The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-28

The Treasury notes and funded debt at discount OF
per cent The only revenues OF the Government now
are the customs These yielded last year 600
and this year will probably short Of $4,000 OOo The
expenditure will be at least $40 Ooo Now the out
standing Treasury notes being at discount will be ab
sorbed by the customs, and leave the Government with
out one dollar meet of expense
The reason that Government credit is at discount
while rome bank stocks in this city at premium,
is that NO means provided to redeem the existing
debt 1.-THE present outstanding Treasury notes are alb
sorbed by thelcusoms $50 100000 must be borrowed in
other way for the current To meet even the
interest this loan dollar of revenue exists The
land has given away and the customs absorbed
by the Treasury notes already in existence No credit
exist under such and the dshonor Of
the Federal Government will not only ruin the State
credit what little remains but will crush banks corpo
rations and individuals alike, surely will repudia
ton in the western States destroy the mercantile credit
This overwhelming torrent of dscredit and disaster is
by palry faction in Congress, attempted to be counter
balanced by dividing little land among twenty-six
States every year. Can anything exceed the absurd
folly of such chld's playf
On the other hand what is the proposition of the Pre-
sdent It is to fund this deprecated debt in a stock
bearing interest," to which character and stability is
be given BY the appropriation Of the public lands pay
the interest and to form sinking fund for its extingush
ment Such stock would, independent of other ques-
tons, command premium even in the present state Of
the market. This will provide for the Treasury notes
and leave the customs unencumbered. The receipts
will be good money and the amount to be increased
bv increase Of the tariff much II will bear
not to discourage imports which would diminish its
amount The expenditures then to be brought down
to the compass Of the receipts, to old and
homely MAXIM to cut the cording the cloth
Let any capable of taking of his business
ask himself this is not the common method of
meeting the present which receive their i'm.
porance only from the attempts of partizans to make
them worse in order to further their petty schemes
There 10, however, another matter whic h ears
heavily upon the credit of the Government 1t is the
movements oraitorous disorg which of ma.
ture make capitalists rembe for the stability Of the
Government When a. man like Mr.. Giddings gets up
in his place the national councils and proposes
tons the import Of which is that the national Govern
ment protect the individual States in their re-.
served rights and that there is law to protect the
white portion against having their
Threats cut by the black portion of those States and
such resolutions backed by fair proportion the
members present, the capitalist msyi pause hen
making Investments Of property, which he to
leave to his children aud consider whether trusting
such a Government is the safest investment he can
make He turns his attention to real estate and cons
ders whether the land which cannot burn up or blow
away net better less annual interest than the
promises ofa composed of such volcanic ma
teria The avowsl OF the resolutions by Mr. Giddings
may havccome within the line Of his duty his constu
ens and such he amenable to the censure Of
the House, but the fact that large constituency enter
tain the principles avowed resolutions only makes
the matter far more serious in its nature more especially
when taken in connection with the fact that the same
principles arc threatened to be forced upon the whole
country by the arms of Briton Already our southern
neghbor Texas has been invaded the avowed object
OF suppressng black slavery. The money to furnish
forth the invasion has been furnished by England The
Mexicans bear English arms and In the case of the
volunteer regiments which went to Spain few years
since English troops stirred up by those English abol
.tionists who SO vigorously opposed General Hamilton IN
his negotiations in Europe, will be backing tn
Mexican invaders. The clouds indeed lowering
around u.s. and it is indeed time for the friends Of the Re-
public to be vglantand to support the Executive
man.