Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1842-07-07

OF the friends OF the TWO measures enter-
tanned no doubt but that the loan woult
be eagerly sought after and taken up by
capitalists, and speedily reimbursed by
a country destined, as they hoped, sooi
10 enjoy an overfiowing prosperity. The
I very terms Of the loan, making it re.
deemabe az three gears, demonstrate
this beyond all cavil. Who, at the time
foresaw or imagined the possibility o.
the present state Of things, when ma
ton that has paid Oft her whole debt
since the last peace, while all the Other
great powers have been increasing theirs
and whose resources. already so great
are yet but in the ioiancy OF their desel
opment, should be compelled to hasgIe
in the money-market for paltry suu
not equal to one years resenue upon
her econpmical system? II the distribu
ton law is to be indefinitely suspended
according not onl y to its own terms, bu
by universal consent, in the case of war,
wherein are the actual exgen eies Of the
country, or the moral obligation to pro-
vide for them, less uader present circum-
stances, than they could be, were we az
tuaily engaged in war? iLappears to me
to be the indispensable duty of all con-
cerned in the administration If Public
affairs TO see that state Of things SO hu-
initiating and SO perllous should not last
"a moment longer than is absolutely una
yoldable. Much less excusabIe should
we be in parting with any portion of our
available meats, at least until the de-
mands OF the treasury are fully supplied
But, besides the. urgency Of such cons-
derations, the fact is undeniable, that the
distribution act could not have become
a law without the guaranty in the proyi-
so of the act itself.
This connection, thus meant to be insep-
arabic, is severed by the bill presen ted.
to me. The bill violates the principle OF
the acts of 1883 and Sept .mber, 1871,
by suspending the first, and rendering,
for time, the last imperative. Duties
above 20 per cent, are proposed to be lie
We'd, and yet the proviso iii the distribu-
ton act is disregarded. The proceeds OF
sales are to be distributed on the 1st of
August; SO that, while the duties pro-
posed to the distribution to the States is
permitted TO take place. To abandon the
principle for month, is to open tie way
Tor its total Abandonment. If such is not
meant, why postpone at all? Why not
let the distribution take pace on the 1st
ot 5aly, ii The law SO directs? (Which.
however, is regarded as questionable
But why not have limited the provision
to that effect? Is it for the accommodate
ton of the treasury? see no reason to
believe that tire treasury will be in bet
ter condition to meet the payment on
the 1st VI August than On the lst of July.
The bill assumes that distribution OF
the proceeds OF the public lands is, by
existing laws, to be made on the lst day
OF July, 1912, Notwithstanding there has
been an imposition Of daties on imports
exceeding 90 per cent. up to that day.
and directs it to be made On the LIST os
August next. 1t seems to me very clear
that this conclusion is equally erroneous
and dangerous; as it would divert from
the treasury 4 fund sacredIy pledged for
the general purpose Of the Government,
in the event of rate Of duty above 90 per
cent. being found necessary for an ecG-
nomical administration Of the GovtrA-
ment.
Tie bill under constellation is design
ed only as temporary measure: and
thus temporary measure, passed mere
ly for the convenience OF Congress, is
made to effect the vital principle of an
important act. If the proylso Of the act
of September, 1841, can be suspended
for the whole period of temporary law,
why not for the period of a permanent
law ? In fact. a doubt may be we'll eater
tanned, according to strict legal rules,
whether the condition, having been thus
expressly suspended by this bill land fend-
cred inapplicable to a case where it would
otherwise have clearly applied, will not
be considered as ever after satisfied aud
gone. Without expressing and decided
opinion on this point, | see enough IN It
to justify me in adhering to the law ds
it stands, in preference to suhjectins Il
condition SO vitality affecting the peace of
the country, and so soemnly enacted at
a momentous crisis, and SD steadfastly
adhered to ever since, and SO replete, ii
adhered to, with good to every interest Of
the country, to doubtful or captiouS in
depreciation.
In discharging the high duties thus
imposed on me by the Constitu ion, re-
peat to the House my entire Willingness
to cooperate in all financial measures.
constitutional and proper, which IN its
wisdom il may judge necessary and pro-
per to re-establish the credit Of the Gov
ernment. believe that the proceeds OF
the sales Of public lands being restored
to the treastry-or, more properly speak
ing. the proyis OF the act of September,
l84l, being permitted to remain in fall
iorce-a tariff OF duties may easily be adj
justed, which, while it will yiele reve.
nue., sufficient to MAINTAIN the Govern
ment IN vigor, by restoring its credit,
will afford ample protection, and inluse 4
lew hope into all our manufacturing es.
adjustments. The condition of the coun.