The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-08-23
Leaving an available amount Of
100000

u
aIy due among which are bills under protnst, for
81 Ala 900, thus leaving an actual deficit OF S4s4,
600
There was on hand about 800, 900 Of unissued
Treasury notes, assisted by the accTulng revenue,
amounting TO about $l50,000 per week, exclusive
oficccipts unpold bonds, 10 meet reqnIsitions
far the Amy, and the demands OF the civil list
The withdrawal OF the sum OF S61VUuO TO DIS
,yihute among the States, so the statements
and accounts can be made up and comPeted,hy vir
tue of the provisions ofthe act Of tho 4th Scotem
Der last, of which nearly a moiety goes TO n few
States and only about 1888 coo is to be divided
among all the States, while IT adds materially to
the cmbarrassmenls of the Treasury, affords to the
States no decided relief
No Immediate relief from this state at things is
anticipated, unless, WHIT would most deeply be de
pored the Government could be reconciled to the
ncgociaton OF loans already authorized by law,
at a raj Of discount runous in itself, and calculated
most seriously to affect the public credit So grcnt
is the depression of lrade that even If the present
bill should become n la W, and prove to be produc-
tive some time would elapse before sufficient sup
plies would low into the Treasury, while, in the
meantime embatrassmepts would I've continually
augmented by the semi annual distribution Of the
land proceeds.
Indeed, there is but too much ground to apprc
bend that even if lhlS bill were permitted to be
come a law, alternating as 1t does tho proceeds Of
the land sales, actual deficit in tho Treasury
would occur, which would more than probably IN
yolva the necessity to direct taxation.
Let It be aIso remaik ed that 50 100000 of the
public debt becomes redcemabe in about two years
and a half which, At any sacrifice must he met,
while the Trensur is always liable TO demands
for The payment Of outstanding Treasury notes.
Such is the gloomy picture which our hnancia Dc
partment presents, and which calls for the exercise
81 rigid economy in the public expenditures, and
the rendering available of all the means within the
control of Govotnment | most respectfully submit,
whether this is a time to give away the proceeds
Of the land sales, when the public lands constitute
fund which, of all others, may be most useful in
sustaining the public credit Can tho the Govern
Il ! tl,rr, vl,,.
every dollar thar il command is necessary 10
supply its own wants And it Congress would
not hesitate TO suffer the provisions of the act Of
The 4th September last 10 remain unrepeaied in
case the county was involved in war. is not the
necessity for such course now Just as imperative
as II would be then
8 a third objection remains To be urged, which
wonid be sufficient, in itself, to induce
turn the bill To the House with my objections
BY uniting tw o subjects SO incongruous as Tariff
and Distribution, inevitably makes the fate OF one
dependant upon that Of the other IN iuture contests
Of party. Can any thing he more fatal 10 the manu-
Iacturer or merchant than such alliance? What
they most of all require is system of moderate du
ties, so arranged as TO withdraw the Tariff qnes'
ton, far possible, completely rom the arena
of political contention Their chief want is pei
manancv and stability. Such an increase Of the
Tariff, believe TO be necessary, IN order 10 meet
the economical expenditures of Government -
Such an increase, made in The spirit OF inoderaN
ton and iudciouS Discrimination would have no
doubt, be entirely satisfactory tn tho great MAORI
~ of the American People. In the way of accom-
plishing a measure so sautary and so imperatlveiy
demanded by every pnblic interest, Legislative De
par,ment will meet with a codi al cooperation on
the part Of the Executive. This is all the manuac
turer can desire, and it would.b burden readily
borne by the People But cannot too earnestly
repeat that in order to be benefc a it must be per
manent, and in order to be permanent lit must com
inand general acquieIcence. But can such perme-
money be Justly hoped for if The Tariff question be
coupled with that Of Distribution, as to which Sc
'%i,, t,fO nin "a
and the People, which enlists IN its support bare
majority, of the two Houses of Congress3 What
perrpanency and stability can attach To a measure
Which warning upon itself, gives away fruitful
source OF revenue at the momen; 1t purposes a
largo increase Of taxes on the People Is the man
uac,urer prepared TO stake himself and his interests
upon such an issue
know that it is urged, but most enormously,
in my opinion tn instability is just apt 10 be
produced by retaining the public lands as source
OF from any other cause, and this ascr l.
bed TO constant huctuaton, as it Is said, in the
amount Of sales Ir there were any thing In TINS Oh
lection it equally applies 10 every imposition of du
Ties on imports. The amount of revenue annually
derived from duties is constantly liable to change
The regulations of foreign governments, tho vary
ing productveness of other countries, periods of ex
element in de- and great variety of other cir
Cumstances are constantly arising to affect the
state OF commerce, foreign and domestic, anu ul
consequence the revenue levied upon II. The sales
of the public domain in ordinary times ale regua
ted by fixed laws, which have their basis in de-
Inand increasing only in ratio of tho increase o'
population. In recurring TO the statistics conneo-
led with this subject 1t will be perceived that for
period Of ten years preceding 1884. the average
amount OF land sales did not exceed $4,000 900.
For the increase which took place 10 l834>5 and
g. we are to look for thar peculiar condition Of the
county, which grew out Of the most extraordina>
~ excitemens ID business and speculation thai
have occurred 10 The history of commerce and cur
rency. 1t was the frutol wild spirit of adven-
rture engendered by the vicious system Of credits
under the evils of which the country is still labor
ing and which il is fondy hoped will not soon re-
cur Considering the vast amount Of investment.
made by private individuals in the public lands ID,
ring those three years, and which equaled $43
OOC. 600 equal to more than 20 years purchase II
king the average of sales Of the ten precedin,
years, il may sa fely be asserted that the result
The public land sales hold out nothing 10 alarm
the manufacturer with The idea OF instability in thu
revenues, and consequently in tho course OF thu
Government
Under what appears 10 me, therefore, the sound