Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1842-08-31

600 to be distributed among the States, so
soon as the statements and accounts can be
made up and completed. by virtue of the
provisions of the act of the 4th September
last. of hich nearly moie;y goes to
few States and only about 1888 900 is to
be divided among all the States, while j!
adds materially to the embarrasments of
the Treasury, affords to the States no de-
cided relief
No immediate relief from this state of
things is anticipated, unless. what would
most deeply be deplored, the Government
would be reconciled to the negotiations of
loans already authorized by law, at rate
! of discount ruinous 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 become
law, and prove to be productive. some
time would elapse before sufficient sup
| plies would flow into the Treasury, while,
in the mean time, its embarrasments would
/ be continually augmented by the semi
annual distribution Of The land proceeds
J.. Indeed, there is but loo much ground to
fapprehend that even if this bill were per-
mitted to become law, alternating as it
does the proceeds ofthe land sales, an ac-
tual deficit in the Treasuary would occur,
which would more than probably involve
the necessity of a resort 10 direct taxation.
4 Let it be also remarked, that $780,
{ 900 of the public debt becomes redeem
able in about two years and a half, which,
at any sacrifice, must be met, while the
Treasury is always liable TO demands for
the Payment of outstanding Treasury
notes. Such isthe gloomy picture which
our financial department BOW presents, and
which calls for the exercise of a rigid
economy in the public expenditures, and
the rendering available all the means with
respectfully submit whether this is time
to give away the proceeds Of the land
sales, when the public lands constitute a
fund which, of all others, may be made
most useful in sustaining the public credit
Can the Government be generous and
muni6cent 10 others when every dollar it
, can command is necessary to supply its
own wanls2 And if Congress would not
, hesitate to suffer the provisions Of the act
ed in case the country was involved in war,
is not the necessity 70: such course now
just as imperative as it would be then?
3. 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, /: lnevitabl y makes the fate of the
one dependent upon that of the other in fu
{ ture contests of party. Can ANYTHING be
more fatal to the merchant oil manufacturer
! than such an alliance? What they most
/ of all require is system of moderate du-
, ties, so arranged as to withdraw the Tariff
. question, as far as possible, completely
from the arena Of political contention
: Their chief want is permanency and sta
> billy. Such an increase of the Tariff l
believe TO be necessary, in order to meet
, the economical expenditure OF Govern
, ment. Such an increase made in the
spirit of moderation and iudicious discrim
ination, would have nodoubt, been entire
/, ly satisfactory 10 the great majority of the
: American people. In the way of accom-
: plishing measure so salutary and so i'm.
! peratively demanded by every public in
, terest, the legislative Department will
: meet with cordial cooperation on the
+ part of the Executive. This is all that the
: manufacturer can desire, and it would be
/ a burden readily borne by the people
} But | cannot TOO earnestly repeat, that in
. order to be beneficial it must be perma.
3 nent, and in order TO be permanent. II must
{ command general acquiescence. Bulcan
: such permanency be Justly hoped for il
! the Tariff question be coupled with that
: of Distribution. as 10 which serious con.
: fiict of opinion exists among the States and
b the people, which enlists in its support a
/, bare majority, if indeed there be ma
e Jority, of the two houses Of Congress ?
: What permanency or stability can attach
! to measure which, warning upon itself,
: gives away fruitful source of revenue at
the moment it proposes large increase
{ of takes on the people2 Is the manufac-
I turer prepared to stake himself and his
interests upon such an issue2
r know that tits urged, but most CHROME
, ously, in my opinion, that Instability is
, just as apt to be produced by retaining the
: public lands as source ofrevenue as iron
any other cause, and this is ascribed to a
} constant fuctuation, as it is said, in the
amount of sales. If there were anything
} in this objection it eqaally applies 10 eve,
ry imposition of duties on imports. The
/, amount Of revenue annually derived from
! duties is constantly liable 10 change. The
!, regulations of foreign governments. the
varying productveness of other countries,
g periods of excitement in trade and a
: great variety of other circumstances are
constantly arising TO affect the state ofcom,
merce, foreign and domestic, and of conse.