Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1842-03-31

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tiOn Of spirit Of mutual harmony and
concession, 10 which the Goyernmen, ii
self owes is estgln. and without she Goa
,inuea exercise q which j4rliag and dis-
cord would universally PREVAIL Ell
An aidlsionsl reason ioF abe increase
of dGiiesia some inssaaees beyond the
rate ofE20 per cent. win exist 10 fulfilling
recomms ia atoms already made. and nov
repeated, Of hskr6g ldeqn4le appIopril-
items for the delenees OF the country.
BY the express protisidn Of the AFT
distributing lhe proceeds ot lthe sales ~
the public lands among the States. ils
operation is lpso iacto 10 cease SO soon A.
the rate Of the duties shall exceed the
limits prescribed in The sct.B FL
In RECOMMENDING the adoption OF meal
sures for distributing the proceeds Of the
public lands among the STATES At th,' conf
mencemant Of the last session If Con.
gress. such distribution Wst urged by at
gnments and considerations which III.
peared 10 me then. and appeaI TO me
now, Of great weight. and was placed on
the condition that ], should mot repdar
necessary any departure from The &C, q
1888. II is with sincere regret lhs.
nov perceive the necessity OF departing
from that act; because am we'll sware
that expectations Justly entertained by
some Of the States will beAdtsappoinIet,
[ BY any occasion which shall wIthhoir
from them The proceeds OF I'VE lands - q
But the condition was piaiqy expresses
in the message, and was inserled 10 terms
equally plain 10 the law Itself; and #
miiat theembarEassmenls whlth surround
bA10oet ~
the General and The State G5TernmeHys,
ii appears to me That lie otjec, FIRST and
highest 10 importance is ,o establish The
Fcredit 'of5ihfs Government. and toplace i
on durable foundations, and thus affora
The most effsctusi support to1the credit d
the States equslst least to what.it would
! receive from a ditect dfstri1uiionHot the
proceeds Of the sales Of the Public lands.
When The Distribution law was passed
there was. reason to anticipate that there
soon would be real surplusle distribute
On that assumplionEit was, my oPint
ion wise. ust, and bene5cial mea7
! sure. Bot TO continue il tnB force while
there is no such surplus to distribute and
when. il is manifesily necessary no. only
10 increase the duties. but u The same
time 10 borrow money in otaeE=to=lfqnii
date the public Aebt and digehIbarrass the
public Treasury would cause II 10 be re,
garded as an unwise alienation Of the
best security Of The public creditor which
world. with officially Se e REUSED and
could not be justified. t II
Causes oi no ordinary character have
recently depressed American credit in
IKE stock msrkstIof The world 70 degree
quite unpreeedenttd -szf need scarcely
mention theI condition Of The banning In
stiiu,ions oflsofne Of he S.a,as, The vast
amount Of foreign debt lcontraSted 'dorink
period Of Wild speculation 4y corpora.
tions and Individuals: and. above all the
doctrine Of liquidation 9f cdntHacts so-
lemnly entered into byI States, which,
although as yet applied only nder Sir
cumsiances bl peculiar chafacler and
generally rebukeG with ssveFily BY the
moral sense Of the community j. Yet So
very licentious, and in ACHIEVEMENT de-
pending wholly on opinion 50 Terry alarm
ing. that lhe impression made IbyFit e
out disadvantage a. apeople; il anything
bat surprising, Under such dircpms,anT
ces, it is impsraiiyely due from hs 10 the
People whom we represent, that, when
loan, we sbouldAender spch SECURITIES
as to cause the money -lendtr hsAwell y
home as abroad % feel that Tie most pro
lpitiqus opportunity is Afforded bin III y 10
yesl;Dg pro6tabiy ard jodidoqdy bis
capital A Government which has paid
Off Tie debts Of t~o/wats. wagSh With the
most powerful nation Of Woderp times
should moi be broughtio ME NECESSITY b
chaffefing for terms in tke monty market
Under such:circnmsia4ces as have ad.
verled 10. our ob59c,I,should pc ~ pro.
ducs with the capitalist a lee ling ofen.
lire 6depceIby q tender Of that soft o.
security WHICH in ii ill times pasl has been
esteemed Sufficient and which for Ithe
small aWounts Of our proposed indebted
ness Kill unhesiiaiingly be regarded .:
amply adequate. While a pledge Of al
The revenues amount 10 no more han il
ii every instance when lie Go.
yernment contracts a debt, and although
i ought in ordinary eite0mstaaf esto be
entirely satisfactory yet=in ii ines hks
these The capilaiisE would feeEt{ester#sa.
-Nsfied with the pledge of a specific fund,
ample il magnitude TO the payment Of his
interest and ultimate reimbursement Of
bis principal. Such the character of
the and fund. Tbemost vigilapf money:
dealer will re ably perceive that Pot only
will hiss interest be secure on 4such a
pledge. but that debt Of SIS 900 600 Or
$50, 000. GEO would. BY the surplus fof
sales over and above The payI nent pf The
interest. be exiinguisbed within any rea-
sonable time fixed for lis, re sunni ion -
To relieve the Treasury from its embar-
and iolaId 10 rpeeliGgE its Re.
questions unliptime is allowed ipr any
new tariff Of duties 10 become available,
II would seem 10 be necessary to fund "a
debt approaching to SIS 600. 00Gi and,
in e1derio place the. negotiation Of tie
loan beyond reasonable doubt, IsubmEt
TO Congress whether the proeeedsIof tbe
tales Of 1tha public lands should bot BE
pledged for The payment oEtbe interest
and the Secretary of the freasury be ads5
thorized, GU. Of the surplus oftthe pro-
ceeds OF such sales, TO purchase thel stock.
when ii can be procured on such terms. as
will render il beneficial I'M that 3ay 10