, 1840-12-26

very few exceptions, those in which the pub
lie 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 bank
ing and out of which 1t arose,
and which were greatly aggravated by It's
occurrence, made, to a great extent, unavalla.
bic the principle part of the public money
then on hand; suspended the collection 81
many millions accruing on merchants bonds;
and greatly reduced the revenue arising from
customs and the public lands. These effects
have continued to operate, in various de-
grees, to the present period, in addition TO
the decrease in the revenue thus produced,
two and 4 half millions of duties have been
reIinquished by Two biennial reductions I'M
der the act Of 1888 and probably as much
more upon the importation OF iron for rail.
roads, by special legislation.
Whilst suchh has been our condition for the
lastfnur years in relation to revenue, We have,
during The same period, been submitted to
an unavoidable continuance of large extra
ordinary expenses necessarily growing out
Of past transactions, and which could not be
Immediately arrested without great prejudice
TO the public interest. Of these, the charge
upon the Treasury, in consequence of the
Cherokee treaty alone, without adverting to
others arising out of Indian treaties, has al
ready exceeded five millions of dollars; that
in: the prosecution of measures for the re-
novaI of the Seminole Indians, which were
found in progress. has been nearly fourteen
millions, aud public buildings have required
the unusual SUM OF nearly thee millions.
Ii affords me, however, great pleasure 10
be able 10 say, that. from the commencement
of this period 10 the present dav, every de.
mand upon the Government. at home or
abroad, has been promptly met. This has
been done. not only without creating 4 per-
manent debt, or 4 resort to additional taxa
ti"n in any form. but in the midst Of
Il steadily progressive reduction Of c%xistin-
burdens upon the people. leaving sill Il con
siderable haIance oi available fund which
Will remain in tie Treasury NJ the end OF
the wear. The small amoun; Of Treasury
notes. not exceeding four and Il half millions
at dollars, still outstanding, and less 10y
tnenty-,hr,c millions than the United States
have IN depositr with tie States. is composed
ot such only Is are not Yet due. or have not
been presented for payment. They may be
redeemed oul of lie accruing revenue, If the
expenditures DO no, exceed the amount with
in which they NAV. it is thought, be kept
without prejudice to the public interest, and
the revenue shall prove I" lie rs large as may
justly b" anticipated.
Among the reflections arising from the
contemplation of these circumstances, one.
not the least gratifying. is the Consciousness
hat the government had the resolution and
the ability tn adhere. IN every emergency. Ia
the sacred OBLIGATIONS of law: To execute all
It> contracts Hccordin"to the requirements
Of the constitution: and thus tn present,
when most needed. 4 rallying point by which
the business Of the whole country might be
brought back 10 Il safe and unvarving stan
dard-a result vitality important as well to
the interests rs To the morals Of the people.
There can surely now be no difference of
opinion in regard TO the incalculablc evils
that would have arisen it the Government.
=: thu, critical moment. had suffered itself Ia
be deferred from unfolding the only true
standard Of value, either by the pressure of
adverse circumstances or the violence of un-
mcrited Remuneration. The manner in which
the people sustained the performance of this
duty was highly honorable To their iortItude
and patriotism. 1t cannot fail To stimulate
their agents To adhere, under all c~ircumStan-
ccS, to the line Of duty; and TO satisfy them
of the safety with which Il course really
right, and demanded by Il financial crisis.
may, in Il community like ours, be pursued,
however apparently severe its immediate OPP
Grafton.
The policy of the Federal Government,
in extinguishing as rapidly as possible the
national debt, and subsequently, in resisting
every temptation 10 create Il new one, de-
serves TO be regarded in the same favorable
Among the many objections TO a ma
debt, the certain tendency of public,
securities to concentrate ultimately in the
Golfers of foreign stockholders, is n which
is every day gathering strength. Already
the resources of many of the States,
and the future industry of their citizens, been
indefinitely mortgaged to the subjects of
European Governments, to the amount of
millions annually, to pay the con-
accruing interest on borrowed mo-
sum exceeding half the ordinary re-
V