Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-12-15

prctnDilllv, ls pnllTcIi uONln'is j he fbSNF
Of The Government may be regarded as lh,
very soul at the Govern,neSl isscii--a prn
ciplc ot the vitality, wiiaAnW which all Ia
movements are languld aud all IT'S operations
embarrassed. In isAs spirit the Execniiv,
felt itself bound by the most imperative
sense oi daily 10 submit Ia Congress at IL
last session, The pioorleiy at making
specific pledge oi The land fund, as the baSi,
for the negotiation at the loans auihorZ"'
10 be contracted. ! then thought that sucl
an application Of The public domain wOuld
without doubt, have placed at the command
OF the Government ample funds To iclcvc the
Treasury from the temporary embarrassment
under which it laborrd. American credit
has suffered considerable shock ~ Euvope
from the large Indebtedness of the States
and the temporary inability Of some OF lhcu
- mcct the interest on tb"S debit. Tht
utter and disastrous prnStfs,lon of the
United States Bank of Pennsylvania, had
contributed largely to increase the scnli,
men, ol Gt.'rnst by reason af the loss and
ruin sustained by the holders Of ITS stock. n
large PARTON Of whom we're hrcigncrs, and
many of whom were alike Ignorant of our
political organzatlon, snd of our actual re-
| sponsibiliiics. II was the anxious desire of
the loan abroad, The American ncgotlnior
might h. able Ia point the money leGd' to
The fund morigagcd for The redemption Of
The principal and in,crcs, of any loan he
/ might contract. and thereby indicate the
Government from all suspicion OF bad faith
/ or inability To meet It's engagements.
/ Congress differed from the Executive in
this view of the subject. II becam", never.
Il ihelcss. tho duty of the Executive to rcsor,
10 every cxpcdIenl in It's power tn nrg"cIaie
\ the authorized loan. Alter failure TO do
80 in the American market, u citizen Of high
character aud talent was sent 10 Europe with
no better success and thus the mortifying
spectacle has been presented Of The inability
"f this Govcrnmcnt II obtain loan so smnll
~ not in the whole To auount to more ,han
one -ionrlh al IT'S osdinary annual income NJ
n time when The Governments of Europe.
although involved IN debt, and with their
subjects heavily hurdrned with taxation,
readily obtain loans Of any amount ut a
greatly reduced rate of interest.
IL would be UNI roitable To look further
into this anomalous state Of things. bat !
cannot conclude without adding That, for a
Government which bns pa,l off lis debts of
two wars with The sarocst maritime power OF
Europe, aud now owing n debt which Is al
most next To Dolhing when compared with
It's boundlcss resources, Government The
strongest in the world, because ctranating
from the popular Will, and FIRMLY rooted ~
the affections nf n great and free lroplr, nnd
whose fidelity 10 Ms engagements has never
been questioned; tor such n Government 1"
have rendered to the capitalists Of other
countries an opportunity for n small invest
mcnt Of It's stock, aud yet Ia have iallrd, i'm. /
plies either The nost nnionnded disf'nsl ~ /
IT'S good faith, or a purpose, to obtain which,
the course pursued ~ the most fatal which (
could have been adopted.
II has now become obvious To all mon that 4
the Government must look Ia It's own means
for supplying It's wants, and IT is consong
to know that these means are altogether ade
qnnte for the OH Ct. The Exchcqucr, if
adopted, will greatly aid in bringing about
this result. Up"n what regard rs we'll 4
founded supposllon that its bills wonid b.
readily sought for by the public creditors,
aud that the issue would ~ short time
reach the maximum of SIj 100000 IL ~ oh
vious that Sl0,OO0OC0 would thereby b. nd
dcd to tho available means Of the Treasury |
without cost ar charge.
Nor can fail to urge tho great and benr.
fetal effects which would be produced III aid
of all the active pursuits Of life. Its effects
upon the solvent State banks, while II w"ul!
force into liquidation those OF an opposite
character through It's weekly settlements.
would be highly beneficial and with the nd |
ynn,aocS Of n sound currency, the rcsiora.
ton Oi confidence and credit would follow 1
with numerous train Of blcssings. My /
convictions are most strong that lhrsc brnr-
fits would flow from the adoption of this l
measure: hut if the result should be adverse.
there is this security IN connection with IL. II
that the law creating II may be repealed a'
the pleasure ofihe Legislature. without the
slightest implication of IT'S good faith. H
! recommend To Congress to take into con-
sidcrallon The proprlciy Of rc-mbnrsing a
fine imposed on General Jackson Mt New
Orleans nj the time of the attack and defence
of that city aud paid by him. Without de-
signing any reflection on the judicial tribunal
which imposed the fine, the remission at this
day may he regarded as ne, MUST or mex
prdcnt. The VOICE Of the civil authority II
was heard AMIDST the glitter Of arms and II
obeyed by those who held The sword. tHcrehy II
giving additional luStrr In n memorable mill I
t1ry achievement. lfilc laws were offended. /.
their majesty was fully vindicatod; ard al. /.
though the penalty incurred and paid. Is
worthy Of little regard IN u pccnniary pnin.
~ view. ii can hardly be doubted that it /
would be gratifying IN the war. worn veteran. \
now IN retirement and in the winter nf his 4
days. 10 be relieved from The circumstances
in which that judgment placed him. i
There are cases IN which public func,iona
ries may be called on To weigh the pubic
interest against their own personal hazards, 4
aud lf the civil law be violated from praise
worthy motives, or an overriding sense oi
public danger and public necessity. punish
mcnt may well he restrained within ,hn,
limit which asscrls and maintains The an.
ihority of the law, and the subjectlun Of the
military to the civil power The defence of
New Orleans, while 1t saved city from the
hands Of the enemy, placed the pamc of Gen.
eral Jackson among ihOsa nf the greatest
Captains Of the age, and illustrated ono oi
he brightest pages of our history. Now
hat the causes Of excitement, existing n,
he tune, have ceased to operate, It is below
ID that the remission Of this fine. and what H
'ver OF eradication that remission might
ause The eminent man who incurred and
,ald II, would be in accordance with the
,encraI feeling and wishes OF tho American
cople. II
] have thus, fellow citizens, acquitted my.
elf Of my duty under the Constitution. by
'ying before you, as succincily as ! have