The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-09-25


the surplus revenue, the sum of forty-iive mil
lions three hundred and three thousand and five
hundred and thirty three dollars and forty three
| cents in part payment Of this debt. The friends
of General Jackson will long remember that du
mig the eight years of his administration, there
We're paid for the public debt sixty five millions,
live hundred and thirty-two thousand and SIX
hundred and three dollars and thirty-six cents
and that thereby this debt was extngushed. IL
IS now equally well authenticated that during the
hrst year OF Nj Van Burens administration, the
government was compelled 10 create new ma
tlonal debt, and 10 issue treasury notes 10 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 the treasury notes. We have
thus seen that while Mr.. Adams was President,
there were appropriated upwards OF eleven mil
lions OF dollars per year towards the payment OF
the public debt and that during Gen. Jacksons
tune the appropriations on account of the public
debt averaged each year upwards Of eight mil
lions OF dollars. On the other hand, Mr.. Van
Buren, found the entire revenues not sufficient 10
cover the extravagant expenditures of his first
year, and was compelled TO resort to an issue Of
treasury notes 10 the amount of ten millions OF
dollars
Is il 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 lands2 True the prominent men
of the Van Buren, party now oppose IT, The
day, however, is not far distant when in Mary
land there will be no difference of opinion on
this subject 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 Maryland, amounting to fifteen millions
Of dollars, and the debt of Baltimore to FIVE mil
lions five hundred thousand dollars, must be
paid, These debts differ in this essential par
tcular from debt due by an individual. Death,
insolvency, and many other circumstances, may
operate to prevent the payment of debt due by
an individual. There Is no escape from pub
lie debt, it fastens itself upon all we have and
passes to the remotest posterity until paid.
In the annual message of Governor Grason
to the Legislature of Maryland are found the
following expressions of opinion. After speak
ing of the condition Of the State, he presses
upon the Legislature the necessity of guarding
against an increase Of existing evils, and of
providing, if possible, for the gradual redemp-
ton of the public debt" He then says 81
do not perceive how these objects can be effected
without assisting the further issue and hypoth-
ecation of State stock, reducing the public ex-
increasing the revenue by moderate tda on
real and personal estate, till il is sufficient to
pay the interest and have small surplus 10 be
applied to the principal of the public debt. Two
hundred thousand dollars year. in addition to
the present revenue, would probably 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
I'd of January, 1910. Developments which,
since that time, have transpred in relation 10
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 Maryland, must
greatly exceed two hundred thousand dollars per
year The Legislature did not adopt the course
recommended by the Governor---the evil day was
postponed but the time must shortly arrive
when the question of direct taxation or dstribu-
ton of the proceeds of the public lands will be
the only alternative left. In the same message
Governor Grason says: g has also been pro-
posed to divide the proceeds Of the public lands
among the different States, for purposes of in
ternal improvement. The friends Of education
are competitors for this fund, Whether it will
be applied to either or both Of these objects, or
to the purposes Of the General Government,
is question which will probably not be settled,
till our railroads and canals are beyord the
reach of assistance" This last opinion of
Governor Grason was expressed because he
hoped that the ascendancy of the Van Buren,
party, in the councils Of the nation, would be
continued He knew that his party was pledged
to oppose the distribution of the proceeds of the
public lands. Instead Of taking the ground that
every Maryand ought TO occupy, and insisting
upon the distribution, he contents himself with
the expression Of the opinion, that the State had
better at once lay direct tax, and abandon all
expectation of having justice done to her BY the
General Government, by the passage Of the dis
tribution law. The farmers of Maryland will
not respond to this opinion of the Governor
They will insist that Maryland shall have her
proportion OF the proceeds of the public land
and that their hard and scanty earnings shall not
be reduced BY direct tax. They know that
the election of General Harrison will lead to the
distribution, and will prevent the ax-gatherer
from fattening upon their means
No State in the Union will probably suffer
more than Maryland from the ruinous measures
of the administration Her condition is such
that successful war upon the credit system, is
fatal 10 her best interests. These interests are
identified with the success of her internal i'm
provements. The policy which leads to the
destruction of all banking capital, which brings
down all property to hard-money standard,
while II will greatly reduce her means Of pay
ment, will largely add to the weight of her pub
lie debt If Maryland was free from debt, the
measures OF the Government operating upon all
commercial business, would be to her most in
furious. Maryland, as she is, may be, and
probably will be, unable TO resist the shock,
which the continuation of those measures must
produce unless the distribution Of the proceeds
of the public lands furnish the means OF paving
her debt.
Since the election of Mr. Van Buren, the ex-
pendiures OF the General Government have
increased TO an alarming extent, and the reve-