Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-12-22

ed tina, the work will be concluded in the pres
eni season
The present sound condition OF their hnan-
ccs, and the success with which smharraks.
mebts IN regard 10 them, Al times apparently
unsurmountabie, have been overcome. are mat.
iers upon which the people and Government
OF the United States NAV well congratulate
themselves. An Overlooking treasury. how
ever 1t may be regarded as an evidence OF
public prosperity. is seldom conducive 10 the
permanent welfare of any people. and expert
ence has demonstrated It's incompatihihy with
the salutary action Of political institutions like
those the L. States. Our safes, reliance TOR
financial efficacy and Independence has on the
contrary, been found TO consist In ample re-
sources unencumbered with debt; and, in this
respect, the Federal Government occupies a
angular fortunate and truly enyiable position
When entered upon the discharge 90 my
ofliei-i duties IN March. 1887 ,he ao, for he
distribution ofthe surplus revenue was in a
course OF rapid execution. Nearly twenty.
eight millions of dollars of the public moneys
were, in pursuance OF its provisions, deposited
with the states ia the months OF January April
and July, Of that year In May there occur
red general suspension OF specie payments
by the banks, including, with a very few ex-
oP''''' "' ~ "''" "V P"oIi' ,n"neYs
were uePoS,'eu' anu upon whose hdeity the
Government had unfortunately made itself de-
pendent for the revenues which had been col
lected from the people, and were indispensa-
BILE 10 the public service. This suspension,
ana .he excess IN banking ana commerce out
of which 1t arose, and which were greatly az
gfaVa'eo oy us occurrence, made, 10 great
extent, unaVailaoie we principal par' oil The
puoic money 'hen on manu. suspended the
collection oil many miihons accrulng on mer-
chah's oonos' ana greatIy reduced the teve-
nue. arising rom customs ana tue public lands.
these elects have continued to operate, IN
various degrees, to the present period; and, IN
addition TO the decrease IN the revenue thus
produced, two and hall millions OF duties
have been relinquished by two biennial redrc
uons under the act OF 1883, and probably as
much more upon tile importation OF iron for
rail roads, by special legislation.
whilst such has been our condition for the
last lour years IN relation to the revenue, we
have, during the same period, been subjected
TO an unavoidable continuance OF large extra
ordinary expenses necessarily growing out OF
past transactions, and which could not be i'm
mediately arrested without great prejudice TO
the public interest VI these, The charge upon
the treasury, IN consequence OF the Cherokee
treaty alone, without adSerting TO others arts
Ing OUT OF Indlan treaues, has already exceed
ed nVe millions OF DOLLARS that Tor The prose-
cut,on OF measures Tor me removal oil The SEM
ino'e ihoiafs' ""'rh were 'ount III progress
mas pee" nearly fourteen n,liiohs' ana "e
punt 1u'iuinsS nare 'eq'iieu VIC UNUSUAL SUN
VI nea,y ,'''ee 'ni''ions'
~ ahorus nie, however, grea' pieasure 70 oe
aoie W say e"a' io'' VIC co''''''enoe",e"' y,
'his peiou 70 'ne present uay' every oehano
D
oeSh promptly met LUIS mas oeeh uohe' mol
ohly WITHOUT cfedllng permanent ocot or
resort to additional taxation IN any form, but
| IN the midst OF steady progressive reduction
| oleSstng burdens upon the people, leaving
still considerable balance OF available funds
which will remain IN the Treasury at the end
OF the year. The small amount Of Treasury
notes; not exceeding four and hall millions
oil dollars, still outstanding, and less by TWEEN
! ty-ihree millions than the United States have
/ in deposite with the states, is composed Of
such only as are not yet due, or have not been
presented for payment. They may be redeem
ed out of the accrung revenue, II the expen-
di,ures do not exceed the amount within which
they may II is thought. be kept without, prelu-
dice TO the public Interest, and the revenue
( shall prove to be as large as my be justly an
ticipated.
Among the reflections arising from the con
temptation Of these circumstances, one, not
the least q atilying is the consciousness that
the Government had the resolution and the
ability 10 adhere in every emergency, TO the
sacred obligations OF law 10 execute all its
contracts according 10 the requirements OF the
constitution; and thus to present, when most
needed, a rallyinc -poiniiby which the business
of the whole country might be brough, back
10 a safe and unyaryng slandard-a result vi
oil 49,