Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-08-18
HERAL OF tt HE II I'M e S.

tive, somo time would elapse before SUI
fcienl supplies would flow into the trca
sury, while, in the meanlime, It's embar'
rassments would he continually angmcn
ed by the semi annual distribution of The
land proceeds.
Indeed. there is but too much ground Ia
lpprehend that even if this bill were per
miited to become II law, alternating as II
does the proceeds of tho lad sales, an
actual deficit in the Treasury would 0c.
cur which would more than probably IN
volvc the necessity ola resort 10 dlreci
taxation
Let II also be remarked, that 5000,
900 ofthe public debt becomes rcdeema.
Bile IN about Two years and half, which,
At any sacrifice, must be met, while ll;e
Treasury is ways liable to demands for
the payment of outstanding Treasur,
notes. SL;h is the gloomy picture which
our financial department now presents,
aud which calls for the exercise of rig
i'd economy in the public expenditures,
and the rendering available OF. all the
means within the control OF the govern
mcnt. most respectfully submit, whelh.
or this is n time to give away tho proceeds
of the land sacs. whe lhe public lands
constitute fund which, Of all others, may
be made mos, useful in sustaining the pub
lie credit Can the government BE- gen
erous and munficent to others when eve
~ dullar il can command is necessary to
supply It's own wants? Aud If Congress
would rot hesitate TO suffer the provisions
of the act of 4,h September lat 20 re.
main unrepealed in case The country was
involved in war, is not the necessity loI
such course nov just rs imperative as
It would he then
3. A third objection remains to be urged
which would be sufficient, in itself, to in.
duce me TO return the bi! Ia the House
with my objections BY uniting two sub
jrcts 50 incongruous AS Tariff and DIslri.
button. it inevitably makes the fate Of the
one dependent upon that of the other IN
luiure contests Of party. Can any thing
be more fatal 10 the merchant or manu-
Iaclurer than such an alliance What
they most of all require is II system Of
moderate duties, So arranged as TO with.
draw The Tariff question, as far as posi-
BILE, completely from the arena Of po!i,I-
cal con,cnliun. Their chief want Is per
manency and stability. Such an increase
Jf the Tariff believe 10 be necessary. IN
order TO meet The economical eXpendi.
lures of Government Such an increase,
madc in the spirit Of moderation aud il.
dicious discrimination, would ! have no
doubt, he entirely satisfactory to the greu'
majority Of the American people.
Ia the way of acco mpIshIng mca
sure so saluary and so Imperallvely de.
manded by every public interest, the lie
gislative Department will meet with Il
cordial co-operation on the part Of lh,
Executive. This is all that the manu-
lacturer can desire. and il would bo n
burden readily borne by the people. Bur
cannot too earnestly repeat, that III
order TO BIZ beneficial it must be perma.
ucni, and in order 10 be permanent
must command general acquicscence
But can such permancncy be justly hoped
Tor If the Tariff question be coupled
with that Of Dislrbu;ion, as to which
serious conflict Of opinion exists among
The States and the People, which en,sis
IN its support bare majority, if indeed
there be Il majority, OF the two Houses
of Congress? What pcrmanency or sta
bilitv can attach to a measure winch,
warning upon itself, gives away n fruitful
source of revenue at the moment il pro
poses large increase Of taxes on the
people? Is the manufacturer prepared
to stake himself and his interests upon
such al issue?
| know that it is urged, but mos, erro.
neously, in my opinion, that instability i,
just as apt to be produced by retaining
the public lands as source Of revenue
as from any other cause, and this Is as
cribed to II constant iluctua,Ion, rs it il
said, in the amount Of sales. If there
were any thing in this objection i. equal.
" applies to every imposition Of duties
on imports. The amount Of revenue
annually derived from duties is constant
" liable to change. The regulations OF
foreign governments, the varying produc
tivemess Of other countries, periods OF
excitement IN trade, and great variety
of circumstances are constantly arising
10 affect the state OF commerce, fLreigD
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 increasing only in the
ratio of the increase Of population. In
recurring to the statistics connected with
this subject, II will be perceived tina, for
a period of ten years preceding 1894,
the average amount Of lard sales did no,
exceed $4,000,00O.
70 the increase which took place in
534-5 and q, we are to look 10 that
peculiar condition Of the country which
grew out Of one of the most extraordinary
excilements IN business and speculation
that have ever occurred in the history OF
commerce and currency. II was the
fruit ola wild spirit of adventure engen
Gered by vicious ystcm OF credits, un |
der the evils Of which the country is stiIl
aud which 1t is iondIy hoped