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

doubt whether the necessities OF the Govern
ment VIII require any duties at that rate during
that time, as to render the security at all hazard
GUS? We think no one will affirm it, But if
the security should iail-if all duties should be
reduced to or below 20 per cent, il will be ow
ing 10 the fact that the amount Of revenue will
have become so large, or the expenditures of
the Government will have become so reduced
that the high rate Of duty will be no longer re-
quired. If so, the same causes will fill the
Treasury and cause it to overflow; and then,
from the abundant means thus provided, Con-
gress will have fund at its disposal with which
TO extinguish the stock issued for this loan,
without any resort TO the sales OF the public
lands, and no public creditor will complain of
the substitution.
1t is, therefore, very confidently asserted, that
pledge of the proceeds of the public lands, .du-
ring the time for which it will be al all neces-
sary, will not be hazardous, but will be as GER
tain and reliable as any creditor could desire,
and that il it should fail, the very cause of its
failure will supply an adequate substitute.
The second reason given by the lntelligen-
cer-the opinions indicated by the press-it APP
pear, TO us that under the circumstances is not
entitled TO much weight. That portion OF the
public press which is devoted to the support Of
a Sub Treasury and hard money currency is
quite willing to understand the message as re
commencing repeal of the Distribution law,
because it implies an abandonment Of the origi-
4 I,i To-
consistency in those who advocate it, On the
other hand, that portion which may be called
Ultra Tariff is DESTROYS Of avoiding even a sus-
pense OF the distribution, so as to create the
greatest possible urgency for the largest amount
of duties, and they are inclined TO understand
the Message in the sense in which it can be
rendered most odious to those who voted for
the Land law Of the extra session, A gain, an
other portion Of the public press is but too viii
ling to give any Interpretation 10 any Message
OF the President which may subject him to
elimination.
Indeed II is the fate OF the measures recon-
mended by the President and his Administra-
zion, that they do not accord with the ultra
views Of any party, and are, therefore, otlikely
10 be fairly understood or fairly represented by
the ultra press Of either.
If the friends Of fair and honest tariff based
upon the real, and the fictitious wants Of
the Treasury will but consider the effect of the
recommendation in the Message above quoted,
to produce the rapid extingulshmept of the debt
in connection with the recommendation of
pledge OF the proceeds Of the public lands they
will believe that the two present basis for fair,
honest, and, therefore, permanent legislation
Any adjustment of the tariff founded upon
deficiency created by the division Of the pro-
ceeds Of the public lands, would be regarded as
unjust and oppressive, and would OF course be
subject to the fluctuations Of local and political
strength. And thls the great evil Of which the.
manufacturing interest omplains-instabihty
and uncertainty be continued.
On the other hand the permanent, or the
long-continued application 10 The ordinary pun
poses Of the Government, Of the proceeds Of
the public lands, or the unnecessary accumula-
ton of them in the Treasury, might well be OBJ
jected 10 by those who insist that the proceeds
belong 10 the States, or that they should be with
drawn from that condition which renders them
the sport of pc itical aspirants.
The measures recommended by the Pres-
dent avoid both Of these objections BY course
that gives each of them fair weight, and yet
preserves the only present available means with
in the power Of the Government, to command
for It's stock hat degree Of credit which the
honor, resources, and the vital interests Of the
country demand it should receive and MAINTAIN.
These present means are confesstdy the pro-
cceds of the public lands, No one has pointcd
out any other specific fund capable Of pledge
If there be any, let it be named and it will then
be time to see whether that suggested by the
President can be dispensed with.