The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-18

$40 900; showing an annual average OF S. $685.
600, and an increase in five years OF S2061S, 900,
or more than l-2 per cent.
The last five years OF this series exhibit an ag-
gregate value of imports amounting TO $685.
5000; showing an annual average Of Sl33,-
O04, 200, and an increase in five years Of $751;
$4,000, or little more than 33 per cent.
The aggregate value OF imports in the ten
years, from 1929 to 1889, inclusive, is thus
shown TO have been 8 ,073, 10000.
II the rate OF increase from 1929 TO 1889, in
elusive, had been three per cent. per annum, as
we may presume, from the experience Of the
preceding 80 years, itwould have been, but for the
unprecedented increase in the production and
consumption OF the country, occasoned by the
multiplication of banks, the excessive issue of
bank paper, and the large amount OF State stocks
sold abroad, The aggregate value of imports within
the last ten years would not have exceeded
1888, 093 900 which, deducted from the actual
amount Of 81 ,073, 10000, leaves an excess Of
$3l4,070,000. The amount Of the duties paid
into the Treasury upon this excess of mporta-
ton was the gain which accrued TO the Govern
ment by the overtrading ofthe merchants.
The nett amount of the receipts into the Trea-
sury from duties on imported merchandise, from
the year 1929 TO 1882 inclusive appears upon
the books OF the Treasury to have been $2l3,-
l26, 900; OF that sum, the proportion received
upon 1914, 900, the excess of importations
already stated, would be $62, 1872, 900; pretty
good business for the Treasury however fatal
TO the merchants.
Let Us now turn our attention to another
source of revenue, the public lands, and ascer-
tain what benefits have accrued TO the Treasury
from the excuses from that quarter. The
cepts from the sales of the public lands from
1919 to 1929 inclusive, amounted TO $l4,259,-
600, showing an annual average Of $l,425,OO0
The receipts from the same source from 1929 to
1885, inclusive, were S73,557, 600 showing an
annual average Of 1886 600, or an increase in
the annual receipts, in the last ten years, OF
S5930000.
But the amount Of the receipts from the sales
OF the public lands, in the same period, in an
ordinary state OF the currency and money mar
ket, would not have exceeded an annual average
of So, 100000; and even this amount would have
shown an increase Of more than a hundred per
cent. over the average of the preceding ten wears.
If, then, we deduct 100000, a fair aggregate
OF receipts for the last ten years, estimating the
annual receipts at 900, from 1873 557 1000,
the actual receipts as already stated, and the ba-
lance will be S43,557 ,000 BY this sum, then,
has the Treasury been made richer in conse-
quence OF the extensive speculations and over
trading in the public lands within the last ten
years.
Add 43,577,ooo to $62, 1872, 900, the amount
of gain derived from the over-trading of mer-
oudHts, anu We nave an aggregate VI %iOC, I4o,-
600. Many will regard this as the lions share
of all that has been made by the extravagant
speculations and over-tradng of the times But
| might swell the amount which has been ex-
acted or received from the merchants and pur-
chasers of the public lands, within the period un-
der review, by adding the further sum Of So 000,-
00O-that beng about the one-fourth part Of the
receipts from customs expended in their collec-
ton, but not paid into the Treasury. This
wOud a GRAND IF &10S 11n
00O
When we reflect that the largest portion Of the
moneys paid at the land offices was borrowed
from the banks, as well as great part of, that
paid by the merchants to the Government, and
that many thousand borrowers, on both accounts,
have failed, leaving the banks the only sufferers
besides themselves, we can readily perceive the
cause OF their embarrassment and suspension
The Government of the country has actually
received and applied to its own uses, il may be
fairly estimated, upwards Of Sl00,000,000 Of
their means.
The States, also-yes, the States-they, too
have a right to prefer their complaints against
the Government; for every cent drawn from
the banks and the merchants has diminished
their resources by that amount, and lessened
their ability TO sustain their own credit by the
payment OF the interest due upon the stocks is
sued by them Even after deducting the $685.
l0l,644 distributed among the States under the
deposlte act of 1896, there will still be a balance
against the Treasury of the United States Of
upwards of $50 100000!
Thus, sir, you see that this Government, un-
der the administration of the party in power, has
been sustained by the misfortunes of the banks
and merchants during the last FIVE years 1t
has, in some sense, plundered the banks and the
merchants Of more than one hundred millions Of
dollars IN the last ten years; and, because they
are not able TO stand up under such heavy exac-
lions, they are denounced and traduced as faith
less and extravagant, deserving to break for their
hazardous speculations. But for these hundred
millions, whence would the money have been
derived to pay the expenses of the Florida war,
amounting to $20,000,000 the expenses of In
dian treaties and emigratons, amounting to
$4,000, 000more2 Whence the means of pay
ing your enormous pension lists 2 Sir, but for
the banks and State stocks-but for the extra
VACANT issues of both--this Government would
at this moment be burdened with public debt
of one hundred millions 1t is true, you did not
borrow the money from the banks; nor did you
import the goods upon which the excess of du-
ties was paid; but you are in like condition with
the receiver of stolen goods you did not take
the money from the banks directly, nor did you
order the goods but you availed yourself, to the
utmost extent in your power, of the ndiscretion
of those who did You took the money and
applied 1t TO your own uses. The very men, or
many of them, who paid the S14 900, 900 into
the Treasury in 1885 for public lands, and $24,
100000 in 1886, are those whose paper lies over
unpaid in the banks. Restore TO them only one
half the excess you have received in the last ten
years, and you set up every bank in the United
States again. Restore the other half TO the bro
ken merchants, and you give them the means
ofretrieving their credit and re-establshing their
personal independence. But you cannot afford
TO do this. 1t would be a dangerous precedent
Then at least, for charity's sake, cease to perse
cute and revie them