Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1841-06-10

PROPOSE reservng o myself the ultimate power OF
rejecting any measure which may in my view OF II
conflict with the Constitution, or otherwise leopard
the prosperity of the country; power which
will not believe any act of yours will call into requi-
siiion.
| cannot avoid recurring ia connection with this
ject, the necessity which exists tor adopting some
suitable whereby the unlimited creation Oh
banks by the State may be corrected IN future =
Such result can be most readily achieved by me
consen; of the States 10 be expressed IN tHe form
of compact among themselves. which they can on
" enter into with the consent and appreciation OF
this Government ii consent which might in the
present emergency of the pubic demands, Justihd-
bly be pyen in advance of any action by the States.
as an nducement to such action upon terms well
defined by the act Of the tender
Such measure, addressing itself, to the calm
reflection of the States, would find in the expert
ence of the past and the condition of the present.
much to sustain it. And il is greatly to be doubt
ed whether any scheme of finance can prove for
any length of time successful, while the States
shall continue in the unrestraned exercise OF the
power of creating banking interpretations. 1hls
power can only be limited by their consent.
With the adoption of financial agency OF
satisfactory character, the hope may be INDUCED
that the country may once more return TO state
of prosperity. Measures auxiliary thereto, and,
in some measure, inseparably connected with its
SUCCESS will doubtless claim the attention OF Con-
Among Sucn, Il uSTlDuiIOA VI VIC pIc-
ceeds of the sales of the public lands, provided
such distribution does not force upon Congress
the necessity of imposing upon commerce heavier
burdens than those contemplated by the act OF
1888 would act as an efficient rene dial measure
by being brought directly in aid of the States
As one sincerely devoted to the task OF preserv-
ing Just balance in system of government,
by the maintenance of the States in a condition
the most free and respectable and in the full pos
session of all their power, can no otherwise than
feel DESTROYS for their emancipation IRON the SIT
uat!on, to which the pressure on their finances
now subjects them. And, while must repudi-
ate, as a measure founded in error, and wanting
constitutional sanction, the slightest approach to
IN assumption by this Government of the debts
of the States vet can see. in the distribution ad
verted to- much to recommend it. The compacts
! between the proprietor States and this Govern
ment, expressly guaranty to the States all the
benefits which may arise from the sales. Inc
mode by which this is to be effected addresses IT.
self to the discretion of Congress, as the trustee
for the States and its exercise, after the most
beneficial manner, is restrained by nothing in the
grants in the Constitution, SO long as Congress
Shall consult that equality in the distribution
which the compacts require. In the present con
dtion of some Of the States the question OF dis
tribution may be regarded as substantially ques-
ton between direct and indirect taxation Ii the
distribution be not made in some form or other,
the necessity will daily become more urgent with
the debtor States for resort to an oppressive
system of direct taxation, or their credit, and ne
cessarily their power and influence, viii be great
ly diminished. The payment Of taxes, after the
most nconvenicnt and oppressive mode, will be
exacted in place of contributions for the most part
voluntarily made and therefore comparatively
unoppressive The States are emphatlcally 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, IT
we could be Indifferent to their good. The hap
py effects of such measure upon all the States,
would Immediately be manifested. With the
debtor States it would effect the relief, TO great
extent, ofthe citizens from heavy burden OF di-
rect taxation which presses with severity on the
laborinr classes, and emlnenty assist IN restoring
the general prosperity. An immediate advance
would take place in the price OF the State securi-
ties and the attitude of the States would become
once more, as it should ever be, lofty and erect.
Wish States laboring under no extreme pressure
from debt the fund which they would derive from
this source would enable them to improve their
condition in an eminent degree. So far as this
Government is concerned, appropriations to do
nestle objects, approaching IN amount the reve-
nue. derived from the land sales, might be aban-
doned, and thus system of unequal and there
fore unjust legislation would be substituted for
one dispensing equality to all the members OF this
confederacy. Whether such distribution should
be made directly to the States in the proceeds OF
the Sales in the form Of profits by virtue OF the
operations fany fiscal agency having those pro-
ceeds as its basis, should such measure be con-
templated by Congress, would well deserve its
considerations Nor would such disposition of the
proceeds of the public sales III any manner pre-
vent Congress from time to time from passing all
necessary presumption laws for the benefit OF ac-
tnal settlers, or from making any new arrange
rnent as to the price of the public lands which
mipht in future be esteemed desirable.
lo,. Ian, p,rtioularlv IN call attention