear equally Objectionable. Let
it be assumed, for the sake of argument,
that the surplus moneys to be deposit
ed with the States, have been collect
ed, and belong to them, in the ratio Of
their federal representative population
AN assumption founded upon the TACT
that any deficiencies in our future 70.
venue from imposts and public lands,
must be made up by direct taxes, col.
lected from the States in that ratio. II
is proposed to distribute the Surplus,
say 10000, 900, not according to the