end that even if this bill
were permitted to become a law--alienating, as it does, the proceeds of
the land sales--an actual deficit in the Treasury would occur, which
would more than probably involve the necessity of a resort to direct
taxation.

Let it be also remarked that $5,500,000 of the public debt becomes
redeemable in about two years and a half, which at any sacrifice must
be met, while the Treasury is always liable to demands for the payment
of outstanding Treasury notes. Such is the gloomy picture which our
financial department now presents, and which calls for the exercise of a
rigid economy in the public expenditures and the rendering available of
all the means within the control of the Government. I most respectfully
submit whether this is a time to give away the proceeds of the land
sales when the public lands constitute a fund which of all others may be
made most useful in sustaining the public credit. Can the Government be
generous and munificent to others when every dollar it can command is
necessary to supply its own wants? And if Congress would not hesitate
to suffer the provisions of the act of 4th September last to remain
unrepealed in case the country was involved in war, is not the necessity
for such a course now just as imperative as it would be then?

3. A third objection remains to be urged, which would be sufficient in
itself to induce me to return the bill to the House with my objections.
By uniting two subjects so incongruous as tariff and distribution it
inevitably makes the fate of the one dependent upon that of the other
in future contests of party. Can anything be more fatal to the merchant
or manufacturer than such an alliance? What they most of all require
is a system of moderate duties so arranged as to withdraw the tariff
question, as far as possible, completely from the arena of political
contention. Their chief want is permanency and stability. Such an
increase of the tariff I believe to be necessary in order to meet the
economical expenditures of Government. Such an increase, made in the
spirit of moderation and judicious discrimination, would, I have no
doubt, be entirely satisfactory to the great majority of the American
people. In the way of accomplishing a measure so salutary and so
imperatively demanded by every public interest, the legislative
department will meet with a cordial cooperation on the part of the
Executive. This is all that the manufacturer can desire, and it