Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-04-19

when the Government contracts a debt,
and although it ought in ordinary circum-
stances to be entirely satisfactory, yet in
times like these the capitalists would feel
better satisfied with the pledge of spec-
fed fund. ample in magnitude to the pay
ment Of his interest and ultimate reimburse
ment Of his principal. Such is the char
ac'er of the land fund. The most vigilant
money dealer will readily perceive that
not only will his interest be secured on
such pledge, but that debt Of S S,000,-
600 or $40, 900, 900 would by the surplus
of sales over and above the payment Of
the interest, be extinguished within any
reasonable time fixed for its resumption.
To relieve the Treasury Of its embarrass-
ments, and TO aid in meeting its acquisitions
unit! time is allowed for any new tariff of
duties to become available, it would seem
to be necessary to fund a debt approach
ing to $l8, 100000; and in order TO place
the negotiation of the loan beyond a reaso-
nable doubt, | submit to Congress whether
the proceeds Of the sales Of the public
lands should not be pledged for the pay
the Treasury be authorised, out of the pro-
ceeds of such sales, to purchase the stock,
when il can be procured on such terms as
will render it beneficial in that way to ex
tinguish the debt and prevent the accumu
lation Of such surplus while its distribution
is suspended.
No one can doubt that were the Federal
Treasury now as prosperous as it was Ten
years ago, and IFS fiscal operations con-
Quoted by an efficient agency Of its own,
co-extensive With the Union, the embar-
easements Of the States, and corporations
in them, would produce, even if they con-
tinued as they are (were that possible.
effects far less disastrous than those now
experienced. 1t is the disorder here, at
the heart and centre Of the system, that
paralyses and deranges every part Of it.
Who does not know the permanent impor-
lance. not TO the Federal Government alone,
blu, to every State and every individual
within It's jurisdiction, even in the most in
dependent and isolated individual pursuits
in the preservation Of a sound state ofpub-
lie opinion and judicious administration
here! The sysmathy is instaneous ard
universal. To attempt to remove the evil
Of the deranged credit and currency of the
States while the disease is allowed to rage
in the vitals Of this Government, would be
hopeless undertaking.
1t is the full conviction Of this truth
which emDoldens me most earnestly TO
recommend to your early and serious con-
sidera,ion the measures submitted to your
better judgement, as well as those TO which
your attention has been already invited
The first great want Of the country, that
which all attempts at bettefing the condl-
ton Of things will prove fruitless, is
complete restoration OF the credit and fl
nances Of the Federal Government. The
source and foundation Of all credit is in
the confidence which The Government in
spires, and in proportion as that contil-
dence shall be shaken or diminished will
be the distrust among all classes Of the
community. and the arrangement and de-
moralizaton in every branch Of business
| and all the interests Of the country. Keep
up the standard of good faith and punctn-
aity in the operations Of the General Co
vernment. and all partial irregularities and
disorders will be rectifed by the influence
Of its example; but that standard 10 be de-
based or disturbed, and il is impossible to
foresee TO what degree Of degradation
and confusion all financial interests. pub
lie and private, may sink. In such fl
nancial country as this, the Representa-"
tves Of the people have only to will 1t, and
the public credit will be high as ever.
NV own view Of the measures calcula-
ted to effect this great and desirable object
have thus frank y expressed to Congress,
under circumstances which give to the en-
tire subject peculiar and solemn interest.
The Executive can do no more. If the
credit OF the country be exposed &c ques-
tion-if the public defences be broken
down or weakened-if the whole admins
tration Of public affairs be embarrassed for
wan: of the necessary means for conduct
ing them with vigor and effect, trust that
this department Of the Government will be
found to have done all that was in its pow
err to avert such evils, and will be acquitted
of all Just blame on account Of them.
JOHN TYLER.
WASHINGTON, March 25, 1912.