Canton herald. (Canton, Miss.) 1837-1839, 1838-04-11
From hc Louisville Journal.
CONDITION OF THE U. S. r.
NANCE.

,een made of the condition Of the
Treasury Of this great Republic, arc
ruly startling. That condition is
IN anomaly in National history
That a country, with resources far
more extensive than those Of any
,ther country ON the face oil the
whole globe, and with revenue
which but recently was so abundant
that the Government knew not what
10 do with IT, should, in a season oil
profound peace and when all The ma
lions around are vieing with each 9TH
in the swift race OF prosperity and
atlluencc, be reduced to sudden bank |
ruptey and obliged 10 resort to the
creation Of a public debt as the only
means Of keeping its vital functions
in motion, is indeed a phenomenon
well calculated TO excite the astcnish-
ment and Indignation Of every patrl-
OF at home and the loud derision of
all the rest Of the world. 1t is an
anomaly, for which the annals 81 hui.
man Government, SO far as our knowl-
edge extends, furnish no parallel.
II has been clearly shown and Isl
acknowledged on all hands at Wash
ington, that the Treasury will be de-
ticient, the current year, to the amount
of fifteen aud probably t,ccatg millions
Of dottdrs. The organs Of the nd
in both Houses Of Con-
grcss admit, that, 10 little more than
one month, the whole amount OF
Treasury notes, now authorized, will
be exhausted, and that the operations
of the Government will thus come to
d final stop unless some means can be
forthwith devised for replenishing the
exhausted Treasury of the nation.-
Such is the startling condition of the
country, and we see not the ialntest
reason TO hope that 1t will improve
hereafter. On the contrary, things
are daily growing worse and there
is every probability that they will con-
tinue to grow worse till Verse shall be
noIonger possible. Tie administration,
10 divert the attention OF the people
from the true and known causes Of the
infinite array Of evils that have COW
cred the land, is waging a ruthless
warfare against all the sources of
wealth, against the Very fountains Of
revenue, and of course Mt every on
ward step, if the present policy be not
abandoned, the country will sink to a
still lower depth in the gulf of ruin.
Even the experimenters themselves,
although too obstinate to acknowledge
the folly and the madness Of their
measures, are appalled, at the prospect
before them. They know not what
to DO. They shrink back from the
contemplation Of the midnight gloom
'of the future. Some Of them propose,
that the Government resort 10 anoih-
er emission Of Treasury notes. The
present notes, purportlng to bear IN
\ terest and to be redecmable in one
year, are at a greater discount than
bank paper; they arc below the par
1 Of irredeeinable bank rags in the great
/ commercial marts of the country
4 thew tend to increase instead of dl.
mnish the seemingly mcurabIe de-
rangement of the currency; md yet
4 the miserable empires at Washington,
Il in defiance of all the teachings Of ex.
perience, propose TO open once more
4 the huge nood-gatcs of the Govern
ment and let forth u second deluge Of
this spurious trash. All their thought:
are employed not to devise the means
Of relieving the country from Its
1 wretched situation and building up it
prosperity upon firm and perma
ncnt foundation, but to discover The
necessary shifts and cxpedient3 ioI
Keeping its crazy and half-broker
/. wheels in motion from one month
end TO another.
/. :Somc recommend, that the Govern
ment sustain itself, if possible, by
t having recourse to a direct loan.--
Twcnty-threc years ago, Congress au
/. thorized loan for a sum not exceed
r ing Si9,452 500, and this amount wa
! then obtained from the State Banks
! But is an application to be made t,
i, State Banks a0U2 Are these instl
tutions, in their present crippled ant
! most precarious condition, to be re
/, lied on for supplying to the admins
tration the siEews Of strength! Mus
I the Government depend, for the pro
: longaticn Of its existence. upon pc
cuniary fayors from institutions, which
it is crushing in the dust, and wbicl
all its ten thousand hirolings are dali,
: denouncing as fraudulent, corrupt, am
7 al tln