Du Buque visitor. [volume] (Dubuque, Lead Mines, Wisconsin Territory) 1836-1837, 1837-01-04

converted itinto bankingcapital; and j,
this manner it has tended 10 multiply
bank charters, and has had great
agency in producing a spirit Of wild
speculation. The possession and use
oil the property out Of which this sur.
plus was created, belong to the people;
but the government has transferred its
possessionto incorporated banks, whose
interest and effort it is II make large
profits out Of its use. This process
need only be stated to- skew il. ia.
Justice and bad policy.
And the same observations apply ia
the influence which is produced by the
steps necessary to collect, as we'll as to
distribute such arevenue. About three.
flfths of all the duties on imports are
paid ia the city of New York, but it is
obvious thatthc means to pay those Lu.
ties are Drawn from every quarter of
the Union. Every citizen in every
state, who purchases and consumes an
article which has paid a duty at that
port, contributes to the accommodating
mass. The surplus collected there
must, therefore, be made up Of MONEYS
or property Withdrawn from other
pointsand other states. Thus the wealth
and business of every region from
which those surplus funds proceed,
must be to some extent injured. while
that of the place where the funds are con-
centrated. and are employed tn bank
ing, are proportionabIy extended. -
But both in making the transfer Of the
funds which are first necessarxstc isav
the duties and collect the surpIus-and
in making the retransler, which be-
comes necessary when the time arrives
for the distribution of that surplus
there is considerable period when the
funds cannot be brought into use; and
it is manifest that, besides the loss in
evitable from sach an operation it's
tendency is to produce fluctuations in
the business of the country, which are
always productive of speculation, and
detrimental TO the interests Of regular
trade. Argument can scarcely be ne
cessary to show that measure Of this
character ought not TO receive further
legislative encouragement,
BY examining the practical opera
ion of the ratio for distribution, adopt
ID IN the deposite bill Of the last ses-
ZION, we shall discover other features,
hat appear equally Objectionable
Let it be assumed, for the sake of ar
that the surplus moneys to
Ne deposited with tho states have been
and belong to them, in the
ratio Of theirfederal representativepop-
llation-an assumption founded upon
The fact that any deficiencies in our flu
lure revenue from imposts and public
ands, must be made up by direct tax
IS, collected from the statcsin that ratio.
1t is pr.posedto distributethe surplus,
,ay $50, 200, 900, not according to Their
10 in which it has been collected and
belongs to the people Of the states, but
IN that Of their votes in the colleges Of
electors Of president and vice presi-
lent. The effect ola distribution up
On that ratio is shown by the annexed
able, marked A.
BY an examination Of that table it
will be perceived that the distribu-
If a surplus Of CSC, 600, 900, upon that
BASIS, there is great departure from
he principle which regards represen-
alton as the true measure of taxation:
md it vii! be found that the tendency
If that departure will be to increase
whatever inequalities have been sup
posed to attend the operation Of our
cdraIsy stem in respect to its bearings
,pon the different interests of the UNI
on. 1t making the basis Of represent
ltion the basis of taxation, the trainers
,fthc constitution intended to equal
re the burdens which arp necessary
o support the government; and the
ldoption Of that ratio, while it accom-
,lished this object, was also the means
If adjusting other great topics arising
,ut Of the conflicting views respecting
he political equality Of the various
members Of the coniedcracy. What-
,ver therefore disturbs the Liberal spir-
/ Of the compromises which establish
rule Of taxation ojust and equitable,
md which experience has proved to |
,e SO well adapted to the genius and
,abits Of our people, should be receiv-I
d with greatest caution and distrust
A bare inspection, in the annexed.
able, Of the differences produced by
he ratio used in the deposite act, COM
,ared with the results Of distribution
ccording to the ratio Of direct taxa
ION, must satisfy every unprejudiced
lind, thattne formerratiocontrayepTs
lie spirit Of the constitution. ard pro-
uces degree q. injustice IN the oPer-
lion ofthe federal government 'vn.en
lould be fatal Is tia hope Of perpeto-