Report of the Majority of the Committee On Ways & Means, in Obedience to the Order of the House Directing Them to Enquire Into the Expediency of Reducing the Direct Tax 1849

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The funded arrears of interest will be liquidated, and the resumption contemplated by the act of 1846, fairly perfected.
Thebasisof our revenue for the next ten years, will be established by a new asesssment, and our calculations can be predicated upon ascertained facts, instead of surmise and speculation ; the public debt will be reduced to an amount manageable in seasons of finan- cial difficulty and danger, and then we can, and ought so to regu- late tile sources of revenue as to provide for
... the current interest, and meet our obligations, as they mature, with absolute cer- tainty.
Premature action is fraught with perilous consequences. No popular commotion impels us, no anxiety amongst our constituents demands innovation, no such suggestion emanates from them, and it would be unwise in their representatives, to agitate a question that must disturb the community, unsettle the confidence of busi- ness, and the mercantile classes, seriously impair the credit of the State, impede the negociation of the Slate stock, retard our great public works, and subject our most vital interests to the schemes of demagogues, and make the Treasury the tool of factions.


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