Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1840-12-29

parently insurmountable, have been over
come, are matters upon which the people
and Government Of the United States may
well congratulate themselves. An YER
flowing treasury however il may be re-
garded as an evidence ofpublic prosperity,
is seldom conducive to the permanent well
fare of the people: and experience has de-
monstrated It's incompatbility with the sal
utary action Of political independence like
| those of of the United States. Our safest
reliance for financial efficiency and indie
| pendence has, on the contrary been found
TO consist in ample resources unencum-
bered with debt; and, in this respect, the
Federal Government occupies singularly
fortunate and truly enviable position.
When | entered upon the discharge of
my official duties 10 March, 1897, the act
| for the distribution Of the surplus revenue
was III course of rapid execution. Near
ly twenty eight millions Of dollars Of the
public moneys were, in pursuance Of It's
| provisions, deposited with the States in the
months Of January, April and July, ofthat
year. In May there occurred a general
suspension of specie payments by the
banks, including, with veryfew exceptions,
those il which the public moneys were de-
posted, and upon whose fidelity the Gov
eminent had unfortunately made itself de-
pendent for the revenues which had been
collected from the people, aud were indis-
pensible to the public service. This sus
pension, and the excuses in banking and
commerce out Of which it arose, and which
were greatly aggravated by its occurrence,
! made, 10 great extent. unavailable the
| principle part Of the public money then on
hand; suspended the collection Of many
| millions accruing on merchants bonds; and
and greatly reduced the revenue arising
customs and the public lands. These ef-
Gus degrees, to the present period; and, in
addition TO the decrease in the revenue
thus produced, two and half millions Of
| dollars have been rclnquished by two BIZ
ennial reductions under the act Of 1888,
and probably as much more upon the i'm
| portation Of iron fer rail roads, by special
Legislation.
Whilst such has been our condition for
the last four years in relation to revenue,
we have, during the same period, been
subjected 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 Cherokec treaty alone,
without advering TO others arising out Of
| Indian treaties, has already exceeded five
millions Of dollars; that for the prosecution
! Of measures for the removal OF the Semi
mole Indians, which were fond in progress,
has been nearly fourteen millions; and the
public buildings have required the unusal
! sum Of nearly three millions.
1t affords me, however, great pleasure to
be able to say, that from the commence
mont Of this period to the present day,
every demand upon the Government, at
home or abroad, has been promptly met
| This has been done, without creating a
| permanent debt, or a resort to additional
taxation any form, but in the midst ofa stea-
| Oily progressive reduction of existing bur-
| dens upon the people, having still a conside-
rable balance of available funds which will
remain in theI'reasurvat the endof the year.
| The small amount of Treasury notes, not
exceeding four and half millions Of dol
OARS, still outstanding, aud less by twenty
three millions than the United States have
! in deposit with the States, is composed Of
such only ds are not due, or have cot been
| presented for payment. They may be re-
| deemed out of the accruing revenue, if the
| expenditures do not exceed the amount
within which they may,t is thought, be kept
without prejudice to the public interest, and
! the revenue shall prove 10 be as large as
r10v irIstly he anticinafpd
| Among the reflections arising from the
| contemplation of these circumstances, one,
not the less gratifying, is the conscious
ness that the Government had the resolu-
ton and the ability TO adhere, in every
emergency, to the sacred obligations of
law; 10 execute all its contracts according
to the requirements of the constitution; and
thus to present, when most needed, a rail-
| lying point by which the business Of the
whole country might be brought back 10
safe and unvarying standard-a result VI
| tally important as well as to the interest as
to the morals of the people. There can
surely be no difference of opinion in regard
to the incalculable evils that would have
arisen if the Government, at that critical
moment, had suffered itself to be deferred
from unfolding the only true standard of
value, either by the pressure of adverse
circumstances orthe violence OF unmerited
denunciation. The manner in which the
people sustained the performance OF this
duty was highly honorable to their iortitude
and patriotism. 1t cannot fail to stimulate
! their agents 10 adhere, under all clrcum-