Lexington union. (Lexington, Miss.) 1838-18??, 1842-09-03
$50 600

-Sl $50 600
Leaving unavailable am'tof $o7O,OO0
The Navy Department had drawn re-
quisiuoEs on The Treasury, at that tlme,'o
meet debts actually due, among which
are bills under protest for $l,4l4,0O0,
thus leaving an actual deficit Of S444,0O0.
There was on hand about 100000 Of
unissusd Treasury notes, assisted by the
accrriug revenue amounting TO about
100000 per week, exclusive of receipts
on unpaid bonds, TO meet acquisitions for
the army, and the demands OF the evils
list.
The withdrawal Of The sum Of 100000
to be distributed among the States, SO soon
as the statements aud accounts can be
made up and completed, by virtue nf The
provisions OF the act of the 4ih September
last, OF which nearly moety goes to a
few States and only about S3S3,000 10 be
divided among all The States, while it adds
materially 10 the embaTrassmenIs 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 teplored. The Govern
ment could be reconclled TO the negotia.
lions of Ioans already authorised by law,
at rate Of discount rulnous 10 Itself, and
calculated mos, serious to affect the public
credit. So great is the depression of trade
that even if the present bill were to become
a law and prove TO be productive, some
time would elapse before Sufficient sup
plies would flow into the Treasury, while
in the meantime, its embarTassments
would be continually augmented by the
semi.annual distribution OF the land pro-
ceeds.
Indeed, there is but TOO much ground to
appTehend that even if this bill were per-
mitIed to become a law, aienating as ii
does the proceeds of the land sales, an
actual deficit ofthe Treasury would occur
which would more than probably involve
the necessity 0! resor! TO direct taxation.
Let it also be rema rked, that So, J00,-
600 of the public debt becomes redeema>
bic in about two years and halt, 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 department now presents, and
which calls for the exercise OF rigid
economy in the public expenditures, 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
land which, of all others, may be made
most useful in sustaining the public credit.
Can the Government be generous and
munifcent to others when every dollar il
can command is necessary to supply lis
own wants? And f Congress would not
hesitate to suffer the provision of the ac'
of4th September last, TO remain unrePeal-
ed 10 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 ur.
ged, which would be sufficient, in itself, to
induce me to return the bill TO the House
With my objections. BY uniting two sub.
iec,s so incongruous as Tarifand distri-
button, it inevitably makes the fate of the
one dependent upon the fate Of the other
in future contests Of party. Can any
thing be more fatal to the merchant OF
manufacturer than such an aliance?--
What they most Of all require is a system
Of moderate duties, so arranged as to
withdraw the Tariff question as far as
possible, completely from tho arena Of
political contention. Their chef want is
permanency and stability. Such an in
crease Of The Tariff, l believe to be neces>
sary in order TO meet the economical ex'
peDditures of Government. Such an IN
crease, made ia the spirit Of moderation,