The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-08

gov ernment issues Of kind the other That
these issues cannot be made by chartered institution
supposed 10 be conclusively settled They must he made
then directly ny government agents. FOR seNersi ~
past they have betn thus made In the form OF Treasury
notes and have answered valuable purpose Their USE
unes has been limited by their being transient snd tenn
porary their ceasing to bear interest syen periods ne
cessa- their speedy return and thus restricts
their range and being used only In the cs
bursements OF the government they cannot reach those
points thcy required. By rendering their
use the moderate extent already mentioned,
by off ring inducemen for their return and by ex
changing them for coin and other values they will
tuo, certain extent the general currency so much
needed TO maintain the internal trade OF the country And
this is the Exchequer PLAN SO FAR as may operate In iui-
nishing currency
cannot iorego the occasion to urge It's importance to
the credit Of the Government in financial point oil view
The great necessity Of resorng to proper and De-
coming expedent in order to place the Treasury on
footing of the highest responsibility, entirely ooViouS
The credit of the Government may be regarded as the
very soul Of the Government itse-aprncpie OF war
y without wilch all Its movements are iangud ana Oil is
operations embarrassed IN this spirit the Execuve
itself bound by imperative OF duty to SUD-
nit Congress- its last session. the rroprey OF making
specific pledge Of the land fund.- the basis Tor the ne
goaion oil the loans authorized to be contracted linen
thong git that such application OF the public domain
should without doubt have placed at the command oil the
Government ample funds to rciie7e the Treasury from
the temporary endorsements under which 1t aborei
American credit has suffered considerable shock IN Eu
rope from the large Indebtedness OF the states and the
temporary inability of of them to met the interest
their debts The utter and disastrous prostration OF
the United Bank OF pennsy vana had contributed
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 political organization,
aud OF our actual responsibilities 1t the anxious desire
Of the Executive that in tne effort to negotiate the loan
abroad the American negostor might he able to point
the lender the fund mortgaged the redemption
fhe principal and interest oil loan he might contract
and thereby vindcate the Government from all suspicion
Of bad faith inability to meet its engagements Con-
gress differed from Executive In this view Of the SUBJ
ect became nevertheless the duty OF the Executive
to resort to every expedent power negotiate the
N rypdlo ~
market citizen OF high character and talent was sent to
Europe with better success and thus me moty ing
specac has been presented Of the inability OF this Go
vernment obtain loan small as not in the whole to
amount TO than oneiourth # IT'S ordinary annual in
at a time when the Governments OF Europe, al
though involved in debt and it'll their subjects heavily
burdened with taxation, readily obtain loans OF any
greatly reduced rate of interest. II would
he Improbable look further into this anomalous state
of things bat cannot conclude without adding that for
Government which has paid oil its debts OF two wars
with the largest maritime power Of Europe, and now
owing debt which is almost next to nothing when COM
pared with its boundless resources, Government the
strongest the world because emanatng from the popu
lar will and firmly rooted in the affections Of great and
free people, whose fidelity its engagements has
questioned for such Government to have ten
dered capitalists Of other countries opportunity
for small of its stock and yet to have failed
implies either the most uniounded distrus it, good
faith, or a purpose obtain which, the pursued is
the most fatal which could have been adopted II has
become obvious to all that the Government must
look its for supplying lis wants and is con-
soling know that these altogether adequate
for the object Thu Exchsquer adopted will greay aid
weliounded supposon that its bills would be readily
sought for by the public creditors and that the issue would
obvious that would thereby be added to the
available of the Treasury without cost or charge
Nor fill to urgehe great and beneficial e'ectswhch
would be produced in aid of all the active pursuits Of life.
Its effects upon the solvent State banks while 1t would
force into liquidation those of an opposite character
through its weekly settlements would be highly b. nef
cRl and with the dvantages Of sound currency the
restoration Of confidence and credit would follow with
a numerous train of blessings. My convictions are
hiatt happf thg ado
ton OF this measures but the result should be adverse
there is this security in connection with it, that the law
creating berepealed at the pleasure orthe Lega-
ture. without The slightest implications Of good faith.
Irecommendto Congress to take into consideration the
pr0prrty of rembursng fine imposed on General Jack
at New Orleans at the time Of the attack and defence
Of that city and paid ny him. Without designing any re-
the remission AT this day may be regarded not unjust
irexpedien The voice Of the civil auhority was heard
amidst the glitter of arms and obeyea ny those Who held
the sword thereby giving additional usre TO memora-
BILE m ry achievement. II the laws were offended
their majesty was vindicsted; and although the penalty
point Of view it hsry he doubted that il would be
gratifying to the war.worn veteran, now in etrem mt
and in the winter Of his days TO be relieved from the cir
cumstances in which that Judgment placed him. There
cases in which pub c uoctonares may be called
weigh the public interest against their person.
al hazards and ii the civil law be violated from praise
worthy motives overrung sense OF public danger
and public neces y punishment may well he
ed within that limit which and maintains the
thory o. the law and the subj con Of the military TO the
civil power. The defence of New Orleans while It saved
city from the hands Of the enemy, placed the of
General Jackson among those of the greatest Captains Of
the age, and illustrated OF the brightest pages Of
history. Now that the Of excitement existing at
the time have ceased operate believed that the
mission OF this fine, and whatever oil qualification that
mission might the eminent man who incurred and
paid would be in accordance with the general feeling
and wishes of the American People
have thus fellow Citizens acquitted of my duty
under the Constitution by laying before succnct
ly have been abe the of the Union and by in
vtng your attention to Of much Importance to
the country The Executive viii most zealousy unite its
efforts with those OF the Legislative Department in the
compshment of all that required relieve the
OF a common constituency, elevate the destnes of be.
Low ed country.
JOHN TYLER
WAsHiSeroN, December, 1912.
Aol.r u H.