Southern Argus. [volume] (Columbus, Miss.) 1834-1842, 1840-12-31
NUMBER Is.


disbursements for pubic debt and trust claims
viii probably not exceed twenty-five and
half millions; being between two and three
millions less than those of the preceding year,
and nine or ten millions less than those 81
1887. Nor has it been found necessary, 10
order to produce this result, to resort tpthe
power conferred by Congress, of postpcnlng
certain classes of the public works, except by
deferring expenditures for short period upon
limited portion Of them; and which post
ponement terminated some time since, at the
moment the Treasury Department. by further
receipts from the indebted banks, became fuL
ly assured of its ability to meet them without
prejudice TO the public service in other res
poets. Causes are in operation which VIII, It
is believed, justify a still further reduction,
without injury to any important national IN
terest. The expenses of sustaining the troops
employed In Florida have been gradually aud
greatly reduced, through the Perseverlng Ell
forts of the War Department !; and areasona-
bic hope may be entertained that the necessl-
ty for military operation in that quarter will
soon cease. The removal of the Indians from
within our settled borders is nearly compile
ted. The pension list, one of the heaviest
charges upon the Treasury is rapidly diminish
ing by death. The most costly Of our public
! buildings are either finished, Or nearly so; and
. VIC mays llalhs SdiCAl pAOulioS ONAS~'sSS
continued exemption from border difficulties.
4 The available balance in the Treasury on
tha'lst of January next is estimated at one
q million and half of dollars. This sum, with
e the expected receipts from all sources during
! the next year, viii it is believed, be sufi-
u Gent to enab the Government to meet ev-
: erv engagement, and leave suitable balance
: in the Treasury at the end of the year; If the
e remedial measures connected. with the Gus
V toms and the public lands heretofore recon-
;. mended, shall qe adopted. and the new appro-
priatons by Congress shall not carry the ex-
penditures beyond the official estimates
The new system established by Congress
" for the safekeeping of the public money, pres
81 cribing the kind ofcurrency TO be received 10
al the public revenue, and providing additional
st guards and securities against losses, has row
lie. been several months in operation s.Allhough
n. it might be premature, upon an experience o.
,ot such limited duration, 10 form definite opin-
ion in regard 10 the extent OF Its influences IN
NC correcting many evils under which the Fede
gu raj Government and the country have hitherto
ed autobiography those that have grown out
en- of banking expansions, epreclatedscurrency
by and official deialcatoas: yet i is but right TO
rs. say that nothing has occurredInrhe rractlcal
- operation of the system weaken IN the sigh
20 test decree, but ma n to strengthen, the con-
l- fident authorizations of its friends. The grounds
Sc of these have been heretofore so fully explain
her ed as toreeuire no recapitulation. In respect
the to the facility and convenience 1t affords IN
wit conducting the public service, and the ability
,5a of the Government to discharge through It's
Il agency every duty attendant on the collection
az transfer, and disbursement of the public mo-
# e. o,, ,,,, ,,rarn,tdo am ccess can saw.
lon- with confidence, that the apprehenslons OF
ern those who et it Is be their duty oppose its
5 to adoption have proved to be unfounded. On the
s To contrary, this branch of the fiscal afrs ofthe
-, Government has been, and it Is believed may
49,. always be, thus carried on with every desira-
0'No bic facility and security. A few changes and
Is Dy improvements IN the details of the system
much without affecting ahy principles involved IN It
ad- will be submitted to you by the Secretary o
ag- the Treasury, and WILL | am sure receive a
tr;e. your hands that attention to which they may
ne r. on examination. be found to be entitled.
ms ~ I have deemed this brief summary of GU
no ny fiscal affairs necessary to the due perormanc
is ior of duty specially EMO ned upon me by tn
or the institution 1t will serve also to illustrat
real more fully the principles by which have bee
he adj quided In reference to two contested points
,novn the public policy, which were earllestin the
c. develoDement, and have been more Imperial
in their consequences than any that have al
e pay sen under our complicated and difficult, y
lrniSh- admirable system of government; allude
reason national debt and national Bank. 1t was
uld re these that the political contests by which
aht bv country has been agtated ever since the ado
- H., ton OF the constitution, In great measu
~, :, "o" ORIGINATED; and there IS too much reason
VIC Poa apprehend that the conflicting interests
'ces Tor opposing principles thus marshalled, will
G quite tinue as heretofore, to produce slnllart II
exlgen' aggravated cases.
Govern, Coming into Office the declared enemy
,be de. both, have earnestly endeaYored to prev
of poace a resort to either.
u Pooo0 The consideration that large public c
lhcatoh affords an apology. and produces IN some
deot oy GREE, necessity also, for resortlng 10
ID range tenn and extent oftaxation which Is not
nly. un. only oppressiye, throughout, but hkegyst
rHorned ant TO lead in the end to the colinl siol
600, that most odious of all offences against
$500 principles of republican government
PROSTITUTION of political power conferred fol
ted III General benefit, to the aggraddzement OF
OF the ficuar classes and the qualification OF md
kable for nal cupidity: is alone sufficient Indepen6
canses of lv nj the weiqlitv objections which bav
ready been urged to render It's creation
an object existence sie r. odd 70 tb,s ;ts new
Io Don't tendency TO produce and foster extraVa
- TN expenditures of the public money! by '
necessity Is created lo new iodps anu
5 burdens on the people, and, finally five
-.O ..oJ % to the examples of every Government
~ has existed, for proofhow seldomlt is thi
+ ooDlo system, when once adopted and mplant
8 ~ tIn the policy of country, has failed to eI
the con. ITSELF until public credit was exhausted
nc the people were no longer able to endu
- increasing weight it seems impossible to
the conclusion that no benefits resulting
: its career, no extent of conquest, no aces
of wealth to particular classes, nor any,
lie IFS combined advantages can counteroa
&c The its ultimate but certain results sPenu
go ,at yernment, aid an impoverished people,
anus - 20 If national bank was, as Is unden
i9ie repudiated BY the trainers OF the consh
S.!l as incompatible with the rights OF the
envy WIN and the liberties Of the people, if from Il
u pinnng it has been regarded by large pc
ial ~ of our citizens as coming IN direct CO
m'i ' 'h ~ with that great and vital amendment
~ w - constitution, which declares thai all
eIlous "a not conferred by that instrument on the
!isen1 PoJg aaI Government are reserved to the
~ Ag psa and to the people; if it has been view
e rnbEc them as the first step in the march ola
:. 49, a nous construction, which unchecked,
20 - render that sacred instrument of as little
as an unwritten constitution, dependen
af would alone be, for its.meaning, on the
,,,5l;c ted Interpretation of dominant party
.,r inI;an fordng no security to the rights of the
-oo troc ity-fs such is Undeniablv the case, what
80 H. al grounds could have been conceived
-