Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-08-27

pObc, UlgUeT UuleS i0dH ~ per Cent' It's
fixed by the Compromise act shall be i'm
posed then the public lands, as heretofore
must remain devoted to the general uses of
the Union, and their proceeds come into
the National Treasury, to operate in abatc-
ment of the burdens imposed for the sup
port of the Government, to diminish, to
the extent of their amount, the additional
taxation called for, to aid in keeping down
the accumulation of new national debt,
and to avert the necessity of recurrence
to those onerous impositions on the great
producing and consuming classes which,
by the angry conflict they excited, had well
nigh, on a recent occasion, brought our
glorious Union to the brink of dissolution.
These were the high considerations which
led to the adjustment contained in the pro-
viso to the Distribution act. In that adj
justment, faithfully executed, | believe a
large majority of the people of this country,
embracing men of all parties, have ever
been disposed cheerfuly to acquiesce. But
now, when every body sees and admits that
duties will be imposed fsr exceeding the 20
per cent limit of the Compromise, an at
tempt is to be made to carry out. recklessly
the distribution of the proceeds of the
public lands among the States, in utter dis
regard Of the fundamental principle on
which the act of the last session was passed!
And in what condition of the public fl
nances is it thus proposed to deprive the
Treasury of one of its most precious and
valuable resources! In condition of ex-
haustion, embarrassment and distress, such
as it has not known since-I had almost
said the close of the revolutionary war
but certainly the termination of the last
war with England. The honorable chair
man of the Committee of Finance (Mr.
Evans) has told US that even with the aid
of the bill now before us, and the new
Revenue bill which we passed the last Sos
sion of Congress, we cannot obtain an an
nual receipt of more than Is millions OF
dollars. The amount nessary for the an
nual expenses of the Government, accord
ing to the estimate of the honorable Chair
man of the Committee of Ways and Means
of the other House, (Mr. Fllmore) is 81
millions of dollars Here then is a round
deficiency of IL millions of dollars. How
is it to be met? Let me tell my honorable
friend at the head of the Committee of FL
nance that, with all his acknowledged acu-
men, and fertility of resource, he will be
puzzled to meet it by any additional in
crease of duties, no matter how high, (for,
after all, this is but finite resource) and he
may yet find himself reduced to the morti-
flying necessity of making his election be-
tween the land fund and resort to direct
taxation!
With this wide gap between the current
revenue and expenditures of the Govern
ment we have been driven to resort to its
credit. And how does that stand, Mr..
President Of the loan of twelve millions
authorized by the act Of the last session OF
Congress, you were able to obtain, even in
a comparatively easy and abundant state
of the money market, but five and half
millions. During the present session, we
have authorized new loan of twelve mill
ions, on terms more inviting to capitalists
than any respectable Government-loan put
into the market for the last quarter Of a
ccntury-bearing six per cent. interest, and
having twenty years to run! How much
Of that has been obtained? The honorable
Chairman Of the Committee of Finance
can probably tell us; | know not; but if
rumor speaks truly, only a million and
half, and that at a discount! Is this, then,
would respectfully ask, time when prop
ostion can be seriously entertained by
practical statesmen to ALLEVIATE forever,
from its primary and legitimate destination
the great national domain, hitherto. and
destined again to be, a productive source
of revenue to the nation, and one of the
chief and most available supports of its
credit! If, in the face of all these objec-
tons, it be resolved to distribute the pro-
ceeds of the public lands, at all hazards, to
the States, | would ask the honorable chair
man of the Committee of Finance, is it
quite certain that there will be any money
in the Treasury wherewtth to make the dis
tribution either on the first of July or the
first of August? When the Navy Appro-
Priation bill and the Army Appropriation
bill, which we have Just sent back to the
House of Representatives, shall have pass
ed, shrewdly suspect, Mr.. President, that
they will sweep the vaults of your Treasu-
ny clean, and leave not dollar, or frac-
ton of dollar, to answer any demand
upon them What then? You must do
what the distinguished citizen of Kentucky,
the great champion of Distribution, has
himself admitted, there is no power or
authority in the General Government" to
raise money by taxation, or by borrow
ing to distribute among the States. Such
are the Inconsistencies and contradictions
into which an discriminating adhesion to
measure, which has once been made test
of party is SO apt to betray US.
CONCLUSION NEXT WEEK.