The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-26

10 the necessity OF chaefing for terms in the
market Under such circums ances as have advert
ed to- our object sh ud be TO produce with the CAPITAL
ist feeling Of entire Confidence by tender of that
sort of security which, in all times past has been es
teemed sufficient, and which, for the small amount of
proposed Indebtedness will unhesitanglv he re-
gardej amply adequate while pledge of ali the re-
venues amount 10 no more than implied in every
instance, when the Government contracts a debt and
athoughit ought, Under ordinary circumstances be
entirely satisfactory yet times like these the CAPITAL.
ist would feel better satisfied with the pledge of spe
chic fund ample in magnitude to the payment OF
MS interest and ultimate reimbursement of his
principal. Such is the character of the Land
fund. The most vigant money dealer will
readily perceive that not only will his interest
be secure, on such pledge, but that debt of
SlS,OOO,0J0, or S20,000,000, would, by the surplus
of sales over and above the payment Of the interest
iixed Tor It's redemption, be extingiished within
any reasonable time. To relieve the Treasury
from its endorsements, and 10 aid in meeting
MS acquisitions, until time is allowed for any new
tarili OF duties TO become available il would seem
10 he necessary to fund debt, approaching to
sl50O0,OOO, and III order TO place the negotiation of
the loan beyond reasonable doubt submit To Con-
gress whether the proceeds of the sales Of the public
lands should not pledged for the payment of the in
terest and the Secretary Of the Treasury be author
zed out OF the surplus of the proceeds of such sales
purchase the stock and also when can be procured
on such terms as will render beneficial in that way
To extingush the debt and prevent the accumulation
OF such surplus, while ITS distribution is suspended
No one can doubt that, were the Federal Treasury
now as prosperous as was ten years ago, and lis ifs
cal operations conducted by efficient agency Of its
own, co-extenslve with the Union the embarrassments
OF the States and corporations in them would produce
event. they continued as they are, (were that possble)
effects lar less disastrous than those experienced
IL IS the disorder here, at the heart and centre of the
system, that parayZes and deranges every part Of it,
Who does not know the permanent Importance not TO
the Federal Government alone but every State and
ever, individual within its jurisdiction, even in their
most independent and isolated individual pursuits, in
the preservation Of sound state of public opinion and
judicious Administration here The sympathy is
instantaneous and universal. To attempt to remedy
the evil of the deranged credit and currency of the
States, while the disease is allowed to rage in the vi
tails Of this Government, would be a hopeless under
taking
1t is the full conviction Of this truth which clnbol-
dens me most earnestly to recommend TO your early
and serious considerations the measures now sub.
mitted to your better judgment well as those to
which your attention has been already invited. The
first great want OF the county that without answer
nS which all attempts VI bettcrin. the present condi-
ton OF things will prove frucss is a complete restc-
ration OF the credit and finances Of the Federal Go
vefnment.
The source and foundation Of all credit is in the
confidence which the Government inspires and Just
IN proportion as that confidence shall be shaken or
diminished, viii be the dstiust among all classes Of
the community, and the arrangement and denoraliza-
ton In every branch OF business and all the interests Of
thr country Keep up the standard of good faith and
punctuallly in the operations Of the General Govern
mrn and all partial irregularities and disorders will be
recfed by the influence of lis ample but suffer that
standard To be debased disturbed and it is imposs
bic 10 foresec, 10 what a degree of degradation and
confusion all financial interests, public and private,
may sink, In such country this The representa-
tlves of the People have only to will il and the public
credit will b. as high ever was.
My own views of the measures calculated to effect
this great and desirable object have thus frankly ex
pressed TO Congress, under circumstances which give
to he entire subject peculiar and solemn interest
The Executive can do no more. Ii the credit of the
country be exposed to question, if the public de-
fences be broken down or weakened, If the whole
administration of public affairs be emhar assed for
want of the necessary means for conducting them
with vgor and effect trust that this Department of
the Government will be found TO have done all that
was in its power TO avert such evils, and will be ac-
quilted of all just blame on account of them.
JOHN TYLER.