Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-01

without previously providing the means of It's redemp
iIon: II cardinal maxim of public credit, never de
parted from with mpuny, that ''tbe creation OF ever,
\ new deot should be accompanied with the means o
| lis extlnguishmen';' and, after the shock winch Oh
pubic credit has already sustained, tese means must
moreover be arOiably pisdged to that object aud
o'her. This was the principle on which our system o
pnbc credit was originally built upand has the sane
on aike OF The great names o! Hamilton and Jefferson
Where, then, IS the fund which We can set apart anc
pledge Tor the redemption OF the public debt: The rea
estate OF The nation, the absence Of an adequate
rent revenue is the natural and proper security for The
payment OF The public debt II has been so regarded
lron the origin of our financial system. The Funding
act, as 1t has been generally called which lad the
foundation OF our public debt, pledged The public lands
RI then belonging which should thereafter balon1
The w. - Tor the redemption OF tie public debt, anc
declared that sihey should b. applied solely To that
until the public debt should lie fully satisfied They
are now the only certain accessible which we
can command for the support Of public credit The
n don, which distribution OF ;hr,r proceeds among
the States 10 take place. having gssd BY the demon
STATED Necessity OF raising the des foreign imports
beyond twenty per cent unless the land he restored tc
the National Treasury, the distribution must stand
pended during the existence Of this stale Of things;
and in the mean time the fund should, in my humble
Judgment, be soemnly pledged for the payment Of the
interest, and the final exingulshment of the principal
of the national debt With such pledge, the public
credit Of the nation, q think there be risk in
say'ng,) would be instantly redeemed from depression
and dshonor Treasury notes and tine stock of the Co.
vernnent would their par value. If they
did not 30 above it, and there would be henceorward
no difficulty in commanding whatever pecuniary re-
sources might be called for by The exgencies of the
country
j The States themselves have the deepest interest in
this application OF the Land Fund, for the present
Credit, it has been we'll said, as entire thing.
J Al the ot have intimate and Indssolube
i sympathy and connection. In this country, the credit
Of The nation the key Of the arch, which the
whole structure of credit, public and private rests for
support. Ii that is permitted to fall, the whole system
umbes once, into ruin. II the credit and stock Of
this Government, for the want Of just and adequate
provision 10 sustain them, permitted to sink, those
uf the States must sink, lar greater degree. UNI
versal dstrus viii take possession Of the public mind
and The fatal example Of nxity or negligence on the
part of the government of the nation, in so vital
point as that Of the public faith, will spread demo-
alizng influence through every ramihcatIon OF socie
~, and parayze and strike dead every branch OF the
nat onal industry and enterprise. In every point of
view, then, moral economical, and political, the
measure which | have ventured Ia suggest for the
consideration of the Senate, is Of the hgbes; import
arce It's adoption can carry with it disappont-
ment 10 The States. The provso IN the Distribution
law, which made its operation to depend on Tie add
cquacy of 90 per cent. rate oil duty TO yield reve-
nue. enough for the wants Of the Government, with
~
the States that they could not expect under existing
circumstances, any dividend from this fund
That proyiso, il is well known here, Mr. President
most essential and vital part Of the law, and was,
truth the sole condition of lis passage through this body
am free to say, gard 10 MYSELF that u was the Stne
ma MN of my vote for H. and declared at the time
The very principles, then, which the law was enact
ed seem TO TO require ready assent, on all SIDES
10 the suspension Of It's operation, under existing cir
cumsanccs But above all, the honor OF the country,
the preservation of the public credit, in condition OF
atfrs every way critical oyerrules all other cons
dcratoms aud will bring us, rus' 10 unite in devotng
this fund.- for the present. 10 the high and holy purpose
of protecting the national faith from being furnished
an object in which all, whether States individuals,
the Union, have deep and equal interest.
do not PROPOSE MIR President, repeal of the Dis
tributon law | would suspend only, so long rs the
present financial condition of the country shall con-
tnne and until the payment OF The public 6cbt IS ef
feced. | would leave the law upon the statute book,
to revive in force whenever the obstruction to its opc-
ration presented by the present state of things shall
have ceased There are many reasons which have
not time now 10 enter lnto why the public lands
should not be looked TO hahtual source OF cur
rent They were not 81 contemplated at the
lime of their cesson, nor were they treated as such
a. have already shown when the foundations CT our
fiscal system were originally established Al both of
those epochs their true function aud destination
under stood To he, 10 basis OF public credit,
Iurinr the existence of National debt. When the
debt of the nation shall have been discharged, and
when there shall be sufficient revenue to meet the
wants Of the Government arising from equitable
and uroppressive tariff of duties on foreign imports,
distribution Of their proceeds among the States will be
found persuaded, TO use expression Of Gene raj
Jackson Ia he "lhe wise, just, and Federal dis
poson of theni-tls most beneficial AMI useiu! in H.
self, and the most in harmony with the genius of our
Federave system.
| When, Mr. President, this indispensable provision
shall have been made for the support of public credit
and for the payment of the public debt leaving the
ultimate destination oil the public lands, At pre-
sent settled by the Distribution law, unchanged, we
shall then be in situation to adj just more wisely and
carefully the foundations OF our general revenue sys
TEN, depending upon the duties OF foreign imports
an: fully aware of the many high and delicate con-
sderaons involved IN I night nd ustment OF tins
system and for one, beg leave to say that, when
ever the subject shall come up, shall be prepared TO
act AZ trust have always acted upon It, in catho
lie and national spirit, looking, with fraternal regard
Ia the interests and just claims o every portion OF our
urea, conlrderacy. shall be unwilling TO see any
srrat branch Of the national industry in Nassachu-
sets Connecticut, New York or Pennsy yana, pros
tsa:ed or injured, as would be 10 any supposed
peculiar interest Of my State sacrificed or assaed
adeed have ever looked upon the various parts OF
orr happy and glorious Union as forming but one la
mily having in all essential respects common IN
,.,es, The very d,verScs and local pccuarIlies,
which distinguish its several parts, and IN which some
fave seen sources Of dscord and collision, have ever
arpeared 10 be many additional bonds OF unoh
/, The relations Of industry and commerce, they are
inns made mntadl eustomcrs 10 supply each other $
necessities, instead "f rirn'S interfering with each
o;hers pursuits. The n rhrFn States are by nature
manufacturing and navigating communities The
Southern are planting States nford'ng IN the heavy
snd pr"luc:s Of their soil, employment 'o 'ne
+, ayira,ion and raw materials Tor Tie industry, OF
eir Northern neighbours while they consume, IN ttelr
turn, many of the finer products of tie skill and labor
Of the North In like manner, the Eastern States on the
Atlantic border are, by their position, conmerc'a while
the interior states of the West are tor The most part
farming and grazing communities: thus, too aoapted ny
the diversity of their situation and pursuits to inter
change their respective commodities and productions
and 10 be auxiliary the supply Of each other wants
The dtieren, sections of the conIedeacy are .h's
manner dors taiednu each by cunning Jo'Hery"i ma
ture. which far ranscends the policy or the wisdom OF
man. never look back to the Farewell Address o.
the Father his Country, and read that almost INSPIRED
passage, which he points out so srknsly 'hese pro