The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-12-18

been resolved.
The charge d'afiares of Brazil having expressed
the intention of his Government not to proIong the
treaty of 1928, it will cease to be obligatory upon
either party on the 18th day Of December, 1871
when the extensive commercial intercourse between
the United States and that vast empire will no lon
ger be regulated by express stipulatons
II ullolds me pleasure TO communicate to you
tina, the Government of Chill has entered into an
agreement 10 indemnify the claimants in the case
of the Macedonian, for American property seized
in 1919; and TO add that information has also been
received, which juslilies the hope of an early ad-
justment Of the remaining claims upon that Gov
eminent.
The commissioners appointed in pursuance o.
the convention between the United States and
: Texas, for marking the boundary between them
have, according to the last report received from 0u
: commissioner, surveyed and established the whole
extent of the boundary north along the western
hank of the Sabine river, from its entrance into the
Gulf of Mexico to the thirty second drglee of north
latitude. The commission adj ourned on the l6ll
of June last, TO rc-asScmblc on the LIST of NOvcnI-
her, for the purpose of establishing accurately the
intersection of the thirly-second degree of latitude
with the western bank of the Sabine, and the me-
ridian line thence to Red river. 1t Is presumed
that the work will be concluded in the present sea
son.
The present sound condition of their finances
and the success with which cmbarrassments in re-
gard to them, at times apparently nsurmountabe
have been overcome, are matters upon which The
people and Government Of the United States ma y
well congratulate themselves. An OVERLOOKING
treasury, however it may be regarded as an evil
dence of public prosperity, is seldom conducive to
the permanent welfare Of any people; and eXpe-
rience has demonstrated its ncompalibilily with the
sauary acon Of political institutions like those OF
the United States Our safest reliance for financial
efficiency and Independence has, Oh the contrary,
been found to consist in ample resources uncncum-
bered with debt and, in this respect, the Federal
Government occupies singularly fortunate and
truly cnviabe position.
When entered upon the discharge of my official
duties in March, 1887, the act for the distribution
of the surplus revenue was in a course Of rapid
execution. Nearly twenty ght millions of dollar.
of the public moneys were, in pursuance of its pro-
visions, deposited with the States in the months OF
January, April and July Of that year. In May
there occurred general suspension Of specie pay
mcnls by the banks, including with very few eX-
ceplions, those in which the public moneys were
deposited, and 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. This
suspension, and the excuses in banking and com
mcrcc out of which il arose, and which were great
" aggravated by its occurrence, made, to great
extent, unavailable the principal part of the public
money then on hand; suspended the collection OF
many millions accruing on merchants bonds, and
greatly reduced the revenue arising from customs
and the public land. These effects have continued
TO operate in various degrees, to the present pc
Rod; and, in addition to the decrease in the revc-
nue. thus produced, two and half millions of dol
lars have been rcnQnishrd hy two biennial rcduc-
tons under the act Of 1888, and probably as much
more upon the importation Of IRON for railroads, 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 neccs-
sarily growing out Of past transactions, and which,
could not be Immediately arrested without grca,
prejudice TO the public interest. OF these, the
charge upon the rroosnry, in consequence "r ,hu
Cherokee treaty alone, without advcrtlng 10 others
arising out of Indian treaties, has already exceeded
five millions of dollars; that for the prosecution OF
measures for the removal Of the Seminole Indians,
which were found in progress, has been nearly
fourteen millions; and the public buildings have
required the unusual sum Of nearly three millions.
1t affords me- however, great pleasure to be able
to say, that, from the commencement of this pc
riod to the present day, every demand upon the
Government, at home or abroad, has been prompt
~ met. This has been done, not only without
creating permanent debt, or resort to additional
taxation in any form, but in the midst of steadily
progressive reduction Of existing burdens upon the
people, leaving still a considerable balance of avail
able funds which will rcmain in the Treasury at
the end Of the year. The small amount Of Treas
Iry p,,tns I,,'f
of dollars, still outstanding and less by twenty three
millions than the United States have in deposit will,
the States, is composed of such only as are not We,
due, or have not been presented for payment
They may be redeemed out Of the accruing reye-
nue., if the expenditure do not exceed the amount
within which they may il is thought, be kept with
out prejudice TO the public interest, and the revc-
nue. shall prove to be as large may justly be an
ticimicd.
Among the reflections arising from the contcn-
Patton of these circumstances, one not the least
gralill lng, Is the consciousness that the Govern
ment had the resolution aud the ability to adhere,
in every emergency, TO the sacred obligation of
law: TO execute all its contracts according to the
requirements of the constitutions; and thus TO pre-
sent, when most needed rail-, ing point by which
the business of the whole country might be brought
back TO II safe and unvaryng slandard-a result
NH"i'N VIII INTERESTS US 10 the
morals of the people. There can surely now be no
difference Of opinion in regard TO the ncalcuablc
evils that would have arisen if the Government at
that critical moment, had suffered itself to be de-
tered from upholding the only standard of value,
either by the pressure of adverse circumstances or
the violence of unIncriicd dcnuncaiion. The man
ncr in which the people sustained the performance
Of this duty was highly honorable to their forliludc
and patriotism. 1t cannot fi to stimulate their
agents 10 adhere, under all circumstances, TO the
line of duty; and 10 satisfy them Of the safety with
which a course really right and demanded by
financial crisis, may, in community like ours, be
pursued, however apparently severe the immediate
operation.
The policy Of the federal government. in eyiin-
gushing as rapidly as possible the national debt,
and, subsequently in resisting every temptation TO
create n new one, deserves TO be regarded in the
same favorable light Among the many objections
10 national debt, the certain tendency of public
securities TO concentrate ultimately in the Golfers
Of foreign stockholders is one which is every day
gathering strength. Already have the resources of
many of the states, and the future industry of their
citizens, been indefinitely morgagcd TO the sub
Jecls OF European governments, TO the amount of