Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-04-19

L
not shrink from the responsibility imposed
upon me by the Constitution of pointing
out such measures as will in my opinion
ensure adequate relief. lam the more en-
couraged to recommend the course which
necessity exacts, by the confidence which
| have in its complete success. The re-
sources Of the country, in every thing that
constitutes the wealth and strength OF ma
,ons, are so abundant-thc spirit of most
industrious, enterprisng and intelligent
people is so energetic and elastic, that the
Government will be without the shadow of
excuse for its delinquency, if the difficult
ties which now embarrass it be not speed
lily and effectualy removed.
From the present indications it is hardly
doubtful that Congress will find it necessa-
ry to lay additional duties on imports, in
order to meet the ordinary current expen-
ses Of the Government In the exercise
Of sound discrimination. having reference
to revenue, but at the same time necessa-
riIy affording incidental protection to ma
nu(acturing industry, it seems equally pro-
babe that duties on some articles of impor-
tation will have to be advanced above 20
per cent. La performing this important
| work Of revising the tariff Of duties, which
in the present emergency would seem to
be indispensable, | cannot too strongly re-
commend the cultivation Of a spirit of mu-
tual harmony and concession, to which the
Government itself owes its origin, and
without the continued exercise Of which
Earring and dscord would universally pre-
vail
An additional reason for the increase Of
duties in some instances beyond the rate
Of 20 per cent. will exist in fulfilling the
recommendation already made, and now
repeated, of making adequate appropria-
tons for the defences Of the country.
By the express provisions of the act dis
trbuting the proceeds Of the sales Of the
public lands among the States, its opera
ton is ipso iacto to cease as soon as the
rate of the duties shall exceed the limits
prescribed in the act.
In recommending the adoption Of mea-
sures for distributing the proceeds Of the
public lands among the States, at the COM
mencement of the last session of Congress,
such distribution was urged by arguments
and considerations which appeared to me
then, and appear TO me now, of great
weight, and was placed on the condition
that it should not render necessary any de-
parture from the act OF 1888. 1t is with
sincere regret that now perceive the ne
cessity Of departing from tina. act; because
| | am we'll aware that expectations Justly
tertaned by some of The States will be
Disappointed, 10y any occasion which shall
withhold from them the proceeds Of the
lands. Blu, the condition was plainly ex-
pressed in the message, and was inserted
in terms equally plain in the law itself, and
| amidst the embarrassments which surround
the country on all sides, and beset both tie
general and the state governments; II ap-
pears to me that the object first and high
est in importance is to establish the credit
of this government, and to place it on du-
rable foundations, and thus afford the most
efIcctual support 10 the credit of the States,
! coual at least to what it would receive from
a direct distribution of the proceeds Of the
sales Of the public lands.
When the distribution law was passed
there was reason to anticipate that there
would soon be real surplus to distribute.
| On tha, assumption it was, In my opinion.
a wise, q Just, and beneficial measure
| But to continue il in force while there is
no such surplus to distribute. and when 1t
| is manifestlv necessary, not only to IN
| crease the duties, but at the same time TO
| borrow money in order to liquidate the
| public debt, and disembarrass the public
| treasury, would cause it TO be regarded as
an unwise alienation of the best security OF
the public creditor which would with diff
| cuIty be excused, and could not be Justl-
fed.
Causes Of no ordinary character have
recently depressed American credit In the
stock market o. the world to degree
quite unprecedented. need scarcely men,
ton the condition Of the banking instItu-
tons of some Of the States, the vast amount
of foreign debt contracted during period
Of wild speculation by corporations and IN
dividuais, and above all, the doctrine OF
reputation of contracts soiemnly entered
into by States, which, though as yet aP-
plied only under circumstances OF pecu-
liar character, and generally rebuked with
severity by the moral sense of the commu-
nitv. is yet so very llcentlous. and In
government depending wholly on opinion
so very alarming, that the impression made
by i, to our disadvantage as a people, is
any thing but surprising. Under such CIR
cumstauces, it is imperatively due from us
10 the people whom we represent, that
when we go into the money market TO con-
tract loan, we should tender such secu-
rites as to cause the money lender as well
al home as abroad TO feel that the most
propitious opportunity is afforded him of
investing profitably and judiciously his ca
pital. A Government which has paid Oft
the deb, Of two wars waged with the most
powerrul nation Of modern times. should
l.. L.o.,nhf 10 the nece Sify of cha fer.