Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-12-14

rency so much needed to maintain :he internal
trade Of the country. And this is the Ex-
ohequer plan, so far as it may operate IN fur
nishing currency.
/ cannot forego the occasion 10 urge its i'm
portance to the credit of the Government in
financial point of view. The great necessity OF
resorting to every proper and becoming expe-
dent in order to place the Treasury on footing
of the highest pectabilty, is entirely obvious.
The credit Of the Government may be regarded
as the very soul of the Government itself-a
principle of vitality without which all its move
ments are languid, and all its operations embar-
rassed In this spirit the Executive felt itself
bound by the most imperative sense of duty to
submit to Congress at its last session, the pro-
priety of making specific pledge of the land
authorised to be contracted. / then thought
tha, such an application Of the public domain
would, without doubt have placed at the COM
mand of the Government, ample funds to relieve
the Treasury from the temporary embarrass-
ments under which it labored American cre-
dit has suffered considerable shock in Europe,
from the large Indebtedness of the States and
the temporary inability of some OF them TO meet
the interest on their debts. The utter and dis
astrous prostration OF the United States Bank OF
Pennsylvania, had contributed largely to in
crease the sentiment of distrust by reason of the
loss and ruin sustained by the holders of its
stock, large portion of whom were foreigners,
and many of whom were alike ignorant of our
political organization, and of our actual respon-
siblities. twas the anxious desire of the Ex-
ecutive that, in the effort to negotiate the loan
abroad, the American negociator might be able
to point the money lender to the fund mortgaged
for the redemption of the principal and interest
ix,T loo hkn La A.
dicate Government from all suspicion of bad
faith or inability to meet its engagements. Con-
gress differed from the Executive in this view
of the subject. 1t became, nevertheless, the
duty of the Executive 10 resort to every expe-
Gient IN its power TO negotiate the authorised
loan. After failure to do so in the American
market, citizen Of high character and talent
was sent to Europe with no better success; and
thus the Notifying spectacle has been pre-
sented of the inability of this Government to
obtain loan so small as not in the whole to
amount to more than one fourth of its ordinary
annual income; at time when the Governments
of Europe, although involved in debt, and with
their subjects heavily burdened with taxation,
readily obtain loans of any amount at greatly
reduced rate of interest. 1t would be unproit-
able to look further into this anomalous state oi
things, but cannot conclude without adding
that, for Government which has paid off iis
debts of two wars with the largest maritime
power of Europe, and now owing debt which
is almost next to nothing when compared with
| Its boundleSs resources, Government the
strongest IN the world because emanating from
the popular will, and firmly rooted in the affec-
tons of great and free people, and whose f.
deity to its engagements has never been ques-
toned ;Afor such Government to have tender
ed to the capitalists of other countries an op-
portunity for small investment Of its stock,
and yet to have failed, implies either the most
unfounded distrust in itsgood faith, or purpose,
TO obtain which, the course pursued is the most
fatal which could have been adopted 1t has
now become obvious TO all men that the Govern
ment must look to its own means for supplying
its wants, and it is consoling to know that these
means are altogether adequate for the object.
The Exchequer, il adopted, will greatly aid in
bringing about this result. Upon what regard
as well founded supposition that its bills would
be readily sought for by the public creditors,
and that the issue would in short time reach
the maximum of SI5, 1000, 900, il is obvious that
Sl0,000,000 would thereby be added to the
available means ofthe Treasury without cost OF
charge. Nor can fail to urge the great and
beneficial effects which would be produced in
aid of all the active pursuits oflife. Its effects
upon the solvent State banks, while it would
force into liquidation those of an opposite char
acter through its weekly settlements, would be
highly beneficial and with the advantages of a
| sound currency, the restoration of confidence
and credit would follow, with numerous train
| Of blessings. MY convictions are most strong
that these benefits would flow from the adoption
of this measures but if the result should be ad-
verse, there is this security in connection with
it, that the law creating it may be repealed a,
the pleasure of the Legislature, without the
slightest implication Of its good faith.
l recommend to Congress to take into consi.
deration the propriety of re-imbursing a fine
imposed on General Jackson at New Orleans,
at the time of the attack and defence of that ci-
ty, and paid by him. Without designing any
reflection on the judicial tribunal which imposed
the fine, remission at this day may be regarded
as not unjust or inexpedient. The voice of the
civil authority was heard amidst the glitter oi
arms and obeyed by thosei who held the sword,
thereby giving additional lustre to memorable
military achievement If the laws were offend
ed, their majesty was fully vindicated; and al
though the penalty incurred and paid, is worthy
Of little regard in pccuniary point of view, il
can hardly be doubted that it would be crafty
| ing to the war-worn veteran, now in retirement
and in the winter of his days. to be relieved from
the circumstances in which that judgement
| placed him. There are cases in which public
functionaries may be called on to weigh the
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