Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1842-08-27


ted most seriously toaffect the public cred
it. So grea, is the depression Of trade, :
,ha: even il the present bill were TO be-
come a law, and prove TO be productive,
some time must clapsc before sufficient
supplies would now into the Treasury,
while, in the meantime, its cmbarrass-
mcnts would be continually augmented by
the semi annual distribution Of the land
proceeds.
Indeed, there is but TOO underground to
apprehend that even if this bill were per-
United 70 become law, als0tling as it
does the proceeds ot the lsndS IS, an ac-
ttual deficit in the Treasury wd Id occur
which would more than probably involve
the necessity ola resort TO direct taxation.
Let il be also remarked, thatS5, 500 900
Of the public debt becomes redcemable in
about twosyears and u half, which, at any
sacrifice, must be mo1 1.hilc the Treasu
ny is always liable lands, for the
payment of outs,andi6g Treasury notsGe
Such is the gloomy picture which our &.
nancial department now presents, and
which calls for the exercise Of rigid
economy. in the public expenditure, and
the rendering available Of al! the means
within the control of the government.
most respectfully submit, whether
this is time TO give away the proceeds
of the land sales, when the public lands
constitute a fund which Of all others may
be most useful in sustaining the public
credit. Can the government be geDer-
Gus and munifcent to others when every
dollar it can command is necessary to
supply its own wants? And If Congress
would not hesitate to suffer the provis-
ions Of the act Of 4th September last to
remain unrepcaied in case the country
was involved in war, is not the necessity
for such course now just as imperitive
as it would be then?
3. A third objection remains to be
!, urged, which would be sufficient, in it
self, 10 induce me to return the bill to the
House with my objections. By uniting
two subjects solncongruous as Tariff and
| Distribution, it inevitably makes the fate
of the one dependent upon that of the
other in future contests OF party. Can
any thing be more fatal to the merchant
or manufacturer than such an alliance?
What they most OF all require is sys-
tenn of moderate duties, so arranged as to
withdraw the Tariff question, as far as
possible, completely from the arena Of
political contention.
Their chief want is permanency and
stability. Such an increase of the Tariff,
believe to be necessary, in order 10
meet the economical expenditures of gov.
eminent. Such an increase, made in the
spirit of moderation and judicious dis.
elimination, would, have no doubt. be
entirely satisfactory to the great majori-
~ OF the American people. In the way
OF accomplishing measure so salutarY
and SO imperatively demanded by everY
public interest, the Legislative departT
! ment will meet with cordial coopera-
ton OF. The part of the Executive.
This is all that the manufactures can
desire, and it would be burden readily
. borne by the people. But | cannot too
earnestly repeat, that in order to be bene.
tlelal 1t must be permanent, and in order
to be permanent it must command gcner-
al acquiescence. But can such perma--
!, money be justly hoped Tor il the Tariff
question be coupled with that Of Distri-.
button. as to which a serious conflict Of
/, opinion exists among the states aud the
: people, which enlists in its support bare
majority, if indeed there be majority,
OF the two house Of Congress-? What
permanency or stability can attach to a
measure which, warning upon itself, gives
away fruitful source of revenue at the
moment it proposes large increase Of
taxes on the people? Is the manufac-
turer prepared to stake himself and his
!, interests upon such an issue?
know that it is urged, but most erro-
neousy, in my opinion, that instability is
Just as apt to be produced by retaining
the public lands as a source Of revenue as
from any other cause, aud this is ascrbed
TO constant lluctuation, as it is said, in
: the amount Of sales. IL there were any
thing in this objection il equally applies
to imposition Of duties on imports. The
amount Of revenue annually derived from
duties is constantly liable to change.
J The regulations Of foreign governments,
the varying productiveness Of other
countries, periods Of excitement in trade
f and great variety Of other circumstan-
! ces, are constantly arising 70 effect the
state Of commerce, foreign and domestic
>~AAN " consequence tllC ICVCIlllC IEVICU I'D.
], on It. The sales ofthe public domain in
) ordinary times are regulated by fixed
J laws, which have their basis in demand
increasing only in the ratio Of the in
} crease of population. In recurring tothe
statistics connected with this subject, it
will be perceived that for period Of ten
years preceding 1884, the average a.
[ mount Of land sales did not exceed S2,-
OOO,OOO.
| For the increase which took place in
l634-5 and s, we are to look to that Pc
culiar condition Of the country which
grew out ofone Of the most extraordinary
excitements in business and speculation
that have ever occurred in the history oc,
commerce and currency. II was
fruit Ola wild spirit Of adventure engyy /
dered by vicious system Of credits ]. fl
der evils Of which it is fondIy hopeda II
not soon recur
4 Considering the vast amount Of ins j
ments made by private individuals il ~
public land, during those three years. Mn