The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-08-11

LOT negotiation oil
bent upon me TO urge upon Congress to raise the du-
Ties accordingly, imposing them IN spirit OF a
wise discrimination, tor the two-fold object OF at
fording ample revenue for the Government, and IN
cldenal protection TO the various branches OF domes
tic industry ] also pressed in the most emphatic
but respectful language could employ, the neces-
sily OF making the land sales available TO the Urea
sury as the basis OF public credit did not think
mat could stand excused, much less justified, be-
tore the people OF the United States, nor could |
reconcile il TO myself 10 recommend the impos-
ton OF additional taxes upon them, without, AT
the same time, urging the employment OF all the
legitimate means OF the government towards
satisfying its wants These opinions were
communicated in advance of any defnitive
action OF Congress on the subject either OF the tariff
or land sales, under high OF public duty, and
IN compliance with an express injunction OF the Con-
siitulon so that il collision, extremely TO he de-
precated as such collisions always are, has seeming
ly arisen between the Executive and Legislative
branches OF the Government, IL has assuredy not
been owing to any capricous interference, or TO any
want oil plain and frank declaration OF opinion on
the part OF the former Congress differed in its views
with those OF the Executive, as It had undoubtedly
right TO do, and passed bill virtually for time re-
pealng the provlso OF the act of the 4h September,
1911, The bill was returned TO the House in which
II originated, with my objections 10 It's becoming
law. With view TO prevent, il possible, an open
disagreement OF opinion on point so important,
took occasion 10 declare that regarded IT as an in
dlspensabe prerequisite to an increase OF duties
above ~ per cent, that the act OF the 18th Scptem
reillaln unTepealeu IN provisions. MY
reasons for that opinion deliberately set forth in
the message which accompanied the return of the
blll-whlch no Constitutional majority appears 10
have been found tor passing into law.
The bll which is now before me proposes, in its
9Th section, the total repeal OF enc OF the provisos
In the act of September, and while it increases the
duties above 20 per cent directs an unconditional
distribution of the land proceeds. ! am therefore
subjected second time, in the period of few days,
to the necessity OF either giving my approval to. a
measure which, in my deliberate judgement is in
conflict with great public interests or OF returning
it to the House in which it originated with my OBJ
iections With all my anxiety for the passage of a
law which would repenish an exhausted Treasury
and furnish sound and healthy encouragement to
mechanical industry, | cannot consent TO do so at
the sacrifice OF the peace and harmony OF the coun-
try, and the cearest convictions ofpublic duty.
For some of the reasons which have brought me
to this conclusion refer TO my previous Messages
TO Congress, and briefly subloin the following
L. The bill untes two Subjects which, so far from hay
ing any affinity to another are wholly ncongruous
in their character is both and appropria
ton bill II thus imposes the Executive, in the first
place the necessity Of either approving that which lie
would reject rejecting that which he might otherwise
approve This is species OF constrain to which the udg
men of the Executive ought not in my opinion to be sub
jected But that is not my only objection to the act in its
present FORM The union of subjects wholly dissmilar
in their character in the bill if grew into prac
tics would not fail to lead TO consequences destructive Of
all wise and conscientious Legislation. Various measures,
each agreeable only small minority, might by being
thus united and the the greater chance of
lead to the passing OF laws of which single provision
VI
q While the Treasury is in state Of extreme embar
rassmen requiring every dollar which make avail
able aud when the Government has not only to lay ad-
tonal taxes but to borrow money to meet pressing de-
mands the bill proposes to give away fruitful source OF
revenuc-which is the thing as raising money by
loan and taxationnot TO meet the wants OF the govern
mcnt, but for distribution proceeding which must
gard as highly impoc, ifnot unconstitutional.
brief review the present oil the public H.
naces will serve to illustrate the true condition Of the
Treasury, and exhibits its actual neces sitics:-
On the the 9Th Of August, FRIDAY lHs> there was in
fhn III i'm n III 'ferg
Necessary to be retained to meet trust
funds, $500 GOO
Interest on public debt due in oc,o-
To redeem Treasury notes AID pay the
interest, 100000
Land Distribution, under the act of The
ath September, 1884, 100000
.ff..,, ..- ------- 81 $50 OGO
Leaving an available amount of 100000
The Navy Department had drawn acquisitions the
Treasury at that mc to meet debts actually due among
which bills under protest for 81 i 900 thus leaving
actual deficit Of S4i4,0O0.
There hand about 100000 of unissued Treasury
notes, assisted by the accruing revenue amounting to
about goo per week. exclusive of receipts unpaid
bonds to meet acquisitions for the army and the demands
Of the civil list. .-. t..t...
The withdrawal of the sum of s64O 900 be distributed
among States the statements and accounts
can be made and completed BY virtue provisions
Of the act of the 4th September last Of which nearly
moey goes few States end only about $3s3 900 is to
be divided among all the States while it adds materially
to the endorsements OF the Treasury, affords to the
States no decided relief
No immediate relief from This state of things is antic
pated, unless what would most deeply be depored. the
could be reconciled to the negotiations Of
loans already authorized by law, rate of discount
runous in ITSELF and calculated most seriously to affect
the public credit SO great is the depression of trade
that even IL the present bill were TO become law and
prove TO be productive time would elapse before
sufficient supplies would flow into the Treasury, while,
in the meantime would be continually
augmented by the semiannual distribution OF the land
proceeds. ..-.
Indeed there is but too much ground to apprehend
that il this bill permitted to become law allie
mating as does the proceeds oil the land sales an actual
deficit in the Treasury would occur, which would
than probably involve the necessity OF resort direct
taxation. .....,.. i.....I '.... Z "r.fl.l
Let il be also remarked that s6 500 900 of the public
debt becomes redeemable in about two and hall,
which, at any sacrifice must be met, while the Treasury
is always liable tn demands for the payment of outstand
ing Treasury notes. Such the gloomy picture which
our financial department now presents and which calls
for the exercise of rigid economy in the public expend
lures and the rendering available Of all the means within
the control Of the Imost respectfully sub
NIT whether this time to give away the proceeds of
the land sales, when the public lands constitute fund
which, Of all others may be made most useful in sustain
ing the public credit Can the Government be generous
and munifcent to others when every dollar it can
mand is necessary to supply its wants And if Con-
gress would not hesitate 10 suffer the provisions of the
Of 4h September last to unrepealed in the
country involved in war; is not the necessity for such
course now just as imperative as it would be then
B. A third objection remains to be urged, which would
be sufficient in elfo induce to return the bill TO the
House with my objections BY uniting two subjects in
congruous Tariff and Distribution il inevitably makes
the fate OF the dependent upon that Of the other in f
ture contests orary Can thing be fatal TO the
merchant manuiac than such alliance What
they Of all require is system of moderate duties
arranged to withdraw the Tariff question far pos
sibc, completely from the arena OF political contention
Their chief want is permanancy and stability. Such
increase Of the Tariff believe to be necessary in order
to meet the economical expenditures Of Government
Such increase made in the spirit of moderation and u
dicous discrimination, would have doubt becntrely
satisfactory 70 the great majority of the American people
In the way of accomplishing measure salutary and
so imperatively demanded by every public interest the
Legislative Department will meet with cordial coope-
ration the part of the Executive This is all that the
manufacturer can desire and would be burden readily
borne by the people But cannot too earnestly repeat
that in order TO be beneficial must be permanent and in
order to be permanent il must command general acquie
But such permanency be Justly hoped for IL
the Tariff question be coupled with that Of Distribution
which serious conflict of opinion exists among the
Staee and the people which enlsts in its support bare