The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-02

authorized to purchase the stock to be issued
for the contemplated loan, "when it can be
procured on such terms as will render il ben
eficial in that way TO extingulsh the debt,
and prevent the accumulation of such surplus,
while its distribution is suspended. II the sales
of the public lands should produce, as has been
anticipated, 1900, 900 annually, and 100000
be allowed to pay the interest on debt of $l5,-
| 100000, there would remain more than 81, OO0,-
900 each year, which would accumulate in the
Treasury until the extinguishment of the prin-
cipal of the debt. No better or safer mode of
| investing these annual balances can be found
| than by the purchase Of the stock. This might
be accomplished in about four years, in conse
quence of the accelerated reduction of the
amount of interest, by the payment of principal,
| thus leaving a stilllarger amount to be applied
| to the extinguishment of that principal And
thus the pledge of the public lands, having full
filled its Office will terminate, and the original
| principle of the Distribution law would have its
| full scope
| 1t will be seen, then, that the contingency of
any duties remaining above 20 per cent. would
exist but about four years. Is there so much
doubt whether the necessities of the Govern
ment will require any duties at that rate during
that time, as render the security at all hazard
| Gus? We think no one will affirm it. But if
| the security should fail-if all duties should be
reduced to or below 20 per cent, it will be ow-
| ing to the fact that the amount of revenue will
| have become so large, or the expenditures OF
| the Government will have become so reduced
that the high rate of duty will be no longer re-
CURED If so, the same causes will fill the
| Treasury and cause it to overflow and then,
| from the abundant means thus provided, Con-
gress will have fund at its disposal with which
| to extinguish the stock issued for this loan,
| without any resort to the sales OF the public
lands, and no public creditor will complain of
| the substitution.
It's, therefore, very confidently asserted, that
pledge of the proceeds of the public lands, Edu-
| ring the time for which it will be at all neces-
| sary, will not be hazardous, but will be as GER
tain and reliable as any creditor could desire,
and that if it should fail, the very cause Of its
failure will supply an adequate substitute.
The second reason given by the Intelligent
cer-the opinions indicated by the press-it APP
pears to us, that under the circumstances is not
entitled to much weight. That portion of the
public press which is devoted to the support of
Sub Treasury and hard money currency is
quite willing to understand the message as re-
commencing repeal Of the Distribution law,
| because it implies an abandonment of the origi
nal ground Of its passage, and involves an in
consistency in those who advocate it. On the
| other hand, that portion which may be called
Ultra Tariff is DESTROYS of avoiding even sus-
pense of the distribution, so as to create the
greatest possible urgency for the largest amount
of duties, and they are inclined to understand
the Message in the sense in which it can be
rendered NEST odious to those who voted Tor
the Land law of the extra sessioa. Again, an
other portion of the public press is but too will
ling to give any Interpretation to any Message
of the President which may subject him to
elimination.
Indeed it is the fate of the measures recon-
mended by the President and his Administra-
zion, that they do not accord with the ultra
views of any party, and are, therefore, not likely
to be fairly understood or fairly represented by
the ultra press of either.
If the friends of fair and honest tariff based
upon the real, and not the fictitious wants Of
the Treasury, will but consider the effect of the
recommendation in the Message above quoted,
to produce the rapid extinguishment of the debt
in connection with the recommendation OF
pledge OF the proceeds of the public lands, they
will believe that the two present basis for fair,
eIofo
ANY adjustment of the tariff founded upon
deficiency created by the division of the pro-
ceeds of the public lands would be regarded as
unjust and oppressive, and would of course be
subject to the fluctuations of LEGAL and political
strength. And thus the great evil of which the
manufacturing interest ompains-instabty
and uncertanty-would be continued
On the other hand, the permanent, or the
long continued application to the ordinary pur-
poses of the Government of the proceeds of
the public lands, or the unnecessary accumula-
ton of them in the Treasury, might well be OBJ
jected to by those who insist that the proceeds
belong to the States, or that they should be with
drawn from that condition which renders them
the sport of political asprants.
The measures recommended by the Presi-
dent avoid both of these objections by course
that gives each of them fair weight, and yet
preserves the only present available means with
in the power Of the Government, to command
for its stock that degree of credit which the
honor, resources, and the vital interests Of the
country demand it should receive and maintain.
These present means are confessedly the pro-
cceds of the public lands. No one has pointed
out any other specific fund capable of pledge