Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-31


INSTANCES beyond the rate o % per will exist in full
Milling the Recommendations already made and now re-
Pcatcd OF making adequate appropriations Tor the dcieuce
OF The country.
by the express provision Of the act distributing the
proceeds ot the sales of the public lands among the
states, ITS operation ispo acio as the
rate ct the duties STALL exceed the limits prescribed IN
the act
In Recommending the adoption of measures for dis
rhuting the proceeds oi the public lands among the
States al the oi the las, session of Con
gress. such distribution was urged by Arguments and
considerations which appeared 10 then, and appear
10 me now, great weight, and placed on the condl
ton that II should render departure
from the OF 1873. Il is with sincere regret that
now perceive the necessity of departing from that act,
because am we'll aware that expectations Justly enter
tanned by some of the states will be disappointed, by
occasion which shall withhold from them the pro
ceeds OF the lands. But the condition plainly
pressed in the message and inserted in terms
equally plain IN the law itself; and amidst the enbarrass
mens which surround the country all sides and bcsci
both the General and the State Governments appears
10 me that the object first and highest in importance
lsto establish the credit OF tins Government, and place
II durable foundations and thus afford the ciicc
la supper, 10 the credit Of the States equal at least 10
what it would receive irtm direct distribution of the |
proceeds OF the sales OF the public lands.
When the distribution law Was passed lhcre was rca
son to anticipate that there would be real surplus
to distribute Ga that assumption II my opinion
\ WISE Just and bcneie.nt measure. But TO con
liNNe IL III iftP WINE tht Is no such surplus To dis
tribute and when it is maniisy necessary only To
increase the duties but at the time 10 borrow
ney in order to lquldatc the public debt aud discmbar
rasS the public Treasury. would he regarded
as unWse alienation of the best security of the public
creditor. which would with difficulty be excused, and
could mol be justified
Causes Il no ordinary character have recently dcpros
sed American credit in the stock market d, the world to
degree quite Unprecedented need scarcely mention
the condition oi the banking institutions OF of the
= al 1plt Iurlnu
, period Of wild speculation by corporations and ndlvd
uas, and. above ALL the doctrine OF reputation OF
tracts solemnly entered into by States which. although
as yet applied only under circumstances oi peculiar
character, and generally rehuhed with severity by the
moral SENSE Of the community, is vet 50 very centious
; and IN a Government depending wholly opinion
very alarming that the impression made 10y IT To our
disadvantage people, lsany ding but surprising
ndcr such circumstances, II Is mperatvey due from
rs To the People whom represent, that. when 90
in o The money market to contract loan, should ten
dor su IN securities the money lender well
=, In abroad to feel that the most propitious oppor
mn,v is afforded him ofinyestlng pulahy and ludlc
ousy hi. cIpltal Government which has paid al the
doh,s oftN } wars. Wagcd with the most powerful ma
lion Of mode times, should not be brought ,othe
s,,v b,nari, for terms IN the money market tnder
snch crcumsan IS as have adver'cd to. our object
sboulJ he Ia nrod with the capitalist feeling of en-
fro c,n6donca IN, sender that of security which
!, all Times ast has h. esteemed sufficient. and which
tr fine small amount of ur proposed Indebtedness Will
unhcsitatingy be REGARDED as aniPy adequate. w me
pledge Of all the ''',"h. W nv ''''' WA" ~
hn." III ps,I9 'nS'''e ordinary circumstances
to be entirely satisfactory vel in INES Ike 'h'Se ue
capitalist would feel better satisfied WIN 'ie peuB' ~
pe'', ,"" H , ,',l", =, - lis PRINCIPAL
,.'' - ' t ' " - ~, III ' n " III most vju-
sue" Is III. ','a'.". -, VI. t'" u.u ,,t not only
'' n, , '''o u s l. that a
debt OF ss ,ooo, DOR $2oo0o,Ooo would by h." ''.
" say , .oaapr,, ,n f,oJ c Is
~ ~ H. Ill.,, W. H., -, - ~, ,ha.
'ue'''i'o" ;l w. v" ~. no'
80 n . : . , n ,.,fF ~ l,, =, l,, -,
10 t w. "y w M aaassr, ~ IND dI an
''; sis ,on nnn a j.; j -, ,Ino ,Lo un
'"''a9 - NV .'.a a", u, "'JJ. h hm,
go,. ' , 49, ~ -. ~ Ill., AL, lad
to 'on. 10 49, Co. H. ,o,, -, H., i,n,.s,
should NJ, 80 H., r., -, IT, ,,,l.iaal ,,, -,
ana The Seer. ,aaa'l a., ,.,i, .os - n,rl,eo tho
TIE surplus OF INT. ,ol 49,, s,,I ,or. a, viii ron
stock when II can t@ ~ as ,;n,n;th ,ho h, and
der II beneiicial III That W. , ,,ts h,l tic Is,r;
prevent the accumulation " W. ''' '''''
button Is suspended. -, rodor.1 trtsoe,r,,
NO one can doubt HAT were !" aao ,nd lie Gsc,l
now as prosperous as was ten yea. s,cyofits nxn
operations conducted by an eillcen ~ vents If tho
coeN'hsiVe WIFI me 'nion Tie eiparra. :" zoo ovon
States and corporations IN them, would pr' :" cc
II Icy coh'hueda AS 'h'v are, NWere tha' loss' II
ecs Tar less disastrous tlan those now experience
is the disorder here at the heart and centre OF the 8,
TEN, that paraly aud dean9es every part OF It, Who
does not know the permanent Importance not to the
Federal Government alone but to every State and every
individual within urS0irt,On, their