New-York daily tribune., 1842-08-11
VOL. HI. NO. Hos.

t1rtn IN the message which accompanied the return
of the bill-which Constitutional ma; ;orify ap
pears to have been found for passing into law.
The bill which is before me proposes, ii
the 9th section, the total repeal Of one of the
proyisos in the act of September, and while it iR
creases the duties above 30 per cent directs an un
conditional distribution of the land proceeds.
am therefore subjected secssd time, in the peri.
cd Of few days. to the necessity OF either giving
my approval to measure which, in my deliberate
udgement is in conflict with great public interests
or of returning it to the House in which il orgna-
ted, with my objections. With all my anxiety for
the passage of a law which would repenish an ex-
hausted Treasury. and furnish sound and healthy
encouragement TO the mechanical industry, I can
not consent to do SO at the sacrifice Of the peace
and harmony of the country, and the cearest con-
victons Of public duty
For some of the reasons which have brought me
to this conclusion, refer to my previous Messages
to Congress, and briefly subioin the following:
l. The bill uni,cs two subjects, which, so far
from any affinity to another, are wholly ncon-
gruous in their character. 1t is both a revenue
and an appropriation bill. 1t thus imposes on the
Executive, in the first place. the necessity of eth
er approving tina, which he would reject, or reject
lag that which he might otherwise approve. This
is a species of csnstraint to which the judgement
Of the Executive ought not in my opinion, to be
subjected. But that is not my only objection to
the act in its present form The union of subjects
wholly dissimilar in their character in the same
bill, if it grew into practice would no: fail TO
lead to consequences destructive of all wise and
conscientious legislation. Various measures, each
agreeable only to small minority, might, by be.
ing thus united, and the more the greater chance
of success, lead to the passing of laws, of which
no single provision could if standing alone, CON-
nland majority in its favor.
2. While the Treasury is in state of extreme
embarrassment, requiring every dollar which it
make available, and when the Government has not
only to lay additional taxes, but to borrow money
to meet pressing demands, the bill proposes to give
away fruitful source of revenue-which is the
same thing as raising money by loan and taxation
not to meet the wants of the Government, bur
for distribution, proceeding which | must regard
as highly impotic, if not unconstitutional.
brief review of the present condition of the
public finances will serve to illustrate the true
dition Of the Treasury, and exhibit its actual ne
ccssities =
On the h August, (Frday ast there was in the Trea
sury in round numbers. $50 900
Necessary 10 be retained TO meet trust
Interest on the public deb, due in octo.
To redeem Treasury notes and pay the
iute
Land Distribution under the act of the
ilh September l84l................. $4,000
-sl, 10000
Leaving available amount .Ss7oo 900
The Navy Department has drawn acquisitions
on the Treasury, at that time, to meet debts actu-
ally due, among which are bills under protest for
$1,414,006, thus leaving an actual deficit of
S444, 600.
There was on hand about 100000 of unissucd
Treasury notes, assisted by the accruing revenue,
amounting to about $l50,00O per week. exclusive
of receipts on unpaid bonds, to meet acquisitions
for the Army and the demands of the civil list.
The Withdrawal Of the sum of S640,00 to be
distributed among the States, soon the state
ments and accounts can be made up and con-
plotted, by virtue Of the provisions OF the act ol the
4th September last, of which nearly a n,oIety gees
to few States and only about $333, 900 is TO be
divided among all the States, while it adds mate
rially 10 the embarrassmenss of the Treasury, af
fords to the States no decided relief
Nc immediate relief from this state OF things is
anticpatcd unless, what would most deeply be
deplored, the Government Uould be reconcilcd to
the negotiations of loans already authorized by
law at u rate of discount rulnous In Itself, ano
calculated most seriously affect the public credit
S. great is the depression of trade, that even II
the present bill were to become a law, aid prove
to be productive, some time would elnpse before
sufficient supplies would flow into the Treasury,
while, in the meantime, Its embarrassments would
be continually augmented by the semi-annual dis
trbuton of the land proceeds.
Indeed, there is but too much ground to appre-
bend that even if this bill were permitted to become
law, alternating it does the proceeds OF the land
sales, an actual deficit in the Treasury would oc-
cur, which would more than probably involve the
necessity of resort to direct taxation
Let it be also remarked, that SIS, 100000 of the
public debt becomes redeemable in about two
wears and half, which, at any sacrifice, must be
met, while the Treasury is always liable to de-
mands for the payment of outstanding Treasury
notes Such is the gloomy picture which our
inaHeal department now presents, and which calls
for .ae exercise Of a rigid economy in the public
expenditures, and the rendering available all
the means within the control Of the Government.
| most respectfully submit whether tins IS q time
to give away the proceeds of the land sales, when
the public lands constitute a fund which, OF all
others, NAV be made most useful in sustaining the
pubEc credit. Can the Government be generous
and munifcent to Others when every dollar It can
command is necessary to supply its ewn wants
And if Congress would ,ot hesitate to suffer the
provisions Of the act of 4th September last to re-
main unrepcaled in case the country was involved
in war is not the necessity tor such course no"
just as imperative as it would be then
3. a third objection remains to be urged, which
would be sufficient, in itself, to induce nae to re-
turn the bill to the House with my objections
BY uniting two subjects so incongruous as lantt
and Distribution it inevitably makes the late OF the
one dependent upon that of the otherin future con-
tests of party Can any thing be more fatal to the
merchant or manufacturer than such an alliance
What they most Of all require is a system OF mod
crate duties, so arranged as to withdraw the Tar
if question, as r possible, completely from the
arsua of political contention. Their ch'et want Is
pernauency and stability. Such an increase OF the
Tariff believe to be necessary, in order to meet