Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-12-17

enVlable position.
When entered upon the discharge Of
my official duties in March 1887, the act
for the distribution Of the surplus revenue
was in course ot rapid execution. Near
" twenty eight millions of dollars of the
public moneys, were i'll pursuance of It's
provisions, deposited with the States in the
months Of January, AprIl and July OF That
year. In May there occurred general
suspension of specie payments by the banks
including, ~ it'll very few exceptions, those
in which the public moneys we're deposited
aud upon whose fidelity the Government
had unfortunately made itself dependent
for the revenues which had been collected
from the People, and were indispensable to
the public service The suspension, aud
the excuses in banking and commerce out
of which it arose, and which were greatly
| aggravated by its occurrence, made, To a
erea, extent, unavailable the principal part
oil the public money then on hand sus-
pended the collection OF MANY millions ac-
cruing on our merchants bonds; and great
" reduced the revenue arising from GUS
toms and public lands These effects have
continued to operate in various degrees 10
the present period and III addition to the
decrease in the revenue thus produced, two
and a half millions Of duties have been re-
linuuished by two BIENNIAL reductions I'M
der the act of 1888, and probably as much
more upon the importation OF iron for rail
roads, by special Legislation.
Whilst such has been our condition for
the last fDui years in relation tn revenue, I'VE
have, during the same eriod, been sub
jected to an unavoidable continuance of
large extraordinary expenses necessarily
growing out of past transactions, and which
could not be Immediately arrested without
great prejudice to the public interest. OF
these, the charge upon the Treasury, in
consequence of the Cherokee treaty alone,
without adverting to others arising out of
Indian treaties. has a'ready exceeded five
millions Of dollars; that for the prosecution
! of measures for the removal ofthe Seminole
| Indians, which were found in progress has
been nearly fourteen millions and the pub
lie buildings have required the unusual sum
Of nearly three millions.
1t affords ne, however, great pleasure to
be able to say, that from the Commence
mrnt of This period to the pres. nj day, every
abroad has been promptly net. This has
been done, not only without creating per-
manent debt or a resort to additional taxa
ton In any form, hat III the midst of stead
lily progressive reduction of existing bur
deus upon the people, leaving sIll consid
orable o. available fluid, v hluh will remain
in the Treasury at the end Of the year
The small amount OF Treasury notes, not
exceeding four and hulmiillon Of dollars
sill outstanding. and less by twenty three
millions than the Cu,rd States have in de-
post with the States, IS composed Of such
only as are not yet due, OF haNe not been
presented for paymeo. They may be re-
deemed out o; the accrning revenue, if the
expenditures do not exceed the amount
within which they may, ii Is thought be
kept without prejudice 10 the public inter
est, and the revenue shall prove to be as
large as may justly be anticipated.
Among the reflections arising from the
contemplation Of these circumstances, one,
not the least gratifying i, The consciousness
that the Government bad the resolution and
the ability to adhere. in every emergency,
TO the sacred obligations of law; to execute
all us CONTRACTS "I'oiHlil9 ~ liit IeuulTe-
menls ofthe Constitution; and thus to pre-
vent, when most needed rallyng point by
which the business Of the whole country
might be brought back to IA safe aud un,a-
rying standard-a result vitality important
as well to tie interests as to the morals of
the People. There can surely be no diff
ference of opinion in regard 10 the iucalcu-
liable evils that would have arisen if the
Government at that critical moment, had
suffered itself to be deferred from uphold
ing the only true standard of value, either
by the pressure Of adverse circumstances,
on the vioIeuce of unmerited denunciation.
The manner in which the People sustained
the performance Of this duty was highly
honorabl. to their lortltude and patriotism.
Ii cannot fail to stimulate their agents to
adhere, under all circumstances to the line
of duty and to satisfy them of the safety
with which course really right, and de.
manded by financial crisis, may, in
community like ours, be pursued, however
apparently severe its immediate operation.
The policy of the Federal Government,
in extinguishlng as rapidly as possible the
national debt, and subsequently in resisting
every temptation TO create new one, de-
serves TO be regarded in the same favora-
BILE light, Among the many objections to
a national debt, the certain tendency of
public securities to concentrate ultimately
in the Golfers of foreign stockholders is one
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