The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-08-10
sl,lS0,oOo
Leaving an available amount Of
100000

The Navy Department had drawn acquisitions on
the Teasury, al that ne TO meet debts actually due,
among which bills under protest for ! IA 900,
thus leaving actual deficit of Siii 900
There was hand about 800 600 of unissued
Treasury notes, assisted by the accrulng revenue,
amounting to about 4l59,00o per week, exclusive OF
receipts unpaid bonds, to meet acquisitions for the
Army, and the demands Of the civil list.
The withdrawal of the SUN of $6i0 900 to be dis
trlbuted among the States so the statement 5
and accounts be made up and completed, by viz
tue of the provisions OF the act of the lih September
last of which nearly moiety goes too few States
and only about $3s3O00 is to be divided among all
the States, while it adds materially to tic enbarrass-
OF the Treasury affords to tho States decd
ed relief.
No immediate relief from thi, state Of thing, Is an-
tcipated unless what would most deeply be dcplored,
the Government could be reconced TO the negoiIa-
ton of loans already authorized by law, rate OF
discount ruinous In ITSELF and calculated most serious
ly TO affect the public credit. So great is the depre
sion OF trade that even If the present bill were TO be-
come a law, and prove to be productive, some II me
would clapse before sufficient supplies would flow in
the Treasury, while in the meantime, lis emhar-
easements would be continually augmented by the
semi-anuual dis ributlon of the land proceed
Indeed there is bat too much ground to apprchend
tina, even if this bill were permitted to become law,
alternating does the proceeds 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 - 500 600 Of tn, pub
lie debt becomes rcdcenable in about two years and
half which, at any sacrifice, must be met, while the
Treasury is always liable to demands for he payment
Of outstanding Treasury notes. Suchis the gloomy
picture which our financial Department presents
and WIN, calls for the exercise of rigid economy
in the public expenditures, and the rendering avail
able of all he within the control Of The Govern
menl. / most respectfully submit, whether this is
time to give away the proceeds othr land sales, when
the public ands constitute fund which, of all Others
may be made useful in susl aiming the public
credit Can the Government be generous and mum
fcent others when every dollar 1t command is
necessary to supply its own wants? And fCongress
would not hesitate to suffer the provisions of the act
Of 4th September last to remain unrepeaed in case
he country was involved in war the necessity
for such now just imperative as 1t would
be then 2
B. A third objection remains to be urged, which
would be sufficient in itself to induce me to return
the bill to the House with my objections. By unit
ing two subjects incongruous as Tani and DIstr-
button it inevitably makes the fate Of the one Deepen
dent upon that Of the other in future contests of par
ty. Can any thing be more fatal to the merchant or
maj ufacturcr than such alliance What they
most of all require is system of moderate duties, So
arranged as to withdraw the Tariff question: as far
as possible, completely from the arena of political
contention. Their chief want is permanency and
stability. Such an increase of the Tariff, believe to
be necessary in order to the economical expen-
ditures of Government Such an increase, made in
the spirit of moderation and ludicious discrimination,
would have no doubt, be entirely satisfactory to
the great majority Of the American People
In the way of accomplishing measure salu-
tary and imperativey demanded by every pub
lie interest, the Legislative Department will meet
with cordial cooperation on the part of the Execu
tive. This is all that the manufacturer desire,
and it would be burden readily borne by the People.