Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1842-12-08
and thus restricts their range of cire ulation

and THUS restricts their range of cire ulation
and being used eRly in the disbursements Of
government, they cannot reach those points
where they are most required. By rendering
their use permanent, to the moderate extent
already mentioned, by Offering no inducenent
Tor their return, and by exchanging them for
COIN and other values, they viii constitute, to
a certain extent, the general currency 50 much
needed &c maintain the internal trade of the
country. And this is the excheguer plaza, SO
Ear as IT may operate in furnishing currency.
cannot fofego the occasion to urge its m-
portance in financiai point of view. The
great necessity for resorting to every proper
and becoming expedient, in orderto place the
treasury On footing of the highest Iespecta-
tbitity, IS eatireiy obvious. The credit OF the
government may be regarded as the very soul
ss't the government itsef--a principal OF vital
Sty, without which all its movements are ian
gud and its operations embarrassed. IN inns
spirit the executive felt itself bound, by the
most imperative sense OF duty, - submit 10
congress, at its last session, the proprlesy OF
shaking specific pledge Of the land faha IS
the basis for the negotiation of the loans AL
thorised TO be contracted. / then thought
that such an application OF the pubic domain
would, without doubt have placed AT the COZ"
>mand of the government ample iuhas ~ re-
! leve the treasury from the temporary e'hSaf
rassment under which it iaborcd. American
credit has suffered a considerable shock III
Europe. frcm the large indebtedness OF the
states, aaa the lie POI AIRY inability OF some OF
them to meet the interest Oh Their ueots.-
The utter and disastrous prostraton OF the y:
S, Bank of PENNSYLVANIA had contributed
: largely to increase the sentiment OF dlstrusl,
<by reason Of the loss avid ruin sustained by the
holders of its stock-a large portion OF whom
were foreigners. and many of whom were a.
like ignorant of cur political orgamza,ion,and
of our actual RESPONSIBILITIES 1t was the ahx
ious desire Of the executive that IN the effort
10 negotiate the loan abroad. the American
ne gotiator might be able TO point the money
:lenderto the fund mortgagad Tor 'he feoeilP
ton OF the principal and interest OF any iotil
he might contract, ana thereby pihH.ea'e t'ie
government from all suspicion OF bad faith or
inability to meet its engagements. Congress
differed from the executive IN tins view OF
the subject 1t become, nevertheless, the Gu
1ty of the executive to resort to every eXpeoi,
ent in its power to negotiate the authorised
loan. After a failure 10 do so III the Amerl-
can market, citizen of high character and
talent was sent to Europe-WitA 10 better
success; and thus the notifying spectacle has
been presented, of the inability oil this
government to obtain q loan SO smali as
not to amount in the whole to more than
me fourth of It's ordinary annual income;
st a time when the governments OF Eu-
rope, although involved i'll debt. and with
their subjects heavily burdened, with tax
ation. readily. obtain ioans;of any amount
at greatly reduced rate ofinterest. tt
would be Improbable to look further IN
to this anomalous state of things but
cannot conclude without adding. that,
for a government which has paid Oh is
debts of two wars with the largest mail
time power Of Eurape, and now owing
debt which, is a!:nost next to nothing.
when compared. with its beundless re-
sources-a government the strongest IN
the world, because emanating from the
popular will, and firmly rooted in the at
.fections of great and free peeple--and
whose fidelity to its engagements has ne
yer been questionet;- for such govern
ment 80 have rendered to the capitalists
of other countries an oppaitunity for
small investment of its stock, and yet to
have failed. implies either the most an
foundek tiistrust in It's good faith. or
purposc, to obtain which the course pur-
sued is the most fatal which could have
been adopted. 1t has now become obvi-
Gus to all men that the government must
Look to lis own means for supplying It's
wants: anil 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 re-
suit. Upon what ! regard as a we'll
founded supposi;ion, that its bills would
be readliy sought for BY the public cred
;tors. and that the issue would, IN a
short time, reach uhe maximum OF S 81
100000, it is obvious that $4,000. 600
would thereby be added to the available
means Of The treasury, without cost or
charge. Kor-cau / fail to urge the great
and beneGcial effects winch would be
nroduced in aid of all the active pursuits
of life. ltsefects upon the solvent state
hanks. while it would force iJtto l'qaida-
lion tbase OF an opposite character. thro'
Tia weekly settlements. would be highly
beneficial; and, with the advantages of a
so,,nd currency. the restoration Of conf
,lance and credit would follow, with a
numerous train Of blessings. My con-
y;ct;ons are most strong that these bene-
;ts weuld flow from the adoption Of this
measure: but, if the result should be ad-
yerse. there is this security in connection
Iii it-that the law creatlng it may be
s.enealed at pleasure Of the legislature.
. ..;phost the Slightest implications Of its
coed faith j. .,onrass ia take into
the p. s sssse ui saeAson.
~ : Orleans, ut the time Of the attack
= sad d defence Of that city,and pad by him i,
a sT;,,sut desigaing any reflection on the
;" "l'aaas tribunal which imposed the fac
.ss remission at.this day may be 'egad'
cd eds as not unjust or inesPedsnt; ! T.e
s voice q he evil a s0 .o T' sb sss.d By
.s, u; si .s ss ss s nsno'ss s
ing ado,. .s.,ent. If the laws were of.