Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-04-12

plex and embsrrass it, be not speedily and
efectually removed.
F1om present indications, it is hardly
doubtful that congress will end it neces.
sary to lay additional duties on imports
in order TO meet the ordinary current ex.
penses Of the Government. In the exer-
else of a sound discrimination, having
reference 10 revenue, but at the same
time nee cessarily affording Incidental pro-
tsction to manufacturing industry,it seems
equally probable that duties on some ar.
ticles Ofimportation will have to be ad-
vanced above 20 per cent. In perform
ing this important work of revising the
tariff fduties which, in the present emer-
gency, would seem to be indispensable,
cannot too strongly recommend the cul-
tivation Of spirit Of harmony and con-
cession to which the Government itself
owes its origin and without the continued
exercise Of which iarring and discord
would universally prevail.
An additional reason for the lncIease
Of duties in somo instances beyond the
rate Of 20 per cent, will exist in fulfilling
the recommendations already made, and
now repeated, of making adequate ap-
preparations for the defence of the coun-
try.
By the express provision Of the act dis
tributing the proceeds of the sales Of the
public lands among the States, its opera
tion is, ipSO facto, to cease as soon as the
rate ofduties shall exceed the limits pre-"
scribed in the act.
In recommending the adoption of means
for distributing the proceeds of the pub
lie lands among the States, at the COM
mencemsnt of the last session ofCongress
such distribution was urged by Arguments
and considerations which appeared TO me
then, and appear to mo now, of great
weight, and was placed on the condition
that il should not render necessary any
departure from the act of 1888. II is
with sincere regret that now perceive
the necessity Of departing from that act
because | am we'll aware that expectations
Justly entertained BY some Of the states
will be disappointed by any occurrence
which shall withhold from them the pro.
ceeds of the lands. But the condition
was plainly expressed in the Message ,and
was inserted in terms equally plain in
the law itself and amidst the embarrass
ment which surround the country on al
sides, and besst both the General'and thu
State Governments, it appears 10 me tina
the object Grsl and highest in impor
lance, is to establish the credit of thil
Government and 10 place il on durable
foundations, and thus afford tho most ef
fectual support 10 the credit of the States,
equal, at least, to what it would receive
from a direct distribution Of the proceeds
of the sales of the public lands.
When the distribution law was passed
there was reason to anticipate that there
soon would be a real surplus 10 distrib-
ute. On that assumption; Il was, in my
opinion, wise, just, and a benefcent
measure. But to continue it in force,
while there is no such surplus 10 dstrib.
ute, when it is manifsstly necessary not
only to increase the duties, but at the
the same time TO borrow money to liz
uidato the public debt and disembar
Tass the public treasury, would
cause It to be regarded as an nnwise al
ienation Of the best security OF the pub,
lie creditor, which would with difficulty be
excused and could not be justified.
Cause Of no ordinary character have
recently depressed American credit in the
stock market of the world to a degree
quite unprecedented. / need scarcely
mention the condition of the banking in
of some Of the States--the vast
amount Of foreign debt contracted during
a period Of wild speculation by corpora.
lions aud individuals, and, above all, the
doctrine Of reputation Of contracts sol. |
omnly entered into by States, which, al. |
hOugh as yet applied only under cir
cumslancsS Of peculiar character, and
generally rebuked with severity BY the
moral sense ofthe community, is vet so
cry lcentiOus, and in a government de-
'ending wholly on opinion, so very aIar.
ming, that the impression made BY it TO
ur disadvantage, as people, is any thing
ut surprising. Under such circumstan,
es il is imperatively due from us to the
eople whom we represent, that when we
o into the money market to contract a q
ban, we should tender suah securities as /
D cause the mOney.lendeE, as we'll al
ONE as abroad, to feel that the most pro-
itiOus opportunity is afforded him ofin.
esting, pFo6tably and judiciOusly his cap.
al. A government which has paid of
le debts Of two wars, waged with the
lOst powerful nation Of modern times
hould not be brought to the necessity Of
haffering for terms in the money market
jnder such circumstances as have ad-
cried to our object should be to pro-
uce with the capitalist 3 feeling Of en-
Ire confidence, by tender Of that sort
f security which in, eli times past, has
cen esteemed sufficient, and which, for
he small amount Of our proposodindebt- |