Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1845-12-11
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quality tho net of 1912 in lis practical operations deron
casos aud pursuits, aud felt. Many Of the oppressive
duties Imposed by operation ofthesc principles rang
om per cent than bundled per cent. Tho
prohibory articles partially others,
bear heavily on articles Of common necessity, an
but lightly articles of luxury II is framed that muc
poorer classes who are it, while protects cap
ia and cSempts the rich from paying their just proportion Of tin
taXntion required for the support OF Guvernmcnt
While protects the captn of tho wealthy monufcurcr, mi
ncroasos his profits, does not benefit the operatives aoer
10 ~, employment whose wages have not neon increased ny
Articles of primo necessity of quality uud low price
icccd by il 10 heavy taxes while articles Of finer quality am
higher prices of luxury, which be used only by the opu
the farmer the planter the commerca man. and those OF a.
other pursuits except the capitalist who has made his invest
arc not as nearly as may be practicable equally protected by IT.
cnssc and Should upon vo and privilege
which all others mny not enjoy 1t was 'he purpose of m illus
tious founders to base the Institutions which they roarod uo
the great and uncunging principle of Justice and equity
scous that If administered in the spirit in which they con
ed, unj would for themselves defence the hearts
the people, powerful than standing armies aud all The
aud appliances invented to sustain Governments founded
in injustice and oppression. -
by majority of one vote in the Senate and two N the House
Representatives, and that of those who felt honselyo
umo, To Noi IN IT'S 'o pocam9d us defects ana expressed
thc determination to aid in it, notification on the first oppor
uny, affords and conclusive evidence that not in
tended to be permanent aud of tie cXpedcncy and necessity
its thorough revision.
Of duty, and revision and modification Of the act Of l52 un
fan from entertaining opinions unlIendy to the manufacturer;
On the contrary, desire them prosperous, far rs they
be without imposing unequal burdens other interests
Tho ndun GO, under any system Of indirect lSnon with
in the standard, must be in favor of the manufacturing
interests and Of this no other interest will complain
recommend to Congress the abolition OF the minimum pinci
pie assumed, arbitrary, aud false values, and OF specific du
tics, and the substitution in their pit OF al carom dutes
the est and equitable arec tax which be imposed
BY the dd rare principle, all articles taxed according Il
their cost, values AMI those which Of inferior quality
small cost bear on the Just proportion OF the tax with those
which of superior guilty greater cost The articles
sumed by all taxed the same rate system of ad ca orT
revenue duties, with proper determinations, and proper gu1rd
against frauds in collecting hem is not doubted, viii aiorc
ample incidental Advantages the manufacturers, and enable
them to derive as great profits as can he derived from any ohe
regular business. II u believed that such system, stct~
in the revenue stendli, will place the manufacturing interests
on stable oons aud inuc to Their permanent advantage
while will, nearly may be practicable extend to all tho
be afforded by laws. Such systcm when
firmly established would be permanent, and be subject the
when duties hid revenue but Tor the Potecon
mereIy' of favored interest.
spirit of mutual concession and compromise between conflicting
interests may PREVAIL and that the result o. heir bors may be
By the con.,iiuda Of the United sta it provided, a;
money shall treasury consequence
of the appropriations made by law" public treasury
doubedy contemplated and intended ccuod which the
necded for yynSc uses IN the Collection and
the public money agencies have been employed law
except such appointed by the government directly
possible to it, and under its control.
The sue Keeping of the public money should be confined
public treasury created by law under like responsibility and
control 1t is not to be imagined that the trainers OF the cons
place oil dcposc AMI safe keeng OF the pubic money winch
was irresponsible to the government The first Congress under
the constitutions 10y the of the second Scpcmber lS9 " Ia
establish the Treasury Department. provided for the appoint
on OF Treasurer and made his duty to receive and keep
the moneys Of the United States" and ut all times submit
to the Secretary of the Treasury and the Comptroller either
of them, the inspection of the moneys in his hands,"
That banks National State could boon intended
be used as substitute for the treasury spoken OF in the constu
tion, keepers of the public money is manifest from the fact
four State banks OF limited capital existed in the county,
her employment as repositories was at hrst escorted TO- to
permanently in place of the treasury of the constitutions When
they were Afterwards, from time to time, employed, was from
Our experience hls shown, that when banking corporations
made in effect the treasury the goycnmen quorum
~ that command the of its money for public pur
poses The late Bank of the United states proved to be faith
less The State Banks which Afterwards employed
fhcss. But few years with millions tho public
Iucy and the public credit seriously impaired because Of hoir
os in the only currency recognized by the Their
failure occurred m period Of Peace ana great Inconvenience
Had the country hecn involved in foreign war that nconve-
ncuco and loss would have been much greater and might have
be mingled with the private funds of banks individuals
be used for private purposes. When it is placed in banks
safe keeping, is in effect loaned them without interest," aud
loaned by them upon interest tho borrowers from them
h public money Into Sning 'Sp and i
aud when called or las in 1872 may be in the pockets of the
borrowers from the banks instead of being in the public treasury
contemplated by the constitution The trainers Of the
ton could have intended that the paid into the
should be thus converted to private use and placed beyond
Banks which hold the public money tempted, by desire
of gain extend their oans increase et cuaon and us
stimulate if not produce spirit Of speculation AMI eStavagusf
which later must result in ruin to thousands If the
public money he not permitted be thus used but be Kept IN the
treasury and paid out to the creditors in gold and silver the temp
aton afforded by its Opposite with banks undue expansion
of their business would be checked while the amount of the
stutona currency left in circulation would be enlarged by its
employment in the public collections and disbursements and the
banks themselves wou in consequences be found in safer and
soundcr condition.
Al present, banks cmpoyeda repositories but With
out adequate regulation OF law, whereby the public
be secured the casualties and eKcees revolutions
aud nonate desire for gain other they consut
y exposed The Secretary of the Treasury has in all
kylpn
which they hold by the pledge of stocks of the United States
such of States as were in good credit some OF the depo
lite banks have this description OF security aud others have
Enteranina the opinion that the separation of the moneys OF
the from banking institutions Indispensable for the
safety of the funds of the government rights of peo
nlc recommend Ia that nroyon be made by LAW for
such separations and that constitutional treasury be created for
ur recommended secure epoo for The public
any paper whatever q currency circulation cannot doubt
that such treasury as was contemplated by the constitution
should he independent of all banking corporations.
The money Of the people hond be kept in the treasury Of the
people, chosen by themselves according to the forms OF the con
siuon agents who directly responsible to the government
who are under adequate bonds and oat and who are subject t"
punishmens for zcment private use or msnPc
ton of the public funds, and for any failure IN other respects to
TO that the people, their incompetent
not 10 be trusted with the custody OF their money! their
,sury, provided by themselves, hut rely the
presidents cashiers Stockholders of banking corporations,
cede that they ao incompetent for self governments
In Recommending the establishment of constitutional rcasu
quate be made by law o is safety and that all
discretion control it shall be removed, except such
be directing its disbursement in pursuance OF
appropriations made by law
Under present land system, limiting the minimum price
which the public lands be entered dollar twenty
five per acre, large quantities of lands of inferior qui
remain uusol they will command that price. From
the records of the General Land Office appears, that the
public lands remaining unsod in the several Stes and Toro
Ties in which they suatd thirty nine millions hundred
and five thousand five hundred aud have been
in the Market subject entry, than twenty yeurs forty
nine millions hundred aud hrty thousand six hundred
and ortyfuur for than fifteen years seventy three
millions seventy thousand aud six hundred for
than years and hundred and six millions hundred
and soveuysx thousand nine hundred and sixty
than five Much the largest portion of these lands
will continue TO be unsaeabe at the minimum Wice which
they permitted be sold, long large territories OF lands
from which the valuable have not been selected
annually brought into market by the government.
With the view the sale aud settlement of these inferior
and recommend that the price be graduated and reduced bo
low the present minimum rate combining the sales al the reduced
prices settlers and cultyuos, in limited quantities. II grad
uatcd and reduced in price for limited term dollar
Gre and after the expiration of that period for second aud third
lower tos large portion of those lands would be pur
chased and many worthy czens who unable pay higher
rates. could purchase homes for themselves aud their hmes
BY adopting the policy OF graduation aud reduction Of price
these neo lands will be sold for their real value, while the
States which they lie will be ood from the incunyonienco