The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-26

PoWtti0I n6lon OF modern times should not Dc UfOuR
TO the necessity of chafefng for terms In The money
market u nder such circums anoes as have advert
ed TO- our object should be produce with the capital
LIST feeling Of entire confidence, by tender of that
sort OF security which, in all times past has been
eemed sufflcient and which for the small amount of
proposed Indebtedness will unhesilatingy be re-
garded as amply adequate, while pledge of all the
venues amount To no than is implied in every
instance when the Government contracts q debt. and
although il ought, under ordinary circumstances be
entirely satisfactory yet in times like these the capital
Isl would feel better satisfied with the pledge of spe
chic fund, ample In magnitude to the payment of
his interest, and ultimate reimbursement of his
principal. Such is the character Of the Land
fund The most vgllant money dealer will
readily perceive that not only will his interest
be secure on such pledge but that debt of
Sic, 100000, or S20OOOOOO, would, by the surplus
of sales and above the payment of the interest
fixed for its redemption, be extinguished within
any reasonable time. To relieve the Treasury
from its embarrassments, and to aid in meeting
its acquisitions, until time is allowed for any new
tariff of duties to become available, it would seem
to be necessary to fund debt, approaching to
SIS 900 OO0 and in 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 be pledged for the payment OF the in
terest and the Secretary of the Treasury be author
lied out OF the surplus OF the proceeds OF such sales to
purchase the stock and also when it be procured
on such terms will render it beneficial in that way
to extnguish the debt, and prevent the accumulation
of such surplus, while its distribution is suspended
No one can doubt that were the Federal Treasury
prosperous as it was ten years ago. and its hs-
cal operations conducted by efficient agency of its
own co-extensiye with the Union the endorsements
of the States and corporations in them would produce,
if they continued they are were that possible
effects far less disastrous than those experienced
1t the disorder here 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 to every State and
every individual within its jurisdictions 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 hopeless under
taking.
1t is the full conviction Of this truth which embol
dene me most earnestly to recommend to your early
and serious consideration, the measures now sub
mted to your better judgment, as well as those to
which your attention has been already invited. The
first great want of the country, that, without
ing which all attempts at lettering the present condi
ton of things will prove futless is complete resto-
ration of the credit and finances of the Federal Go
vernment.
The source and foundation of all credit is in the
| confidence which the Government inspires and just
in proportion that confidence shall be shaken
diminished, will be the dstrus among all classes of
the community and the arrangement and demoraliza-
ton in every branch of business and all the interests of
the country. Keep up the standard of good faith and
puncuality in the operations Of The General Govern
men and all partial Irregularities and disorders will be
rectied by the influence of its example but suffer that
standard be debas ed disturbed and it is mpossi
BILE to foresee, to what degree of degradation and
confusion all financial interests, public and private,
may sink In such country as this the representa-
ves of the People have only will and the public
credit will be as high as it ever
My own views of the measures calculated 10 effect
this great and desirable object, have thus frankly
pressed Congress, under circumstances which give
to the entire subject peculiar and solemn interest.
| The Executive do more If 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 embarrassed 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
in its power to avert such evils, and will be ac-
quilted Of all just blame account of them.
JOHN TYLER.