Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-22

bic IA ton the earth. hhk, VI were, what Ieei
sure never SHALL be, good Wing, would say, take
,i,c land h., all means; with il provide for the defence
nf tie country aud when tie danger is over, we shall
again resume the funl
Same of the advocates Of high protective Tariff
,bronhou, the country dsire that we shnnld give away
the lands in order create The necessity Tor imposing
hi.h duties on imports ST. am not in favor of high
protective Tariff in favor oil raising more reve
nue. from imports than necessary TO support te ADM.
nistration Of the Government, and gradually exnguish
The existing debt In raising this revenue, however,
would make, far as my vote or my voice may have
any Influence discrimination moderate and just dis
examinations in favor of e grea, interests of the country
its auricultu,e-ils manufactures and lis commerce.
do not wish 10 anticipate what intend to say
unon the tariff question; but cs much shall declare,
that in raising revenue, | would afford incidental
couraoemen aud protection TO those great interests
which will render US indie pendent OF foreign nations for
articles of indispensable necessity, both in peace and in
war To mnose tariff merely Tor The sake OF protec
,on,o maze THIS the principal instead 0! The incident,
would. in nv opinion, not only DC unwse, but might
be destructive the very interests sought 10 be
teced hope, ere long 10 have an opportunity OF ex-
pressing my opinions length upon this important sub
ec,
AT an early stage or the present session, vcntnred
to predc, that the tariff qleslion If left 10 itself, would
settle Itself before the close OF it, ! am now more
firmly convinced Of the truth of the prediction than
ever The advocates Of the highest protection need
no. fear but that necessity Will exist Tor rate OF re-
venue duty hsh enough even 10 satisfy them, anu 'h's
withor, wing away the Land Fund. Under ;he ca
s,inc laNs our current revenue for the present year
will be only about thirteen millions aud hall o; dol
lars whilst current expenses viii nearly double
that amount; and beside tlS SHALL have dc2l 10
nav oftweniy.one millions OF dollars The Senate has,
moreover, unanimously adopted resolution declaring
..hat il is the duly Of the General Government for
conducting lis administration, to provide an adequate
revenue within the year TO meet The current eS-
penses of the year. and that any eSpedent, elaer ny
loan or by Treasury notes, TO supply IN time oil peace
deficiency of revenue, especially during successive
wears is unwise, and must lead 10 perncIous conse
quenccs.
1t will be found that 10 raise sufficient revenue TO
meet the expenses OF the present Administrator, II
will be necessary 10 impose revenue duties more IMAM
sufficient satisfy any reasonable advocate OF protec
ton The manufacturers will thus have more pFoicc
ton than they require, even II the land luna, estimated
al three millions per annum should be restored TO Tue
General Government, which think 1t ought 10 lie on
every principle of public policy.
B, Sir Il has been urged that this loan bill mos:
improper measure 10 which 10 attach such an amendment
rs that the Senator from Miss. Now, shall endea-
yor To- prove the last place, that IS peculiarly proper
TO attach this amendment TO the present M because you
will thus obtain your loan upon much better terms Tor
the Government than you procure it in any other
manner 1t has been sald and SAID with truth, that the
Distribution law provides for lis suspension when
ever the duty imposed upon any imported article shall
exceed twenty per cent Tie distribution OF tie land
/
whist there shall be higher duty than THIS levied
u,on any article. My friends this side o! the
,use say, it is better to wait and let the fund be
restored 10 tie General Government under the terms
of the act which transferred II to the States we
MI believe that il must thus be- restored; because we
mas. al admit that the lies o! the Treasury
cu.c an increase Of duties considerably above twenty
DER cent None OF shall probably live 10 see
The .ly when the dnty upon many articles Will not ne
cesar Iv exceed this The land fund Will then be
/ Il he mon m .e
impose a higher duty aa twenty per cent; and why
should we not anticipate the time oi restoration
hy lew weeks for the purpose Of using 1t wisely IN
obtaining lean on favorable terms Tor the benefit OF
! The Government:
| believe in ny soul, that even at the present mo-
mcpl of distress, YOU borrow the eleven millions
nj ra- proposed by this BILL provided you viii aGort
the amendment This amendment is not mere gene
raj hedge Of the public lands for the redemption of
the debt; but II IS specific appropriation of the pro-
ceeds arsng from these lands to pay the interest as ii
accraes, aud finally 20 sclarge the principal Now
better security than This on earth could desire
Tie fund ample for the purpose; and nothing can
ever render Tie security doubtful, except deliberate
violation OF the public faith IN the face OF the world on
the p1ri Of the Senate the House Of Representatives,
and the President. Tie two Houses OF Congress and
he President must concur in dishonoring themselves
nv passinr an Withdrawing this fund from the pub
lie creditor the soean assurance OF which lie mad
laansd his moaey the Government. or the security
/ MT nosSitp. N0iDIng tut OBSTRUCTION oil Inc
vernment itself caG impair sach security. Would
not then, any prudent capitalist be willing TO lend his
money upon better the pledge Of such n
w. than upon he general faith Of the Govern
mcut, Ny friend, the Senator from Indiana, MIR.
Smith, declares iaat such appropriation by Con-
gress Of ample specific fund for the payment of the
primes pal and interest Of the public debt would be too
contincd, an that tie broad pledge OF the general faith
OF The Government would cover all, and be preferred
by the capitalist do no; consider it necessary to an
swer this argument The lender would have this re.
neral faith pledged well as the specific fund lie
would enjoy tie benefit OF both But even Il this were
not The you may rest assured that the capitalist
will think differently from the Senator. Whist has been
the Of the indebted States, and what has brought
Of them 10 their prescn, deplorable condition,
They omitted in the beginning, when they borrowed
money, TO provide and set apart fund for the paymen,
of The interest and the eXnguishment oil the princi-
pal my self the holder Of little State oan mo;
Of rny Sta,c,) for which paid the full par value
and although ] have the general faith Of The State
pledged to in The most solemn manner on The face
Of the certificates yet should gladly accept half te
amount III full satisfaction, provided It's Legislature
would secure the payment OF the principal and interest
Of the remaining half BY imposing the necessary taxes
and pledgIug them for that specific purpose. This
ought TO have been done by all the States in the begin
ming; and it the violation of this wise maxim OF po
tcal economy that has caused some of the States oil
this Union TO contract debts which they unable to
paw and has sunk them into their present deplorable
condition.
The Senator from Indiana has informed us that Eng
land began with peGgng the proceeds of particular
taxes tho public creditors, but that she has long
abandoned tie practice, and now pledges her general
faith alone The fact is that England never made such
pledge and appropriation of any fund for this purpose
IS that proposed by The Senator from Mississippi
And she much involved in debt, that to
pledge specific funds in favor Of any portion OF he.
dtors would be injustice To the rest, and would pros
tra,e her general credit 1t would be perfectly rdlcu
lous as we'll suicidal She is pressed down by
mountain load of debt and 1t is her unarnished credit
acne which enables her to sustain H. The moment IN IS
begins toier her empire is at end Our condition
far different. We SHALL trust, borrow more money
time OF peace, excep; tina. which shall be borrowed I'M
der the Of the present BILL We CAM therefore
appropriate the land fund for its redemption, without
dong injury to any human being We even
afford 10 omit the payment of The interest Trea
sury notes puncually, however disgraceful, has
been done for the first time in history by The present
without crenlinn dlsirns In IeGard