The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-06-25
A FRIEND TO THE NAVY.
From the Philadelphia Ere. Journal.
MONEY, &c.
FRDAY, June II, P. M

FRIDAY, june ~, L. W.
AT no period since the close of the in 1915, has
The public treasury been in impoverished and
barrassed acendItion at the present time. At no
time since then, has the credit of this great nation
been at SO low ebb as at the present Every true
American feels himself humbed, when contempla-
ting the existing state of things of The country
With boundess resources, the Golfers Ct the nation
are empty, and its credit annhilaled. Twenty wears
ago, when the population of the country numbered
but little more than half what it does now when the
wealth OF the country existed in nearly like proper
ton, and when the Government debt exceeded one
hundred millions of dollars, there great competi
ton on the part, both of individuals and companies,
to obtain new loan made by the Government OF five
millions of dollars; and premium offered
high as fourp per cent, although the stock bore only
i've per cent per annum interest. Now, when the
country is nominay free from debt the Government,
rs unable to negotiate loan for the comparative tri
fling amount of twelve millions of dollars Foreign
ers Will not touch it, notwithstanding they tempted
with the high rate of per cent. interest, while at
home they cannot obtain more than two and half to
three per cent interest for their money. Our CAPT
'allsts will not touch it, while they will pay premi
um of five to eight per cent for stock guaranteed by
the city, yielding only the rate of interest The
credit of the Government is hawked about the streets
and the stock it has issued is retailed out for its
coun, to any one who will purchase il.
What has caused such an astounding change in so
short space Of time, and under such extraordinary
circumstances We answer. The factious spirit
spirit of sustaining the doctrine of reputation that
has at times been manifested by some of the members
of that body.
Only SIX years ago, the public treasury was over
flowing. Then, we witnessed political asprants of
both parties, veing with each other and striving
gain the ascendancy, In carrying through Congress
the measure of distributing what termed the sur
plus IN the treasury amongst the States. Twenty
eight millions of dollars were actually withdrawn
from the treasury and thus divided
W. no Inv sr1 fho,
six months thereafter the Government was compell-
ed to borrow money to meet the necessary expendi-
lures of conducting it. 1t has been constant Dor
rover ever since, until it has arrived at that point
now, where it can hardly borrow money at all.
Nor is this all The Notifications of the country
have been permitted to dilapdate; ships of war
have been dismantled and laid up to rot at the
wharves and now the suicidal step is about to be
taken OF striking fatal and death-bow at the navy
and dsbandng the remnant Of the army that we have
left.
Nor do we stop here in describing the mad acts of
Congress- and depicting the evil consequences to the
country that flow from them. At this very moment
when the public treasury is bankrupt and public Gre
dltors unpaid we behold Congress engaged in the ri
dculous project of egslatng to take from the trea-
sury moneys, to give away to the States at the
time it is found to be next to impossibty 10 legs-
late to bring enough money into it to meet the ext
gencies Of the Government!
Did the people ask for the former distribution q
Never. 1t the scheme of designing politicians of
both parties having for its object debauch the peo-
pie 1t did them good. They have nothing now
TO show for 1t. In place of doing them good, Of
the people have become impoverished in consequence
l he receipt of the money that was distributed and
the expectation OF receiving encouraged many
of the States to undertake extravagant works of i'm
proycmcnt, which left in unfinished state
to 60 to decay while others chartered banks to en-
poy the money received which have proved worse
than useless to all parties concerned. 1t would have
proved far better for the nation had the surplus that
was divided been annhated sunk in the middle Of
the ocean.
proceeds of the public lands They prefer to let
them remain in the public treasury, where they pro-
perIy heong and be employed for public purposes. 1t
Is 'elusion to suppose that the people will de-
rive any benefit from the proceeds of the public lands
If taken out Of The treasury and distributed. Not
cent would ever reach the pockets of the people
Like the former Distribution aci, the proposed scheme
OF distributing the proceeds of the public lands is
political one, having for its object to advance the asp
ratons ofpoIiticians. Having Witnessed the mischief
that flowed from dist hutton act we are utterly
opposed 10 another
In regard to tariff we are in favor of one for re-
venue. In the existing state of the country be-
ieve it will be necessary to lay duty all articles
OF foreign production high for the purpose of
venue, that it will afford all the protection to our
own manufacturers which they can reasonably seek
or expect After retaining in the treasury the pro-
ceeds of the public lands and bringing into i, all the
revenue that be collected from imposs the people
may consider themselves Fortunate if they escape
for some years to come, direct taxation to provide
means OF defiaying the expenses of administering the
Government.