Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-08-18

10 neei ueuts sStuhliy que, among WHICH
J are bills under protest for Sl,4l4, 900
, thus leaving an actual deficit of slid.
+ 600.
There was on hand about Sl00, 900 o
unssued Treasury notes, assisted by III,
accruing revenue, amounting 10 abou
Sl5O,000 per week, exclusive of receipt,
on unpaid bonds, to meet acquisitions 70
the Army, and the demands of the civi
list.
The withdrawal Of the sum of S6i0,
so soon as the statements and account.
can be made up and completed, by virtue
of tho provisions of the act Of the 4th Sep
TENDER last, of which nearly moiety
goes TO few States and only about $685..
900 is to be divided among all the States
while il sGds materially to the embarrass.
menls 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 reconcied to the negotiation OF
loans already authorized by law, at rate
OF discoun, runous in itself, and calculat-
ed most seriously to affect the public cred
it.. So great is the depression of trade,
that even if the present bill were TO be-
come law, and prove to be productive,
some time would elapse before sufficient,
supplies would flow into the Treasury,
while, in the meantime, its embarrass-
menls would be continually augmented by
the semi. annual distribution OF the land
proceeds.
Indeed, there is but too much ground
to apprehend that even il this bill were
permitted to become law, alternating
as il does the proceeds of the land sales,
an actual deficit in the Treasury would
occur, which would more than probably
involve the necessity oil resort 10 direct
taxation.
Let i, be also remarked, that $780,.
600 Of the public debt becomes redrema.
Bile 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 Department now presents,
and which calls for the exercise Of rigid
economy in the public expenditures, and
the rendering available Of oil 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
fund which, Of all others, may be made
mos, useful in sustaining the public cred.
Il. Can the Government, be generous and
munificent to others when every dollar il
can command is necessary to supply its
own wants And if Congress would not
hesitate 10 suffer the provisions OF the act
Of 4th Of September last TO remain un-
repealed in case the country was involved
in war, is not the necessity for such q
course now just as imperative us it would
be then!
8. A third objection remains to be urg.
ed, which would be sufficient, in ITSELF to
induce me to return the bill TO the House
with my objections. BY uniting two SUBJ
jects so incongruous as Tariff and Distri.
button, It inevitably 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 manu-.
facturer than such an alliancel What
they most of oil require is a system Of
moderate duties, SO arranged as to with.
draw the Tariff question, as far as posi-.
Bile, completely from the arena of political
contention. Their chief want is perma-
nency and stability. Such an increase of
the Tariff, | believe to be necessary, in
Order to NEE, the economical expenditures
of Government. Such an increase, made
in the spirit oi moderation and judicous
discrimination, would. have no doubt,
be entirely satisfactory to the great major
ity OF the American people. 10 the way
OF accomplishing measure so salutary
and SO imperatlvely demanded by every
public interest, The Legislative Department
will meet with a cordial Cooperation on
the part Of the Executive. This is all
that tho manufacturer can desire, aud il
would be a burden readily borne by the
people. But cannot too earnestly re-
peat, that in order TO be beneficial It must
be permanent, and in order to be perma.
nent, it must command general acquies.
cence. But can such permanency be just
ly hoped for il the Tariff question be cou-
pied with that OF Distribution, as 10 which
serious conflict Of opinion exists among
the States and the People, which eniisis in
its support bare majority, If indeed there
be a majority, Of the two Houses OF Con
gress? What permanency or stability
can attach to "a measure which, warning
upon itself, gives away fruitful source
Of revenue at the moment il proposes a
large increase of taxes on the people Is
the manufacturer prepared to stake him.
self and his interests upon such an issue
| know that it is urged, but most erro-
neously, in my opinion, that instability IS
Just as ap, TO be produced by retaining the
public lands as a source of revenue as
from any other cause, and thisis ascnoed 10
a constant iluctuation, as il IS said, IN the
amour, OF sales. lfthere were any thing
tin this objection, il equally applies to eve
nv imposition Of duties. The amount Of
revenue annually derived from duties is
constantly liable 10 change. The regula-
tons Of foreign governments, the varying
produciiveness Of other countries, periods