The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1842-04-13

uIHl vi lI!c last SeSSlOHOt SuilEElessi SuSi Vic
ftrlbution was argued by arguments and consId-
erations which appeared to Inc then and appear
to me now, of great weight, and was placed OH
the condition that it should not render necessary
any departure from The act OF 1883. 1t is with
sincere regret that ] now perceive the necessity
of departing from that act; because am well
aware that expectations justly entertained by
some of the States willbet disappointed, By any
occasion which shall WITHHOLD from them the
procsa1; OF tho lands. But the condition was
plainly expressed i'll tie message, and was IN
scrted IN terms equally plain i'll the law itself;
Q ii amidst t:,e c!nbacrassnents which surround
;:!e country OF I'll s:dcs, ard besc: to:h the
G2ns:A anl t.?e State Governments, it appears
10 iae tllG.. he chiac: first and highest IL i'm
portance IS 10 cs,ob!.sh the crcdi; ofthis Govern
meat, and 10 place It ton durable foundations.
and tias afford t:!c most e6ecsual support 10 the
credit OF tie States, equal at least to what 1t
would receive from 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 4 real surplus TO distribute. On that assump-
ton it was, in my opinion, wise, Just, ana
beneicent measure. But to continue 1t IN force
while there is 10 such surplus to distribute, and
when il is manfestly necessary not only TO M
crease the duties, but at the same time TO bor-
row money in order to liquida.e the public debt
and disembarrass tie public Treasury, would
cause it to be regarded rs an unwise alienation
of the best security OF the public creditor, which
would with difficulty be excused, and could not
be justified
Causes of ordinary character have recently
depressed American credit in the stock market
of the world to degree quite unprecedented
need scarcely mention the condition of the
banking institutions OF some Of the States, the
vast amount of foreign debt contracted during
period of wild speculation by corporations and
and above all, the doctrine of re-
pudiation of contracts solemnly entered into by
States, which, although as yet applied only un-
der circumstances of peculiar character, and
rcbuked with severity by the moral
sense Of the community, is yet so very l!cen-
tous, and in a Government depending wholly
On opinion, so very alarming, that the impress
sion made by it to our disadvantage as people,
is any thing but surprising. Under such cir
cumstances, it is impcrativeiy due from US to
the people whom we represent, that, when we
go into The money market TO contract loan,
we should tender such securities as to cause the
money lenders as well at homo as abroad 20 !cci
hat the most propitious opportunity is Afforded
him of investing proii!ably and lud!clousiy his
capital. A Government which has PAID OF the
le5ts of two wars, waged with the most power
ul nation OF modern times, Should not ee brought
o the necessity of chatting for terms iii the mo-
lev market. Under such circumstances as
,ave advertcd tc our object should be TO pro
luce with the capitalist feeling OF entire conf
csce, ~ tender Ct tlatco:s 9, security w. !
\ all time pas: has been esteemed sufficient, and
yhch for the small amount nf our proposed in
ebtedness will ulhesitatiH~iy be regarded as !
mply adequate. While pledge of all the re- !
enues amount to no more than is applied in
very instance when the Government contracts .
dobt, and although it ought in ordinary circuni-
tances TO be entirely satisfactory, yet III times
ike these the capitals would feel better sails
led with the pledge OF specific fund, ample IN
to the payment OF his interest and ul-
innate reimbursement OF his principal. Suca is
he character of the land fund. The most rigl
ant money-dealer will readily perceive thatnot
MY will his interest be secure on such pledge,
ut that deb; of SlS,000,0O0 or $52O;0G0OO0I
would, by the surplus of sales over and above
he pavmcnt of the interest, be eyiinguIsled
within any reasonable time fixed for lis rcdemp-
ion. To relieve thn Treasury from It's enb&r
as SSrncnLS, d!ll W
Until time is allowed for any new tariff Of duties
o become available, it would seem TO be neces-
arv to fund debt approaching to 5lS,09oeuo:
nd in order TO place the negotiation OF the io:a
avond the reasonable doubt, submit to Con-
,ress whether the proceeds Of the sales OF the
,ublic lands should not be pledged for iHc pay |
rent Of the interns', and tie Secretary CT the |
Treasury be Authorized. out OF the surplus OF
he proceeds OF such sales, 10 purchase tic
.cck, wien it can be procured OH sach terms
Is vii, render il beneficial il that way 20 cHt- !
rriish the dcJt ard prevent the accumulation oi
;uc!. Surplus while is distribution is suspended
No one can doubt that were the FEDERAL
Treasury now as prosperous as it was Ten years
,rc, and its fiscal operations conducted by ~
Efficient agency OF is cwc, Co-c%tcGSve with
he Union, tie embarr2ss!nents OF the States,
md corpora: ions IN them, would produce, even
f thev continued rs they are, (were that posi-
olp.) effects far less disastrous than those row
y >nereuced. 1t is the disorder here, at the
,oa,t aud centre of the system, that paralyzes
wi Snr.Srcs every part of it. Who does not
now tEe y,arnaEca. Importance, not TO the
Federal Geyerrmcnt alone, but to every State
md every individual within lis jurisdiction, even
n their most independent and isolated lndlvIdu-
Il nursuit. in the prcscrva:on Of sound state
Of public opinion and a judcIGus adihihstIa.loh
here! The sympathy is instantaneous anu UNI
versal. To attempt to remedy the evil oi 'he
deranged credit and currency of the States
while the disease is allowed 10 rage in the Vitals