Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-08-20

to the negotiation Of loans already authorized by
law, a, rate of discount rulnods 10 Itself and
calculated most seriously to affect the public
credit. 81 grea, the depression OF trade tina,
even If The present bill to becomea law
aud prove TO be productive. some tune would
eapse before sufficient supplies would 1,w INTO
the Treasury, white, III The meantime, lis en-
barrassnents would be continually augmented by
the sem-annuaI distribution Of the lands proceeds
Indeed, there IS but too much grousd to APP
prehend that even If this bill permitted
to become a law, alternating 1t does the pro-
ceeds OF The land sales, an actual deficit in the
treasury would occur, which would more than
probably involve the necessity OF a resort to
direct taxation.
Let it be also remarked, that S5,50O,OOO Of
the public debt becomes redeemahe IN abou: two
years aud half. which, at any sacrifice must
be met, while the treasury al ways liable to
demands for the payment of outstanding treasury
notes. Such is the gloomy picture which fl
nancial department now presents, and which calls
for the exercise of rigid economy ~ the public
eype ndItures, and the rendering available Of all
The means within the control of the government.
most respectfully submit, whether his is Il time
10 give away the proceeds of The land sales, when
tho public lands constitute fund which, of all
others, may be made most useful IN sustaining the
public credit. Can the government be generous
and manIticent TO Others hen every dollar 1t
ofnmand Is necessary to supply It's wants?
And # Congress would not hesitate suffer the
provisions of the act Of 18th September last to
main unrePealed IN case the country was involv-
ed IN war, is not The necessity OF such
now Jnst as imperative ii would be then2
5. \ third OF lection remains to be urged, which
would be Sufficient, IN itself. TO induce me to
turn the bill to the house with my objections
By uniting two sui jects so homogeneous Tariff
and Distribution, II inevitably makes the fate Of
the one dependent upon that Of the other in fu>
ture contests OF party. Can any thing be more
fatal tn the merchant or manufacturer than such
an alliance? What they most of all require is a
ystem of moderate duties, arranged as to
withdraw the Tariff question. a far as possible,
completely from the arena Of political contention.
Their chief want rs permanency and stability
Such All Increase Of he Tariff, beiiev to be- ne
cessary, in order 10 meet tho economical expen-
ditures of Government Such an Increase nude
IN the spirit OF moderation and ildic!ous dJscrIm
nation, would, have doubt, be entirely
tIsfactorv TO the great majority of the American
so sanitary and so imperatlvely demanded BY ev.
cry public interest, The legislative Department
will meet with a cordial co opera ZION the part
of the Executive. This Is all that the manufac
tuter can desire. and II would be a burden readl-
~ borne by the People. But | cannot too
estly repeat, that order to be beneficial 1t
be permanent, and in order to he permanent, II
must command general acqniescence. Bu, can
such permanency bs ] istly hoped f1r if the Tariff
question: be coupled with that of D.srribu,ion.-
10 which a serious confllct Of opinion exists
among the states and the People which enIists in
i's support II bare ma ortty, II indeed there be
ma lorItv, of tie two Houses Of Congress2 What
permanencv Or stability attach 20 n
which. warning upon itself, gives awava fruitful
source of revenue al the moment 1t proposes
large increase of taxes the people? Is the
manufacturer prepared TO stake himself and his
interest upon such an issue.
know that il is urged, bat mos, erroneouslv,
IN hat
be produced by retaining the public ands
source of revenue, as from any other cause, and
this IS ascribed to constant flIctuatIon, as il
SAID, IN the amount 90 sales. If there any
thing in this objection II equally applies to every
imposition of duties on imports. The amount of
revenue annually derived from duties is constant
Iy liable to change The regulations of foreign
governments, the varying prodnctveness Of her
countries, periods of excitement in trade, and
a great variety Of other Circumstance are con
stanhy Arising to affect the state Of commerce..
foreign and domestic, and of consequence tho
revenue levied upon II. The sales of the public
domain in ordinary times regulated by fixed
laws, which have their basis in a demand increas
ing only the ratio Of the increase Of population
In recurring to the statistics connected ih this
subject, II will be perceived that for period of
ten years preceding 1881. The average amour,
Of land sales did not exceed $4,000 600.
For the increase which took place In 1873
and 6, to look 10 that peculiar condition
of the country which grew out of one Of the most
extraordinary excitemenfs IN business and specu-
la ton tha, have ever occurred in the history of
commerce and currency. II was the fruit OF
wild spirit of adventure engendered BY a vicious
system of credits under the evils of which the
country is still aborng, and which il is fondIy
hoped will not soon recur. Considering the vast
amount of investments made by private Indlvid-
uals in the public lands during those three wears,
and which equalled S43,00o,000 equal TO
than 20 wears purchase. taking The average Of
sales Of the ten preceding wears, 1t may be safely
asserted iha, the result of the public land sales
can hold ont nothinc TO alarm the manufacturer
with the idea of instability in the revenues. and
consequently in the course Of the Government.
Under what appears TO me. therefore. the
soundes, considerations Of public po'icv. and in