Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-05-20

be enabled TO make their calculations ac-
cordingly.
This specification includes nearly all
the objects connected with the revenue
and finances which will claim the a,sen-
ton of Congress at the Extra Session.
The last Of these objects, though proba-
bly not the one for which the extra Ses.
sion Of Congress woul1 have been deemed
advisable, is perhaps the most important
Of the whole. Uncertainty and instabili-
ty in the financial policy of any Govern
ment are sources Of helpless embarrass.
men.s to merchants, manufacturers, plant
ers, farmers, artists, and capitalists, and
4 hence to every interest of the People, as
well as to the Government itself. They
should be avoided and guarded against by
all the means within the power of the Ma.
lional Legislature.
Among the causes which disturb the
public policy is the fluctuation 9th rev.
enue springing from the Public Lands.
We have seen the annual amount rise in
one year from less than five millions to
nearly fifteen millions OF dollars, and ia
the mex; year to almost twenty-five mill
hons Of dollars; and we have seen the
revenue from the same source, within two
years after reaching this maximum a.
mount, come down again to three millions
Of dollars.' Upon such stream capri
ciously swelling from rill to a torrent,
and dwindling again from a torrent to
rill, which at one season is hardly 10 be
found in lis rocky bed, and at another
floods :he plains with its abundance what
reliance can be placed To relinquish
this revenue 10 those TO whom the Nation.
al Domain actually belongs, is dictate
no less, of sound policy, in reference to
the effect of such relnquis.men. than of
strict justice, the right OF the thing being
considered. The distribution among the
several States of the proceeds of the sales
OF the Public Lands, upon the principle Of
the bill which was passed by Congress
several years ago. and which was arb.
trarily and contemptuously prevented By
Presden: JACKSON from becoming a law,
will therefore, we trust, be the lundament-
al act of the Extra Session first of the
series of measures, which is, we fondly
hope, to make that session memorable in
history.
The distribution among the States Of
the proceeds of the Public Lands we have
always regarded as measure Of justice
and sound policy. 1t is no new opinion
Of ours. The measure is also one which,
beyond the control ofparty discipline, we
have seen approved upon its own positive
merit, by almost every State in the Union.
1t is, nevertheless, IA great satisfaction to
us to know that this measure, which
majority ofthe States and of the People
haye always deemed expedient as well as
Just, is now recommended by the addition.
al consideration that it will yield to the
indebted State (whom general depression
Of business has involved in the general
embarrassment the means, in part at least,
Of paying the interest upon their debts IN.
: til they become able to pay the principal,
and thus averting the otherwise lnevlta-
BILE bankruptcy of some States-a caias-
trophe little less 10 be dreaded and depre-
Gated than the bankruptcy of the Union
and involving indeed the worst conse-
quences which would attend such djsas-
ter. Happy is it not for the country that
relief can thus be afforded to the debtor
States without violation Of any princi-
pie, and especially wthou: mourning the
odium attached to the idea of an assump.
ton by the General Government of the
State debt Fortunate is it not that, by
an act Of simple justice, by paying over
to the States what already by rights be-
longs to them, II is IN the power Of Congress
do so much for the relief of the debtor
States More fortunate still, that the
debtor States can thus be aided by the
General Government, not only without
prejudice to the other States, but to their
advantage, by placing at the disposal OF
those States (thelr proportion Of the reve-
nue. from lands) funds which they will be
able to employ to the greatest advantage
in PURPOSES of intellectual or general i'm
provement
The disposition oil the proceeds Of the
sales of the Public Lands will place it in
the power OF Congress 10 impart TO tho Fl.
nancial policy oflhe Government stability
that essential element Of public prosperity.
That an augmentation Of the annual
revenue is necessary to meet the ordinary
expenses of the Government is known to
every body. For several years past il
has been eked out by supplements of
Treasury notes; but that expedent is a
miserable financial resort on any other
than casual temporary occasions. The
amount OF Treasury notes at any time out
standing is neither more nor less than so
much public debt, in the most troublesome
form which it can assume and the a
mount of public debt contracted within
given time, in whatever form II exists, is
but the measure OF the deficiency Of the
revenue. What the total amount of pub
lie debt now u.s. in the various forms Of
outstanding Treasury notes, deferred pay
ments to contractors and other public
creditors, stocks due to Indian tribes, the
fourth instalment due to the States under
the ac, of 1886, &C., we have not the
means OF accurately stating f; but we may,
without fear Of exaggeraton, set II down
at forty millions of dollars Of debt, all con-
tracted within the last four years. The
deficiency Of the revenue, therefore, for
the last four years, must have been on an
average some ten millions Of dollars a