, 1841-06-26
THE JOUR NAL,
SATURDAY, JUNE &c, 1s4l,
REPORT OF THE SECRETARY OF
THE TREASURY.

from the dlscharge OF his duty, IN failing to
recommend to Congress, the adoption of
"such measures as he shall Judge necessary
and expedient." This is specially enioined
upon him. 1t is not left optional with him.
but the Constitution expressly says, that
he shall recommend &c. He throws the
responsibility from himself upon his Secre,a.
ry,& the Secretary presents to Congress his
views Of the financial condition of the Union
with his recomm ndation of the measures
"that he judges necessary and expedient."
Mr.. Ewings report, says that we are in great
need Of funds, that the U. S. are in debt,
that they must raise the Tariff up to 90 per
cent ~uponeverv article, and make a loan for
eight years. This loan must be funded,
the Independent Treasury must be repealed,
and a fiscal agent established free from con.
stitu,innd objections. Speaking OF the indie.
pendent Treasury, the report says;
The financial history of the United States.
especially for the last twelve wears, furnish.
es abundant proof that the public money is
unsafe in the custody of individuals, a. d that
their official bonds are not suficien. security
for It's sale-keeping and faithful application.
1t urges no objection TO the present sys.
tenn, on account of its failure to perform the
business, for which it was established. No
objection is urged against it on this score.
But in the opinion Of the Secretary, it is Gin
furious TO the business and currency of the
Country" No data are given for this
opinion, founded upon the operations Of the
system itself but is altogether speculative
and theoretical.
WHAT is very astonishing in this report,
as well as in the message Of the President.
and IN the intlmaiions Of the Wing leaders
in Congress, is the mode which is to be adop-
ted TO get i'd Of the Public debt. While it
is attempted to be shown that this debt
amount to some e5 or 80 million of dollars,
and it will be necessary to increase the Tar
iii t. make provision for its payment, a part
of the revenues Of the Country is to be d.
verted from its usu1l channel and given to
tie States. Three millions Of d liars, tie
ANIMAL proceeds OF t e public Lands which
would assist in paving tie debt. must lie CIV
en- 10 tie States. at 4 time when we are in
debt, and when it will be necessary to raise
the Taxes, by IN increase Of the T,rlf. to
pay the debt. What new light in Pniitical
Economy. has broken in upon the vision of
these iinancierS! The Globe has the 20 lowin.
structures upon this report:
ut will be seen with what anxiety the Report pres.
ses towards two objects. which the Federal party con-
slider the greatest blessings National DEsr AND a
BANK. They want the first, as a foundation
TO the last; and both are favorites with the money deal.
ers. The one furnishes a fine field wherein overgrown
weary OF business pursuits, can make safs
upon which they may reposs free frou
taxes themselves. while the Government swea,s the
brow oil labor TO pay Tribute 10 them. The other is
the great feeder of active Spectators who gambol Ito
drop the figure, %gamble) on the ups and downs of the
ocean of stocks, the expansions, and contraciions Of
banks. The President has solemnly declared, and
for years back acted on the principle. that a National
Bank was the greate-t of curses to the country. Yet
ind his Secretary recommending both, Why do
We not hear OF that regular retrenchment which has
going on. pari passu. with the extinguishmsnt ct
Inc Indian claims for land purchased from them, and
The gradual Cessation Of that drain to supp ress the In.
hosiIliiies, which was the consequence OF the poll.
~ auoP'eu reileNc Inc states OF the savage popula.
llon' Why arc not these lands, which cost the General
Government such vas, expenditure. when converted
into money, applied to meet tho increased dsmsnds on
me National Treasury, instead of being applied to con.
tribute a drop in the bucket to the payment of the in
crest, and so to raise the value of the slmost unextin-
State debts, and make them the moro unex-
Lnguishable' Instead of reirenchment and economy.
Is promised BY the present reforners at the head Of the
Departments. We have new and extraordinary calls for
appropriations. while at the same time we have the al
enatInn Of one of the constitutional sources of reve.
Tue proposed. and in lieu Of it tn, suggestion Of in
creased taxation, which must bear unequally among The
SuPersdded TO all this. is the establishment
a national debt. the greatest of all taxing powers.
he pretext that a national debt now exists; which must
funded. has no foundation but in the wish OF those
Who would create one. The measure proposed by Mr..
in his last report to Congress as Secretary
the Irearury, together with the rapid reduction Of
practically cxemplifed in every successive
'ear OF MIR. Van Burens administration. would meet
very CLAIM against the Government as they nrise. and
cave no apology for tho funding. faIing and bankirs.
which Federalism now seeks to fasien as q permanent
'olicy upon the Government"
We cannot refrain from giving place to
norton of tho yar,- ,bla ,pJ ,,,StarIv re.