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my opinion, that instability is just as apt To b.
produced by retaining the public lands as source


Of as from any other cause. and this is as
c,1bed to constant uctun,ion, it is said, in the
amount of sales. If there were any thing in thi.
| objection it equally applies to every imposition o
duties on imports. The amount of revenue annu
ally derived from duties is constantly liable tc
change. The regulations Of foreign governments
the varying productiveness of other countries Pc
RODS OF excitement in trade and great variety oi
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 in
crease of population. In recurring to the statis-
tics connected with this subject, it will be per-
ceived that for period of ten years preceding
1884, the average amount OF land sales did ex-
coed So 2,000,060.


For the increase which took place in 1885 and
6, we are TO look to that peculiar condition of the
country which grew out of one of the most extraor
dnary excitcmcnts in business and speculation that
has ever occurred in the history of commerce and
csrrency. 1t was the fruit of wil1 spirit of ad-
venture cngendercd by vicious system of credits
under the evils of which the country is still labor
ing, and which it is fondly hoped, will not soon re-
cur. Considering the vast amount of investments
made by private individuals in the public lands,
during those three years, and which equallcd $43,-
1000, equal to more than 90 years purchase,
taking the average of sales OF the ten preceding
years, it may be safely asserted that the result of
the public land sales can hold out nothing to alarm
the manufacturer with the idea of instability in the
revenue, and consequently the course of the Go
vernment.


Under what appears to me, therefore, the proper
considerations of public policy, and in view Of the
interests cf every branch of domestic industry,
return you the bill with these my objections to its
becoming law.


Lake occasion emphaticay to repeat my anxious
desire to cooperate with Congress in the passing Of
a law which, while it shall assist in supplying the
wants of the Treasury and reestablish public credit
shall afford to the manufacturing interest of the
country all the incidental protection they require


After all, the effect of what do is substantially
to call on Congress to reconsider the subject. IT,
on such reconsideration, a majority of two-thirds
of both Houses should be in favor of this measure
it will become law, Notwithstanding my objections


In case of clear and manifest error on tre part
of the President the presumption of the Constitu-
ton is that such majerities will be found Should


eyb SO found in this case, having conscientiously
discharged my own duty, shall cheerfuly acquiesce
in the result JOHN TYLER.


WASHINGTON August 9, 1912