Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1842-12-24

sense OF duty 10 submit to Congress, at its last
session. the propriety Of making specific pledge
OF the land fund, as the basis for the negotiation
of the loans authorized to be contracted. then
thought that such an application Of the public do
main would, without doubt have placed at the
command Of the Government ample funds to re.
ieve the Treasury from the temporary embarrass.
menss under which II labored. American credit
has suffered considerable shock in Europe. from
the large Indebtedness Of the States and the tenn.
po'ary inability Of some Of them to meet the in.
terests on their debts. The utter and disastrous
prostration Of the United States Bank of Pennsyl-
vana, had contributed largely to increase the sen.
tImen' OF distrust BY reason Of the loss and ruin
sustained by the holders Of its stock. large por.
ton OF whom were foreigners, and many Of whom |
were alike ignorant Of our political organization,
and of our actual responsibilities. It was the
anxious desire Of the Executive that, in the effort
TO negotiate the loan abroad. the American nego-
tiator might be able 10 point the money lender to
the fund mortgaged for the redemption Of the
principal and interest Of any loan he might con.
tract; and thereby vindicate the Government from
ell suspicion Of bad faith or inability to meet ITS
engagements. Congress differed from the Execu-
tive in this view Of the subject. 1t became, never
theess, the duty ofthe Executive to resortto everv
expedient in its power to negotiate the authorized
loan After failure to do 20 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 presented 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 in.
VOWED IN debt, and with their subjects heavily
ourdened with taxation. readily obtain loans Of
any amount at a greatly reduced rate of interest.
1t would be Improbable to look further into This
anomalous state Of things, but l cannot conclude
without adding that, for Government which has
paid OIL its debts Of two wars with tho 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 affections
| OF great and free people, and whose fidelity TO
It's engagements has never been questioned; for
such Government TO have rendered TO the CAPT.
asts OF other countries an opportunity for a small
investment OF its stock, and vet to have failed, i'm
plies either the most untounded dstrust in it's good
faith, or a 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 Government 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, if adopted, will
greatly aid IN bringing about this result. Upon
what | regard a well-founded suppositon that
its bills would be readily sought for by the public
creditors, and that the issue would in a short time
reach the maximum of S15 900 000 it is obvious
that $40 OO0.0 5000 would thereby be added to the
available means of the Treasury without cost or
charge. Nor can fail to urge the great and bene.
fetal effects which would be produced in aid of all
the active pursuits of life. It's effects upon the
solvent State banks, while it would force into Ii.
quidation those Of an opposite character through
its weekly settlements would be- highly ben ehcial
and with the advantages of sound currency. the
restoration Of confidence and credit would follow,
with numerous train Of blessings. NY convic.
tions are most strong that these benefits would flow
from the adoption Of this measure; but if the re.
suit should be adverse. there is this security in
connection with it. that the law creating it ma
be repealed at the pleasure Of the Legislature
without the slightest implication of its good faith
| recommend to Congress TO take INTO consdera
ton the propriety of re-imbursng fine imposed
on General Jackson at New Orleans at the time OF
the attack and defence Of that city and paid by
him. Without designing any reflection on the
Judicial tribunal which imposed the fine, the re.
mission at this day may be regarded as not minus,
or inexpedisnt. The voice of the civil authority
was heard amidst the glitter Of arms and obeved
by those who held the sword. thereby giving add.
tional lustre to memorable military achievement
If the laws were offended, their majesty was fully
indicated; and although the penalty incurred and
paid, is worthy OF little regard in pecuniary
point Of view. it can hardly be doubted that i,
would be gratifying to the war worn veteran, now
IN retirement and in the winter Of his DAYS TO be
relieved from the circumstances in which tina,
Judgment placed him. There arc cases in which
public functonaries may be called on to weigh the
public interest against their own personal hazard.
and if the civil law be violated from praseworthy
motives or an overruling sense of public danger
and public necessity, punishment may well be re.
strained within that limit which asserts and main.
tans the authority Of the law, and the subj ecti on
of the military to the civil power The defence oil
New Orleans, while it'saved city from the ha nds
Of the enemy, placed the name Of Gen Jackson
among those of the greatest captains of the age,
and illustrated one Of the brightest pages of oul
history. Now that the causes of excitement, exist
ing at the time have ceased to operate, it is be.
lieved that the remission Of this fine, and whatever
Of qualification that remission might cause the
eminent man who incurred and paid it, would be in
accordance with the general feeling and wishes O
the Amerc. People.
| have thus, fellow cItzens, acquitted myself oil
{ my duty under the Constitution, by LAYING before
you, as succinctly as have been able, the state
of the Union, and by inviting your attention Ia
measures Of much Importance TO the country Tn,
Executive will most zealously unite its efforts will
those of the Legislative Department in the accom-
plishment of all that is required to relieve tn,
wants Of a common constituency, or elevate tb
/ destnies Of beloved country.
JOHN TYLER.
WASHINGTON, December. ls42.
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THE PARTING.