Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1842-04-04
MESSAGE FROM THE PRESIDENT.

of tho hnsnccs Fortunately for myself in thus bringing this
IN gHq bsSnS and S fT may yT Sd
final adjustment Of to the common advantage Of tho whole
conlor As few OF burdens for provision is now TO-
S to b %SsS siS S'U Sgs ES The SSqGy during
wish to mako them matter of elimination against of my
hcm facts which cannot DO undonc, and deeply
eresng to US all and equally imposing all tho most sol
past is by careful examination of their and character
The condition of The country indeed Is such as may we'll ar
the conflict of parties Tho conviction at ongth
have made its to the minds of all that tho dpopoon be-
tween the public responsibilities and the provided for
meeting them, Is casual Transient evil is the
trary which, for several to Notwithstanding
all reasonable reenchments aud the progress
under existing laws unless we give up or
impair all doences and peace But this thought
entertain Without affecting alarm which do not feel in ro-
bev are state too cr,c@ and involve too m"ny omontous
permit neglect in the least much loss abandon
entirely those of asserting rights without which
gotation without dignity and peace without security
In the report of tho Secretary Of tho Treasury submitted
Congress at the commencement Of tho present session. 1t e
mated that eS onhGnNs G the PG So6 oo @ Of the
oay permanent system Of and partly to mmod
relief from actual embaassment that ocer1 ocommended
o" y, p 20 @ I S ,bn him., c hich
the loan authorised to DO negotiated by the act of the last
should be taken Congress accordingly provided for is
of Treasury notes to the amount of S50OO but subject
to condition they should paid away below par
No connected with the last Of the objects above
esenutive Should the loan bill pending before that body
amount, there would still
deficit of 5OO0lD 1t requires argument to show that
such condition ofho Treasury is incompatible only with
efficiency the conduct of public affairs. be obvious,
the inexperienced minds that, say nothing
particular cxgcucy, actual minont there should be
all times the Treasury of great nation, with view
ngence Of ordinary surplus at least equal in
the deficiency Bu, that deficiency serious
it would be in ITSELF will am compelled TO rather be in
diminished without the adoption of ad
equate evil Tho aguation and
business in degree incident to the arrangement of the
on finances and the state of the revenue laws hold but
little prospect of relief in the ordinary course of things for
Inner such circumstances deeply impressed the
necessity of meeting the crisis with viso and decision which
emmy % pun, ,;od ~, Il No sIisb Initiatives m GUS M
cxpcdiens will give the country the relief Such
ues, the contrary, will in tho end, as manifest to ALL
do Representatives of People lusous
mong nations by having paid off its whole public debt shall
not shrink from the responsibility imposed upon me by the Com
stuon of pointing out such measures as VIII opinion
sure odeqnle relief an o more eouaseG 10 recommend
the course which necessity exaets ny to confidence which
have its complete The resources of the country in
every thing that the wealth and strength of nations
abundnnthc spirit OF most industrious, enteprsing
and intelligent people energetic and elastic that tho Gov
cy if the difficulties which now ombarrass it be not speedily and
From The present indications hardly that Con
gres will find to lay additional duties on IMPORTS in
to ordinary expenses Of the
In exercise of sound discrimination, having reference
revenue, but the time necessarily afong incidental
protection to manufacturing industry seems equally probable
that duties articles of impotltcn VIII have to be nd
above 30 per In performing this important work OF
revising the tariff of dutIes which in the present emergency
would be Indispensable cannot too strongly recon-
sion which tho Government itself owes its origin and with
the continued exercise of which jang and dscod would
An additional for the increase Of duties
the rate of 90 cent viii exist in fulfilling the
recommendation already made and repeated, of making ad
equae appropriations for the deiences OF the country
BY express provisions of the act distributing tho proceeds
the of the public lands the States its operation
1 Io to cease spGn as e rates inc
In recommending the adoption of for distributing tho
session of Congress- such distribution
gd by considerations which appeared then
,,I vnfu
condition should render necessary any departure from
as o @ GsH a am
expectations justly entertained by of the se
them the proceeds Of the lands But the condition was plainly
the message and was ms inserted IN term, equal
country and beset both the
ii the credit Els
and ~ pce on ble foundations and thus Afford m,
eectu support the credit of the states equal at leas
what it would receive from direct distribution of the
coed; of the iales of the public lands
ticipate that there would be real surplus to distribute
% that assumption was IN my opinion WISE lust and
beneficial But to continue IN force while there h
only TO Increase the duties but at me same time to borrow
qudate the public debit and disombaass the public
of the best security ofthe public creditor which would with m
Guilty be excused and could not be justified.
Causes of ordinary character have recently depressed
mercan credit in tho stock market OF the world, to desre
the banking in some ote states tho vast amount
foreign debt contracted during period Of wild speculation
corporations and individuals and above ALL the doctrine of repu
daon of entered into by States which, though
peculiar
generally rebuked with severity by tho moral sense of the com
munity lcenous, and in government dcpeudn
wholly opinion alarming, that the impression made
disadvantage people, any thing but surprising
Under such circumstanle it Is impatvc due from to tn
market loan should tender such securities
the money lender as well at home abroad to fee
the propous opportunity afforded him of nvestn
proftab and udcouy his capital government which hu
lion of modern times should be brought to the necessity
chaerng for in the market Under such ciroum
have advered to- object should ho to produc
with the capitalist feeling of entire confidence by tender
of security which all times past has been esteems
sufficient and winch Tor the small amount OF our proposed II
debedness will unhestangy be regarded amply adequate
implied every instance when the Government contracts deb
and though ought in ordinary circumstances to be entirely sat
actoy in times like these the capitalist would feel bette
satisfied with the pledge of specified fund ample in magnud
TO the payment OF his Interest and ultimate reimbursement OF hi
principal Such is the character of the land fund. The
vglant money dealer will readily perceive that not only will h
600 $40 100000 would by surplus Of Oos
bic time fixed for It's resumption TO relieve the Treasury
its endorsements, and to aid in meeting its acquisitions unit
would to be fund debt approaching SIS
100000 and in order place the negotiation of the loan
ceed OF the sales Of the public lands should not be pledged
he authorized proceeds of such saes purchase II
stock, when be procured on such terms as win render
accumuI of such surplus while its distribution suspende
No doubt, that were the Federal Treasury now
prosperous ten and its hca operations COZ
Quoted by efficient agency OF its own coeNeuSvo with u
them produce, they continued they (we
possble effects far less disastrous than those expee
tenn parayses and deIanges every part oft Who do
know the permanent Importance not TO the Federal Cover
aonc hut every and individual within
jurisdiction, in the independent and isolated ndvi
pursuits tho of sound state Of public
ion udiclous administration here? The sympathy is h
aud universal To attempt the evil of
derangd credit and OF the States while the disease
allowed to in the vitals of this Government would be
hopeless undertaking.
Il is the full conviction of this Truth which cmbolons
earnestly recommend early and most serious conside
alton the submitted TO your better Judgment,
well which has been already invite
Tho first great of the counry, that without answen
which all beerg the condition OF things VIII pro
Ruthless complete restoration OF the credit and finances
the Federal Government. The source and foundation OF
credit in confidence which the Government inspires
n proportion confidence shall DO shaken OF diminshe
will the dsts all classes of the community, and Ii
VI decentralization every branch of business
all the interests county. Keep the standard of
fifth and punctuay in the operations Of the General Cove
ment partial Irregularities and disorders will he Iectf
b the influence of its example but suffer that standard
debased or disturbed, and mpos sbe forseo what
degree degradation and confusion all financial interests
lie and private, sink In such this the
sentaves of the people have only to will IT, and the pub
:, credit will be as high as ever.