Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-01-02

year. In May there occurred Il general
suspension OF specie payments by the
banks, including, with very few exceptions.
those in which the public moneys were de.
posted, and upon whose fidelity the Gov.
eminent had unfortunately made itself de.
pendent for the revenues which had been
collected from the people, and we're inds-
pensabIe to the public service. This Sus-
pension, and the excuses in banking and
commerce out of which it arose, and which
were greatly aggravated by ITS occurrence.
made, to Il great extent. unavailable the
principal part of the public money then on
hand; suspended the collection OF many
millions aCCrung on merchants bonds; and
greatly reduced the revenue arising from
customs and the public lands. These effects
have continued to operate, in various de-
ErecS, to the present period; and, in atdl-
ton to the decrease in the revenue thus
produced, two and a half millions oi duties
have been reiinqushed by two biennial re.
ductiuns under the act OF 1888, and proba-
hiy 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 sub
leCted 10 an unavoidable continuance Of
large extraordinary expenses necessarily
rrO wing out al past transactions, and which
could not be immedatel y arrested without
great prejudice to the public interest. o.
these. the charge upon the Treasury, in
consequence of the Cherokee treaty alone.
without adverting to others arising out OF
Indian treaties. has already exceeded five
millions of dollars; that for the prosecution
of measures for the removal OF the Semi
nolc lndIanS, which were found III progress.
has been nearly fourteen millions; and tie
! public buildings have required the unusual
-mn of nearly three millions.
1t affords me, however. great pleasure to
be able to say. that, from the commencement
of this period to the present day, every de-
! nand upon the Government, at home or
abroad. has been promptly met. This has
! been done. not only without creating a per
manpnt debt, or il resort To additional taXa-
lion IN any form, but in the midst of a stea.
dis prog eSsive reduction of existing bur.
lens upon the people, leaving still Il con.
siderable balance OF available funds which
will remain in the Treasury at the end Of
the year. The small amount Of Treasulv
holcS, nOI cACtCIlii9 IVul anu IL i'lll I'M
lions OF dollars, still outstanding. and les,
Ivy twenty-three millions than the United
States have in depoSte with the States is
composed of such only as are not vet due
or have not been presented for payment
They may be redeemed out Of the uccruInl
revenue. if the expenditures 90 not eXcee.!
Tie amount within which they NAV. it is
thought, be kept without prejudice to the
public interest, and the revenue shall prove
to be as large us may justly be anticipated
| Among the reflections arising from the
contemplation Of these circumstances. one
not the least graft y!ng, is the conscious
ness that the Government had the reSoiu
ton and ability to adhere, in every emer
gcncy. to the sacred obligations Of law: Il
execute all its contracts according to the
requirements OF the constituting; and thu,
to present, when most needed, Il ravmg
point by which the business Of the whole
country might be brought back to a safe ans
unvarying staNdlrd-a result vltaliv i'm
pOrtunt as wei to the interests rs to the
morals OF the people. There eau surely
now be no difference Of opinion in regarc
To the incalcuiab!e evils that wnuld have
arisen i the Government, at that critical
moment. had suffered Itself to be deteyre,
from uphoiding tile on Y true standard o
value, either py the pressure Of adverse cir
cumslanceS or the violence of unmcrlec
Recommendation. The manner in which the
people sustained the performance OF th
duty was highly honorable to their Ior,itudC
and patriotism. 1t cannot tail 10 stimulate
th4ir agents to adhere, under all circuuStan
ceS, 10 the Ine Of duty and TO satisfy then
Of the safety with which course rcuI,
right, and demanded 10y financial crisis
may, in a community like ours, be pursued
however apparently severe its immediate
operation.
The policy of the Federal Government
N eXtIngulsiling as rapidly as possible tn
national debt, ana, subsequently,, in reSiS
: ting every temptation to create Il new one
: deserves to be regarded in the same tavora
t bic light. Among the many objections t
p a national debt, the certain tendency {
. public securities 10 concentrate uitimatel
b. in the Golfers of foreign Stockholders, is on
winch is every day gathering strength
+ Already have the resources of many OF tn
: States, and the future industry OF their Gil
= liens. been Indefinitely motgaged to til
= subjects of European Governments, To tn
t amount OF twelve millions annually. to pa
Y the constantly accruing interest on borrow
= ed money--a Sum exceeding half the ord
: nary revenues of tie whole United States
5 The preteXt which this relation affords t
e foreigners To ScrutInize The management
+ our domestic ati;tIrs, it not actually to int
l. NEEDLE with them, presents Il subject Il
g earnest attention, not to shy %! seroI