Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-04-09

The States, at the commencement of the last ses
sion Of Congress, such distribution was urged by
arguments and considerations winch appeared 10
me then, and appear to me now, OF great weight,
and was placed on the condition that IT should not
render necessary any departure from the act Of
1888. IL is w!th sincere regret that | now per
ceise the necessity of departing from thai, act.
because ! am well aware that expectailous, lIst-
ly entertained by some Of the States will be dis
appointed by any occurrence which shall Withhold
from them the proceeds OF the lands. But The
condition was plainly expressed IN the Message,
and was inserted IN terms equally PLAIN IN ihe
law itself; and amidst the embarrassment which
surround the country on all sides, and beset both
the General and the State Governments, i, ap-
pears 10 me that the objects first and highest III
importance, is to establish the credit OF this Gov
ernnent and 10 place Il on durable fonndations,
and thus afford the most effcctual support to the
credit of the States, equal. at least, TO what il.
would receive from a direct distribution Of the
proceeds of the sales Of the public lands.
When the Distribution law was pissed, there
was reason 10 anticipate that there soon would be
a real surplus TO distribute. On that assumption,
/: was, IN my opinion, a wise, a just, and a bene~
ficient measure. But 10 continue II 10 force, while
there Is no such surplus 10 Distribute, when II Is
manifestly necessary not only to increase the du-
ties, but at the same time to borrow money IN or
der 10 l~iquidate the public debt, aud disembarrass
the public Treasury, would cause II 10 be regard
ed as an unwise alienation of the best security
Of the public creditor, which would with difficulty
be excused, and could not be satisfied.
Causes OF no ordinary character have recent
ly depressed American credit IN the stock market
Of the world TO a degree quite unprecedented. |
need scarcely mention the condition Of the bank
ing institutions OF some Of the States-the vast
amount Of foreign debt contracted during a pert
Cd of wild speculation by corporations and lndi-
siduaIs. and, above all, the doctrine OF Reputation
At cap 4 loynn tor .nta hI Sf4tnc
which, although as yet applied only under circum-
stances Of d peculiar character, and generally re-
buked with severity by the moral sense OF the
community, Il IS yet SO very iicentious, and IN a
Government depending wholly on opinion, so We
ry alarming, that the impression made by II to our
disadvantage, as i people, Is any thing but sur
prIsIng. Under such circumstances. 1t is impe-
ratively due from us to the people whom we re-
present, that when we 90 INTO the money market
TO contract il loan, We should tender such sccur.
Ties Gs 10 cause tho money lender, as well al home
as abroad, to feel that the most propitious oppor-
tupiiy is afforded him IN investing, proiitHbig and
jadicIouslv. his capital. A Government which
has paid off the dobtof Two wars, waged with the
most powerful nation Of modern times, should not
be brought TO The necessity Of chaffcriug for
terms IN the money market. Under such circum-
stances as | have adverted TO, our object should
be to produce with capitalists a feeling Of entire
confiJeuce, by II tender or mat sort OF Security
''i~'s 81 A' '''No f''@'+ fbS 'OSf go
iicieut, ard which for tho small amount of our
proposed Indebtedness, will unhesItatingly be re-
garded us amply adequate, white a pledge OF ell
the revenues amount TO no more than Is implied
n every instance when the Governtnentconttacts
IL debt, md although 1t ought, under ordinary cir
cumstances,to be entirely satistactofy,yetin times
like these, the capitalist would feel better salts
fed with the pledge Of a specific fund, ample IN
magnitude TO the payment al his interest, and
ultimate reimbursement OF LIS principal. Such
is the character of the Land faud The most
v|iglant money dealer viii readily perceive that
not only viii his interest be sec arc. on such q
pledge. but tina, a debt If SIS,00o,000, or $50,
coo, 900, would, By the surplus Of sales over and
above The payment Of the interest fixed FOR lis re-
dcmption, be oxtingui>hed within any reasonable
time. 10 relieve the Treasury from lis em6ar-
easements, and TO aid IN meeting lis acquisitions,
until time is allowed for any new tariff Of duties
to become available, 1t would seem TO be necessa-
~ to fund a debt. approaching TO Slo,o0O 200,
aud IN order 10 place the negotiation Of the loan
beyond a reasonable doubt, | submit 10 Cong ss
whether the proceeds 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 sales, to purchase the stock; and also when
il can be procured on such terms as will render II
beneficial IN that way TO extIngnIsh the debt, and
prevent the accumulation Of such surplus, whsie
lis distribution is suspended.
No one can doubt that, were the Federal Irea-
sury now as prosperous as It was ton years ago,
and lis fiscal operations conducted By an efficient
agency of It's own. Co-eXtenslye with the Union.
The EMBELLISHMENTS o. the States AMI Corporations
in them would produce, even if they continued
as they are, (wcre that posslble,) effects far less
disastrous than those now experienced. Il Is the
disorder here, at the heart and centre Of the sys-
tenn, that paraIyzes aud deranges every part Of IT.
Who does not know The permanent Importance,
not 10 the Federal Government alone, but 10 ev-
cry State and every individual within It's lurisdic-
ton, even in their most independent and isolated
individual pursuits, IN the preservation OF n sound
state of public opinion and a judIcious Admins
.:ation here? The sympathy is instantaneous
and universal. To attempt 10 remedy the evil
of the deranged credit and currency ofthe States,
while the disease is allowed % rage 10 the vita!s
Of this Government, you'd te a hopeless under