Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-09-06

al debe woald scarcely be sanctioned by the Amesl~
The plan proposed will BE- adequate q III our fiscal
cratioBa daring the remainder 81 the year. Shosld
be adopted, the Treasury, aided by the ample re-
searces OF the country, will be able to discharge
pnnctually, every pecunlary obligation. For the fu-
uEe, all that is needed will be that caution and for
bsasance in appropriations which the diminuton of
the revenue requires and which the complete accom-
pllshment or great forwardness of many expensive
national undertakings renders equally consistent with
prudence and patriotic lberality.
The preceding suggestions and Recommendations
are submitted, m the belief hat their adoption by con-
gress will enable the Executive Department. to con-
duct our fiscal concerns with success, far az heI
management has been committed to i. Whilst the
objects and the means proposed 10 attain them are
within the constitutional powers and appropriate du-
ties they will at the same time, il is hoped by their
necessary operation, afford essential aid in the trans
action OF individual concerns and thus yield relief 70
the people at large in form adapted 10 the nature OF
our government Those who look to the action OF
this government for specific aid to the citizen to re-
ileve embalrassments arising from losses by revul-
sions in and credit lose sight OF the ends
for which il was created and the powers With which
it is clothed II was established to give security to
us all in our lawful and honorable pursuits under the
lasting safeguard of republican institutions.
1t was not intended 10 confer special favsrs on In
dividuas or any classes of them; 10 create sys-
TENS Of agriculture manuactuTeres trade; or TO en-
gage in hem either separately or in connection with
individual citizens or organized associations II Its
operahenn to be directed for the henet of any
one class, equivalent favors must, in justice, be ex-
tended the rests and the attempt to best0w such ia
vors with equal hand, or even TO select those who
should most deserve them, would never be success
full. All communities are apt to look TO Government
for too much. Even in our own cohntry, where It's
powers and duties SO strictly limited, we are
prone do So especially atperods OF sudden embar-
Easements and distress.
But this Ought not to be. The trainers of our cx-
ccllent Constitution, and the people who approved It
tod
time on sounder principle. They wisely judged that
the less Government interferes with private pursuits,
the better for the general prosperity II IS not its e
gitaae object make rich, or to repair, by d-
rect grants Of money legislation in favor of partcu
lar pursuits losses incurred in the public service.
This would be substantially 10 use the property of
some for the benefit of others. But lis real duty
that duty. the performance of which makes good
Government the most precious Of human blessings
is 10 enact and enforce system of general laws Gem
mensurae with, but not exceeding, the objects OF Its
establishment; and to leave every citizen and every
interest reap under its benign protection, the re-
wards virtue industry and prudence.
cannot doubt that this all similar occasions,
the Federal Government will find its agency most con-
ducive the security and happiness of the people when
limited the exercise of its conceded powers In never
as were not designed be conferred upon it, we shall
in reality do most for the general welfare. To avoid
every unnecessary interference with the pursuit OF the
citizen will result in benefit than to adopt meas
eagerly but perhaps naturally sought for under the
paessure Of temporary circumstances. It, therefore
refrain from suggesting Congress any specific plan for
regulating the exchanges OF the country; relieving mer
camille interfering with the ordina
nv operations of foreign or domestic commerce; II is
from conviction that such measures not within the
constitutional province of the General Government and
that their adoption would not promote the real and
manent welfare Of those they might be designed aid
The difficulties and distresses Of the times, though
unquestonably great, limited in their extent and
cannot be regarded affecting the permanent prosperity
of the nation Arising, adegree from the transactions
Of foreign and domestic commerce. is upon them that
they have chiefly fallen The great agricultural interest
has in many parts ofthe country, suffered comparative
~ little; and Providence intended to display the inu-
ncence Gifts goodness at the moment of our greatest
need and the evils by the
waywardness Of we Aave been blessed throughout
our exendes territory with season of general health
and of uncommod fruittulness. The proceeds Of our
great staples will furnish the Of lquidang
debts at home and abroad and contribute equally to
the revival ofcommercal activity, and the restoration
Of commercial credit The banks, established avow
edly for its support deriving their profits from it, and
resting under obligations to it which cannot be over
looked will feel at once the necessity and jnstice Of
uniting their energies with those Of the mercantile in
erest The suspension Of specie payments, 1T such a
time and under such circumstances as have lately
witnessed could be other than temporary meas
ure; and we can scarcely in believing that the pc
Rod must soon arrive when all that solvent will
redeem their issues in gold and silver Dealings abroad
naturally depend on resources and prosperity home.
1.-THE debt Of merchants has accumulated their
credit impaired these are fluctuations always incident
to extensive mercantile transactions But
the ultimate security Of such obligations does admit
Of question They guaranteedby the Of
country the fruits of whose industry afford abundant
means Of ample liquidation and by the evident interest
of every merchant 10 sustain credit hitherto high,
by promptly applying these for its preservation
deeply regret that events have occurred, which
require me to ask your consideration Of such serious
topics. ! could have wished that in making my first
! communication TO the assemb, ID representatives OF
my couniry, had nyhing to dwell upon but the his
tory Of her unalloyed prosperity. Since is other
WISE we can only feel more deeply the responsibility
of the respective trusts that have been coniided
and under the pressure of difficulties unite in invoking
| the guidance OF the Supreme Ruler Of nations nd in
aboring with jealous resolution to overcome the diff
culiies by which we are envroned.
II is under such circumstances, high qualification
10 know by long experience that we act for people
10 whom the truth, however unpromisng, can always
be spoken with safety; for therin Of whose patriot
ism no emergency 10 too severe and we are sure
never to desert public funclionary honestly labor
ing for the public good 1t seemsust that they should
receive without delay. any aid in their embarrass.
ments which your deliberations can afford. Coming
directly from the midst of Them and knowing the
course Of events in every section Of our country from
YOU may best be learned well the extent and ma
lure Of these embarrassments, az the most desirable
| measure of reitef
lam aware, however that il is hot proper TO dstain
YOU nj present. longer tnan may be demanded by the
special objects for which you are nvsned. To them
therefore have confined my communication, and, be
lieving it will not be your own wish 10 extend YOU
deliberations beyond them, reserve Till the usual pc
Rod of vpur annual meeting that general INFORM atiOp