Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-02
3.6ii.993
96.52
9a3,3O2
i.49O,95O
4,599,9l3
2l,669,5e4
Balance to the credit of the public lands
l42.OlS.766

session. should have urged the resolution which then Of
fercd authorizing the issue OF l42 millions of Government
stock to be divided among all the States, in addition
nual distribution.
My proposition requires the Government advance
to the States 2000O0000 in stock and receive the pro-
ceeds o the sales OF the public lands until the whole
shall be paid; whereas, in strict equity, it should be until
only SIS 900 should be paid -Four per cent interest
on 900 of stock would be 81, 32000O annually
and ON S2OOOOOOOO, ut four per per annum would
be and the lands sold the ten years have
averaged upwards of Ss,0000O0. sinking fund of five
millions year would iqudae, compound interest,
principal OF S20OOOOOOO in 25 years. The ability of the
Government quidate the interest and the principal of the
stock when due hardly be questioned by any
minr with the of the nation. Indeed the
itself would such of prosperity tina,
the augmentation of the imports pub
lie lands would doubt not, be than eight millions
the Inst after the passage of the law, and
double that amount in three years.
will be remembered that Mr. Dckerson of New Jersey
proposed divide Sl0000000 annually of the general
venue OF the nation among the States 1896, when had
at that time national debt of $50 $1,000, and this
proposed TO be done under the tariff 1924 And Cener.
al Jackson at PERIOD strongly advocated
distribution OF national revenues when the not
IN want OF H. Now, To divide stock when the States
IN want OF cannot be opposed by those who real
| ly the friends of the States.
The limits of this address, which has been already too
much extended will admit of a full discussion of the
merits and benefits OF the plan which propose. will brief
| ly alude u few.
would restore the credit and character of the county
home and abroad Confidence would be again established
and business would flourish By restoring conf
dence and augmenng the solid capital of the nation it
would enhance the value of property cheaper at the
same time the rate of interest for the of capital.
IL would retain the gold and silver in the country which
no" goes TO Europe IN payment OF INTEREST," for the in
erest the State bonds is made payable in Europe
and the expense OF agencies insurance. and exchanges
make the rate of cent
which, upon 5000 900 of debt, would make $4,000
900 annually of gold and silver which has be shpped
which is about fifth of all the gold and silver OF the
nation; and this in perpeuity unless those indebted make
sinking fund 10 pay the principal, which likely a,
least with those States that now hesitate to pay the
eres The plan propose exchange the State bonds
for Government bonds bearing interest of four per
payable at the Treasury. The foreign creditors would
gladly exchange; by which operation there would be an an
huai saving OF hve millions OF specie the naon which
saving in twenty-five years would amount us a sinking
fund.- at compound interest, 100000 the amount of
the present principal OF the debt' Then, great ma
nonal measure OF finance, IL should he adopted.
1t would transfer all the bonds held in Europe to
s county, and thereby increase the capital of the nation
They would be transferred to agents and hoders this
country because the interest would be paid half yearly at
the Treasury, in such States the Government might
appoint agencies and the bonds would surely gravitae
To the place OF paying the deer will circulate
round the lick that slakes its thirst and to that amount
would the capital of the nation be increased and the re-
dnced amount OF interest, eight millions. would be
capital TO purchase tobacco, cotton produce be ship
ped to the owners OF the bonds abroad instead of specie
The bonds are TO be OF denominations Of 500 to ST.
UUO, so that they would be purchased by men of small
MEANS who hoard up silver which bears them no in
ieres, and is distracted from useful circulation
IL would revive confidence, and enable the banks
=
and SILVER in their vaults, which they could substitute by this
stock, which could be replaced specie upon any
". II would add To the circulation ct 'h- ni,I
scarcity OF capital and money a national calamity Ii
would enhance the value of stocks of Kind now de-
precated and especially those hypohecated by the
and improvement companies. would prevent unpleasant
negotiations between this nation and the nations OF Europe
which will assirdy commence when reputation, real or
virtual shall obtain. Ii would safety-yale
that would receive the OF revenues which would
casionay accumulate from of importation and large
sales of the public lands that might occasionally occur and
thus keep the regularity equilibrium the machinery Of
Government woud induce economy in expenditures
the administration OF the General Government. Ii would
benefit the farmers, by increasing the value of estate
and relieving from the operation of direct taxation which
now serves a mortgage upon all taxable property IL
will benefit the daily laborer, by giving him better reward
for his skill and industry By increased prosperity and in
creased capital Ii would be of service the manufacturer
by establishing just tariff that would last for aeast TWEEN
yhye years Ii would benefit the South, by making that
tariff tamil for revenue and protection would be the Incl
dent IRON it and OF securing stability in legislation, which
the North most requires for its pursuits its capital and
prosperity.
The plan would effect all that the friends Of distribution
ask ofthe benefit the Siates-snd would meet tb tst
formidable ogeetoa q: t= ~ho oyEse sir5utiou-,st
b. dlstrbGtoa n szlo1f received b. the S-ss - To small
Tim S1--l.l-F az sE-ags.y. Z E5sd main
lace1leucF sf sac i-.e-ce IL ts acrro.--.tl,
q IL tr1v-aiuieur- lic vl1 Gsaerzl Goysra
nc ie E9s'11I Tar aftss z, zTzcs rather
-ian 1i 1pprt- -el- AID p a4s-sr pgers gated
- IN fGTsreur * efs-e q tie State If tbs
iar5ual ,ufe.eray. b. tbs measure each and
r1-e -e0tec cot tlscha-ze her liabiIez-tbose n,n
indebted oo1t est' free schools and educate their poor
Or extend improvement, the d their people might
req 1I-c.
gea of the 5enets which would result from the
operation Of TIC measure and Offering it, repeat tha
consulted alone ;lc homo, md welfare Of the peOple and
their abiding happiness and Psperity They are 20 decide
whether - wise or not and "ether shall be carried into
better plan its stead And s the people have NH
ask. Should the people apprOv,of H. they caunot sk
much interest and pains pres il early and zesIos
ly upon the consideration Of Congress and ,bei, a,
gisaiures. When the People speak, House Of Repre-
scnatves will obey; and when the State rc,os,
the Senate will be mindful.
There other subjects Of importance III sboud lilo
communicate with you upon but must dy for the pre-
sent.
Very sincerely your friend and obedieni ser,,,
WIN. COST JOFSsoN
WHITE SULPmER SFRINGs Der. l. 1912.
II have not the document with me which was p,l;sbd |
at the last session. which gives the of heS,,
debts state the amount al random AT 2OOOOO,OOO md
IL may be lcss for the purpose OF my argument Of ill9
ton. And when that 100000 Of interest will
saved annually the nation by the exchange Of bonds irof
those bearing interest including expenses Of 81 per cent
State 10 per cent. National do that the whole
amount Of the 2OOO0OO00 Of stock be issued by the
Government will Ice transferred in that form. But by the
transfer of the which the indebted States wl
ceiye and the arrangements which can be made eonseqnt
upon the transfer by The States which will still be indebted
extent, will effect saving Of interest equal per
hups 20 ~ per cent upon S2OO,OOOOOO. -
Suppose, for example, the debts of Maryland to be SlO-
600 600 upon which she has pay and interest
equal to 81 per cent; then upon the people 70 the
u S6500O0 annually. suppose the amount OF her
share Of the Government stock to be SJOOOOOO: by ex
changing Tor her own stock par she will cancel with
four per stock 900 Of her debt and al the
same time that she makes the transfer che would make ami
cable arrangements with creditors, and issue new siocs