The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1844-01-06


other States are to have a just proportion
Of the national stock to he issued, the
whole amount to he issued would he 6 0C
100000. ; the annual interest on which, at
three per cent, would be {, $4,000 900
The proceeds Of the sales of the public
lands would fall far short of the sum re-
Qui'ed to pay this very large interest.
OF Tins amount he estimates that the sum
of $250,000 is dependent upon the sales
of The Miami lands in the Choclaw cession
of 1880, in Mississippi. Whether or not
these tracts will be brought into market,
he has no means of judging. Bat if we
suppose the annual yield of the public
lands will equal the sum Of 100000,
(and the Secretary declares he is not aware
of any modification of the land laws that
can be made which will permanently in
crease the revenue from the public do
man.) the amount would be insufficient
by S9,5CO,000, to meet the interest re-
qured. This being the case, it is mari-
Test that all hopes of reliefIo the indebted
States, based upon such measures, are
doomed to disappointment
Apart from these considerations, the
proceeds Of The sales Of the pubic lands,
are indls7?nsably necessary to The Gem
eral Government. The deficiency in the
National Treasury, for the fiscal year, en-
ding 3Olh Of June, 1913, including out
standing treasury 10 the amount upwards
OF $4,000, 900. the loan of 1871 Of 1922,
97b So, which falls due OH the lst Januray
lSlo, and the other estimated deficiency,
OF > l,50O,OOO, amounts to Sll,772, 97G
s. !. the proceeds of the sales Of the
national domain were distracted, this de-.
hcIency would be increased to Sl7,272.-
976 IS. How it would be supplied, is II
question which must occur to all, The
deficiency of S4,500,00O, the Secretary
states, can be met only in two ways: eth
er bya direct tax, or, by an increase Of the
tariff, From the examination of reports
se mas caued to be made from the principal
ports, and from general view Of our COM
merce, and after the best consideration
which he could give to the subject. he
says, he has not been able To discover airy
OF the existing duties which can be in
creased, with any reasonable prospect Of
augmenllng the revenue. As the only
means of avoiding the necessity of d--
rect tax, on the part Of the General Gov
eminent, he suggests. the imposition of
duties on tea and Cuti'e, which, together
with light money and duties upon tonnage,
he anticipates, will yield sum equal 10
the estimated deficiency of Si,500000.
lie contemplates resorting to paper issue.
as he did the last year, to provide for the
other deficiencies, amounting to 5 1872,
$40 81. 1t is scarcely necessary To oh
serve, that continuance OF such eXped-
cnts, would be attended by most in urlous
consequences.
From what has been stated, it is clear.
that if the land fund he Withdrawn from
the National Treasury, direct tax on the
part OF the General Government is newt
able. Was our foreign commerce capable
OF sustaining greater burdens than in a
large portion OF the country, to the pro
sent high rate of duties, and the excited
Iselng and the deplorabIe consequences it
threatened which prevailed bn, few years
ago, in part of the Union, should seri-
ously admonish all, who desire to perprl-
uate the public welfare and tranquility. to
avoid any measure calculated to open
anew the wound that was then with So
much difficulty healed. Surely it is not
the part Of patriotism to divide the Amer
lean people by engendering local jeal-
ousies and it canno, be believed. that
those charged with the legislation for the
whole Union, will, regardless of the teach
Ings of the past, seek to wiring from a
portion Of the people an unjust tritrte to
the balance. Under these circumstances,
all expectation of relief from the National
Governm snt, it cannot be too emphaicallv
stated, ought. to be abandoned as delusve
The debt of Maryland, however unwis--
ly contracted by the representatives Of her
people. This being the case, every prin-
clple of honor, as Of justice, makes it the
'mperious duty of the people 10 essay
every effort to meet the obligations which
their own agents have imposed. Any
movement to avoid the responsibility olso
doing, cannot but react, most prejudicial-
y, upon the good fame of our State.
If the Legislature, AT its present session
will so modify the tax system of the
State as to ensure its faithful execution,
and exchange its stocks in the public
works in the manner alleady indicated,
and will use its bank capital for the liqui-
dalion Of its Indebtedness, there is reason
to hope that, in short time, the 'rrcasu-
rv will be in condition promptly To meet
all demands upon it. The necessity of
such an appropriation of the bank stock
seems to be obvious. Prudence, as we'll
justice; would suggest this measure. The
fluctuations peculiar to the banking sys-
TEN may at some day, when least exrcc-
ted, render this investment wholly value
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