Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-08-27

ted 10 become a law--alenating as 1t does, the
proceeds OF the land saes-an actual deficit in
| the Treasury would occur which would more
than probably involve the necessity OF a resort
| to direct taxation.
Let it be also remarked that S5,5O0,OO 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
! BILE to demands for the payment OF outstanding
Treasury notes. Such is the gloomy picture
which our financial department now presents,
and which calls for the exercise of rigid econ.
omy in the public expenditures, and the render.
ing available OF all the means within the control
of the Government | must respectfully submit
whether this is q time to give away the proceeds |
Of the land sales, when the public lands consti.
tute fund which, of all others, may be made
most useful in sustaining the public credit.
| Can the Government be generous and munlicent
to others, when every dollar it can command is
necessary to supply its own wants? And III
Congress would not hesitate to suffer the provls
ions Of the act OF 4th September last to remain
unrepealed, in case the country was involved in
war, is not the necessity for such course now
| Just as imperative as it would be then?
3. A third objection remains to be urged,
which would be sufficient in itself, to induce
me to return the bill to the House with my oblec-
TONS By uniting two subjects so incongruous
as tariff and distribution, it inevitably makes the
fate Of the one dependent upon that Of the other,
in future contests of party. Can anything be
more fatal to the merchant or manufacturer
than such an alliance? What they most Of all
require is a system Of moderate duties, so ar
ranged as to withdraw the tariff question, as far
as possible, completely from the arena Of politi.
cal contention. Their chief want is permanency
and stability. Such an increase Of the tariff |
believe to be necessary, in order to meet the
economical expenditures Of Government. Such
an increase, made in the spirit of moderation
and iudcious discrimination, would, have no
doubt, be entirely satisfactory to the American
people. In the way Of accomplishing measure
so salutary and SO imperatively demanded by
every public interest, the legislative department
will meet with a cordial cooperation on the
part OF the Executive. This is all that the man.
ufacturer can desire, and it would be burden
readily borne by the people. But | cannot too
earnestly repeat, that, in order to be beneficial
| it must be permanent; and in order to be per.
manent it must command general acquiescence.
But can such permanency be justly hoped for,
If the tariff question be coupled with that Of dis
tribution-as to which a serious conflict Of opin.
ion exists among the States and the peoples
which ensts in its support a bare ma ority-
if indeed, there be majority-of the two Houses
Of Congress! What permanency or stability
can attach to a measure which, warning upon
itself, gives away fruitful source of revenue
at the moment il proposes large increase Of
taxes on the people? Is the manufacturer pre-.
pared to stake himself and his interest upon such
an issue!
| know that it is urged, but most enormously
in my opinion, that instability is just as apt to be
produced by retaining the public lands as a
source of revenue as from any other cause, and
this is ascibed to a constant fluctuatlon, as it is
said, in the amount of sales. If there were any
thing in this objection it equally applies to every
| imposition OF duties on imports. The amount
OF revenue annually derived from duties is con.
stantIy liable to change. The regulations Of
foreign Governments, the varying productiveness
Of other countries, periods OF excitement in trade
and great variety OF other circumstances are
constantly arising to affect the state oil commerce,
foreign and domestic, and OF consequence the
revenue levied upon it. The sales Of the public
domain in ordinary times are regulated by fixed
laws, which have their basis in demand in.
creasng only in the ratio Of the increase OF pop
ulation. In recurring to the statistics connected
with this subject. it will be perceived that for a
period Of ten years preceding 1884, the average
amount OF land sales did not exceed S2,000,000.
For the increase which took place in l9345
and 6, we are to look to that peculiar condition
Of the country, which grew out OF one of the
most extraordinary exctements in business and
speculation that have ever occurred in the his.
tory Of commerce and currency. 1t was the
| fruit of wild spirit Of adventure, engendered
| by vicious system OF credits, under the evils
OF which the country is still laboring, and which
| it is fondly hoped will not soon recur Consider
ing the vast amount Of investments made by
private individuals in the public lands during
those three years, and which equalled $4,000.
| 600, (equal TO more than twenty years pur-
chase,) taking the average Of sales Of the ten
preceding years, it may be safely asserted that
the result OF the public land sales can hold GU
no thing TO alarm the manufacturer with the idea
of instability in the revenues, and consequently
in the course of the Government.
Under what appears to me- therefore, the
soundest considerations Of public policy, and in
view Of the interests Of every branch Of domestic
industry, | return you the bill, with these my
objections to its becoming law.
| take occasion emphatically to repeat my
anxious desire TO cooperate with Congress in
the passing Of law which, while it shall assist
in supplying the wants Of the Treasury, and
re establish public credit, shall afford TO the
manufacturing inteRsts Of the country all the
incidental protection they require.
After all, the effect Of what do is substan-
TALLY to call on Congress to reconsider the sub.
ect IT, on such reconsideration, majority oil
two.thirds of both Houses should be in favor oil