Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-29
VI T. . - AG L .
To 'hs Senate and Ho~s, Of

unon Congress the necessity of providing the 20
vsrnment with the means of discharglng its debts
and maintaining inviolate the public faith, the in
er,asing emb,rrassments OF the Treasury, impos
upon mo the indispensable obligation Of again invi,
ING YOUR most serious attention TO the condition o
the finances Fortunately for myself, in thus bring
iag this important subject to your view, for a de-
lbsrate and comprehensive examination OF 1t IN al
its bearings. and trust may add, for a hnal ad-
iustment of il, to the common advantage OF th'
whole Union, l am permitted to approach 1t with
perfect freedom and candor. As few OF the burden,
for which provision 10 now required 10 be made,
have heen brought upon the country during my
short administration OF its affairs, have neither
motive wish to make them matter OF e,'u''ha.
ton .gninst any of my predecessors am disposed
TO regard as am bound TO treat them, as facts,
which cannot now be undone, and as deeply inte-
resting 10 us all, and equally imposing upon all, the
most solemn duties. And the only use would
mnke Of tho errors Of the past, is by careful ex
nmna ion OF their and character, TO avoid, II
possible, the repetition OF them in future. The
condition OF the country indeed, is such as msy
well arrest the conflict OF parties The conviction
seems at lensth TO have made it's way TO the minds
of all, that the disproportion between the public
responsibilities, and the means provided for meeting
them, is casual transient evil. IL - on the
contrary, one which must, for some Yeas 10 come,
Notwithstanding a resort 10 all reasonable rotrench-
ments and the constant progress OF the country IN
population and productive power, continue to in
under existing laws unless we consent to
give up or impair all our deiences IN war and peace
Bat this is 4 thought which I am persuaded no pa
triotic mind would, for moment, entertain. With
out affecting alarm, which do not feel, in re
gard 10 our foreign relations 1t may safely be affirm
cd, that they in a state too critical, and involve
too many taomentous issues to permit TO neglect
IN the least, much less to abandon entirely, those
means of asserting our rights, without which nego-
tisiion is without dignity, and peace without secu-
Ti.y.
10 III, Report Of the Secretary OF the Treasury,
submitted TO Congress 1T the commencement Of the
present session. il il estimied that AFTER exhauSin.
Il 81.
miin deficit Of about Sl40 900 600. With a view
partly to a permanent system Of revenue, and partly
10 Immediate relief from nc'ual embarrassment. that
officer recommended, together with plan for estab
li,h'ns 4 Government ENcheque., some eNpedient.
Of n more temporary character, viz: the issuing Of
Treasury notes, and the extension Of the time for
which the lean, authorized 10 be negotiated by the
yet Of the last session should be taken Congress ac
c1riinsly provided for issue Of Treasury notes
the amount OF So 900 900, but subject TO the condi
ton that they should net be paid away below par. l
No measure connected with the last OF the two OBJ.
ic,ts above mentioned was introduced until recently
INTO tho House Of Representatives. Should the |
Loan bin now pending before that body pass into a
law for its present amount, there would sill remain
n deficit OF 80 500 0C0. IL requires no argument to
show that such a condition of the Treasury is in.
compatible not only with high state OF public
di; but with any thing approaching TO efficiency in
the conduct OF public affairs. Ii must be obvious
even 10 the most ineI peTerced minds, that to say
nothing o. any particular exigeney, actual or immi
u great nation, with view to contingencies Of ord-
rary occurrence, surplus iesst cqunl in amount
the deficiency. But that deficiency, serious as II
wou.o be IN itself, will am compelled TO say, "a
ther be increased than diminifhed, without the
adoption OF measures adequate TO correct the evil
at once. The stsenation OF trade and business, in
some degree. incident 10 the arrangement of the
n''lonl finances and the state nf the revenue laws
holds out but little in prospect of relief in the ordi-
narv course Of things, for some time TO come.
Under such circumstances, am deeplV impressed
wiki the necessity Of meeting the crisis with vgor
and decision which II mperativey demands a; the
hands Of entrusted with the conduc; OF public
Off8Irs. The gravity OF the evil calls Cor remedy
psoporiiored TO It. No slight paia,ives or occa
SOMA. eNpedienls will give the country the relief IL
needs. Such measures, on the contrary, will, in
|. end, as IS now manifest TO all, too surely multi
ply IT'S embarrassT1euts. Relying, as | am bound
u 30, on the Representatives OF People rendered
n'pslrous among nations, by having paid off its
whole public debt | shall not shrink from the re.
r0orshl.iy imposed upon me by the Constitution,
a. pointing out such measures as viii, IN my opinion
ensure adequate relief. ! am the mere encouraged
10 recommend the course which necessity e1aets,
hy the confidence which have in is complete sue
cess The resources Of the country, IN every thing
HAT constitutes the wealth and strength OF nations =
nrc so abundant. the spin, OF a most industrious =
tn;erp'sing, and intelligent People is so energetic
and elastic. that the Government will be withou. =
the shadow Of excuse for us delinquency, If the
cl.hc lt es which now perplex and embafrass IT, be
no. speedily and effectusy removed.
From present indications, II is hardly doubtful
tina. Congress will find 1t necessary TO !av add =.
uoni. duties on imports IN order 20 meet the ord-
nary current expenses or the Government. In the
exercise of sound di elimination having reference
TO revenue, but at the time necessarily afford
i.s incidental protection TO manufacturing industry,
y seems equally probable that duties some arli- 81
c.as Of Importation will have TO be advanced above
% per cent 10 performing this important work OF
revising the tariff Of duties, which, IN the present
emergency, would seem TO be Indispensable, can
no. too strongly recommend the cultivation OF a ,
spiut oi mutual harmony and concession 10 when .
the Government itself owes its origin and without =
the toniinoed exercise OF which jarrins and di.cord
would universally prevail.
IN additional for the increase OF duties in
some Instances beyond the rate Of 90 per cent, viii
eXs. 900 fulfilling the recommendations already made ,
and now repeated, Of making adequate appropria. |.
lions Tor the defence OF The country.
by the express proysion Of the &C, distributing
the proceeds Of the sales OF the public lands among
The States its operation is, ip,o Caeto 10 cease so
room as the rate Of duties shall exceed the limits
prescribed m the act.
In recommending the adoption ofmeans for dis
trioUiag the proceeds Of the public lands among
the States, at the commencement Of the last ses. I
sion Of Congress, such distribution was urged by
arguments and considerations which appeared 10 me |
then, and appear TO me now, Of great weight and /
was placed on the condition that II should not rem.
der Necessary any departure from the act Of 1888.
is win sincere regret that now perceive the nc.
ce,siy Of departing from that act, because am well
aware that expecta'ions, justly entertained by some
Oi The States will be disappointed by my occur
renee which shall withhold from them the proceeds /
Of the lands. But the condition was plainly ex |
pressed in the Message, and was inserted in terms
equally plain in the law itself and amidst the en-.
blrsassments which surrounded the country on all
sics and bcset both the General and tho State
Governments, appears 10 that the objects first
and highest in importance, is to establish the cred,
81 Ibis Government and TO place It durable
foundations and thus afford the most effcciua sup
To-t q the credit Of the States, equal, al eas 10
what It would receive from 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 soon would be
real surplus 10 distribute. On that assumption, il
was, 10 my opinion, a Wis., Just, and bsnehcent
measure. But 10 continue IN force. while there is
such surplus 10 distribute, when II is manifesty
ne-r-slry not only 20 increase the duties but az
tho same time 70 borrow money IN order TO quidale
tue public debt, and disembauass the public Troa.
surY, would cause u 10 be regarded as an unwise
alienation Of the best security Of the public CREDITOR
which would with difficulty be excused, and could
not bo justified.
Causes Of no ordinary character have recently
depressed American cred. in the stock market OF
tho world 10 degree quite unprecedented. ! need
scarcely mention the condition Of tho banking nsti.
tutons Of some Of the States-tho vsst amount Of
foreign debt contracted during ptro Of Wild spscu
la'i0n by corporations and individuals, and, above
all the doctrine Of reputation Of contracts solemn.
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