Delhi Delaware Gazette Newspaper Archives April 01, 1840 Page 1

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Acton Free Press

May 1, 1958, Page 6

Acton, Ontario, CA

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Delhi Delaware Gazette (Newspaper) - April 01, 1840, Delhi, New York D e l a w a r e g a z e t t e b t a. M. Paine s p e e c h o f m b. B e n t o n. Concluded 1 have gone Over these details to establish a fact a Aid which fact i s vital to the argument the a t Tsas whole o f the lands owned by the United states Are purchases n o t donations the a t they represent m Oney drawn from the Treasury and invested in land and now Wear ing the shape o f acres in the Woods instead o f dollars in the Treasury t h is is a fact now established. Here then Are one Hundred Ami twelve millions of dollars Laid o u t for land and now represented by land. Here Are one Hundred and twelve millions of dollars converted into land and this brings is to the great cons Titu t ional error on. This Point. Be fore it w a s so converted every one admits the a t i t would n o t have been divided among the slates every one admitted tha t. Now the questions can we Divide the land 1 or re convert i t into Money and Divide the Dol Lars 7 can we Chea t the Constitution by this transmutation 1 can we cheat ourselves and the co Guitry by such specimens o f legislative Alc Biray and political juggling 7 i f so we have discovered a very la Oil Way o f helping ourselves to All the a t the t re a s in r contains Delhi n. V. W wednesday april 1, 1840. No. 24vol. Xxx a we May begin with tire one Hundred and twelve millions a t once and then proceed converting and re converting buying land and Seli Anu Atud u n t i l we have bought and divided the a t billion of acres estimated a t a billion and a Quarter of dollars which figured so largely in the debates on the land Bills when they were first introduced and when the National Domain was presented is a b a i t to National cupidity. This would seem to be e n o u g h a billion and a Quarter would seem to been Ough by t i t is Only the beginning o f w h a t m a be done tinder this new process o f converting and re converting the Federal revenues and the e n dividing ahem. I t is the beginning Only o f w h a t May be done in this new school of old hymn with our c on Titu tion in its Crucible. T h e Tratras imitation May be made to reach All o ther property owned or to he owned by the u n i ted states for the same clause which gives Congress authority to dispose o fall other p to � Perty belonging to the United Stales. H Ere them is a new and boundless Field for obtaining Money for distribution. Fort arsenals Irmo Rie magazines Arras and munitions o f w a r fleets ships docks Navy Yards and naval stores s Barracks and hospitals Publio edifices o f All Hinds including the Capitol in which 1 a lit Light houses Bank Stock canal Slock Road Stock every thing in tact which comes under the name o f property and which we now possess or May choose to acquire All flu m maybe thro w n into the legislative Cruci ble transmuted from an unconstitutional to a constitutional subject o f distribution and forthwith partitioned out among the s tates Sills t o Divide the proceeds o f the sales o f of her property m a then become As familiar to our legislation of b ilk to Divide the proceeds o f the e Public lands now Are and instead e f limiting our distributions to the s Tate what i s to prevent us from extending the favor to corporate bodies to individuals and to meritorious parents 7 once descended from the Safe and elevated Mark of National objects where is the limit where the Boundary which ii to arrest the downward course of the application of the National funds 1 o nce admitted that Congress is free from All cons Titu t ional there t o guard the application o f unbounded Means directed by unbounded Power w h a t in Thore to prevent largesse and benefactions a Otbo shape of National gratitude and nation al Mure Fience to warriors s to Tesmen poets sculptors musicians 1 w h a t to prevent he � red itary provision for the support o f families in the shape of hereditary pensions to Succes Sive generations for ancestral services w e Loach the confines o f an hereditary pension list at this moment having already an ancestral Lis t which 44,000 names now encumber and let. It be granted to Congress to do w hat it pleases uncontrolled by the Constitution with Tho territorial Domain and All the other property of the Union and from that instant a pension list o f forty four thousand names end three and a half millions o f dollars will quickly he extended and increased and s Tretch � de in to the ranks o f posterity. No sir no. There Ieno constitutional Way to assume these states debts or to pay them or to endorse them or to smuggle the Money to the s tates for that purpose under the pretext of dividing Larad Revenue or surplus Revenue among them Elnere is no Way to do it. The whole thing is constitutionally impossible. I t was never thou Glit of Hyth e framers of o u r c o n s t i to � tion. They never Dre Anaed o f each a thing there is not a word in their work to w Arran t it a n l the whole idea o f it is u t the r by re pug. Nant and offensive to the objects and purposes for which the Federal Union was framed. Sir i repeat i t the Federal Constitution grew out of the w an t o f Money Abr the uses of the Federal government. I t grew of t o f that w an to and nothing else and it contains no Grant of Power in relation to the collection or the application o f Money except for the uses purposes of the Federal government itself. Having established the constitutional objection t o Assumption naked or disguised and show the a t there was to difference Between diverting land Revenue and any other Federal Evenmo to s Tate purposes and having especially exploded the three vulgar errors that the lands were donations from the s Tate that they have fulfilled their destination in paying the Public debt and tha t Tho Power of con Grese is absolute and arbitrary Over them hav ing done this i proceed to the secondary class of objections namely the evils o f the Mea sure these evils Are in themselves so great be hostile to the general Good and so big with destruction to the Federal Union the a t even if there was no constitutional impediment in the Way this measure o f Assumption o r provision Fox fixate debts should be utterly rejected for ita Baleful consequences aloes. And Here it is proper t o pause to reflect to look Back upon the Page o f our of n history and to consult the experience of our of n ancestors in rela tion Feo paying stale debts before we Rush in to Ike Sam e business w e Bave Hod one As Samp tion in our country and tha t in a Case Whigob was Small in am Oun to and free from the impediment o f constitutional objection but whisk was attended by such evils a s should de ter posterity from imitating the example. It was t n the first Yea r o f the Federal govern ment and although the assumed debts were Only twelve millions Aud were alleged to have been contracted for general purposes be t the ass Eption was attended by circumstances of intrigue and corruption which led to the most violent dissension in Congress suspended the Ballmess of the two houses drove some o f the states t o the verge o f secession and menaced tins Union with instant dissolution. Or. Jeff Essora who was a witness o f t h e scene and who was overpowered by general Hamilton and by the actual dangers o f the coun try in to its temporary support thus describes i t _ Jet pcs to to co we # 2 $9 of � cols � � � � � � o o � � � � � � � � � � � � � � � � o � o � � � � � � Toby � � � co cold � � in role 1 i i s of 2 is m � cd � � � � � � to � � � � � � � c h � � � � o o o o o � 0 5 co in co a 52� cd of to � to � � � of � � � co w Job o co w � � a � � o i � � � o � � � � � o � � � � � j � co � to � cd o � 00 o � � o o � to cd � co � go � do i 00 � � � j. It a � i p i of � c o o � o _ � 00 � � a a ? co y i l o 10 to of o � � c o � 4p � a ? � to to co co to of Ott to 4 to o a Moea 05 00 -4 000 w -4 to to w1i�ca Wyo of in of i of o � v m � ,64y- i � dec Tom to o m o o o i f f l o a o a i f f i t o o i a o s p � c a p o �00 p _ p to is to o o g b b o o o o o 4 o o f f i o i of o o o o o f f i o o o o 4 � a i c � 5o o o o o o o j q o o o o t d i g i o � � -18 All sorts o f s Tate debts and is to be attended with f Lagrant breaches or derisory evasions of the c on Titu tion ? w i the this retrospective View of the mischief o f a former Assumption in a Case so much More mitigated 1 proceed to the evils o f the new one disguised of a distribution of land Revenue among the states and a provision for the payment o f their internal improvement debts. In taking up this class o f objections it is proper to show in the first place the n a � Ture and amount o f the s Tate debts for which the Federal Aid or guarantee is claimed the purposes for which they were created their present value a t Home and abroad and the proportions in which they Are distributed am Ong the several s tates. And Here i Avail myself o f the e valuable and authentic information collected by an eminent citizen o f new York the comptroller o f the s Tater. Flagg. As late comptroller it became his duty under the general banking Law o f the s late to Issue circulating Bank notes to Bank ing companies on receiving from them pledges o f s Tate stocks. T h e proper execution o f this duty required h in to become acquainted with these stocks and for this purpose he applied to the fiscal authorities o f each s tat and received the answers which he afterwards Embo died into the document which now constitutes the Magazine o f information from which we All obtain our knowledge on this subject. His report showed the astounding sum of one h u n � dred and seventy millions of debt contracted or authorized by eighteen of the s tates in reality by sixteen is two o f them owe but a t r i � file and the a t w without counting the Twenty eight millions received on Deposit from the Federal government. This was about a year ago and taking into the calculation what May have been incurred since with the f Lori a debt o f five millions and some other Spe cies o f debt the whole May now be estimated a t More than two Hundred millions o f dollars. By t confining my remarks to the amount which appears in the tables o f or. Flagg and it is seen tha t this Large amount o f one h u n � dred and seventy millions o f dollars o f debt was found in the s tates o f Maine Massachusetts new York Pennsylvania Maryland Virginia s Outh Carolina Alabama Louisiana Tennessee Kentucky Ohio Indiana Illi Nois Missouri Mississippi Arkansas and Michigan. E High t o f the s tates o f the Union namely new Hampshire Vermont connect Cut Rhode Island n new Jersey Delaware n Orth Carolina and Georgia enjoy the Prond and enviable distinction o f not finding their names on the indebted list. Maine and m is Souri Are Only nominally on the unhappy list the former having created by t half a million of debt and the la the r having sent out her Bonds too late to be sold and a Good portion of them remaining be t in the Power o f the s Tate to Recal and cancel. Sixteen May be taken then a the number o f the indebted states and 170 millions the amount which they owe but o f these sixteen Only thirteen Are involved in the species o f debt now proposed to be provided for namely the internal improve m ent debt. W e now take up the tables of or. Flagg. T h e objects to which these 170 millions Are applicable and the amount for each object Are the e s e for banking. $52,640,000 f or canals. 60,201,551 f or railroads. 42.871,084 for turnpikes and Mcadam roads 6,618,958 for miscellaneous objects 8,474,684 whole or part tor improvement of River n a � ligation. Such Are the amounts and the distribution among s tates and objects and the progressive j s s s s a h s i k s l 1 u r t t v t s its Gross and in ils detail the next thing i propose to examine is to Tsee w hat the states received in return for such enormous liabilities what is it tha t represents these debts now at h o m e and what the debts themselves Are Worth in the Stock Market of foreign countries. And Here i can say in grief and with sorrow tha t almost the whole amount o f what the s tates received was British dry goods Mere British dry goods not even groceries. I say it with grief and with sorrow the a t almost the whole amount of w a t the sixteen states received for their Sterling Bonds bearing a s the r � Ling interest which will not be less than ten per cent to the people fib pay i twas Bri Tish dry goods which have been sold for paper Money to construct roads and canals and to build up the paper system Banks. This is w hat we have got for 170,000,000 o f Sterling debt. T h e process was about this t he Bonds were sold for Bank credits in Europe or the a to lactic cities Bills of Exchange were drawn upon these credits in favor o f m merchants who took up the amount in dry goods the Bills of Exchange were paid for by the merchants in paper Money and this paper Money after som etim a returned to the Banks from which it came. T Hustle whole operation was a Circle o f paper going round and round in paper and ending in its own extinction and never emerging from the paper Circle but once and then to effect importations o f British goods. T he goods Are worn out the paper Money has returned to the place from whence it came the operation is Over and nothing remains of the transactions by t the 170,000, 000 of debt its devouring interest and the Banka canals and roads which represent i t the whole of these Banks have failed once and m Ost o f them twice in two y ears the greater part o f the roads and canals Are unfinished and of those finished several Are Ungro productive. A and this is the history o f the slate debts the Burthen of which i t is now proposed to cast upon the shoulders o f the Federal government. But the whole of these debts Are not even the direct debt o f the state but a Security debt incurred for companies such Are the e representatives o f the e s Tate debts. These Are w a t the s tates have realized in Exchange for their Sterling Bonds and Sterling interest. The Best o f the Banks Are flying but Little the Best o f the roads Anil Ca nals Are hardly paying repairs management Arad interest. The mass of these institutions and works May be thus characterized Barren Banks which cannot lend suspended Hanks which will no t pay broken Bank which can not p a y unfinished roads and canals we High arg useless finished ones which Are either is los their owners in debt or barely p a y � ing the expense of repairs the Cost o f m Anage ment and interest upon the outlay. T h is is their condition. Their value a t Home is show n by the thermometer o f the Stock Market where they Range at All the degrees below Par Down to the freezing Point o f Zero. In Europe a a though backed by the credit o f s tates the e y rate from one half to three fourths o f their nominal value and this is the Stock which the Federal government is to be called upon Fise to Par or above it for the Benefit o f the holders in Europe while the representatives of this Stock in America the Banks the roads and the canals Are to remain As they Are or to be galvanized into a new fit o f Ephe Mera animation by the Battery of new Debis contracted abroad. It is for this tha t the e As sumption is to be claimed no not the assume tion that word will no t be used Here. T h e pen of or. Jefferson has stamped upon i t an immortality i of in fam a and it will not be repeated Here. T he Public lands will be invoked for that purpose and by this indirection the National Domain will virtually be presented As a gift to the capitalists o f Europe and no t to the capitalists Only but to the Stock jobbing Fry also tha t pestilential spawn of the e fund ing and paper systems which having so of ten mastered the parliament of great Britain Ore next to try their hand on the Congress of the United states. A diversion of the National Domain to the payment o f these debts would immediately raise them far above Par would be a present o f fifty or sixty cents on the Dol Lar and of fifty or sixty millions in the Gross to the foreign holders and virtually a pre sent of so much Public land to them. I t is in vain for the Bill to say tha t the proceeds o f the e lands Are to be divided among the states. The indebted states will deliver their portion to their creditors they will Send it to e u to p e they will be no thing but the receivers Gene ral and the sub treasurers o f the Bankers and Stock jobbers o f London Paris and o f a m � Ster dam. The proceeds of the sales of the lands will go to them. T he hard Money wrung from the hard hand of the w Este in cultivator will go to these foreigners and the whole influence o f these foreigners will be immediately directed to the enhancement o f the Price of on Public lands and to the prevention of the passage o f All the Laws which go to graduate their Price or to g ran t preemptive rights to the settlers. Be t is now take o rapid View o f the evils o f this Assumption disguised As i t May be w i the the cloak of the National Domain Revenue for distribution or with the drapery o f a surplus Revenue for division or Deposit among the states. I have already grouped into a single assemblage o f features the More prominent and palpable o f these evils and shall not s top to dilate minutely upon them now. n p p o a n l n l i n t j w r y u i o h u u g u i o f l t l be mind w Ith the m Ost painful and disquiet inf Ftp Rotor of i g corporations and individuals to whom the slate credit the a t is to say the s Tate Bonds have been Lent to enable them to build Banks and make improvements or engage in some speculative undertaking for we Hon they bad no Means of their own. A part o f the state debt is in this form and the a t p a r t becomes doubly objectionable to me from its intrinsic unworthiness and inherent viciousness. I have y e t to discover in the constitutions of such o f the s tates As i have examined for the purpose the Power by which the legislature undertakes to lend the credit o f the s tat that is to say the labor and property of the people to companies corporations and individuals for their private advantage and to make the Community stand Security for the Success of their undertakings. 1 question the Power in the s tates i deny it where the a Thori to can not be shown and i utterly deny it in the Congress o f the United states. As to the Wisdom of such Loans and Security ship that May be seen in Many instances and especially in Bome Southern Banks and above All in a certain Railroad project in Florida where the legislative Council first granted a charter for the Road and then furnished the Bong to build it and wherein the corp orators sold the Bonds in Europe for Iron then obtained a remission of the duties from Congress then sold the Iron on their own account and afterwards demanded More Bonds for the commencement o f the Road. This though in extreme Case is not the Only instance which tune will developed of the i Providence of such Loans and Security ships. Like Many other lenders the state Inay Loose like Many other endorsers she May have to pay. T h e undertaking May fail in Many instances and a wasteful prodigality in spending the Money so obtained must be expected in pm. Yet these cons Titu the a part of the s Tate debts for the payment o f which con Gress will be called on to provide. M Ami than to compel Tolfe non Ince Tes a states Tai pm cur Burthen for others which they have re � fused to incur for themselves 7 w h a t More shocking than this ? yet such is the proposition disguise i t As you May which is to be brought before us. Fourteen o f the states Only Ore indebted for internal improvements for four of those whose names Are on the indebted list owe nothing on that head. Maine Missouri Mississippi and Arkansas of Enoth ing for roads and canals to which Louisiana might be added for she owes but a trifle on that head l it the More than half a million of dollars. Here then Are thirteen s la Tes which Are in debt for internal improvements the on � by kind o f debts now proposed to be provided for and thirteen which Bre not and the pro position will be to make them All even by plunging the whole into the same degree o f debt. I t would be rather too monstrous to re � quire the thirteen non indebted to assume the one half o f the debts o f the other thir teen Itiat would be rather outrageous. A different turn m us therefore be Given to the scheme and the non indebted states seduced into debt to an equal amount with the others and then the whole of the s tates made paymaster for the whole o f the debts. This is the Fine scheme which is now to occupy us and a n a � tonal debt o f three Hundred millions created a t once for tha t is the san computed to be wanting to equalize the condition of the states in Point of indebtedness. T h a t which is now one Hundred millions on thirteen o f the e states is to be made three Hundred millions on the whole and these three Hundred mil Lions Are to constitute the Start ing Point o f a new National debt and the Kernel o f the new National Bank. Truly we Are but a t the co m � me Cement o f the c r e d i t system. What can be More obvious than the diver Sion of the land Revenue from National to s Tate purposes will create a necessity for Loans or taxes or issues of Treasury notes to Supply the place of the funds so diverted ? the lands now produce six or seven millions annually and with a reduction of Price will produce an increased sum to meet the deficiencies o f the custom House Revenue in the two last years of the Compromise which Are now a t hand. Both lands and customs barely meet the de mands o f the government a t this time w a t then must be the state o f the Revenue in 1841 and i842, if thrown exclusively upon the Cus Toms then undergoing their last reduction and sunk to an and Valorme duty o f 20 p e r c e n to doubtless the revival o f a heavy Tariff m Usten � sue and this is so obvious to every observer that it must be assumed to be one of the objects o f diverting the land Revenue from Fede ral to s Tate purposes. What can be More demoralizing More ruin ous and More destructive not Only to our f e � Deral political system but to the social and moral system itself than to allow the s Tate s to create debts for their own purposes and then club together and throw the payment of these debts on the Federal government w hat More fatal than this 7 the restraint upon the creation o f debt is the obligation to pay it remove the a t restraint separate the charac ters o f contractor and payer and All the barriers of Economy moderation and safety Are broken Down. The states Are stimulated into debts which the u Pion t b my and the p re � cadent once set Mliss be rapidly followed up by new debts on the part of the s Tate Sand new assumptions on the part of the Union we begin with providing for internal improve ment debts quickly those incurred for Banks Are added. T h in follow All those contracted for other purposes even the Security debts incurred by Loans of credit to companies corporations and individuals no matter How unwisely incurred How extravagantly applied and Liow wastefully squandered. Touch these s Tate debts in any Way no matter How put your hand to the work in any Fordi tha t you please and from the a t to. Ment you Are in for the whole from the a t to intent y o u assume the ultimate pay ent. T h u s it was with the debt o f this District in. For the Chesapeake and Ohio canal. W e passed an act in 1828, to enable Tho Dis t r in t to borrow the Money. T h e sagacious men of this body a r. Macon or. Van b u � Ren and others opposed the act upon the ground that the agent o f the District would go abroad with that a t in his hand and show i t to foreign capitalists and although it contained no Promise on our part to guaranty the payment yet the United states would become involved in the transaction and ultimately have to pay it All and thus it happened. T a i debt interest and All is now assumed by the United s tates. I was one o f the few who opposed it thanks to my association with Macon and Randolph from whom i Learnt Iny leading principles in political Economy. I opposed the a t act giving authority to this distr in t to borrow Money for the canal on the ground tha t it would involve us in the trans action and ultimately make us liable for the whole and now i oppose any connection disguised As it May be with the s Tate debts on the same ground. T ouch them and we embrace them p u t our Finger to the work and the shoulders follow give them the proceeds of the Public lands and from that moment you have Given the whole revenues and the whole credit of the United Stutes. You have Given All in giving any thing for All tie rest would follow. Custom House Revenue and Treasury notes would soon be called in to sup ply the deficiency o f i he land Revenue and new debts would Swallow up the whole resources o f the Union. W a t More unwise and More unjust than to contract debts on Long time As some of the s tates have done thereby invading the rights and m mortgaging the resources of posterity and loading unborn generations with debts not their own 7 w a t More unwise than All this which several of the s tates have done and which the Effort now is to make All do 7 be sides the ultimate Burthen in the shape o f final payment which is intended to fall upon posterity the present Burthen is incessant in the shape of annual interest and falling upon each generation equals the principal in every periodical return of ten or a dozen years. Few have calculated the devouring effect of annual in Terest on Public debts and considered How soon it exceeds the principal. W to supposes the a t we have paid near three Hundred millions o f interest on our late i Ationo debt the Prin Cipal o f which never Rose higher than one Hun � dred and Twenty seven millions and remained but a year or to o a t that ? w to supposes this 7 yet it is a fact that we have paid four Hundred and thir to one millions for principal m d interest o f tha t delt so in i t near three Hundred millions or near double the maximum am Oun t o f the e debt itself must have been paid in interest alone and this a t a moderate in � Terest varying from three to six per cent and payable at Home. Some o f the states on the contrary engage to pay six or seven percent in London which m ust require a Levy o f nine o r ten percent from their citizens to raise and Rem it to the place o f payment. The states counted on seeing this interest paid and the debt itself ultimately redeemed by the profits o f t h e Banks the roads canals and jobbing companies and projectors for which and for whom they were contracted. Vain and illusory expectation a few of the works May yield a profit and realize the calculation Madec. I or r v _. 4.l _ de takings they must sink upon the hands of the states. As to the Banks most o f them m u s t rot Down on their foundations before the Bonds Are due upon which they were built and As to the jobbers and projectors to whom the s Tate credit was Lent most o f them when they have squandered the Money for which the Bonds were old will quietly leave the s Tate to pay both principal and interest. Such is the i Providence of lending stale credit and contracting debts upon Long time and throw ing their payment upon unborn generations. And this is what sixteen of our s tates have been doing and what is proposed to make the whole Twenty six now do. The British National debt owes its existence entirely to this policy. I t was but a trifle in the beginning of the last Century and Naglit have been easily paid during the reigns of the first and second George but the policy was to fund it that is to say to pay the interest annually and Send Dow n the principal to posterity and the fru it o f tha t policy is now seen in a debt of four thousand five Hundred millions of dollars two Hundred and fifty millions of annual taxes with some millions of people without bread while an army a Navy and a police sufficient j to fight All Europe is kept under pay to hold in Check and subordination the oppressed and plundered ranks of their own population. And this is the example which the Tran Ferrers o f the state debt would have us to imitate and this the end to which they would bring us i w b a t can be More Plain than that in pro Viding for these debts o f the states the beget a. Spirit which must constantly Cater for the Means of new distributions by keeping Down necessary appropriations and keeping up in � necessary taxes o f Illus behave our instruction As Well As theory for our guide. T h e land distribution Bills a few years ago and the despotic Bill of 1836, begat such a spirit in Congress tha t All the fortification Bills were lost tor several years and one o f them actually sunk Between the houses after passing the s Enate by having a new Deposit Bill fastened upon i t and a Bill for the repeal o f three mil Lions o f dollars including the Salt tax was al so lost while the complaint of the Treasury w As an excessive Revenue and a surplus Abr which there was no use i w h o cannot see the a t the diversion of the land Revenue from the Federal Treasury is to be attended with the immediate revival of the h High protective Tariff falling unequally on Dif Ferent parts o f the Union and most heavily on the planting Grain growing and provision raising s tates and who does not see tha t the revival o f tha t Tariff is to g be the highest Dis con ten t to the Averbu thened ports of the Union and excite in their bosoms a deep and just degree of dissatisfaction 7 w to so Blind As no t to see the disastrous consequences of bringing the states to the Footstool of the Federal government to receive supplies from the Public Treasury 7 wasteful extravagance in their expenses with ultimate abject dependence on the Federal head with consolidate on in its Trainis one alternative o f the consequences which pre sents itself annihilation of the Federal head by the loss o f its revenues and property which might be devoured by the states is the other alternative o f the same disastrous consequences. It May be a question which would occur whether the states would be swallowed up supplying Tho s tates out o f the Federal t r e a � sury. Who does not see the new and fearful impulse which the Assumption o f the s Tate debts or a provision for thir payment out o f the general funds must g Ive to the delusive and destructive career of the paper system already in a stale of frightful Over action the votaries of the a t system deem no thing done while the Federal government is free from ita vortex. W Ith nine Hundred Banks to Emi paper Money with six Hundred millions o f authorized Bank capital w Ith More than one thousand millions o f stocks o f All sorts with five Hundred Banks in a state of suspension with one Hundred millions o f depreciated Bank paper including Post notes with to o Hundred millions borrowed by eighteen states from e u � rope with Twenty eight millions received of Deposit from the United s tates with a Mam Moth Bank o f thirty five millions chartered for thirty years the identical personification o f the credit system with its two bankruptcies in two years i to first duty to foreigners and its last to its own country exporting ship loads of specie to these foreigners while refusing Shil Lings to those who Cliart ered i t w Ith All this we Are still a t the commencement of the paper credit system. A National debt and a National Bank Are the to o pillars of the a t system an t to obtain that debt and the a t Bank i now the main object o f pressing the e s Tate debts upon the Federal government. L e t that object be let a new National debt be Crea ted and the new National Bank grow out o f it and the credit system will quickie produce the fruits Here which it has already borne in eng and and where in less than a Cen Tury and a hair it has raised a National debt front Twenty one millions five Hundred and fifteen thousand seven Hundred and forty two pounds thirteen shillings eight Pence and to o Farthings to nine Hundred millions s the r l in g the annual taxes from four millions to forty five millions Sterling the National Bank from one million two Hundred thousand pounds to fourteen millions and As a consequence o f t h e whole has filled the country w Ith millionaires and beggars with palaces and poorhouse. Give the credit system the e new impulse which it seeks Here and it will soon Supply our America i ruts hich in Bas Faor a h e effect of All this policy in begetting a passion for periodical distributions o f land r e venue or surplus Revenue or extensions of National credit will be to p u t the people o f this Union into the a t Road which the romans entered when they commenced a distribution of Grain froth the Public granaries and ended with putting up the Consulship to Sale and the diadem of Empire to auction i t is a Pas Sion which grows on what it feeds and becomes Insatiate in proportion to w hat it devours on this Point we have the instructional our recent experience to guide us As Well As the suggestions of an enlightened forecast to warn us. I have already said the a t Assumption is the Chi j o f distribution the child o f the projects an i speeches for the distribution o f land Revenue or surplus r e v e n u e a h in h have excited and Tan Taheed the Publio mind for so Many years p a s. I have said it was this which stimulated Ali s Tate s into improvident undertakings rushed them Bend Long into heavy debts and turn i their eyes upon the National Domain and the j Federal 1 Treasury for Succour and Relief from their premature Burthen. T h is is what i hav a j a now look a t the proof in the tab ? you. Here it is. See it. From 1820 to 182. ,. When none o f the distribution schemes a i been thought o f in Congress the amount o f s Tate debt incurred was Only twelve million and three quarters in five y e a n barely to o and a half millions per an n u m and the Isco i. Fined to the old and populous states who resources were adequate to their under tak ing and whose Means were equal to the payment c t h e r contracts. In the next period o f 5 Vear front 1825 to 1830, the increase o f the stat debt was still in the same slow and Rao Derat. Proportion and confined to the same class of states. Or. Dickerson is Bill for tie distribution of the surplus Revenue was brought few Ward during this period but its instant a n l peremptory condemnation by the Senate counteracted its influence and prevented it from having the least effect in s tim plating the expenditures o f the states or exciting the Spir t of speculation and the s Tate debts in the e five years Only advanced thir teen and a h a millions of dollars being still a t the moderate rate of Little More than two and a h a l f millions per annul. T h e third period from 1830 u old j was filled with Bills and speeches for the distribution of land Revenue and majorities were found in both houses o f Congress to countenance the projects and to inflame the passions which they engendered then it was the a t speculation and s Tate debt received a powerful impulse and the debts o f the s to to. Made the Gigantic stride o f forty millions in 5 years being a t the rate o f e High t millions of dollars per annul. W hat was worse some -.1 ? i / t 8 or s ,tqte8 bes a 1" be infected with the heresy tha t s Tate debts were s Tate blessings and rushed into undertakings Lor which they were not Ripe and for which the credit system had to furnish the Means. Ali fourth pen � d f o r i still quote from the invaluable tables o f or. F l a g g t h e fourth period e three years and a half from 1835 to 1837, and a part o f 1838 but i t Cove red the period of the Cluster o f Bills for the distribution o f the surplus Revenue Asil was called the seductive speeches in their favor and the dazzling tables o f distributive shares Wincn then filled this chamber and which took the ultimate form o f a Deposit with the state. The s Tate debts in the a t delusive period advanced one Hundred and eight millions of Dol Lars 1 counting the Twenty eight millions re cowed from the United s Tate Sand the total Advance was one Hundred and thir to eight millions the progressive rate o f increase be ing close on forty millions o f Dollar per an � num. career o f debt involved m its course even the younger t and weakest. States and some o f the territories and the result o f the whole was a larger debt Cou tracked in the a t Brief period by about one hah a is Thau the whole Union owed at the highest Point o f our National debt for an its wars and acquisitions o f terr i to by the Rev. Luti onary War the Louisiana and Florida Pur chases All inclusive i this is what came from stimulating the a p � Petite o f the s tates for Public distributions this in what came from turn ing their eyes up on the National Domain and the Federal t r e a � sury for the payment o f their debts. T h is is the fruit o f our land Bills our distribution Bill and our Deposit Bills and this is w h a t i Sai 1 would be their fruit and a great Deal during the and alone be Many years the a to pm Ost so i i made head against them Oil u n a i t t i by the Federal head or whether the Federal Ori " s be no the Resu l t o f our expert head would be devoured by the s Tate s most v f lat most be the effect o f now Surreno probably thu latter b u t one o f them in Evita � National Domain to the payment of Bly and the rep tilt would be the same to our i debts 7 certainly to Start the states agr present Frame of government be it which i t a new career debts to excite them ini might. W e have encountered and surmounted tra Vagar be under the conviction that the Many dangers we have gone through Many no i Ponyi and t0 bring the e m periodical perils which tried the e s strength o f our fed Era on on�re8b, with fresh demands unti live system but of All the dangers we have a. 2, Domain shall be exhausted the surmounted of All the trials we have gone a. Treasury emptied and the credit o through there Are none in my opinion which jul on reduced to contempt can compare with the perilous exp raiment of concluded on of u r the Page ;