The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1842-04-07

erci,e Of which jarnDg and dlscOrd univer-
sally prevail.
An additional reason for The increase of du-
ties in seine instances beyond the rate OF ~
per cent. will exist in fui6Inng the recommen-
darions already made, and now repeated, OF
making adequate appropriations for The defence
Of the country.
BY the express provs on Of the act disrIb-
uling the proceeds of the sales of The public
lands among the states, lis operation Is, iPso
iec,O, TO cease as soOO as the rate of duties
ehalI exceed the limits prescribed in. the act.
ln recommending the adoption Of means for
distributing the 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 appear TO me
nov, of great weight, and was placed on The
condition that it should not render necessary
any departure from The act Of 1888. il is with
sincere regret that ] now perceive the nOces-
SHY of departing from that ac', because am
well aware that expectations justly entertained
by some o(the States, will be sippolnled by
any occurrence which sha withhold from
them The proceeds Of the lands. But The con-
dition was plainly expressed in the Message,
and was in terms equally plain, in the law H.
sell; and amidst the embatrassmentS which
surround the country on all sldee, and beset
both the General and The Stale Governments;
il appears to me that the objects first and high
est in importance, is TO IS ablIsh the credit of
this Government, and 10 place ii on durable
foundations, and thus afford The most effeclual
support 10 the credit Of the States, equal, at
least, 10 what 1t would receive from direct
distribution Of the proceeds of the Gales the
public lands.
When the Distribution Law was passed,
there was reason 10 anticipate that there soon
would be real surplus 10 distribute. On that
assumption, il was 10 my opinion a wise,
just and beneficGnl measure. But TO continue
il in force, while there is no such surplus 10
distribute. when it is manfeslly necessary, not
only to increase the duties, but at the same
time 10 borrow money in order 10 liquldae the
public deb, and dIsembarass the public Trea
sury, would cause it 10 be regarded as an un-
wise alienation Of the beat security Of The pub.
lie CREDITOR which would with difficulty be ex.
cused and could not bo justified.
!. Causes ofno ordinary character, have re-
Gently depressed American credit, in the stock
market Of The world, 10 degree quite uopre-
cedented. ! need scarcely mention the con-
dlion Of The banking institutions of some of
the Stales-the vast amount of foreign debt
contracted during period of wild speculation
by corporations and individuals, and above
all, the doctrine of reputation Of contracts,
solemnly entered into by States, which, al
though as yet, applied only under crcumstan-
ces, of peculiar character, and generally re-
buked With severity by the moral sense, Of the
community, is yet so very lcenious, and in a
Government depending wholly on opinion, so
very alarming, that the impres ession made by it,
10 our disadvantage, as a people, is any thing
but surprising Under such circumstances il
is mperatively due from US to the people whom
we represent, that when we 90 into The money
market 10 contract a loan, we should tender
such securities as 10 cause The money>ender
as we'll al home as abroad to feel that the most
propitious opportunity, is afforded him of in
veslIng, proGtably and judccusIy, bis capital
a Government which has paid off The debts Of
Two wars, waged with the most powerful nalin
OF modern times, should not be brought 10 the
necessity of chaferDg for ,erms IN the meney
market. Uuder such circumstances as have
adverted 10, our object should be 10 produce
with the capitalist feeling Of entire conhd.
ence, by a tender of that sort of security which
in all past times, has been esteemed suficien,
and which for The small amount of our propos
sed indebtedness, will unht stalingly be re-
garded as amply adequate, While pledge of
all the revenues amount TO no more than is
implied in every instance, when the Govern
ment contracts debt, and although it ought,
under ordinary circumstances to be entirely
satisfactory, yet in times like these, the capi-
lallsts would feel better satisfied with pledg ge
Of specific fund, ample in magnitude to the
paymen! of The interest, and Ultimate reimburse
menI of his principal. Such is The character
of the Land fund. The most vigiIant money
dealer will readily perceive .ha, not only will
his interest be secure, on such a pledge, bu,
that deb, of $4,000, 600 or 800. GOO 600.
would, by the surplus of sales over and above
the payment Of The interest fixed for its redemp
ton be extlDgulshed, within any reasonable
time. To relieve the Treasury from it's en-
barrassments, and to aid in meeting its requi-
sltons, until time IS allowed for any ne w tariff
OF dulles TO become available, it world seem
to be necessary to fund debt, approaching
to $l5 GOO, 600, and in order IopIace the me-
COTTON of the loan, beyond reasonable doubt
sVbmIt to Congress, whether the proceeds
OF the sales Of The public lands, should not be
pledged for tho payment of the interest, and
The SeCrelarv of Iha praasurv ba ou,ho 90, IA