Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1848-12-21

by reciprocal free trade among the WHOLE for their
commercial interests would not change with the sepa
ration from the conlederacy
A Congress representing the several States OF this U
Mon must perceive how Injuries would be The effect OF
tariff by any upon It's own interest, and that or
all the States. Now trade is not geographical po
tica and If Congress Of delegates from all nations
were assembled, they would perceive that com
merce was sut--thal il was not local but inierna-
tonal, and that tariffs by nations on the
products OF others, were just injurious 10 each and
10 all nations would be tariff 10 State upon
the productions OF all the other States Of the Union.
If, ihen in such Congress Of all nations.
bling from time TO time, their several tariffs dis
cussed, and their injurious effects upon each and eve
~ other nation demonstrated, the whole protective sys
tenn throughout the world would fall before the light
of such iyestigaon. Wherever the laws OF nature
are beyond the reach of man. there perfect order
der the direction Of Almighty power, but whenever
man can disturb these laws, discord and injury are
sure TO ensne.
The EARTH the sun, and countless systems wheel
ing through universal space, onward in perfect
order and beauty; but even the harmony Of the
spheres would be disturbed, il the legislation of man
could interfere and arrest the laws of nature The
ura laws which control trade between nations, and reg
uiate the relation between capital and profits on the
one hand, and wages and labor the ether are per-
feet and harmonious, and the laws Of man which
would effect change are always injurious. The
laws OF political economy fixed and tain. Let
them alone Ill that required Of man let all inter-
national exchanes Of products move freely in their
orbits the heavenly bodies IN their spheres and their
order and harmony will be perfect; and their results
beneficial. as is every movement under the laws OF
nature, when undsturbed by the and interference
OF man.
As il is obvious even with liberal appropriations
that the revenue for lands and customs will enable us
10 pay the public debt before its maturity, present
the following suggestions for Reconsideration of Con-
gress. The great mass of our public debt, exclusive
of Treasury Notes, consists OF five per redeema
BILE in 1858, of six per cents redeemabe in 1856, 1862
1867, and 1868, and the military bounty land rip
bearing six per interest redeemable al the pleas
ure OF the Government OF this sum the Department
as at present authorized by law. can purchase at It's
dscression, when the means will permit, the FIVE per
cents, the six per cents redeemabe in 1885, 1862 and
1868. The military bounty land scrip bears six per
interest, and redeemabe at the pleasure o! the
Government. No power, however, is given to tile
Secretary OF the Treasury TO purchase this debt, al
/ though Congress may authorize the Department to
! hquidate il any time, without paying any premium
advance, and advise such authority 10 be given 10
take effect at any time after the LIST July next.
/ AS regards the debt OF twenty eight millions of dol
lars arising from treasury notes and stock, authorized
| by the Of 2Sth jan, 1917, the Secretary of the
Treasury has authority purchase Treasury rotes
at par. stock, except when this act pending be-
fore the two houses OF Congress, this department
commended that this debt should be placed upon the
footing those which proceeded by delegaling
the authority to the Treasury, purchase any por-
ton al it, including the Treasury notes. at the market
rate above or below par. Among other reasons which
| influenced the department in This recommendation,
was the fact that such provision would make the
debt more valuable 10 the purchaser when it should
be sold by the Treasury ..and therefore increase the
i premium which could be obtained, by enarging the
number Of bidders for hereafter namely, the largest
probably oil all purchasers the government ITSELF and
the absence ofihis provision diminished the premiums
the department was enabled to obtain upon this loan.
1t is obvious, that If we have The purchase
the public debt before lis maturity, should be DONE
rather than pay the interest; and is also clear that
the amount which can be purchased by the govern
men,, is increased especially 10 the great extent of
twenty eight millions of dollars. The Treasury can
make the purchase upon better terms, by enlaiging
the number Of competitors, who could sell to il our
own stock.
/ Under these circumstances, recommend that the
Treasury Department be authorized purchase at the
market rate, al any time when its will allow.
after the lst OF July next, any portion of the debt OF
twenty eight Millions authorized by the act OF 18th of
January, lS47 including treasury notes. if any should
remain uniunded This is the more necessary, as the
sales Of the public lands have been apart by this
Department. as directed by that act, for the payment
OF the interest and purchase OF the principal Of this
stock, which is impossible present, the right OF pur
chase being limited 10 par. Unless their authority
should be gwen 10 purchase this stock at the market
rate, considerable sum must remain in the treasury
on the irst OF July next, Of these sales, which can be
used for no purpose whatever. As as il was
ascertaned on the estimates Of the several departments
that The Government had The means to purchase
portion OF It's debt and arrest the interest, the depart
ments considered il TO be its duty make the purchase
RI upon looking INTO these estimates, and comparing
them with our means it was found there would be a
balance OF S2e55G94 "a in the Treasury on the first
oil July, lc19. and balance of 50 010, 542 on the
first OF July, 1850. There was also al that date, by
the latest returnsa copy of which is hereto annexed
marked T. 50, 403.S9l AZ in specie in the several de
posores, TO the credit of the of the United
States, after deducng all drafts unpaid and outstand
ing, and since the purchase of this stock there remain
ed by latest returns, marked as above S366l TAG 50
IN specie, subject 10 the draft of the treasurer after de-
ducti3g all drafts unpaid and outstanding. Under
these circumstances il resolved TO make the pur
chase TO the amount Of $500, 900, thus using part of
| the premium obtained on loans by this department in
quldang 10 that extent the debt incurred and by the
rise OF the stock since that purchase had il been de-
| layed until the preseat period, the Government
would have been compelled 10 pay a much higher
price, IL was essential TO success (uness by largely
advancing the prem;um) that the purchase should be
made by confidential agent, and directions for the
purchase were accordingly given 10 MIR. c. W. Law
renee, the collector at New York. in whom the whole
community IN which he resides justly repose unbound
| ed confidence and who had executed every trust with
hdeiy iull statement OF all the details of this pur
chase, which was made at the lowest market rates. is
beng prepared, and will be placed promptly before
the Committee OF Ways and Means OF the House, and
OF Finance Of The Senate.
That The debt should be liquidated as rapidly as the
means OF the Treasury will permit so as to arrest the
running OF interest, will not pl esumed be doubt
ed, but The Government should have its option TO pur-
chase any OF its stocks, so as 10 lessen the premium
which il would be compelled 10 pay. and the purchase
should be very gradual and progressive; for, if were
forced too rapidly, the premium would become exor-
bitant. In view oil the uncertainty which attends all
calculations OF accrung revenue, it will probably not
ba da, e