The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-25

South Carolina MR. Preston) with regard to the
tfymg condition Of the credit of the nation and
cry days experience but confirmed his conviction
that in their present situation it would be impossible
to carry the financial operations Of the Govern
ment and maintain the credit Of the nation without
giving to the Government all the sources Of
to which il had heretofore been accustomed and there
fore he submitted the following resolutions, accom-
panyns them with suitable remarks, (Which are IA a
course of preparation, and will be published m the
Madisonan of Saturday.
Strike out the second third fourth and fifth
lutons, and insert as follows:
|. Resolved, That, in the present embarrassed
condition of the national finances, and at moment OF
critical uncertainty in the foreign relations OF inc
country, il is Of paramount Importance to The ine-
rests OF the whole Union, that the General Govern
ment should have the aid Of all the sources OF reNe-
nue. with which il has been heretofore endowed for
the maintenance of the public credit and the eicien
cy OF the public service.
2 RcSoired That the distribution of the proceeds
of the public lands among the States having, by the
terms of the law which enacted it, been made express
y dependent on the continued limitation of the du-
ties on foreign imports to rate not exceeding 70 per
cent, provided for by tie Compromise act, aud II
being apparent that that rate of duty on foreign
imports will not produce revenue enough ior Nc
wants of the Government, without the aid OF The
land fund, the principles and conditions on which the
Distribution law enacted, as well as the exgen-
ces of the public service, require that IFS operation
be for the present suspended
3. Resoiued therefore, That so much Of the act en-
titled "An act TO appropriate the proceeds Of the
public lands and to grant pre-emption rights, APP
proved on the 4th day of September, SAL as appro
PIRATES those proceeds to the States and Territories
andthe District OF Columbia, ought 10 be suspended
until the national debt already contracted which
may be contracted, shall have been paid and that,
| the time, the said proceeds be set apart
| and pledged fund for the payment Of the nte-
rest, and the gradual extnguishment OF the prncl-
| pal, of such debt
| ReSOIred That in any new adj iIstment of the
| tariff of duties on fore ign imports which may become
necessary the principles and provisions of the act OF
] the I'd of March, 1888, commonly called the Com
promise act, should be adhered to and maintained,
far practicable, consistently with the necessary de-
| mands of the Government economically admins
tered and with the equal justice due to every interest
and portion of the country.
| ] he resolutions were ordered TO be printed.
| Mi PRESTON, after few observations, muved
TO strike out the second and third resolutions and in
ser the following, viz
RESOLVED, That the Secretary of the Treasury be
instructed to communicate TO the Senate whether in
his opinion, the rate OF duties in the Compromise act
Will afford sufficient revenue for economical adml-
nistration Of the Government If not to communi-
cate what rate of duty will be necessary for that pu
pose, and the reasons for his opinion.
/ Mr. PRESTON moved to strike out in the fourth
resolution, the words &C amount Of twentys mil
lions y and insert after the word " revenue, the
4 words, " adequate to the wants of the Government =
| Also, to strike entirely the fifth resolution, be-
cause if the duties should be increased above
! twenty per cent-the Distribution Act would Re sus-
pended in accordance with one of its own provisions
and the proceeds from the public domain would go
into the public Treasury
1 These amendments gave rise to debate between
Messrs CLAY, RlVES, PRESTON, and WOOD
| BURY at the conclusion OF which,
The question taken on the eleventh resolution
i of MIR. CLAY and it was agreed TO-
Mr.. CLAY said he hoped it would be entered on
the Journal that it was unanimously adopted as no IL
vcrsty of opinion had been expressed in relation to II
and ON his notion The remainder Of the resolutions
were made the order the Gay for IN, saay next