Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-04-07

1 was, in my opinion, wise, just, and benoii-
cent mcasure.-But to continue it in force while
there is no such surplus to distribute, and when
il smaniiestly necessary moi only TO increase the
duties, but at the saiuc time TO borrow money in
order to liquidate the public debt and disembar-
rass the Public Treasury, would cause ii To be re-
gardcd as an unwise alienation Of the best secure
" Of the public creditor, which would with diff
Guilty be excused, and could not be justified.
Causes Uf no ordinary character have recently
depressed American credit in the stock market Of
the world 10 degree quite Unprecedented.
need scarcely mention the condition of tho Bank
ing institutions of some Of tic States, the vast a.
mount of foreign debt contracted during period
OF Mid speculation by corporations and individu-
ais, aud above all, the doctrine Of reputation OF
contracts so'emnly entered into by States, which,
although as yet applied only under circumstances
oil peculiar character, and generally Tebuked
with severity by the moral sense of the commuui-
ty, is yet SO very licentious, and in Government
depending wholly on opinion very alarming,
that the Impression made 10y it TO our disadvan-
tage as people, isany thing but surprising. I'm
der snch circumstances, it is imperatively due
from us 10 tho People whom We represent, that,
when We go Into the money market to contract a
loan we should tender such securities as 10 cause
the money-lender, us well ut home as abroad, TO
eci That the most propitous opportunity is aitor-
d,d him OF investing proftab!y and judciously his
capital. Government which has paid oil the
debts OF two wars. waged with the most powerful
tim, Of .s,-n tin,as el,s>tl-..SA hran 20
tho necessity ot chaiirrlng for terms in the money
market. Cudcr such circumstances as have adj
vered TO, our object should be to produce with the
capitalists feeling of entire confidence, by ten
der OF that sort OF security which in all times
past has been esteemed sufficient and which for
The small amount of our proposed Indebtedness
VIII unhesitatingy be regarded as amply ade-
Iquale. While Il pledge of all the revenues a.
mount to no more than is implied In every instance
waen The Government contracts Il debt, and al
though 1t ought in ordinary circumstances 10 be
entirely satisfactory, yet in times like these the
capitalist would feel better satisfied with the
pledge oil specific fund, ample in magnitude to
The payment of his interest and ultimate reim-
burSement OF his principal. Such is the charac-
ter OF the land fund. The most vieilant money
dealer Will readily perceive, that not only will his
interest," oe secure on such pledge, but that a
debt OF SlS 100000 or 800 OOO, 0OO would, by the
surplus OF sales over and above the payment of
tne Interest, be extinguished within any reasona-
De uihc hNrd Tor It's redemption. To relieve the
treasury from its embarraSsments, and to aid in
meeting Its acquisitions until time is allowed for
any new tariff OF duties to become available, it
would seem TO be necessary to fund debt APP
preaching to $4,000, 900; and, in order to place
Tie negotiation vi the loan beyond reasonable
doubt, submit 20 Congress whether the pro-
ceeds OF the sales of the public lands should no,
be pledged Tor the payment OF the interest, and the
secretary oil the treasury be authorized, out Of
The surplus OF the proceeds OF such sales to uur-
chase the stock, when it can be procured on such
terms as will render it beneficial in that way TO
extlhguish the debt and prevent the accumulation
OF such surplus while its distribution is suspen-
ded.
No one can doubt that, were the Federal Trea-
sury now as prosperous as it was ten years ago,
ana It's hscal operations conducted by an efficient
agency OF ITS own, co-eXtcnsive with the Union,
The embarrasments of the States, and corporations
III them, would produce, even if they continued as
they are, (were that possible ELECTS far less dis
astTous than those now experienced. 1t is the
disorder here, at tho heart and of the sys-
eh' 'ha' Paraiyzes and deranges every part OF it.
Who does not know the permanent importance,
not to tho Federal Government alone hu, to eve
ry individual within its Jurisdictions even i'm their
most independent and isolated individual pursuits,
In Inc preservation Of sound state of public opin-
ION anu aJudlclons administration here? The syni-
pathy Is instantaneous and universal. To attempt
to renedy the evil of the deranred credit and
currency OF the States while the disease is allowed
10 rage In the vita!S of this Government would be
4 hopeless undertaking.
IL Is the full conviction Of this truth which en-
Doiuehs me most earnestly TO recommend to
your early and Serious consideration the measures
now submitted TO your better judgement, as well
as those to which your attention has been already
invited. The first great want OF the country tina,
WITHOUT answering which, all attempts at better
Ing the present condition of things will prove
""i'less' is a complete restoration Of the credit
and finances OF The Federal Government The
source and foundation Of all credit is i'm the conf
oeHce Which inc Government inspires; and lust in
proportion as that confidence shall be shaken mr.
imli,shed, will be the dstrust amonu all class-
Is VI me community, and the arrangement and
uHihoFai'Zatlon In every branch of business and
al Tue interests Ci the country. Keep I'D the
standard OF good faith and punciualfy in the ope-
i"',ohs oil the General Government and all mar
a1 Irregularities and disorders will be recified by
we ,n'iuence OF It's example; but suffer that stan
oS'u W DC dehaSed or disturbed and il is limos
si"ie 10 l"resce to what decree Of deor.da,ion
anu CONFUSION all financial interests, public and
PtNate' may sink. In such a country as this T,
representatives oil the People have ONLY tn will
"' ana the pubic credit will be as hiph as il over
was. S' % ~ o'ei
MY own views OF the measures calculated n
cneI' th'S great and desirable object, have Thus
i"hNi y expressed TO Congress. under ciIcumstan-
o.S "hich give TO The entire subject peculiar and
Soei'h 'htcfest.-lhe Executive can do no moro
- '"c credit OF the country be exposed to oues
'ioh, IL Tie pubic defcnces be broken down or
weakened III the whole administration of nni,I;c
dliairs DO embarrassed for want of the necess,rv
means .oF conducting them with vigor and effect
Ina nus i,epartrpent nf tho l:.v.r,,,,.
VIII be found TO have done all that was in i,s
power 70 avert such evils, and will! be acouittcd or
all just blame on account Of them.
WI, JOHN TYLER.
Washington, March 25, 1872
tsPHILApELPEIA.-Our DeiGhbors saws ,be Nv
Jouinai of Commerce, have brought us in debt tn