The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-08-18

ed claims of States for war debts, three per cent
on lands sold, two per cent. ON account oil Cuil-
berlandSroad, and purchase OF titles TO lnoiah
lands-they amount to the sum of nine millions,
four hundred and eleven thousand and eighty
eight dollars and eighteen cents. After deduct
ing this amount from the sum already stated, 1t
will be seen that duringthe year 1887, the gene
raj government expended for ordinary and ex-
traordinary purposes, the large amount OF TWEEN
ty-seven millions, eight hundred and thIrty-two
thousand, one hundred and twenty-six dollars
and six cents. By an examination Of the same
report, it will be seen that during the administra-
ton OF Mr.. Adams, the ordinary and exuaordi-
nary expenditures, exclusive OF payments ON ac-
count of the public debts and such payments as
were unavoidable, did not exceed for any one
year, twelve millions of dollars.
The history of the country has recorded the
fact that when MIR. Adams became president,
the government .wed large public debt, and
that during his four years there were applied
from the surplus revenue, the sum OF iorty-hVe
millions, three hundred and three thousand and
five hundred and thirty-three dollars and ferty-
three cents in part payment for tins DEBT ne
friends Of General jackson will long remember
that during the eight years of his administration,
there were paid for the public debt sixty-ve mil
lions, five hundred and thirty-two thousand SIX
hundred and three dollars thirty-six cents, and
that thereby this debt was eXtinguished. 1t Is
now equally well authenticated that during the
first year of MIR. Van Buren's administration,
the government was compelled to create new
national debt, and to issue treasury notes to the
amount Of ten millions of dollars. This was
caused by extravaganza and want of foresight.
The increase in expenditures from twelve mil
lions of dollars, the average amount during Mr.
Adams time, to upwards of twenty-seven mil
lions of dollars, was the probable cause which
led to the issue of treasury notes. We have
thus that while Mr.. Adams was president,
there were appropriated upwards of eleven mil
lions dollars per year towards the payment OF
the public debt, and that during General Jack
sons time the appropriations on account OF the
public debt averaged each year upwards OF eight
millions dollars. On the ether hand, Mr.. Van
Buren, found the entire revenue not sufficient to
cover the extravagant expenditures Of his first
year, and was compelled to resort to an issue OF
treasury notes to the amount of ten millions OF
dollars
Is it not most extraordinary that any citizen of
MARYLAND, and still more so that any citizen OF
Baltimore, should oppose measure so certain to
benefit us as the distribution of the proceeds of
the public lands? True, the prominent men of
the Van Buren, party now oppose it. The day,
however, is not far distant, when in Maryland
there will be no difference of opinion on this sub
iect. If some relief be not afforded, some change
in the condition of the country be not effected,
our people will be pressed to the earth by the
weight of direct taxation. The debt OF MARY
land amounting to fifteen millions of dollars, and
the debt of Baltimore to five millions five hun
dred thousand dollars, must be paid. These
debts differ in this essential particular from
debt due by an individual. Death, insolvency,
and many other circumstances, may operate to
prevent the payment of debt due by an indi-
vidual There is no escape from public debt;
it fastens itself upon all we have, and passes to
the remotest posterity, until paid.
In the annual message of Governor GraFon to
the Legislature of Maryland, are found the fol-
lowing expressions of opinion After speaking
of the condition of the state, he presses upon the
Legislature the necessity of guarding against an
increase of existing evils, and of s'providing if
possible, for the gradual redemption of the pub
lie debt. He then says:-eI do not perceive how |
these objects can be effected without assisting |
the further issue and hypothecation Of tate stock
the public expenditures by a rigid sys |
tenn of economy, and increasing the revenue by
a moderate tar real and personal eState, till
it is sufficient to pay the interest and have a
small surplus to be applied to the principal OF
the public debt. Two hundred thousand dollars
wear, in addition to the present revenue, would
be sufficient for this purpose, if raised
at once; but the longer the taxes are postponed,
the heavier they must be at last" Such were
the views expressed by the Van Buren, Governor
of Maryland on the second Of January, 1910. |
Developments which, since that time, have trans
pred in relation to the Chesapeake and Ohio
Canal Company, not only struck CONSERVATION
and dismay into the heart of the Treasurer of
the State, but have proved conclusively that the
amount to be raised by direct taxation in Mary
land, must greatly exceed two hundred thousand
dollars per year. The legislature did not adopt |
the course recommended by the GoYernor-the
evil day was postponed; but the time must short
ly arrive when the question of direct taxation or
distribution of the proceeds of the public lands
will be the only alternative left. In the same
Governor Grason says: SSit has also |
been proposed to divide the proceeds of the pub
lie lands among the different states, for purposes
of internal Improvement. The friends of educa-
ton are competitors for this fund. Whether it
will be applied to either both of these objects,
or TO the purposes of the general government,
is question which will probably not be settled,
till our rail roads and canals are beyond the
reach Of assistance This last opinion of Gov.
Grason was expressed because he hoped that the
aseepde..cc;; Of the Van Buren, part; in the coun-
ellis of the nation would be continued. He knew
that his party was pledged to oppose the distri-
button of the proceeds of the public lands In
stead OF taking the ground that every Maryland
or ought to o.cupy, and insisting upon the dis
tfibution, he contents himself with the express
sion of the opinion, that the State had better at
once lay direct tax, and abandon all expecta-
ton OF having justice done to her by the general
government, by the passage of the distribution
law. The farmers of Maryland will not respond
to this opinion OF the Governor. They Will IN
sist that Maryland shall have her proportion of
the proceeds Of the ub'ic land; and that their
hard and scanty earnings shall not be reduced by
a direct tax. They know that the election of
Gen. Harrison will lead to the distribution, and
will prevent the tax gatherer from fattening upon
their means.
No state in the Union will probably suffer more
than Maryland from the ruinous measures OF the
Her condition is such that
eSSfui ttlOO the credit system. fatal to
her best interests. These interests identified
with the success of her internal improvements.
The policy which leads to the destruction of all
banking capital, which brings down all property
to hard money standard, while it will greatly
reduce her means Of payment, will largely add
TO the weight of her public debt. If Maryland
was free from debt, the measures of the govern
ment, operating upon all commercial business,
would be to her most injurious. Maryland, as
she is. may be, and prohably will be unable 70