The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1842-08-16

der the act OF the 4th
Sept, 1s41. $4,000
Sd, $50, 600
Leaving an available amount of 1910, 900
The Navy Department had drawn re-
QUESTIONS on the Treasury, at that time, to
meet debts actually due, among which ATE
bills under protest far $4,000 thus leaving
an actual deficit of 444,000.
There was on hand about 100000 OF
unissued Treasury notes, assisted by the
accruing revenue, amounting to about $780,
600 per week, exclusive of receipts on un'
paid bonds. to meet acquisitions for the
Army, and the demands of the civil list.
The Withdrawal of the sum of S640,000
to be distributed among the States, so soon
as the statements and accounts can be made
up and completed, by virtue of the provisions
of the act of the 4th September last, of which
nearly a moiety goes TO few States,
while it adds materially to the embarrass
ments of the Treasury. affords to the States
no decided relief.
No immediate relief from this state of
things is anticipated, unless, what would
most deeply be deplored, the Government
could be reconciled to the negotiation of
loans already authorized by law, at rate
of discount ruinous in itself, and calculated
most seriously to affect the public credit
So great is the depression of trade, that
even ifthe present bill were to become a
law, and prove to be productive, some time
would elapse before sufficient supplies would
flow into the Treasury, while, in the mean
time, its embarrassments would be contIn-
ually augmented by the semi-annual distri-
button of the land proceeds.
Indeed, there is but too much ground to
apprehend that even if this bill were per-
mitted to become law, alternating as it
does the proceeds of the land sales, and &C.
tual deficit in the Treasury would occur
which would more than probably involve
the necessity of resort to direct taxation.
Let it be also remarked, that 100000
of the public debt becomes redeemable in
about two years and half, which, at any
sacrifice, must be met, while the Treasury
is always liable to demands for the payment
of outstanding Treasury notes. Such is
the gloomy picture which our financial De-
partment now presents, and which calls for
the exercise of rigid economy in the pub
lie expenditure, and the rendering available
of all the means within the control of the
Government.
| most respectfully submit, whether this
is time to give away the proceeds Of the
land sales, when the public lands constitute
a fund which of all others, may be made
most useful in sustaining the public credit.
Can the Government be generous and
to others when every dollar it
can command is necessary TO supply its
own wants? And if Congress would not
hesitate to suffer the provisions 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, Ito induce
me to return the bill to the House with my
objections By uniting two subjects so in.
as Tariff and Distribution, it ine-
vitality makes the fate of the one dependent
upon that of the other in future contests of
party. Can any thing be more fatal to the
merchant or manufacturer then such an al
lance? What they most of all require is n
system of moderate duties, so arranged as
TO withdraw the Tariff question, as far as
possible, completely from the arena of pc
litical contention.
Their chief want is pcrmanency and sta
bility. 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 mod.
Grafton and judicious discrimination, would,
have no doubt, be entirely satisfactory to
the great majority of the American People.
In the way accomplishing a measure so
salutary and so imperatively demanded by
every public interest, the Legislative De-
partment will meet with cordial co-opera.
ton on the part of the Executive.
This is all that the manufacturer can
desire, and it would be burden readily
borne by the People. But cannot too
repeat, that in order TO be benefi
cial it must be permanent, and in order to
be permanent it must command general
But can such permanency
be justly hoped for if the Tariff question be
coupled with that of Distribution, and TO
which serious conflict opinion exists a.
nong the States and the People, which
enlists in its support bare majority, if in.
iced there be majority, Of the two Houses
If Congress? What pcrmanency or stabil.
ty can attach to measure which, warning
lpon ITSELF gives away fruitful source Of
evenue at the moment it proposes a large
Increase of taxes on the People? Is the |
manufacturer prepared to stake himself and
lis interests upon such an issue?
know that it is urged, but most errone'
usly, in my opinion, that instability is just
S aptto be produced by retaining the public
lnds as source of revenue as from any
ther cause and this is ascribed to constant
uctuation, as it is said, in the amount of {
iles. IL there were any thing in this OBJ. /:
'ction it equally applies to every imposition :
duties on imports. The amount of rev. ,
nue. annually derived from duties is con.
antly liable TO change. The regulations
8. Il g..