The Illinois free trader. (Ottawa, Ill.) 1840-1841, 1841-01-01

whole extent of the boundary north along
the western bank of the Sabine river,
from its entrance into the Gulf of Mexico
to the thirty second degree of north lati-
) tude. The commission adjourned on the
9th of June last, TO re-assemble on the
|: | st of November, for the purpose of es-
: tablishing accurately the intersection of
: the thirty second degree of latitude with
the western bank of the Sabine, and the
meridian line thence to Red River. 1t is
presumed that the work will be concluded
, in the present season.
The present sound condition of their
, finances, and the success with which en-
barrassments in regard to them, at times
, apparently insurmounlable, have been
| overcome, are matters upon which the
, people and Government of the United
States may well congratulate themselves.
: An overilowlng treasury, however it may
be regarded as an evidence of public
prosperity, is seldom conducive 10 the
permanent welfare of any people and
experience has demonstrated its incom-
patibility with the salutary action of poll
teal institutions like those of the United
States. Our safest reliance for financial
efficiency and independence has, on the
contrary been found to consist in ample
resources unencumbered with debt and,
in this respect, the Federal Government
occupies a singularly fortunate and truly
enviable position.
When | entered upon the discharge of
my official duties in March, 1897, the
act for the distribution of the surplus
revenue was in a course of rapid cXecu-
ton. Nearly twcnty-cight millions Of
dollars of the public moneys were, in
pursuance of its provisions, deposited
with the States in the months of January,
April and July, Of that year. In May
there occurred general suspension OF
specie payments by the banks, including,
with very few exceptions, 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
merce out of which il arose, and which
were greatly aggravated by its occurrence,
made, to a great extent, unavailable the
principal part of the public money then
on hand suspended the collection OF
many millions accrulng on merchants
bonds and greatly reduced the revenue
arising from customs and the public
lands. These effects have continued to
operate, in various degrees, to the pres.
ent period and, in addition to the de-
crease in the revenue thus produced, two
} and half millions of duties have been
relinquished by two biennial reductions
under the act of 1888, and probably as
much more upon the importation of iron
for rail roads, by special legislation.
, Whilst such has been our condition for
r the last four years in relation to revenue,
: we have, during the same period, been
subjected to an unavoidable continuance
of large extraordinary expenses necessa'
riIy growing out Of past transactions, and
J which could not be Immediately arrested
without great prejudice to the public In
r terest. Of these, the charge upon the
I Treasury, in consequence of the Chero
S kee treaty alone, without advertlng tC
! others arising out Of Indian treaties. has
S already exceeded five millions of dollars
D, that for the prosecution of measures fol
: the removal of the Seminole Indians
which were found in progress, has beer
G nearly fourteen millions and the public
0 buildings have required the unusual sun
+ of nearly three millions.
1t affords me, however, great pleasure
e to be able to say, that from the commence
: ment of this period to the present day
l every demand upon the Government, a
n home or abroad, has been promptly met
n This has been done, not only withou
It creating permanent debt, or resort t.
/ additional taxation in any form, but III TIT
midst Of a steadily progressive reduction
g of existing burdens upon the people
i leaving still a considerable balance @
it available funds which will remain in tn
r Treasury at the end of the year. Tn
:, small amount of Treasury notes, not eS
ii cecding four and a half millions of dollars
s still outstanding, and less by twcnty-ihre
= millions than the United States have i
deposite with the States, is composed c
C such only as are not yet due, or have nc
IS been presented for payment. They ma
y be redeemed out Of the accruing revenue
y if the expenditures do not exceed tn
n amount within which they may, it
IS ihnunht be kent without nreinlicn 10 Nh