Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-02
A LETTER FROM W. COST JOHNSON
To rmr ELprss-Mr CONSTITUENTS.

abuses the collection and
revenue by requiring the amount be paid
into the Treasury be drawn only by law; prevent
defacaos by requiring purchasers Of public lands and
importers Of dutabe goods To place the be paid
the Government in Government dcpositoesor in the rea-
sury TO the credit OF the Government and
ccivc receipt of payment from the receivers upon pcsen-
tsion Of the certificate OF such depose; benefit the
States and increase the capital OF the naon by auhorz-
ing the ISSUE upon the faith Of the Government, of
hundred millions Of Government stock of denominations
Of not less than hundred exceeding thousand
dollars, to be divided among the States the Territories and
the District Of Columbia, upon the basis Of federal repre-
rcntaon in Congress; and to suspend the operation OF the
distribution OF the proceeds OF the sales OF the public lands
until the redemption OF the stock by the Government"
IL contained the of duties all articles that
the bill contained that vetoed, excepting
bagging, which little less, and duty laid
and coffee; so il almost precisely the the pre-
tariff law, with the additions which the title will indi.
cate. II contained the following sections:
"Scc 80 And be further enacted, That the Secretary
Of the Treasury be, and he hereby, authorized issue,
upon the faith Of the Government, hundred millions
Government stock, in certificates Of denominations of
less than hundred exceeding thousand dollars
bearing an interest of five per centm per for
after the date OF the and after the expiration
said period Of years bear of per cent
per annum payable the Treasury half yearly from the
time of issuing and redecmablc the pleasure of the Go
vernment wcnty after the time of issue, unless
surplus should accumulate in the Treasury above three
millions Of dollars beyond the expenditures with
which surplus the Secretary Of the Treasury purchase,
at par said bonds apply invest said surplus
cuang sinking fund for the payment of the stock hereby
authorized To be issued.
"Sec 81. And be IL further enacted Tha, the said GER
uiicaes OF stock, when signed by the Secretary of the
Treasury the Treasurer and registered by the Register,
shall be divided and distributed among the several States
as well those nonindebed those indebted in in
proportion To their federal the Congress
the United States, and among the Territories and the Dis
rct of Columbia according to corresponding equitable
basis.
ton Of said stock be made after the passage of this
law as the several States, any Of them shall appoint
authorize an agent OF agents TO receive such dsbutve
amount OF stock; and those States which
debcd shall make satisfactory arrangements with their
stock bond holders for exchange of Government stock
in payment Of all part OF their liabilities and such
engagements made known the Secretary of the Trea
the Secretary OF the Treasury shall transfer the
books of the Treasury such creditors stock or bond
holders their authorized attorney agent any of
them to the amount agreed upon by the indebted and
It's creditors, respectively provided said amount shall
exceed the dstrbutve amount which said State shall be
entitled and the thus transferred OH the books
OF the Treasury shall be charged therein the State
States authorizing such transfer transfers Provided
Aotrere That IT, in the judgment OF the Secretary of the
treasury he should deem II wise und expedien not TO is
sue n OF said stock at period he shall have the disce-
tiona power TO issue fifty millions each successive three
months from the time OF the first issue until the whole
amount OF two hundred millions shall be issued.
ec. 80. And be u further enacted That for the more
convenient payment of interest," and secure and make
uniform the manner and mode of transfer exchange
said stock Congress may any time designate establish
agencies or commissioners in various parts OF the Unon
for the convenience and security of stockholders and the
Government"
Impressed with the belief that plan less effective would
meet the crisis and relieve the general Distress thought il
my duty to present IL resting solely upon the Judgment
the People, the farmers, the mechanics the uborers all
who pay taxes, to examine it, and decide whether is
pronlotive of their interest not.
With some the first inquiry is, how will proposition
oct upon political favorte? the second how upon their
paryl the third and last how upon the country This rule
upon all great and cardinal measures have reversed
by looking steadily, as do first the country the great
majority Of the nation contemplated this question solely
relation 10 the good of the country the welfare and
honor of the Nation, the States and the People of this
mighty empire toresaw, thought foresaw that the
question would be- later RELIEF REPUTATION;
and that the General Government least be the u
pre- to decide that question cannot escape it, and will
AT last be responsible for the decision VIII coun,enance
repndiauonf Ii II will not, il step and give relief
This cannot do quickly. Time is question of mo-
ney the longer ii delayed the longer will the people suffer-
and this the people too understand. The loss
the nation annually by the present arrangement of money
md business is more than two hundred millions. The
ion loses annually of its productive wealth. by the present
tate OF things greater than propose shall issue
o relieve the States and the People.
The whole of annual traffic of the United States
estimated 81 400 900 000 and depreciation of go per
ent from low prices bad currency from both causes
you'd make annual loss of wealth of $780,
OO,OOO. What the loss would be in years be
asiy estimated by multiplication. urge the plan not be-
ase the States have right the public lands but because
ley are IN debt beyond their ability pay without
of their citizens Did they of pub
land would still urge the measure because they have
raising revenue by taxing foreign And by
he action of the General Government the States have been
and the debts consolidated and arranged by
he Government as PROPOSE be more easily quidated
mt nghtuly owning the public domain the States do
he Government should hesitate lend its aid in this
lncte, the States pledge the avas until payment Of the
ock OF the public lands, estimated be WORTH the Co
eminent price, an aggregate of S2,0OO,OOO,UO0
But suppose the books Of the public lands opened
nd the of charge and credit fairly stated the
government took charge Of them agent for the State the
wi ~ In n .
oh September 1910, and the States with S6J 23.935,
hitch would leave balance which the Government osss
he States up TO that time Of l42,0ls,765-
To make il clear will state the accounts taken from
ne books Of the Land Office
Ultimate Of the direct r>egniGy b>a>ff serstz rom tie
Public L1Hds and L4e coat Of tAeF management 70 the
3On September, 1910.
y amount paid by the purchasers q the pu5-
lic lands, including United states Stoke
and land scfiPs Of every description, sEc.H-
sive OF the purchase money Of lanGs s0.d
for the benefit OF the Indians Sl20, l45gJoj
BY amount Of interest on the payments INTO the
Treasury from the proceeds Of the sales Of
the public lands 81 $50
sy value at 81 25 Of the lands granted to the
&c, H. 100000 acres I5,s75.OOO
By value at 3 % of the lands granted in lieu
If money bounties 70 the soldiers of the
Revolutionary and the late wars, 975O,mO
acres l21S7,5OO
By value at 81 25 of the "donations to indi.
viduols exclusive of private claims" to 3lst
December 1881, and exclusive Of grants 10
the deaf and dumb, being 221jJ5 260,691
To the credit Of the public lands 21I,3II, 500 |
To amount paid under the convention with
France Of ID Of April, 1903
For the purchase Of
Louisiana IN
ney and stocks Sl5,OOOOO0
To amount paid
interest the
stock mp the
time IL became