Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-12-13

my aucnCiehcy IN inc treasury. lie grea
caution, advisable AT all times, Of limitin;
| appropI iaiions 10 the wants of the public
service, is rendered necessary at present b,
the prospective aud rapid reduction of tn,
tariff; while the Wig liant Jealousy, evidently
excited among the peof 10 Ivy the occurrence
oi The last few years, assures us that the,
| expect from their representatives, anl " n
I sustain them Ia the exercise OF, the mos
rigid economy. Much can he effected l.,
pos'poning appropriations not immediaiel,
required Tor The ordinary public service, O,
Tor any pressing emergency; and much d,
reducing The expenditures where The entire
and immediate accomplishment of the OBJ,
Jects IN view isnot Indispensable.
When we call TO mind the recent and en-
IRENE embarrassmenis produced ny eXces
sive issues OF bank paper, aggravated by the
unforeseen withdrawal Of much foie ign cap
ltal, and The inevitable arrangement arising
| from the distribution Of the surplus revenue
among the States as required by Congress
and consider The heavy expenses Incurred
by the removal If Indian tribes by the
military operations in Florida and on ac-
! count I'll the unusually large appropriations
made al the lasl two annual sessions OF Com
gress Tor other objects; we have striking
evidence, 10 the present efficient state of our
FINANCES, OF the abundant resources of The
country To fulfil all its obligations. Nor is
II less CRAFTY ing To find ,ha, the general bu
siness OF The community deeply affected as
IL has bcen,Is reviving with additional vigor,
| chastened by the lessons OF the past, aud att
mated by the hopes of the Iuure. by the
curtailmen, OF paper issues; lay CURLING the
sangune and adventurous spirit of specula>
iion and by the honorable application of
! all available means Ia the iuliiimeni OF obi
cations, confidence has been restored both
at home and abroad, and ease and facility
secured 10 all the operations OF trade.
The agency of the Government in pro-
ducing these results has been as efficient as
its powers and means permitted. BY with
holding from the States the derosi,e Of the
fourth ins,alment. and leaving several mil
lions al long credits with the banks, princi-
paiiy In one section u! the country, and MOI e
Immediately beneficial TO il; and, at The
same time, aiding The banks and CONNER.
cial communities in other sections, by post
| poning the payment 0i bonds for duties TO
The amount oi between four and five millions
Oi dollars; ty an issue uf Treasury notes as
means 10 enable the Government TO meet
The consequences of their indulgcnces but
anording, al the same time, facilities Tor re.
| nHiance and exchange; and by steadily de
Ginning employ as general repositories of the
| pubic revenues, or receive the notes Of all
banks which refused TO REDEEM them with
| specie: by these measures, aided by the IA =
vorable action OF some of the banks and by
line support and co operation Of a large por.
lion OF The community, we have witnessed
an early resumption of specie payments in
our great commercial capital, promptly iul-
lowed In almost every part Of the Uniieh
Siales. THIS result his been alike sanitary
10 Inc true interests of agriculture, com.
HieIce, aud manufactures; to public morals
respect Tor the laws, aud that con filience be-
ween man aid man which is SD essential in
all our social relations.
The contrast beiw cen the suspensinns Of
1914 and that of 1897 is most striking The
short duration of the latter the prom -, .es.
'oIaticn OF business the eyideni beneii,sre
suliihg rom an adherence by the Govern
inert To the constitutional standard Of value
misleading oi sanctioning the susrensiun by
ihe ieteip: oil irredeemahie paper and lie
advantages derived fiom the large amount
OIL specie introduced into the country pre-
'ious 10 1887, afford valuable Illustration
OF The true policy of the Gs, ef;,nenl in such
CRISIS. Nor can the comparison fail 10 re-
move the impression that rational bank is
necessary IN such emergencies Not only
were specie payments resumed without lis
ald, Out exchanges have also been more IA
pidiy restured than when il existed Hereby
showing That private capital, enterprise, uuG
pI udehce are fully adequate 10 these esds
on all these points experience seems TO la, e
confirmed the views heretofore submitted
! TO Congress. We have been saved the n,nr>
| tIhcaion oi seeing The disiresscs OF the curl-
munity for The tlIifd rime seized on 10 (as,sn
upon The country SO dangerous am iGstitu-
ton and we Hiay also hope that ;he bust,
ness of individuHls Ill hereafter lie relieved
! from The irjuIiuas effects ui continued az
itatioh OF that disturbing suhecr. Tie linn
lied influence al q national bauk in avsrling
arrangement IN The exchanges OF the coun-
Try or In compelling The resumption Oi spc.
Gle payments, IS now not less apparent Ihan
| us tendency 10 increase inOtdinagc specui. =.
| ZION Dv sudden expansions aud CoulraciiGIs {;
It's disposition 20 create panic and eu,bartaSs-
meBt Tor the promotion OF its own designs
lis interference with politics and lis lar
! greater power Tor evil than for good either
In regard 10 The local institutions OF tie op.
! erdtions Of the Government iisclf what
was IN these respects bul apprehension ar
/ opinion "ben national hauk was frs, es-
| tahiIahed, now Stands confirmed 10y hoiniii-
aiiDg experiences. The scenes thiuug n
| which we have passed Conciusiyeiy u5o, .
how hllIe our commerce. agriculture, ;aan,
uiaciuies, Or tuanCes, require sach an IN
| siiiuiiun. AID "haI dangers ATE attendant
on lis power--a power, trust, never 10 te
conferred by The j ueficdn people upon il.elr
| Government, and still less upon individuals
not responsible 10 them for rs unavoidable
abuses.
Ny conviction Of the necessity Of further
legislative rruI isions for the sails Keeping
and disbursement OF the public moneys, an,
=