The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-04-01

lars to be made for period of twelve or fifteen
years How could such pledge be made with
out repeal Of the Distribution principle? The
mere suspension Of the operation OF the act up
on the contingency mbodied in that act would
not answer the purpose unless such thing can
be imagined as contingent pledge"
These remarks proceed, as il seems 10 US, on
an entire Misrepresentation OF the subject. BY
provision in the Distribution act, it suspends
itself in a certain contingency, viz: when the
rate of duties upon any articles shall exceed 20
pc, centum. The President assumes that 10
raise the amount OF revenue required to defray
the ordinary and current expenses OF Govern
ment, and 10 provide for the national defences,
rates of duty must be imposed upon some arti-
ces, above 20 per cent The anticipated con
tingency will, therefore, ipso facto suspend the
law, and will lberate the proceeds Of the sales
of the public lands. The President regards the
law, and all its parts, as being realities and So
emn truths, and not mockery proclaimed TO
the American People for the purposes OF decep-
ton. He does not believe that an American
| Congress declared one thing when another was
intended Acting upon this belief, he proceeds
to consider that done which, in fulfllment Of the
law of the extra session, must be done, and
then inquiries what disposition should be made
of the fund thus liberated ? In fact, he recon-
mends neither suspension nor repeal. The lat
ter he expressly disclaims in the passage where
he speaks of the Distribution act being wise,
just, and bene6cent, in state of circumstances
that admit Of the application Of the principle on
which it is founded He does not recommend
suspension, because it would he supererogatory
to advise that which the law already provides
But he assumes that the law will be executed,
and fund placed at the disposal of Congress
for the best interests Of the country
In regarding the condition of that country, he
finds lis Treasury exhausted, its credit impair
ed, and the means essential to its defence un-
provided. He strikes at once al the root Of the
evil and urges that no relief can be expected un-
til the credit of the United States of America is
placed on the high ground, which their honor.
their interest, and their resources, demand il
should occupy. To accomplish this object, he
calls the attention Of Congress to this liberated
fund at its disposal by the provisions Of the Dis
tribulion act, and urges its being specifically
pledged TO the payment of the interest of the
| loan, admitted on all hands TO be indispensable,
and to the extnguishment of the principal.
The honesty, fairness and justice of this
suggestion do not seem TO be denied nor is
its efficiency in accomplishing the desired OBJ
! ject questioned. But ii IS asked, "How could
such pledge be made without repeal Of the
Distribution principle ?" The force of this
question depends upon what is understood by
'the Distribution principle" A recurrence TO
the lang age Of the act will facilitate our in
quries. The prouiso to the 9th section Of the
Distribution act of September 4, 1871, declares
that if at any time during the existence Of the
act the rate Of duty upon any article shall ex-
coed 20 per cent, the distribution Of the pro-
ceeds Of the public lands shall be suspended, but
shall be resumed when the duties shall be re-
stored to that rate.
This proriso qualities and controls the dis
tribution, so as to become part of the prlncl-
pie on which it is founded. Ceasing thereby
its own operations upon the occurrence of the
contemplated contingency, repeal is wholly
unnecessary, and the liberated fund may be
otherwise disposed of, by direct application or
by being pledged to any specific purpose
But the InteIligencer apparently finds Difficult
ty in imagining ''such a thing as a contingent
pledge" This is not precisely what il means,
because all pledges are iii their nature contin-
gent. 1t means that the fund proposed 10 be
pledged, being contingent upon the fact OF any
duties being raised above 20 per cent, it may or
may not exist during the term OF twelve or fiji
teen years, which it is proposed the loan shall
run, because all the duties may be reduced to or
below 20 per cent. All human events are in
some sense contingent. specific pledge Of
tax on watches might fail, because people
may universally abandon the use of time pieces
Thus. in making pledge, all that can properly
be required is reasonable certainty that the
fund pledged viii continue and will be adequa G.
Now, in relation 10 the continuance of the rate
of duties upon some articles above 20 per cent.
is there any man, at all acquainted with the
actual demands of the Treasury now, that
doubts the necessity of thus raising some OF the
duties And is there any one who anticipates
that for years TO come those demands will be so
reduced as TO dispense with such additional
revenue We would not hesitate to put this
question to the candor of the editors of the In
telligencer themselves How long this neces-
SHY may continue, no one can conjecture. But
if it be not sincerely believed that its duration
must be for FIVE or SIX years 10 come, then is the
principal ground for an increase of the rate of
duties, wanting.
To meet this very contingency, and to shorten
the terms during which the pledge would con-
tinue, the President in his Message recon-
mends that the Secretary of the Treasury be
auth nrized 10 nurchaSe the stock 10 be issued