Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-12-11

least so at periods Of great political excitement
An intelligent people, however, seldom fail to ar
rive, Ia the end at correct conclusions in such a
matter. Practical economy in the management OF
public affairs can have no adverse iifuepce TO con
tend with more powerful than a large surplus reve-
nue. and the unusually large appropriations for
1887 may, without doubt, indeFend ntly Of the ey-
traordinary acquisitions for he public service grow
ing out Of the state Of Indian relations, be, in
no moons lderabe degree, traced to this source
The sudden aud rapid distribution Of the large sar-
plus then in the Treasury, and the equally sudden
and nnprecedentedly severe revulsion IN the com
merce and business Of the country, pointing with
maerrlng certainty TO great AID protractcd redac.
lion of the revenue, strengthened the propriety OF
the earliest practicable reduction of the public ex
penditures.
But, to change a system operating upon so large
surface, and applicable to such numerous and di'
versifed interests and objects, mere than the
work of day. The attention of every department
OF the Government was Immediately, and in good
faith, directed to that end and has been continu
ed to the present moment. The estimates and APP
preparations for the year 1888, the frs. which
had any control, were somewhat diminished The
expenditures OF 1889, were reduced six millions OF
dollars Those of lS40, exclusive Of disburseme ats
for public debt and trust claims, will pro- ably not
exceed twenty-five and a half millions; being be-
tween two and three millions less than those of the
preceding year, and nine or ten millions less than
those IF 1887 Nor has il been found necessary, in
order to produce this result to resort to the power
conferred by Congress- of stponing certain classes
of the public works, except by deferring expendi-
lures fora short period apsn a limited portion of
them; and which pestponement terminated some
Time since, at the moment the Treasury Department
by further receipts from the indebted banks, be-
came fully assured Of its ability to meet them with
out prejudice to the public servicein other respects
Causes are in operation which will, it is believed
Justify still further reduction, without injury to
any important national interest. The expenses Of
sustaining the troops employed in Florida have been
gradually and greatly reduced, through the perse-
vering efforts Of the War Department; and a rcas
enable hope may be entertained that the necessity
for military operations in that quarter will sosn
cease. The removal ofthe Indians from within our
settled borders is nearly completed The pension
list of the heaviest charges upon the Treasury,
is rapidly diminishing by death. The most costly
of our public buildings either finished, nearly
so; and we may, think, safely promise ourselves
continued exemption from border difficulties.
The available balance in the Treasury on the LIST
of January next is estimated at million anda half
Of dollars This sum, with the expected receipts,
from all sources during the year, will it is be-
lieved, be sufficient to enable the Government to
meet every engagement and leave a suitable balance
in the Treasury at the end Of the year. if the RENE
dial measures connected with the castoms and The
public lands, heretofore recommended, shall be adop-
ted, and the new appropriations by Congress shall
mates.
safe-keepag of the public money, prescribing the
kind OF currency to be received for the public re-
venue, and providing additional guards and securi-
ties against losses, has now been several months in
~
an experience of such Limited duration, to form a
definite opinion in regard to the extent Of its inu
ences in correcting many evils under which the
Federal Government and the country have hitherto
sufered-especiay those that have grown out Of
banking expansions, deprecated currency, and Of
cia defcatons; yet is bat right to say that nothing
has occurred in the practical operation Of the sys
TEN to weaken in the slightest degree but much to
strengthen the confident antcipatons Of its friends.
The grounds OF these have been heretofore fully
explained, as to require ne reeapitulation. In re-
spect TO the facility and venience il Affords in
conducting the plbic service, and the ability ofthe
government to discharge through its agency every
duty attendant on the collie transfer and dis
bursement Of the public money with promptitude
and success, can say with confidence that the ap-
prehens ions Of those who felt it to be their duty to
oppose its adoption, have proved to be unfounded.
On the contrary, this branch Of the fiscal affairs Of
the Government has been, and it is believed may al
ways be, thus carried on with every desirable "a.
cilty and security. A few changes and improve
ments in the details Of the system, without affecting
any principles involved in il will be submitted to
you by the Secretary Of the Treasury, and will, |
am sure, receive at your hands that attention to
to which they may, on examination, be found to be
entitled
have deemed this brief summary of our fiscal az.
fairs necessary to the due performance of duty
especially enjoned upon me by the constitution IL
will serve, Also to illustrate more fully he prnci-
pies by which have been guided in reference "a
two contested points in our public policy, which
were earliest in their development, and have been
more important in their consequences than any that
have arisen under our complicated and difficult, &c,
admirable system Of government / allude 10 "a ma
tional debt and a national bank.
IL was in these that the political contest by which
the country has boon agitated ever since the adop
tion Of the constitution in great measure, oFigina
ted; and there is too much reason to apprehend that
the conflicting interest ard opposing principles thu.
marshaled, will continue as heretofore, to produc.
similar, If not aggravated, consequences.
Coming into office the declared enemy Of both,
have earnestly endcavored to prevent a resort {,
either.
The consideration that a large public debt afford,
an apology, and produces, in some degree, neces
siy also for resoring to system and extent IF tax
alton, which is not only oppressive throu2 bou, but
likewise so apt to lead, in the end, to the CONN
sion Of that NEST odious Of all offences against the
principles Of republican government-the prostitu-
ton OF political power, conferred for the general
benefit to the aggrandizemen' OF particular classes
and the qualification Of individual cupidiy-is alone
ifcient, independently Of the weighty objections
which have already been urged, to render Its crea-
ton and existence the sources Of bitter and unappea
sable discord.
five add to this, its inevitable tendency to produce
and foster extravagant expenditures Of the public
moneyby which aHeeessity is created for new loans
and new burdens on the people and finally, il we
refer to the examples Of every government which has
existed for prosf how seldom it is that the system
when once adopted and implanted in the policy Of a
country has failed TO expand itself until public ere
dit was exhausted, and the people lenger q.
BILE to endure its Increasing weight, IL seems impos-
reststtne mat Dement'S result
ing from its career, no extent Of conquest acces
sion Of wealth to particular classes, nor any, all
its combined advantages, can counterbalsnee its ul
innate but certain results-a splendid Government
and an impoverished people.
II national bank was, as 10 nndensbe, repudiated
by the trainers Of the constitution as incompatible
with the rights Of the States snd the liberties Of the
pleople IT, from the beginning, IL has been regarded
by large portions Of eur citizens as coming in direct
collision with that great and vital amendment Of the
cons tutios which declares that all powers not con.
ferred by that instrument on the General Gov ern-
mcnt reserved to the States and 10 the people;
il has been viewed BY them as the first great step in
the march Of la,titudnous construction, which, un.
checked would render that sacred instrument Of AZ
little value AZ unwritten constitution, dependent
IL would alone be, for its meaning, the interest
ell Interpretation OF adomnant party, and aferdina
security 10 the rights Of the minority if such !.
undeniablc the case, what national grounds could