would be
a burden readily borne by the people. But I can not too earnestly repeat
that in order to be beneficial it must be permanent, and in order to be
permanent it must command general acquiescence. But can such permanency
be justly hoped for if the tariff question be coupled with that of
distribution, as to which a serious conflict of opinion exists among the
States and the people, and which enlists in its support a bare majority,
if, indeed, there be a majority, of the two Houses of Congress? What
permanency or stability can attach to a measure which, warring upon
itself, gives away a fruitful source of revenue at the moment it
proposes a large increase of taxes on the people? Is the manufacturer
prepared to stake himself and his interests upon such an issue?

I know that it is urged (but most erroneously, in my opinion) that
instability is just as apt to be produced by retaining the public lands
as a source of revenue as from any other cause, and this is ascribed to
a constant fluctuation, as it is said, in the amount of sales. If there
were anything in this objection, it equally applies to every imposition
of duties on imports. The amount of revenue annually derived from duties
is constantly liable to change. The regulations of foreign governments,
the varying productiveness of other countries, periods of excitement
in trade, and a great variety of other circumstances are constantly
arising to affect the state of commerce, foreign and domestic, and, of
consequence, the revenue levied upon it. The sales of the public domain
in ordinary times are regulated by fixed laws which have their basis in
a demand increasing only in the ratio of the increase of population.
In recurring to the statistics connected with this subject it will be
perceived that for a period of ten years preceding 1834 the average
amount of land sales did not exceed $2,000,000. For the increase which
took place in 1834, 1835, and 1836 we are to look to that peculiar
condition of the country which grew out of one of the most extraordinary
excitements in business and speculation that has ever occurred in the
history of commerce and currency. It was the fruit of a wild spirit of
adventure engendered by a vicious system of credits, under the evils of
which the country is still laboring, and which it is fondly hoped will
not soon recur. Considering the vast amount of investments made by
private individuals in the public lands during those three years, a