Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1850-01-01
5,o25,4oo
90

See statement marked (J)
The receipts At the treasury from the sales OF public lands
during ttb last fiscal year were Sl,69S,S59 S.
1t Is no proba bic that additional sales would have teen
Made the full of the number of located un
IN military bounty land warrants, but think 1t may oa
bconsidered that this Of ba aken a.
"a 100000 of which part is absorbed by the laid
aH payable during the preren fiscal year, is applied TO tn
payment of interest on the loan and treasury notes under inc
nc, of January IS s4 and the remainder pledged to the
exnguishment of the debt created under that aci es
mate 80 600 per of the from lands as d.
veed by the land warrants and the nguishmen Of debt
During the last fiscal year there paid under stpula
tons in the treaty with Mexico amounting in all TO
81, T,629 l0S.
Public debt to the amount of $780, 566 80 ncuding rea
sury received for and ands also paid off
purchased out Of the general funds of the treasury and
ngushed besides S3S2Q0 of the stock and Treasury notes
issued under the of 6 purchased out Of the land und
and cancelled See statement marked K) Of these sums
debt contracted since the commencement
of the
The balance in the treasury the st July ls49, was
So, l64, ,964, %.
The aggregate of these sums, viz =
Balance in the treasury on lst July 49, s2lssy64 5 SS
of general fund on account of debt s66 3s
Land fund diverted S2OOOOOO 00
Amounts to l26O46ss 81
and would have made balance in the treasury that
the st Of july ls4s had Of them been applied TO
the extraordinary purposes above designated.
During the fiscal year there will be required In May
next the payment of an instalment to Mexico s3
e aded TO h
of 6ss 81, would make lsl4453s g. from which de-
ductng the estimated deficit the lst of July 1885, of
5S28l2l &C. would have left estimated balance in the
treasury on that day of 2364l7 o. Adding that bal
ance the nstalmens Mexico due in 1885, 33600O0 and
the revenue from lands diverted OO would make
aggregate of OIL from which deducng the estima
ted deficit on the ls Of july 1851 054792 7 would hive
9rss 7,lss,s 81 sssi'''''N g. '''''''' = ~ . w
have gone into this detail for the purpose of showing that
the resources of the country AMPLE that the estimated
deficit will have arisen from the extraordinary OF the
war and treaty with Mexico and that the justly high public
credit of the United States is not endangered BY the fact
that in this position of affairs new loan will be required
Under these circumstances propose that nat anhoty DC
be found necessary from time to time by the issue Of stock
or Treasury notes. such terms of interest," mot exceed
ing six per cent? and repayment as the President In his
discretion SHALL previous their being Issued think TT TO
Authority has already been given BY the act Of March 3D.
4g TO issue stock the appropriated TO carry
into effect the 18th article Of the treaty With Mexico
To provide for the payment out of the of the in
stanen which will be due to Mexico in the fiscal Year ond
ing 3Oh June 1882 the raising OF fund for the
gradual extnguishent of heavy public debt and TO
place the revenue basis OF sufhclency Tor all the
expenditures OF tho Government, It wli oe necessary M 10
available to that ond arc TO be found In raising the du
ties on imports That economy as rigid as may be found
compatible with the necessities OF the country w regulate
under existing cannot be
doubted.
In proposing some alterations in the existing tariff with
view well the necessary augmentation OF the revenue
as the encouragement of industry think right present
distinctly the views entertained the latter subject in the
hope may be adopted by the wisdom and pa
otism Of Congress which may tend TO harmonze dsco-
dant feelings and promote the general prosperity.
l. entertain doubt Of the rightfu power of Congress
10 regulate and levy mposts and duties with the
purpose Of encouraging industry In selecting for
adoption Of two proposed regulations Of commerce Y
that which would in It's opinion be mos, saqtsry 70 The
and in like n laying % s. and m d
rard the interests Of the whole people, not as little but as
much possible.
Its not question of assuming power not expressly
granted by the Constitution the ground that it may tend
the attainment of general end therein expressed Here
collect duties are expressly given and the only question
whether they ought ought to be exercised with view
10 the general good.
II seems 10 me that to exercise these any other powers
with any other vew would be misuse Of power and SUD-
ycrsiyc of the legitimate end of government
find no obligation written in the Constitution to lay tax
es duties or posts the lowest rate that will yield the
largest revenue ~,
If were true that duty laid on given article with
view 70 encourage own productions Is unlawful because