The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-27

Jreasury IS lnCOWnatbIe
Of public credit bxt with anything approaching to EN-
cheney in the conduct Of public Affairs i must be obvt
Gus, to the most inexperis minds that TO say
nothing Of particular exgency actual or imminent
there should be all times in the Treasury Of great
nation with view 10 conr gencies Of ordinary occur
renee surplus at least equal in amount 20 me spote
deficiency. But that deficiency serious as would De In
itself will am compelled to be increased than
diminished Without adop,isn Of measures adequate
and business in some degree incident to the dersnge
Of the national finances and the state OF the reve
dinsry cou rse Of things for some time to come.
Under such circumstances am deeply impressed with
the necessity of meeting the crisis with vlsor and ds
entrusted with the conduct of public affairs The gra
witty ofthe evil calls for remedy proportioned TO it,
No slight paativeso ion al expedients will give
the country relief it needs. Such measures, the
contrary in the end as is now manifest TO all too
surely multiply its embarrassments. Rely ing, am
bound to DO on the Of People rendered
ilusrious among nations by having paid OF its whole
public debt shall not shrink from the responsibility i'm
posed upon by the Constitution Of pointing such
measures will in my opinion ensure adequate relief
am the more encouraged to recommend the course
ia its complete success The sf the country,
in every thing that constitutes the wealth and strength
trious enerprisng, and uiellis people emerge
tic and elastic that the Government will be Without the
shadow of for its delinquency the difficulties
which embsrrass be not speedily and etfectusy
removed
From present indications it is hardly doubtful that
Congress will fad necessary lay additional duties
on i'm ports order to meet the ordinary current
penses of the Government In the exercise Of sound
oscrmlhauoA, nsss $500; " Ill 49,, 80; ~ ' -,
manufacturing industry, seems equally probable that
articles of importation will have to be ad
sancea soose ~ re th ts;W II dn,ia. s;ch ~ ~
present emergency would seem to be indispensable,
cannot 700 strongly .n Su sso VI ~ p'
itself its origin and without the contiDu
ed exercise of which arrng and cscord would univer-
An additional reason the increase of duties
f1Cii;ns the observation-disclosures already made and now
renaatd Of making adequate appropraops for the de-
fences Of the country
Rv the xnress proyson of the act dstrihutinR the
Of the sales of the public the States
It's operaon pso acto to cease as soon as the rate OF
the duties shall exceed the limits prescribed in the act
In recommending the adoption Of measures for distr
butnp the Of the public lands among the States
at the ofthe last session Of Congress such
which appeareI 10 me then and appear TO me now of
great weight and was placed on the condition that it
Of saa It il with sincere regret that no perceive the
necessity of departing from that act because am well
aware that Justly entertained by some olthe
withhold from them the proceeds Of the lands But the
condition was plainly expressed in the message and
amidst the endorsements which surround the country on
ali sde, and beset both the General and the State Co.
yernments it appears to me that the object first and
hehsst in Importance is to Establish the cred, of this
ard to MAC il on durable and
Tins #orS he most ectuaI TO the credit Of the
states EQUAL at least 70 what II would receive form AL
drbuon of the of the sales Of the public
laods
XVhen the distribution law was passed there " Al rea
son 20 ahticpate that there soon would be real surplus
To distribute On that Assumption il was ia M opinon
T. IN sIc While there is no such surnlns TO dstrbnts
and when is manestly necessary not only to
the duties, but at the time to borrow money in or
nnh,;c would cause il to be regarded as an Nm
wise alienation Of the best security Of public creditor
,.h;ch worl W h diffcultv be sxcu,ed and couM not
be justified
C.,,.. &C M ora;rarv charsc,.r h.v. r..en,,v d.
pressed American credit in the stock market Of the
WIZ. .: ~ sf;s;o IS ,hs hanS;r~ ;n.,;tu.;.
n th vs srooun, ~ a;su S.h, VI
80; os ~ ;da,s ari shnv. Iii .h. dc.y;n II -
d,; A. contrscts soismsly en,srsd INTO he s,s,a
set ns Tn1..
y. po ~ .S r.i sansa - IT, ~ uw;sr :;
very ,e. ; oy 49," o snd T., ~oxernrs, dans.diyy., i
y; ~ 80 oSar,.nr ,ha, ,hs ;nrs..isn st
On oP.nou. ~ ,y. ;, ''.s' w .n n:uo
ny. n UH; iyndr such c;rcvms,snces -
,sr.,xafv d,,e from mn to the neonle whor we rem
resent, that when we 20 into the money market 10
contract loan should tender such securities
to cause the money lender well home abroad to
feel the most propitiou opportunity is afforded him
of investing proftaby and jujiciously his capital
Government which has paid of the debts Of two
waged with the powerful nation of modern times
should be brought to the necessity of chsfring for
terms in the money market. Under such cir:umsances
as have adverted to, object should be to produce
with the capitalist feeling Of entire confidence, by
tender of that sort Of security which in ell times past
he's been esteemed sufficient, and which for the small
amount Of our proposed Indebtedness will INTERESTINGLY
be regarded amply adequate While pledge OF
amount TO no more than is implied in every in.
stance when the Government contracts debt and al
though ought in ordinary circumstances to be entirely
satsfsctoryLyet in times like these the capitalist would
feel better satisfied with the pledge of spec6cfxnd.
pie in magnitude to tho payment Of his interest
and ultimate reimbursement of his principal. Such
is the character Of the land fund The NEST vigi
liant money dealer will readily perceive that not only
will his interest be secure on such pledge, but that
debt Of 900 900 or would by the surplus OF
sales overland above the men OF the interest extn
gushed within any reasonable time fixed for its resunp
ton. To relieve the Treasury from its embarrassments,
and to aid in meeting its requisitions until time allow
ed for any new tariff oil duties to become availablc it
would seem to be necessary to fund debt approaching
to $sO000 and in order to place the negotiation Of
the loan beyond reasonable doubt submit TO Congress
whether the proceeds of the sales Of the public land: