The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-07-12

| IL is True tndt 4 loan WdS duthoi iSSo Ut TIC
same session during which the distribution
law was passed but the most sangulne OF
the friends of the two measures entertain
ed no doubt but that the loan would be
eagerly sought after and taken up by cap
italsts, and speedily reimbursed by coun-
try destined, as they hoped, soon to enjoy
an overfowing prosperity. The very terms
of the loan, making it redeemable in three
years, demonstrate this beyond cavil.
Who, at the time, foresaw or imagined
the possibility of the present real state of
things, when nation that has paid off her
own debt since the last peace, while all
other great powers have been increasing
theirs, and whose resources, already so
great, are yet but in the infancy of their
Development, should be compelled to bag
gle in the money market for paltry sum
not equal to one years revenue upon her
economical systeml If the distribution
law is to be indefinitely suspended, accord
ing not only to its own terms, but by uni
versal consent, in the case of war, where
in are the actual exigencies of the coun-
try, or the moral obligation to provide for
them, less under present circumstances
than they could be were we actually en-
gagged in warl 1t appears to me to be
the indispensable duty of all concerned in
the administration of public affairs, to see
that state of things SO humiliating and
| L L.
ger than is absolutely unavoidable Much
less excusable should we be IN parting with
any portion of our available means, at least
until the demands of the treasury are fully
supplied. But, besides the urgency of such !
considerations, the fact is undeniabe that |
the distribution act could not have become |
law, without the guaranty in the proviso
of the act ITSELF
This connection, thus meant to be in
separable, is severed by the bill presented to
me. The bill violates the principle of the
act of 1888, and Sept. Is4l, by suspend |
ing the first, and rendering, for time, the
last imperative. Duties above 20 per ct. |
are proposed to be levied, and yet the pro-
riso in the distribution act is disregarded. |
The proceeds Of the sales are to be
distributed on the LIST day Of August,
SO that, while the duties proposed to be
enacted exceeds 90 per cent, no suspen-
sion Of The distribution TO tie states is
permitted to take place. To abandon
the principle for month, is TO open the
way for its total abandonment. If such
is not meant, why postpone at all: Why
not let the distribution take place on the
Isl Of July, if the law so directs: (Which
however, is regarded as questionable. y
But why not have limited the provision
TO that effect? Is it for accommodation
ofthe treasury? see no reason TO believe
that the treasury will be in better con-
dltion to meet the payment on the LIST Of
August than on the lst Of July.
The bill assumes that distribution of
the proceeds of the public lands is, by ex-
isting laws, 10 be made on the LIST Of July,
1912, notwithstanding there has been an
imposition Of duties on imports exceeding
20 per cent. up to that day, and directs
it TO be made on the LIST of August next.
1t seems TO me very clear that the con-
struc;on is equally erroneous and danger
oas; ss it would divert from the treasury
a fund sacredy pledged for the general {
purposes Of the Government, IN the event t
Of a rate Of duty above 20 per cent, c
being found necessary for an economical {
Of the Government. r
The bill is onl temporary meas .
nre, passed merely for the convenience OF =.
Congress, and thus temporary measure
smade to affect the vital principle of an
act. II the proviso of the act o
oi September, IS4l, can be suspended for p
he whole period Of a temporary law,wby g
not for the period Of a permanent law? a
In fact doubt may be well entertained, II
to strict legal rules, whether :;
he condition, having been thus express
y suspended by this bill, and rendered 0
to q case where il would "
otherwise have clearly applied, will not be c.
considered as ever after satisfied and ST
gone. c.
Without expressing ony decided opin- n
Oil ou 'hiS punt SSS SHSuSu ln IL 10 4,
Justify me in adhering to the law as it l."
stands, in preference to subjecling con- P
1ition so vitality affecting the peace of b
he country and so soiemnly enacted at fl
4 momentous crisis, and steadfaslly adj Ell
lcred TO ever since. and so replete, if ad-
lered TO, with good TO every interest of a,
he country, 10 doubtful or captious in :
depreciation. a.
In dischargng the high duties thus II
imposed on me by the Constitution, | N
-epeat to the House my entire willing te
ness to Cooperate in all financial meas W
Tres. constitutional and proper, to re-es- 9,
ablIsh the credit of the Government.-
believe that the proceeds of the sales
If the public lands being restored to the "
reasury-or, more properly speaking. o.
to Of Ea -