Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1841-06-19

lAiifeS- HB lIle tDfltfSty winch terminal
ed in the election of Gen. Harrison 10 the
Presidency, was decided on principles we'll
known and openly declared; and, while The
suf'-treas1irv received, in the result, the
most decided condemnation, yet no other
scheme OF finance seemed to have been
concnrred in. TO YOU then, who have
come more directly from the body of our
common constituents, | submit the entire
question, as best qualified to give Il full ex-
position Of their wishes and opinions. | shall
be ready to concur with You in the adoD-
ton Of such system as you may propose,
regerying to myself the ultimate power of
rejecting any pleasure which may, in my
view Of it, conflict with the Constitution or
otherwise leopard the prosperity Of the
country; a power which | could not part
with even if | would, but which | will not
believe any act of yours will call into re-
QUESTION.
cannot avoid recurring, in connection
with this subject, to the necessity which
exists for adopting some suitable measure
whereby the unlimited creation Of banks
by the States"may be corrected in future.
Such result can be most readily achieved
by the ronsent Of the States, to be express
ed IN the form of d compact among them
selves, which they can only enter into with
the consent and appreciation of this Co
vernHaent; q co1AAit which might in the
present emergency Of The public demand
justifiably be given in advance Of any ac-
ton 10y the States as IN induceIneut to
such action upon terms well defined by the
act OF tender. Such a measure, addressing
itself to the calm reflection of the States,
would find in the experience Of the past
and the condition Of the present much to
sustain it. And it In greatly to be doubted
whether any scheme Of finance can prove
for any length OF time successful while the
States shall continue in the unrcstrained
exercise Of the power Of croating banking
corporations. This power can only be
limited by their consent.
With the adoption Of financial agency
Of a satisfactory character, the hope may
be INDUCED that the country ma once
more return to a state OF prosperity
Measures auxiliary thereto, and, in some
measure, ~inseparahIy connected with its
success will dorbtless claim L c>attention
of Congress. Among such, d distribution
Of the proceeds Of the sales Of the public
lands, provided such distribution does not
force upon Congress the necessity of I'M
posing upon heavier burdens
than those contemplated by the act Of
1888, would aneticientfe mea-
sure by being brought directly in aid OF the
States. As n sincerely devoted to the
task OF preserving a just balance IN Our
system OF government, by the maintenance
Of the States in q condition the most free
resi- ctable, and in the full possession Of all
their power, | can not otherwise than feel
deslrous for their emancipation from the
situation to which The pressure on their
finances now subjects them. And, while
| must repudlatc as a measure founded in
error, and wanting constitutional sanction,
the slightest approach to an assumption BY
this government Of the debts of the States,
yet | can see, in the distribution adyerted
to, much to recommend it. The compacts
between the proprietor States and this Go
yernment expressly guaranty to the States
all the benefits which may arise from the
sales. The mode by which this is to lie
effected addresses itself to the discretion of
Congress as the trustee for the States; and
It's exercise, after the most beneficial man.
ner, is restrained by nothing in the grants
OF III the Constitution so long as Congress
shall consult that equality in the distrlbn-
ton which the compacts requise. In the
present condition of some Of the States,
the question Of distribution may be regard
ed as substantially a question between d.
rect and indirect taxation. II the distri-
button be not made in some form or other,
the necessity will daily become more ur-
gent with the debtor States for the resort
to an oppressive system Of direct taxation,
Or their credit, and necessarily their power
and influence will. be greatly diminished.
The payment Of taxes after the most in
convenient and oppressive mode will be
exactcd in place Of contributions for the
most part voluntarily made, and therefore
comparatively unoppressive. The States
are cmphatically the constituents Of this
Government, and we should be entirely
regardless Of the objects held in view by
them in the creation Of this Government
if We could be Indifferent 10 their good.
The happy effects of such a measure upon
all the States would Immediately be mani
tested. With the debtor States it would
effect the relief, to a great extent, Of the
citizens from a heavy burden of direct tax
alton which presses with severity On the
Iaboring classes, and ominently assist IN
restoring the general prosperity. An i'm
mediate ad ance would take place In the
price of the State securities, and the atti-
tude Of the States would become once more
as it should ever be, lefty and erect. With
States laboTing under TO extreme pressure
from debt, the fund which they would de-
rive from this scarce would enable them to
improve their condition in an eminent de-
gree. So far as this Government is con-
cerned, appropriations 10 domestic objects,
approaching IN amount to revenue derived
from the land sales, might be abandoned.
and thus a system Of unequal and therefore
unjust legislation would be substituted by
one dispensing equality 70 all the members
of this confederacv. Whether such dlsari-
button should be made directly to the states
in the proceeds Of the sales, or in lhe f rm
Of profits by virtue Of the operations Of any
fiscal agency having those proceeds as its
basis, should SUCH measure be contemplate
ed by Congress, would well deserve its
consideration. Nor would such disposition
Of the proceeds of the sales in any manner
prevent Congress from time to time from
passing all necessary prescription laws for
the benefit Of actual settlers, or from maxi
ing any neg arrangement as the price Of