Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1837-09-15


| Treasury at the commencement Of the year,
will be about six millions II the whole Of
the reserved balance be not at once applied
TO the current expenditures, but four millions
be still kept in the Treasury, as seems most
expedient, for the uses of the Mint and TO
meet contingencies, the sum needed will be
ten millions.
In making this estimate, the receipts are
calculated on the supposition OF some FUR
Their extension Of the indulgence granted in
the payment Of bonds for duties. wich will
affect the amount of the revenue for the
present year to the extent Of two and half
millions.
tits not proposed to procure the required
amount by loans OF increased taxation
There are now 10 the Treasury nine mil
lions three hundred and sixiy-seven thous-
and two hundred and fourteen dollars, d.
rected by the act Of the 23d Of June, 1886,
10 be deposited with the States in October
next This sum, if so deposited, will be
subject, under the law, 10 be recalled, If
needed, TO dcfray existing appropriations -
and as il is now evident that the whole, or
the principal part of it, will be wanted for
that purpose, il appears most proper that the
dcposite should be withheld. Until the
amount can be collected from the banks
Treasury notes may be temporarily issued,
to be gradually redeemed as il is received.
| am aware that this course may be pro-
ductive Of Inconvenience TO many Of the
States. Relying upon the acts Of Congress
which held out TO them the strong brobabil-
| iiy. il not the certainty, Of receiving this in
sialment they have in some instances adopt
ed measures with which its retention may
seriously interfere. That such condition
OF things should have occurred, is much to
be regretted Ii is not the least among the
unfortunate results OF the disasters of the
times; and it is for Congress TO devise a fit
remedy, if there be one. The money be-
ing indispensable to the wants of the Treas
ury, il is difficult TO conceive upon what
principle Of justice or expediency its appli-
cation to that object can be avoided. To re-
call any portion of the sums already depos-
tied with the States. would be more incon-
venient and less efficient; to burden the
country with increased taxation, when there
is in fact large surplus revenue, would be
unjust and unwise; 10 raise moneys by loans,
under such circumstances, and thus TO com
mence a new national debt, would scarcely
be sanctioned by the American people.
The plan proposed will be adequate to all
our fiscal operations, during the remainder
of the year Should il be adopted. the
Treasury aided by tho ample resources Of
the country. will be able to discharge, pune
uially, every pecuniary obligation For the
future, all that is needed will be that caution
and forbearance in appropriations which the
diminution OF the revenue requires, ard
which the complete accomplishment or great
forwardness OF many expensive national un-
dertakings renders equally consistent with
prudence and patriotic libcraliiy.
The preceding suggestions and recon-
mendaiions are submitted, in the belief that
their adoption by Congress will enable the
Executive Department, 10 conduct our fiscal
concerns with success. so far as their man
agement has been committed TO it. Whilst
the objects, and the means proposed to at
tain them, are within its constitutional pow
ers and appropriate duties. they will, at the
same time, il is hoped, by their necessary
operation, afford essential aid in the transac-
ton of individual concerns, and thus yield
relief TO the people at large. in form adapt
cd to the nature OF our Government Those
who look 10 the action of this Government
for specific aid 10 the citizen to relieve EN-
barrassments arising from losses by revul-
sions in commerce and credit, lose sight OF
the ends for which II was created, and the
powers with which il is clothed. II was es-
tablished 10 give security TO us all, in our
lawful aud honorable pursuits, under the
lasting safeguard of republican institutions
II was not intended to confer special fayors
on individuals, or on any classes OF them /;
10 create systems of agriculture, manufac-
lures, or trade or TO engage in them, Ell
Their separately or in connexion with indiyid-
ual citizens or organized associations. II
its operations were to be directed for the
benefit OF any one class, equivalent favors
must, in Justice, be extended to the Test -
and the attempt to bestow such favors with
an equal hand, or even to select those who
should most deserve them. would never lie
successful. All communities are apt TO look
to Government for too much Even in our
own country where its powers and duties
are so strictly limited, we are prone to do so,
especially at periods OF sudden embarrass.
ment and distress. But this ought not to be.
The trainers of our excellent constitution,
and the people who approved it with calm
and sagacious deliberaiion, acted at the time
on sounder principle. They wisely judg-
ed that the less Government inleIieres with
private pursuits, the better for the general
prosperity. II is not its legitimate object to
make men rich, or to repair, by direct grants
OF money, or legislation in favor of particu-
n mn L