Lexington union. (Lexington, Miss.) 1838-18??, 1841-01-02

pendence, has on the contrary been found
TO consist in ample resources uniucumber.
ed with debt, and, in this respect, the fed
eral government occupies singuarly
fortunate and truly enviable position.
When entered upon the discharge of
my official duiesjn March, 1887, the act
for the distribution of the surplus revenue
was in course Of rapid execution
Nearly twenty-eight millions of dollars of
the public moneys were in pursuance Of
its provisions, deposited with the states in
tho months Of January, April and July of
that year. In May there occurred gen.
eral suspension of specie payments by
the banks, including, with very few ex.
ceptlons, those in which the public mon.
eys were deposited, and upon whose
fidelity the government bad unfortunately
made itself dependent for the revenues
which had been collected from the people,
and were indispensable to the public ser.
vice. This suspension and the excess in
banking and commerce out OF which il
arose, and which were aggravated by its
occurrence, made, to a great extent, I'm.
valuable the principle part of the public
moneys then on hand, suspended the col.
lection many millions accruing on mer.
chants bonds, and greatly reduced the
revenue arising from customs and the
public lands. These effects have contin.
ued to operate in various degrees, to the
present period; and in addition to the
decrease Of the revenue thus reduced .
two and half millions Of duties have
been prelinquished by two biennial re-
duclions under the &C, of 1888 and proba.
bly, as much more upon the importation Of
iron for rail roads, by special legislation.
While 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
o! large extraordinary expenses necessar-
ly growing out of past transactions, and
which could not be Immediately arrested
without great prejudice to the public in,
terests. Of these, the charge upon the
Treasury, in consequence of the Chero.
kee treaty alone, without adverlng 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 Seminole Indians,which
were found in progress, has been nearly
fourteen millions; and the public buildings
have required the unusual sum Of nearly
: i affords lI;,t dan naa aspsr, srsu. rlys.~-.
to be able to sayslhat, from the commence.
ment of this period to the present day,
every demand upon the Government, at
home and abroad has been promptly 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. Ieav.
ing still considerable balance of available
funds, which will remain in the Treasury
at the end ofthe year. The small amount
of Treasury notes not exceeding four and
a half millions of dollars still outstanding,
and less by twenty-three millions than the
United Safe have in deposte with the
States, is composed OF such'only as are not
yet due, or have not been presented for
payment. They may be redeemed out of
the accruing revenue, if The expenditures
do not exceed the amour within which
they may, 1t is thought, be kept without
prejudice 10 the public interest, and the
revenue shall prove to be as large, as may
justly be anticipated.
Among the reflections arising from the
contemplation of these circumstances one
not the least gratlfying,is the consciousness
that the Government has the resolution
and the ability TO adhere in every emer.
gency, to the sacred obligations of law
TO execute all its contracts according to
the requirements Of the constitution, and
thus to present, when most needed, raj
lying point by which the business of the
whole country might be brought back TO
safe and unyarying standard-a result
vitality important as we'll to the interests as
the morals Of the people. There can sure
ly now be no difference of opinion-iaregard
TO the incalculabIc evils that would have
arisen if the Government at that critical
moment, had suffered itself to be deferred
from upholding The only true standard O
value, either by the pressure OF adverse
circumstances or the violence Of unmeriiec
denunciaton. The manner in which the
people sustained the performance OF TIL;
duty, was highly honorable to the fortltudt
and patriotism. Ii cannot fail to stimulate
their agents to adhere, under all circum
stances, to the line Of duty, and to satisfy
them Of the safety with which a course
really right, and demanded in financia
crisis, NAV, ia community like ours, DC
pursued however apparently severe 1T
immediate operation.