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


Those uf l6z0, exclusive of disbursements TOR
public debt and trust claims, w,,i probably
not exceed twenty y-two aud ahalfaiillIons; be.
ing bstweeH two and three millions less than
those vt the preceding year, and nine or ten
millions less than those Of 1887. Nor has
been tonnd necessary, in order to produce
this resslt. 10 resort 10 the power conferred
by Congress, of postponiag certain classes OF
the public works, excep, by dcicFrlng cxpen-
dnues for short period upon limited por-
tion of them I and which pustponement soIne
time since, nt the moment the Treasury De-
pnr,menl, by further receipts from the in
dcbied banks, became fully assured oi It's
ability 10 meet them wlihou, prejudice lO the
public service IN oiher respects
Causes are in operation which will, II Is
believed, justify .,ill further rrduc'ion,wilh-
out injury 10 any important national interest
The expense OF sustaining the troops IN
Florida havc been gradually. aud greatly re
dnced, through the perscvering tfnrts OF The
war Department; aud reasonable hope mny
bc suse%is aimed that the necessity for military
operations in that quarter will soon cease.--
The removal Of the Indians from within our
re,tled borders is nearly completed. The
pension list. one the leavies, charges upon
,he Treasury. is rapidly Diminishing by death.
The mos, costly Of our pnbiic building, are
either finished, or ncarly So; and we muy, ]
think, safely PROMISE ourselves continued
exception from border difficulties.
The available balance in the Treasury or
the list of January is estimated at one mil
hon and halt Of dollars. This sum, with
the expected receipts. from all sources dur
iug The next year; viii, il is believed, be suf.
hcient 10 enable the Government 10 NEE,
svory engagement, aud leave suitable
balance in The Treasury al The end Of The
year, If The remedial measures connected
with the customs and the public lands. hero
.tofore recommended, shall be adopted. and
the new appropriations by Congress shall not
carry The expenditures beyond the olhco
estimates.
The new system established by Congress
for The safe keeping Of the public money.
prescribing the kind Of currency TO be re.
ceived for the public revenue, and providing
additional guards and securities against los
see, has now been several months in opera
ton. Although It might be premature, upon
mn experience Of such limited duration, Il
form definite opinion IN regard 10 the ex'
tent o.. lis influences 10 correcting many
evils under which the Federal Government
and The country have hitherto ufi'rcd-espe-
CHILLY those that have grown out Of banking
expansions, = deprecated currency, and OH
cial dcfnlcnlions yet 1t is but right 10 say
that nothing has occurred in the practical
operation ot The system To weaken IN the
slightest degree, but much To slreng,ben,
fhe confident nniicipaiinns Of it's friends.
The grounds of these have been heretofore
so fully explained Us TO require no recspltu
lntion. In respect to the facility and con-
ti,,.t lie
service, and the ability Of The government 10
discharge through lis agency every duty at
tendant on the collection, transfer, and dis.
burssmsnt Of the public money with promp.
iiinde aud success, | can say, with conf
dence, that the apprehensons of those who
felt 1t 10 be their duty 10 oppose its adoption
have proved 10 be unfoundcd.
On the contrary, this branch Of the fiscal
affairs of the Government has been, and II IS
believed muy always be, thns carried on with
every desirable facility and security. A few
changes and improvements in the details of
the system, without affecting any prime pies
involved in It, will be submitted 10 you by
the Secretary Of tho Treasury, and WILL ! am
Snre, receive ut your hands that attention To
which they may, on examination, be- found to
be entitled.
have deenicd1bis brief urinary Of our
b-cal affhirs necessary to the due perfor.
nlrncc Of ! datyspecislly enjoined upon me by
the constitution. II will serve, also, to illus.
trate moro fully The principles by which have
been guided IN reference TO two contested
points in our public policy, which were ear.
lest in their drvelopcmcnt, and have been
more important in their consequences, than
nny that have arise n, under our complicated ID
and difficult, yet admirable system Of govern.
nent: a!lude ~ q national debt, aud nation.
al bank.
Ii was in these that the political contests
by which the country has been ugltuied ever
slnce the adoption Of the constitution, in a
great measure, originated; and there is much
reason to apprebenJ that The conflicting in
,crests aud opposing principles thus mar
shalled, VII! Continue. as heretofore, 10 pro.
d"ce SIMILAR, If not aggravated, conscquen.
ces.
Coming into office The declared enemy Of
both, have earnestly cndcavorcd TO prevent
rcsurt 10 either.
The consideration that large public debt
affords an apology, and produces, IN sore
d"gree, a necessity also, Tor rcsortlng TO a
system and extent Of taxa,ion which Is not
vtily oppressive throughout, but llkew wise so
,tpt To lend, IN the end, To tho commission oi
that odIous Of all offences ssanst the prn-
cipies of republican government the proStl-
tgtion OF political power, conferred tor the
general benefit, 10 the aggrandizcment OF
particular classes; and oil the qualification
of individual cupidiiy-is alone sufficient,
independently Of the wcigbty objections
which have slrsudy been urged to render IT'S
creation and existence the sources of bitter
and inappeasabIe discord.
- ~ We odd to this, its inevitable tendency
10 produce and foster ex,ravagant cxpcndi-
inrss Of the public money, by which u ne
ccssity IS created for new loans and new
burdens OF the people aud, finally If We re.
fer To the examples OF every Government
which has existed, for proof, how seldom 1t
Is that the system, when once adopted aud
implanted IN the policy of country, has
failed TO expand itself, until public credit was
exhausted, and the people were no longer
nble TO endure its increasing weight, IL seems
impossible to resist the conclusion That no
bcnefits resulting from its career, no extent
os conquest, no occasion Of wealth 10 par.
icuar classes, nor any, nor all its combined
advantages, can couuterbslnnce it's Ultimate
b"t certain resuis-s splendid Government,
snd an impoverished people.
~ national bank was, as is undcnisble
Trpudiaicd by the framers of the constitu-