Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-08-25

.houId h. presen,ed Ia him. That pledge
wa. ATTAINED. The hht WAS preseh hied
e., him ~ the very terms which he had
prescribed as necessary 10 obtain h'sI
sanction, and it met the same fat. With
us predecessors and !, remarkable
that the reasons assigned for the refusal
10 approve the second bill are IN direct
and immediate confc, with those which
had been assigned Tor The refusal to sign
the first.
Thus the measure, first among those
deemed by the Legislature oithe Union
indispensably necessary for The salvation
nfirs highest interests, and Tor the ieser-
va,ion of iis credit, its honor, ITS prosper
iiy, was FRUSTRATED, defeated, annuIled,
by the weak and wavering Obsllnacy OF
one man, accidentally, and no, by the
will nf the people, invested with that
terrible power, as il pr"phetcally des-
cribed by one of his own chosen m'nIs-
ters, at this day, ns "tbe right TO deprive
the people Of self governmeOt."
The first consequence of this Exccn-
tive Legislation was not only to PROSTATE
the efforts OF the Legislature itself, 10
relieve the people from their distress, Ia
replenish the exhausted Treasury and
call loith the resources OF the country,
10 redeem the public faith 10 the fulfil
ment Of the Daiional engagements, but to
leave all the burdens and cmbarrass-
inenis of the pablc Treasury, brought
upon il by the improvldence ot the pre-
cedlng administration, bearing upon the
people i,h aggravated pressure. The
fatal error of the preceding administra-
ilon had been an excess OF expenditure
beyond lls income. That excess had
been an average of eight millions OF dol
lars year, AT least, during the four years
of lis existence. The practical system
Of lis fiscal operations had been con-
iInued increase ol expenditures and dImi-
mutton ol revenues, and II left as be-
quest TO its successor no effective reduc-
ton of expenses, but double reduction
of revenue To the amount of millions, to
occur, %! course, by the mere lapse Oi
time, unless averted within fifteen months,
by subsequent legislation.
BY the dou5le exercise Of the Presi-
dental inierdict upon the two bills for
establishing a national bank this lcgisla-
ton was prevented. The excess OF cx-
penditures beyond the revenue continued
and increased The double reduction
of revenue, prescribed by The compro-
mise of 1888, was suffered to lake lis full
cfect-nn reduction of the expenditures
had been prescribed and, in the course
of eighteen months, since the inaugura-
ton ot President Harrison, an addition
of at least fifteen millions to the enor-
NOUS deficit already existing in ihe
Treasury at the close of the lasl admins
iralion, is now charged upon the prevail
ing party in Congress, by those who had
made il the law, while the exercise of
the veto power alone disabled The Lcgis-
laiure itself from the power of applying
the only remedy which i, was within the
competency OF legislation itself to pro-
vide.
Tho great purpose for which the specal
session OF Congress had been calrd was
ihns defeated by The exercise Of the veto
power. AT the meeting OF Congress, at
The regular annual session, the majori-
ties Of both Houses, not yielding To the
encouragement of disappointed hopes
aud baiiled energies, undertook the task
OF raising, by imposi duties, revenue
adequate to tho Treasury, and to the
iuIiImcnt Of the national obligations.
Hy the assiduous and unremitiing la
bors Of the committees of both houses
charged with the duties of providing for
the necessnics al the revenue, aud for
the great manufacturing interest Of the
Northern, central and Western states,
which must hc so deeply affected by any
adjustment of ia,itf,to raise exclusively
revenue adequate to the necessary cx-
penses of the Governme nj from duties on
imports, n tariff bill believed to be near
ly, If not wholly, sufficient for that pur-
pose, was elaborated and amply discus
sed through long series Of weeks in
both branches OF the Legislature. The
process Of CESSATION through which alone
such complicated system could be or
gdnIZed, necessarily consumed many
months of lime-nor were the committees
ar the House exempted from severe re-
proarh, which the purchased presses of
the Executive Chief are even yet cast
ing upon Congress, without rebuke or
restraint from him. The DELAYS were
occas'oned by the patient and unwearicd
investigation ol the whole subject by the
appropriate committees.
As the period approached when the so
ralled compromise tariff was to be con-
sunmaled, leaving the Government with
out any revenue tariff sanctioned bv the
law, the prudence OF Congress, without
precipilating their decision upon the
permanent system which they londly
hoped IN establish, provided and sent to
the President temporary expedieni,
limited IN its operation to avoid, rs they
thought, the possibility OF collision with
the apprehended anlIpalhies of the Presi-
dent, they had suspended for the same
month the distribution Of the proceeds Of
The sales of public land, which by pre-
vinus law was 10 take effect the day af-
ter the expiration Of the compromise.
Not only was this most cOncilalory mea-
sure contemptuously rejected, but, in to-
tai disregard of the avowed opinions Of
his own Secretary Of the Treasury, con-
curing with lhn-e, nearly unanimous, of
all the utusi eminent LAWYERS IN The land