Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1843-06-02
HALL OF REPRESENTATIVES., Washington,
February Z, l843.

y
DEAR SIR: The nation loses much
more in wealth every year by The pre-
sent slate oI things than propose it
shall divide in stocks.
10 my address estimated tho entire
traffic OF the nation TO be worth ST. AGO.
100000 annually; aud depreciation Of
value 10 diminished prices or bad cur
Tency, or both causes, Of twenty per
cent would exhibit an annual loss 10 the
nation in wealth Of S280000 900. Thus
10 reality the nation loses in vacuum
Of wealth in exchange or barter more
than The amount which | propose that
the Government shall issue in bonds
But this is not the only loss, nor is it
the greatest which the nation is contin
Uslly experiencing. The loss in depre
Clation Of property (as distinguished
from pToduction) is far greater. An ex
ample and calculation will best illustrate
the fact: When the Legislature Of Ma
ryland passed law TO levy direct taxes
upon the property Of the State TO meet
the interest upon lis debt, the Legisla
ture computed the property OF the Stale
TO be worth 100000 900 dollars.
The law was passed IN lS4l, and
when the assessment was made the
whole taxable property was estimated
10 be worth only 1875 100000 dollars.
The taxes levied were consequently in
adequate TO meet The interest; but such
has been the depreciation of property
since, that within few months Prince
Georges county has reduced, by her
Commissioners, the taxable rate of her
property one third The decline in
value has been equal over all the State,
which would maks reduction OF the
property of Maryland in value Of $4,000,
600 dollars, making a reduction IN value
ot lTO0O0O00 dollars below the esti-
mate of the Legislature at The time OF
passing the direct tax law. But esti
mating the decline in value at hut 65,
100000 dollars. (hough | believe that
the decline in the value oI property has
been much greater in most OF the Wes
tern States, and that it has fallen in
value al the same rate throughout the
nation, il is easy to compute the aggre-
gate loss Of nalionel wealth
Maryland will have six Representa-
tives in the next Congress. The decline
OF properly, then, has been at The rate
in Maryland oil lOS33,OO0 dollars for
each district. There will be 223 Con-
gressional districts, 81 rating the wealth
OF each as equal, and the decline in pro
perty the same. al over the union, we
have the amount Of depreciation which
has already taken place in Two or three
years to be So ,232,459,000 And this
has occurred when most OF the States
that are indebted have not levied taxes
enough TO meet the accruIng interest. -
How much greater would il be II The
States were TO increase the taxes, can be
readily imagined, although figures car
hardly reckon it's magnitude.
But what has been the decline in sell
respect, 10 individual happiness, no hu
man being can estimate. The amour
OF untold suffering and the wide spread
ruin OF fortunes, the agonized mlserle'
Oi The bankrupt millions, should awaken
the sympalhies Of the most frigid legls-
lalors. And we have mol reached the
end. Thousands Ord hundreds Of thou
sands who we're al ease and comfortable
a few years ogo, aud who have thus faI
wealhered The storm, with the decline
in the price Of property and scarcity o.
money, will find that their whole pro-
perry will moi pay their outstanding
debts, although those debts may be bu
one third OF The intrinsic value OF their
property. Whilst, on the other hand
10 forty eight hours after the passage o
the measure which | recommend, there
would be an appreciation OF properly. al
improvement 10 wages, and an elastci.
~ and activity of business, 10 conse
uuence OF the reItoralion o( confidence
that would speed on the nation and III,
people to wealth and prosperity in al
amount which The skill OF figures cou,C
moi compute. ....
The adoption Of the measure woult
settle ell controversy in relation to lht
public anJs, by epplylng them for lonG
series o( years for purposes really a
beneficial 10 he Government as 10 tht
States, that have clear right 10 them
Those who have advocated and !hos,
who have opposed annual distribution
u the proceeds Of their sales, ~oult
have common ground to meet upon
bod The objects oil both would be effect
cd.