The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-06-25
A FRIEND TO THE NAVY
From the Philadelphia Ere. Journal.
MONEY, sc.

FRIBAY, June II, L. M.
AT no period since the close of the war in 1919 has
the public treasury been in Impoverished and EN-
barrassed condition at the present tme. Attn
time then has the credit OF this great nation
been So low ebb at the present. Every true
American feels himself humbcd when conteulpla-
ting he existing state of things of the country
With boundless resources, the Golfers 81 the nation
empty and its credit annhilated. Twenty wears
ago, when the population OF the country numbered
but little more than half what il does now, when the
wealth OF the country existed IN nearly like proIoi-
ton and when the Government debt exceeded one
hundred millions of dollars, there was great compe
lion on the part both OF individuals and companies
to obtain loan made by the Government, OF five
millions of dollars and a premium was offered as
high four per cent, although the stock bore only
five per cent. per annum interest Now when the
country is nominay free from debt, the Government
unable 10 negotiate loan toI the comparative trl
fling amount of twelve millions OF dollars. Foreign
will not touch il, nutwlhstd nding they tempted
with the high rate OF SIX per cent interest, while at
home they cannot obtain than two and half To
three per cent interest for their money Our own capt
tasts will not touch II, while they will pay preml-
Jun of five to eight per cent for stock guaranteed by
the city yielding only the same rate of interest. he
credit If the Government hawked about the streets
and the stock it has issued is etaed out for its
count to any one WI no will purchase II.
What has caused such an astounding change in so
short space OF time, and under such extraordinary
circumstances We answer. The actious spirit
spirit of sustaining the doctrine of Reputation that
has at times been manifested by some OF the members
of that body.
Only six years ago, the public treasury was over
flowing Then, we witnessed political asIirants of
both parties, yleng with each other and striving to
gain the ascendancy, IN carrying through Congress
the measure of distributing what was termed the
plus IN the treasury amongst the States. Twenty,
eight millions Of dollars were actually withdrawn
from the treasury and thus divided,
And what was the consequence Why in less than
six months thereafter, the Government compell-
ed TO borrow money to meet the necessary eXpend-
lures of conducting it. II has been constant bor
rover ever since, until il has arrived at that point
nov, where it can hardly borrow money at all.
Nor is this all. The Notifications of the country
have been permitted to dapldate ships Of war
have been dismanted and laid up 10 rot at the
wharves, and now the suicidal step IS about TO be
tak,n of striking fatal and death-blow at the navy
and disbanding the remnant Of the arm that have
| left
! Nor do we stop here in describing the mad acts Of
Congress, and depicting the evil consequences to the
country that flow from them, At this very moment
when the public treasury bankrupt and public Gre
ditors unpaid we behold Congress engaged in the RI
diculous project of legslang 10 take from the
sury moneys, to give away 10 the States, at the
time it is found to be next to mpossbility egis-
late TO bring enough money into it TO meet the ext
gencies OF the Government!
| Did the people ask for the former dis ribuon -
Never. twas the scheme Of designing politicians OF
both parties having for object dehauch the peo-
| pie. Ii did them good lhey have nothing now
10 show for It, In place of doing them good most Of
the people have become impoverished in consequ ence
| The receipt of the money hat was distributed and
the expectation of receiving more encouraged many
Of the States TO undertake exravagant works OF I'M
pro, enent which now left in an unfinished state
TO 90 to decay; while others chartered banks
| ploy the money received which have proved worse
than useless 10 all parties concerned. 1t would have
proved far better for the nation had the surplus thai
| a tJaI h.a. hIlataI fhn nf
I the ocean.
Nor do the people ask for the distribution Of the
proceeds of the public lands They prefer to let
them remain in the public treasury, where they pro-
pery hepng and be emf oycd for public purposes II
is feluslon 10 suppose that The people viii de-
rive any benefit from the proceeds of The public lands
II taken out OF the treasury and distributed. Not
cent v oud cNerreach the packets of the people.
Like the former Distribution acl the pr posed sci enc
of distributing the proceeds OF the public lands, is
political one having Tor its oh to advance the aspl
ratlons ofpo politicians Having witnessed the mischief
that flowed from one DIST button act are utterly
opposed 10 another.
In regard to tariff, we are in favor Of one for
venue La the existing state of the country We be-
lieve il will be necessary to lay duty all articles
Of foreign production, high Tor the purpose OF r.
venue, that it will afford all the protection to our
own manufacturers which they can reasonably seek
or Expect. After retaining in the treasury the pro-
ceeds of the public lands and bringing into it all the
revenue that can be collected from imposts the people
may consider themselves fortunate, If they escape
for some years To come direct taxation to provide
means of defraylng expenses of administering the
Government.