Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-12-17

lariy fortunate aud envinble position.
\ When entered upon the discharge
Of my official duiirs in March, 1897,
tho act for the distribution of the
surplus revenue was IN n course 0i rapid
execution. Nearly iwenty-cigh, millions
Of dollars Of the public moneys were,
IN pursuance OF ris provisions, deposited
with the States in the mouths oI Junuary,
April and July, of tina. year Ia May
there occurred general suspension oi
specie payments by The banks, including,
with very few exceptions, those IN which
the public mol.rys were deposited, and
upon hose fidelity the Government had
unfortunately made itself dependen, for
tho revenue which had been collected
from the people, and were Indispensable
TO the public service. This suspension,
and the excess IN banking and commerce.
out of which It arose, and which were
greatly aggravated by its occurrence,
made, To great extent, unavailable the
principal part "i the public money then
on hand ; suspended the collection oi
many millions accruing OF mcrchan,s'
bonds and greatly reduced the reye-
nue arising iiom customs and The public
lands. ! hese effects have continued To
operate, in various degrees, 10 the wes-
ent period ; and, in addition To the de-
crease in the revenue thus produced,
two and half millions Of dollars have
been relinquIshed by two biennial re-
ductions under the act of 1888, and pro-
badly as much more upon The lmporia-
iion Of iron for ra.lroads, by SPECIAL leg
islaiion.
/, Whilst such has been our condition
for the last four years 10 relalloDt To rove-
nue, We have, during the same perod,
been subjected 10 an unavoidable con-
linuance OF lurge extraordinary esprn-
ses necessarily growing oot OF past tram
sactlons, aud which could moi be nnme-
dialoIy arrested without great prejudice
10 the public interest. OF these, the
charge upon the Treasury, ~ conse-
quence of the Cherokee Treaty alone,
without ad,er,lng to others arising om
of Indian iieaiies, has already exceeded
five millions Of dollars ; that for the
prosecution Of measures for The removal
Of the Seminole Indians, which were
found m progress, has been nearly Tour
teen millions, aud The public buildings
have required the unusual sum Oh nearly
three mili,oRs.
I 1t affords me, however, grea, pleasure
10 he able TO say, that, from the com
me cement Of this period to the present
day, every demnnd upon. the Govern
I,u Al
promptly met. This has been done, not
only without creating a permanent debt,
or a resort To additional taxation III any
form, but IN the midst OF n steadily pro-
uressivo reduction OF existing burdens
upon the people, leaving still " cons'de'
rnble balance oi available funds which
will remain III the Treasury os the end
Of the year. The small amount OF Trca-
sury notes, not exceeding four and Il
! half millions e dollars, siIil outstanding
! and less by tweniy-lhree millions THAI
/ the United States have IN deposIte wili
the States, is composed OF such only a'
are not yet due, or have not been pre-
sented for pay men, They may be re-
/ deemed out Of the accrulng revenue, II
.
amount within which they may, Is
thought, be kept without prejudice 10
the public interest, and the revenue shal
prove to be as large as may Justly b.
anticipated.
Among the reflections arising from ,b'
contemplation OF these circumstances
/ one, not the leas, gratifying, Is the con
r sciousness that the Government had tn
, resolution and The ability IL adhere, D
= every emergency, to the sacred obhga
! tions oi law 10 execute all the con
= tracts according to the requirements 4"
the constitution and thus to present
Q when most needed, a rallying point p,
; which the business Of the whole c"unlf,
, might be brought back to safe and w
yaryinD staruard-a result vitality Impor
, IAN, as we'll To the interests rs io iht
= morals Of the people. There can surel,
now be no difference OF op'nson ~ reea''
10 the incalculablc evils that would have
arisen If the Government, at that cr',i
= cal moment, had suffered itself To be de
, TERED from upholdlng the only true stan
I Gard of value, either by the pressure q
: adverse circumstances or the violenc
, of unremn,ed Remuneration. The man
= ner IN which the people sustained ~
performance of this duty was highl
honorable TO their iortnude aud patriot
, ism. 1t cannot fail to sl'mnlale the
agents To adhere, under all circumstar
D ces, to the hue ol duty aud To sallsi
. them OF The safety which coUrss real
&, ly ,ighi, and demanded by hnanc'a
. crisls, may, IN n community Ike our'
1 be pursued, however apparently sever
k the immediate operation.
o The policy Of 'he Federal cover"
u ncni, in cxiingushIng as rapidly rs pos
q slblc the national debt, and subsc Hnen'
", IN resisting every temptation I" ere
Ir ate a new one, deserves Ia be icgarde
h IN the same favorable bgbt Am"ng III
;, many objections To national d'o', VI
G certain tendency of public srcur''i'
u 10 concentrate ultimately ~ the collie
!. of foreign Stockholders, ~ one wh,ch
. e,ety day gathering strength. Ahra'
u have me resouices of many oi the state
;. and the future industry oi thsu cillzcn
10 been indefinitely morgaecd To the su
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