The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-06-09

AT the time this message delivered was supposed
that the project afterwards adopted OF evyng twenty per
duty all articles heretofore free would yied an
ADDITIONAL revenue of aud leave surplus in the
to about the amount the proceeds of the public
lands The bill was passed embracing the clause recon-
ended by the President Up to the close Of the year the
revenues continued diminish and further increase of
the tariff beginning to be looked forward to. The
,ual message December T. contained the following
So long as the duties shall be laid with distinct refer
nce 20 of the Treasury well founded obec
lion can against them. 1t might be esteemed desra
bic that such augmentation of the taxes should take
place would have the effect of annulng the land pro-
ceis distribution act of the last session. which de.
carca to be imperative the moment the duties in
creased beyond twenty per cent, the maximum
| iablished by the compromise act"
Accompan. ing this message the report of the Secretary
Mr. Forward, made estimating the deficiency the
year at Sli,2s570 in which he stated that if Congress
gave him 900 additional Treasury notes. and he
could negotiate the remaining 900 of the 100000
loan OF the Extra Session there would still be deficiency
for which provision be made Authority
was granted to issue the add the loan
Sl7OoOOO0 This would have left, if obtained par,
saaooOO surplus according to his estimate Time
and matters got worse until March U.s. when the Pcsi
dent forced by the daorness Congress providing
carry the Government call their attention
to the subject in special message in which he states
follows -
In recommending the adoption measures for dsrbut
ing the proceeds of the public lands among the States the
trbution urged by arguments and considerations
which appeared to me then, and appear to of
great weight and placed on the condition that
should any departure the
1888. II is with sincere regret that now perceive the
cessty of departing from that act; because am well
aware that expectations Justly entertained by OF the
States will be disappointed by any occasion which shall
withhold from them the proceeds Of the lands But the
condition plainly expressed in the message, and
amidst the which surround the countryon
all sides and beset both the General the State Govern
ments appears to that the object first and highest
importance to establish the credit of this government
and to place durable foundations and thus affords the
most eiccual support to the credit Of the States equal
least to what it would receive from direct distribution
of the proceeds ofthe sales of the public lands.
When the distribution law passed there
anticipate that there soon would be real surplus to
distribute. On that assumption it was, my opinion
wise just and bencfcent measure But to continue it
In force while there such surplus to Distribute and
when it is manifesy necessary, not only increase the
duties but the time TO borrow money in order to
quidate the public debt and dsembarrass the public
sury would to be regarded unwise aliena
ton of the best security Of the public creditor which
would with difficulty be excused and could not be just
titled.
here brought together the leading facts connect
ed with the passage of the land bill The unconstituon
atty injustice and positive absurdy Of the bill under
sting circumstances have been often exposed that but
little be said in regard to IT, The passage of the
bill, however matter of selfnerest the part Of
those who adopted it, and not matter of national good
consequently the power will strive hard retain the
plumber at all and every hazard On the passage Of the
bill the Senate at the extra session. Mr. Calhoun very
sagaciousy remarked as follows
Gentlemen talked of settling the question of this land
revenue and he woulp ask the States il they
ready to settle the question they rerdy submit
to the inevitable results1 If they willing have
bank bonkerv stockholders and brokers' for their
masters? They talked about preserving the
wealth but it would be the of creating hostility
nj Tho ntr Oayto
bly, destined 70 interfere with the compromise There
was indeed, saving clause inserted, the effect, that
when the provisions Of that act should be violated the dis
rbution should during the existence of such VIOLA
on but he would ask if alternative should oc.
that either land should be returned to the
genere government or the compromise b. inringed up
could any one doubt which ofhe two would be taken.
The contingency here alluded to has now cd and
this ground the great battle be fought between the
stockholders the side and the tax paying people
the other The bill takes away the of the public
lands and the deficiency to be supplied by of
import taxes The practical operation is to make the con-
sumers of manufactured goods in State pay the debts
due to STOCKHOLDERS by other States Its object to fitch
from the producing classes in order benefit the paper
nonges Under this law have those States New Jcr-
sey,Vermont NewIampshirc and Connecticut with large
populations, will be obliged pay three times as much
they receive and support those States that have
debt and rcpudiated those debts That which people
pay under the increased taxes directly deducted from
the proceeds OF their daily toll That which is paid
State back people but to the Legislature the
members Of which and their friends will enjoy the benefit
Even the money should be appropriated the payment
Of the State debts, who would be benefited Stock
obbcrs and stock brokers alone Mississippi has refused
pay certain of her debts because they illegally
contracted Illinois and Indiana say they are unable to
pay their debts If they unable pay small direct
tax meet their debts how they pay heavy tax to
manufacturers incident upon the increased duties
ry refund the Treasury for the proceeds of the lands
The highest amount of which can be deriv ed
from the tariff will not be sufficient to meet the expendi-
| lures The Secretary estimated the deficiency of the
present year at si4OOOoOO, millions for the SIX
| months which has elapsed. This has been met by
$5o0oO0O which would leave of S2oOooOO but
the cash receipts have been less than estmaed in
of the rapid return Of the notes for customs
| The actual deficiency is 100000, dcductng
the small amount of money recently obtained from the
/ brokers in Wall street.
| Sales at the Stock Exchange.