Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-03-29

From present indications, it is hardly doubtful that
Congress will find it necessary TO lay additional duties
imports in order 10 meet the ordinary current expen
ses of the Government In the exercise OF sound dis
elimination having reference TO revenue but at the
same time necessarily affordng incidental protection
to manufacturing industry, it seems equally probable
that duties some articles OF Importation will have 10
be advanced above 20 per cent In performing this
important work Of revising the tariff of duties, which
in tie present emergency would seem TO be nd!spensa
ble cannot too strongly recommend the cultivation Of
spirit OF mutual harmony aud concession, to which
the Government itself owes its origin, and without the
continued exercise of which, jarrng and dscord would
universally prevail
An additional reason for the increase of duties in
instances beyond the rate of 20 per cent will
list fulfilling the recomme ndations already made, and
now repeated of making adequate appropriations for
the deiences OF The country.
BY the express provision Of the act distributing the
proceeds of the sales of the public lands among tina
States its operation psO ucto TO cease SO soon as the
rate o. the duties shall exceed tie limits prescribed III
the act.
In recommending the adoption Of measures for dis
ributing TIE proceeds of the public lands among
the States at the commencement of the last session of
Congress, such distribution was urged by arguments
and considerations which appeared to me then, and ap-
pear TO me OF great weight and was placed on the
condition that it should render necessary any de-
parturc from the Get of 1888 II is, with sincere re.
eret that now perceive the necessity OF departing
/ from that act because am well aware, that expecta
tions iustly entertained by some of the States will
be disappointed By any occasion which shall withhold
from them the proceeds of the lands. But the con-
dton was plainly expressed IN the message and WAS
inserted in terms equally plain, in the law itself and
amidst the emba nens which surround the country
on all Sides and bese both the General and the State
Governments it appears TO me- that the object irst ana
highest in importance, is to establish the credit OF this
Goyernme and 10 place it durable foundations, and
thus afford the cfeciua support 10 the credit OF
the States equal at least, to what 1t would receive
from distribution OF The proceeds of the sales OF 'he
public lands
When the distribution law was passed there was
RI reason anticipate that there would be real
surplus to distrbutc.-On that assumption it was, II:
my opinion wise, just and beneiicent measure
But continue it in force while there is no such sur
plus to distribute, and when is manestly necessary
not on the duties but at the same time 10
borrow money in order to lqudate the public debt and
disemoarrass the Public Treasury would it TO be
regarded unwse alienation of the best security OF
the public creditor, which would with difficulty be ex
cuscd and could not be justified
Causes of no ordinary character have recently dc.
pressed American credit in the stock market OF the
world degree quite unprecedented. lnced scracey
mention the condition OF the banking institutions G!
Of the States, the vast amount OF foreign debt
contracted during a period of wild spec ulaton by
corporations and individuals and above all, the doc
trine Of reputation Of contracts solemnly entered
into by States, which, although yet applied only
under circumstances OF peculiar character, and ge
morally rebuaed with severity by the moral sense
of the community, is yet very lcentous, and
in Government depending wholly on opinion SO
very alarming, that the impression made by 1t 10 our
disadvantage people, is any thing but surprising.
Under such circumstances, is imperavely due from
US 10 the People whon. represent that, when we
| into the morey market to contract loan we should
tender such securities TO the money lender, as
we'll at home abroad, 10 feel that the most proptors
opportunity is afforded HIM Of investing poftably and
ludiciously his capital. Government which has paid
off the debts of two wors, waged with The most power
ul nation of modern times, should not be brought 10
the necessity Of chafsring for terms in the money
market. Under such circumstances cs have advered
10, our object should be 10 produce with the capt.
,asts feeling of entire confidence, ty a ten.
der Of that sort of security which in all times past has
been esteemed sufficient, and which for the small
amount Of proposed Indebtedness WI! unhesItatng
ly be regarded as amply adequate. While pledge OF
all the revenues amount To more than IS implied III
every instance when the Government contracts debt,
and although it ought IN ordinary circumstances TO be
entirely satisfactory, yet in times like these The capt
taist would feel better satisfied with the pledge OF
specifc fund, ample magnitude to the payment oil
his interest and ultimate reimbursement OF his principal
Such is the character OF the land fund The most vigil
liant money dealer wili readily perceive tina. not Only
vii! his interest be secure on such pledge but that
debt OF SIS, 900 600 S20,0U0,00O would, by the
surplus of sales over and above the payment Of the
interest, be ea,ingulshed within any reasonable time
fixed for liz resumption. To relieve the Treasury from
its embarrassments and 10 aid i'll meeting its requis
ons until allowed for any tariff o.! duties
TO become available, 1t would seem To be necessary 10
fund debt approaching to slS,G00OOO and, IN order
place the negotiation OF the loan beyond reasonable
doubt, | submit to Congress whether the proceeds of
Of the sales of the public lands should not be pledged
for the payment OF the interest," and the Secretary Of
the Treasury be authorized, out of the surplus of the
proceeds of such Gales, to purchase the Stock when 1t
can be procured such terms Us will render it bene
fetal in that way 10 exinguish the debt and prevent
the accumulation OF such surplus while lis distribution
is suspended.
No one can doubt that, the Federal Treasury
prosperous as 1t was len years ago, and lis hs
cal operations conducted by efficient agency Of lis
own, CO extensive with the Union, the embarrassments
of the States, and corporations in them, would produce
even if they continued they (wee that possibe)
effects far less disastrous than those experienced
II the disorder here at the heert and centre of the
system that parayzes and deranges every part of it.
Who does not know the permanent Importance, not 10
the Federal Government alone, but 10 every State and
every individual within It's jurisdiction, even their
mos, independent and isolated individual pursuits in
the preservation Of sound state Of public opinion aud
iudlcous administration here' The sympathy is in
Simultaneous and universal. To attempt TO remedy the
evil of the derangcd credit and currency OF the States
while the disease allowed TO rage in the vita of tins
Government would be hopeless undertaking.
II the full conviction OF this truth which emboldens
earnestly TO recommend To your early and seri
Gus consideration the measures now submitted TO yonr
better udement, well those TO which your aten
ton has been ALREADY invited The first great want ct
the country, that without answering which, all attempts
at lettering the present condition OF things Will prove
fruitess complete restoration of the credit and IL
nances of the Federal Government. The source and
foundation ofall credi, is the confidence which the Co
yernment inspires; and Just III proportion as that conf
dence shall be shaken diminished Will be the ds:rust
among all classes of the community, and the derange-
ment and decentralization III every branch of business and
all the interests Of the country Keep the standard Ct
rood faith and punctuaty IN the operations OF the &C.
neral Government, and all partial irregularities and
disorders Will be recied by the Influence Of its
pe bu, suffer that standard 10 be debased disturbed,
and it is impossible toesee TO what degree Of de-
grada;ion and confusion a financial interests, public
and private, may sink In such country this, the
Representatives. of the People have only 10 will it, and
the public credit will be as high as it ever was.
My own of the measures calculated to effect
this great and desirable object, have thus frankly
pressed 10 Congress, under circumstances which give
to the entire subject peculiar and solemn interest
The Executive do no more If the credit Of the