Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1842-08-19


the Treasury, at that time, meet debts actually
due, among which are bills under protest for sl,ill
00G, thus leaving an actual deficit OF Si44000
There was on hand about 100000 of uns-
sued Treasury notes. assisted bv the accruny
revenue, amounting to about $l50,0OO per week,
exclusive of receipts on unpaid bonds, to meet
acquisitions for the army, and the demands of
the civil list.
The withdrawal Of the sum of S6i0,000 to
be distributed among the states, so soon as the
statements and accounts can be made up and
completed, by virtue of the provisions of the act
Of the 4th September last, of which nearly
moletv goes to few states, and only about
1888, 900 is to be divided among all the states,
while it adds materially TO the embarrassnents
of the Treasury, affords to the states no decided
relief.
No immediate relief from this state of things
is anticipated, unless, what would most deeply
be dcplored, the Government could be rcconcl-
I'd to the negotiation of loans already authorized
by law, at a rate Of discount runous in itself,
and calculated most seriously &c effect the pub
lie credit. So great is the depression Of trade.
that even if the present bill were to become
law, and prove to be productive, some time
would elapse before sufficient supplies would
flow INTO the Treasury. while, in the mean time,
its embarrassnients would be continually AUG
mented by the scn-annual distribution of the
land proceeds.
Indeed, there is but too much ground to ap-
prehend that even il this bill were permitted to
become law, alternating as it does the proceeds
Of the land sales, an actual deficit in the Treas
ury woul occur. which would more than prob.
ably Involve the necessity ola resort to direct
taxation.
Let it be also remarked, that S5,5OO,OOO Of
the public debt becomes redeemable in about
two years and a half, which, at any sacrifice.
must be met, while the Treasury is always La
bic TO demands for the payment of outstanding
Treasury NOES. Such is the gloomy picture
which our financial Department now presents
and which calls lorthe exercise of "A rigid econ.
omy in the public expenditures, and the render
ing avail able 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 fund
which, OF all others may be made most useful
in sustaining the public credit Can the roy
eminent be generous and munlicent to Others
when every dollar it can command is necessary
to support It's own wants And if Congress
would not hesitate TO suffer the provisions Of the
act OF In September last 10 remain unrcpcaed
III case the country was involved in war, is not
the necessity for such course now Just as iu.-
peratlvc as it would be then.
j. \ third objection remains TO be urged, which
would be sufficient in itself TO induce me to re-
turn the bill to the House with my objec,ions--
Bat uniting two subjects so inconrruous as tar
iii and distribution, it inevitably makes the fate
OF the one dependant upon that of the o.har in
future contests OF parties. Can any thing be
more fatal to the merchant or manufacturer than
such an alliance ! What they most of al! re-
qulrc Is system of modcra:e duties, so arran-
gcd as to withdraw the tariff question, as far as
possible, completely from the arena of political
contention. Their chef want is perlnluencv
and stability.
Such an increase of the tariff | believe to be
necessary IN order TO meet the economical ex-
pendlturcs OF Government. Such an increase,
made in the spirit of moderation and iudicious
discrimination. would. have no doubt, be en-
tIrely satlsiactoryto the great majority of the
American people, In the way of accomplishing
measure 80 sautary and SO imperatve,y de-
Inanded by every public interest, the Legisla-
tive Department will meet with a cordial Coop
Grafton on the part Of the Executive. This is
all that the manufacturer can desire, and it would
be burden readily borne by the people. Bat
cannot too earnestly repeat. that in order to be
beneficial 1t mast be permanent, and in order to
be permanent 1t must command general acQuies-
cence.
But can such pernanency be Justly hoped for
Il The Tariff question he coupled with that Of
Distribution, as TO which serious conflict OF
opinion exists among the states and the people,
winch ensts IN It's support bare majority, if
needed ,here be majority, of the two Houses
oil Congress What permanency or stability
can attach to a measure which. warning upon
itself, gives away fruitful source of revenue at
/
es on HE people! Is the manufacturer prepar.
cd to stake himself and his interests upon such
all issue
know that it is urged, but most enormously
III my opinion, that instability is Just as apt to be
produced by retaining the public lands as a
source oil revenue as from any other cause, and
thls is ascrbed TO constant tlucuatlo7, as it is
sad, IN the amount OF sales iithcre were any
thug IN tins objection ii equally applies to eve
ny imposition OF duties on Imports. The amount
OF revenue equally derived from duties is con-
stantIy liable TO change, The regulations OF
foreign governments, tile varying broductvcness
OF other countries, periods OF excitement to trade
ana great variety Of other circumstances are
constantly arising to affect the state of com
merce, foreign aud domestic, and OF consequence
the revenue levied upon it.
The sales OF the public domain in ordinary
ItHics are regulated Dv liked laws, which have
their basis IN demand increasing only in the
ratio OF the increase of population. In recurring
to the statistics connected with this subject, II
Will be perceived that for a period of ten years
proceeding 1874 the average amount of LAND
sales did not exceed $2,000,O00.
For the increase which took place in 1884,
and u, we are to look to that peculiar condition
OF the country which grew out of one of the mos
extraordinary eXcltements in business and spec
ulatIon that have ever occurred in the history O
commerce and currency. 1t was the fruit of {
wild spirit of adventure engendered by vcou.
system of credits, under the evils of which the
country is still laboring, and which il is fondI,
hoped will not soon rccur.
Considering the vast amount of investment.
made by private individuals in the public lands
during those three years. and which equalle,
i3ooJOJJ equal to more than 90 years pur
chase, taking the average of sales ofthe ten pre-
ceedIng years, it may be safely asserted that th
result OF the public land sales can hold out moth
ing to alarm the manufacturer with the idea O
instability IN the revenues, and consequently il
the course of the Government.
Under what appears to me, therefore, thu
soundest considerations of public policy, and il
view OF the interests of every branch of domes