, 1842-08-27

Government could be reconciled to
the negotiation of loans already au-
thorized by law, IA. a rate Of discoun,
~ruinous in itself, and calculated most
seriously to affect the public credit.
So great is the depression of trade,
that even if the present bill were to
become a law, and prove to be pro-
ductive. some time would elapse be-
fore sufficient supplies would flow in
to the Treasury, while, in the can
time, its embarrassments would be
continually augmented by the semi
annual distribution of the land pro.
ceeds.
Indeed, there is but too much
ground to apprehend that eve if this
bill were permitted to become a law,
~6iiens'ing as it does the proceeds Of
the land sales, an actual deficit in the
Treasury would occur, which would
more than probably involve the ne
cessity of a resort to direct taxation.
Let it be also remarked that S5,-
500. 600 of the public debt becomes
redeemable in about two years and a
half, which, at any sacrifice must he
met, while the treasury is always liza
BILE to demands for the payments of
outstanding Treasury notes. Such
is the gloomy picture which our
financial department present now
presents, and which calls for the ex-
ercise of a ri4id economy in the pub
lie expenditures, and the rendering
available of all the means within the
control of the Government. | most
respectfully submit, whether this is a
time to give away the proceeds of
the land sales, when the public lands
constitute a fund which, of all others.
may be made most useful in sustain
ing the public credit. Can the Gov
eminent be generous and munifcient
to others when every dollar it can
command is necessary to supply its
own wantr? And if Congress would
not hesitate to suffer the provisions
Of the act of 4th September last to
remain unrepealed, inacase the coun-
try was involved in war, is not the
necessity for such 4 COURSE now just
as imperative as it would be then?
8. A third objection remained to
be urged. which would be sufficient,
in itself. Ia induce me TO return the
bill to the House with my objections.
By uniting TWO subjects so incongru-
Gus as Tariff and Distribution. it in-
evitablv makes the fate Of the one
dependent upon that of the other in
future contests of party. Can any
thing be more fatal to the merchant
or manufactured than such an ALI
ance? What they mot of all re.
qure is a system of moderate duties,
so arranged as to Withdraw the Tar
iff questions, as far as possible, com
plelely from the arena OF political
contention. Their chief want is per-
manency and stability. Such an in
crease of the Tariff, ] believe TO be
necessary, in order to meet the eco.
nomical expenditures Of Government.
Such an increase, made in the spirit
Of moderation and judicious discFimi-
nation, would, | have no doubt, be
entirely satisfactory to the great ma
jority of the American people. In
the way OF accomplishing a measure
so salutary and so imperatively de-
manded by every public interest, the
Legislative Department will meet
with a cordial co operation on the
part of the Executive. This is all
that the manufacturer can desire, and
it would be a burden readily borne
BY the people. But | cannot too
earnestly repeat, that in order to be
beneficial it must be permanet, and in
order to be permanent it must COM
mand general acquIescence. But can
such permanency be justly hoped for
if the Tariff question be coupled with
that OF Distribution, as to which a
serious conflict of opinion exists a.
mong the States and the people, which
enlists in its support a bare majority,
if indeed there be n majority, of the
two Houses of Congress? What
permanency or stability can attach to
"A measure which, warning upon itself,
gives away a fruitful source OF reve-
nue. at the moment it proposes a large
increase of taxes on The people? Is
the manufacturer prepared to stake
himself and his interests upon such
an issue.
know that it is urged, but most
enormously, in my opinion, that in,
stability in just as apt to be produced
by retaining the public lands as a
source of revenue as from any other
cause, and this is ascribed to a con
slant f%uctuation, as it rs said, in the
amonnI Of Sales- IF there were nny