Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-03-06
S24,19l.076

THIS loss, it is true, they distribute through a
period of eighty years, (the length OF time COM
putcd to be necessary dispose OF The lands, but
the States interested in those improvements would
hardly be willing forego, at critical peri
cd Of their affairs, almost the only bold which they
have upon the pecuniary patronage OF the Gov
ernmeht. In every aspect IN which 1t can be
viewed this plan Of conditional cession IS full Of
objections, not TO be overcome.
The amendment of the Senator from Kentucky,
Mr. Crlttenden,l proposing distribution OF the
proceeds Of The public lands among the several
States of the Union, is "A renewal OF measure
atAI min" hu mother ii siinpnishe
Senator from the same State, Mr. Ciayl winch
twice passed this body, and was concurred In ny
the popnar branch, by large ma orities, but did
not receive the Executive approval. 1t was then
L measure of benefit and of fruitful hope-it Is
now remedial. When we contemplate the pres
ent pecunarv condition of tho States, and con-
trast it with what it probably would have been,
had the distribution bill become law, and when
we review the substituted series OF measures
which for the last nine years have marked the
progress of the Government, and their influence
upon the policy of the States, 1t Is Impossible TO
suppress regret at loss which many years
Of legislation will now scarcely suffice 10 re-
store. When the distribution bill of 1882 was
negatived by the President, the States were IN
viewed in the most trivial amount of debt. AT
tie present time, the President estimates the an
uual interest upon their debts 10 be twelve mil
lions of dollars, which, at six per cent. makes
principal debt of two hundred millions. 1t is easy
this ruinous condition Of the States 10 It's
primary causes, most prominent among which
stands the defeat of the distribution bill. At that
time. your Treasury, from abundant commerce,
Che trunt OF an antecedent wise administra ton
of tine Goyernmeni,) was redundant, and your
revenues outran the necessities OF the Govern
ment- Instead of Withdrawing this excess from
our eXchequer (Which would have been effected
hV the eds of The nnfS the State J
the whole of revenues removed from
their accustomed depository, the Bank Of the Uni
ted States, and placed in the local banks. In
structed by the Secretary of the Treasury, these
banks immediately increased their discounts to
an unparalleled extent, and flooded the country
with currency. Suddenly wild and inturate
spirit OF speculation overran the land. lndivId
uals and States were hurried by irresistible
impulse INTO the most extravaganza enterprises,
the sequel of which, on the par, of the States, is
found in the tale of two hundred millions ofdebt.
Meanwhile custom houses continued 10
pour their flood of revenue into the national cot
fers, until in 1886 surplus of more than forty
millions had accumulated. As measure Of the
highest necessity, this surplus was, by an act of
that date, direcedto be deposited with the States.
the true effect of which distribution TO the
States of the amount paid under the act, about
twenty-nne millions. Unfortunately, tor want
of supposed competency in Congress to DO SO,
no specific application of this fund was directed.
Some of the States invested their portion OF the
fund tor various purposes others DIVIDED the pFIn-
cipat sum per capita among their people; but the
general effect of the uncontrolled possession of
the money to induce undertakings by
the States. and IN increased accumulation of LA
bility. Their resources being thus squandered
and exhausted 1t was impossible that either the
states or the banks could long sustain them
selves IN such q career, and the revulsion has
come with which are all too familiar to require
a recita, of it.
Having looked az this uninvitng picture let us
for a moment imagine what would have been our
condition if the distribution bill of 80 had pas
sed. Having Withdrawn from our current reve-