The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-11

n Increase Of debt. ............. $H,452,644
an increase Of near siS 900 in the debt not
withstandng that the imports Of the past year greatly
exceeded those of ls4o This of affairs is the more
digrsceful when look back upon the events Of the
past year, and remember that the extra session was
called BY the psrtizans of Mr.. Clay, expressly to
obviate the financial difficulties supposed to exist
The party had ridden into power under promises Of
relief" The means proposed to obtain that relief
were to borrow, create debts and paper money; accer
dinghy the 6rst thing done to relieve the Treasury was
to give away the land revenues. Having got clear Of
that permanent Of revenue, loan was projected
without setting apart any thing to meet either principal
or interest," In fact the only property that could be aP
propriated to that purposethe "land revenues"-hsd
been given away. The next measure Of relief was to
create bank that would gil the hands and pockets of
speculators, and politicians with bank paper, and
through them to inundate the country with promises
that could have been kept This precious scheme
was defeated by the and foresight Of the Pres
DENT and he'd been could not have gone into ope
ratiou-6rst because individuals would not trust It, and
second because the government, a. turned out could
the loans that we're intended a. bass for
the concern Having devised these schemes Of raising
the wind the expenditures we're increased $Soooso
ordeo fu6l the promises Of retrenchment" Time
on to the regular session The Treasurer had been
able to obtain his loans The issues Of Treasury notes
were becoming large, and factisus Congress dis
p,sed 70 do netting bat forward the most contemplate
s:hemes Of Political gamblers whose only claims upon
the country consist in the persevsriug reckleness with
which they have looked after their ind interests
through long ls and whose juggling tricks have been
rumpeted through corrupt press acts Of patriotism
These people have been, and bent upon desroy
the character Of the country, for other than
the hope that by thwartng the Executive in his endea
vors 10 renovate the fiscal OF the government
they may throw the odum Of the dshonor the country
il undergoing upon him, and thereby further their
sel6.h views This il the real Of the nacon Of
Congress, amid the disgrace which surroundsthem
At the commencement Of the session, the Secretary
brought forward plan Of exchequer which was to
authorize the issue Of $is00o0oo of paper
money on credit. This We denounced . miserable
borro wing scheme, TO supply temporary deficiency in
the Treasury instead Of raising the money in legti.
mate way. This object the Secretary avsws in the
following paragraph from the report -
You are swars that while the report on the finances
in the Of preparation, the plan Of aFisca
under your evnsiderstion No doubt. entertain.
ed that the event Of s adoption BY Congressh would
obviats the necessity Of any further provision Tor re
present year. and pay able in the next The faculty Of
rrpandng the issue Of ezeheqr bills srrn erten sas
yetss ssrd ses, ;hs 70, Ss1 s rs~,ss o.: Srrfrss
of resting $4,000 900 Of Specie and
900 Of Stock to be held In reserve TO meet
Of such ISSUE and aided by the daily
sccruing revenue regarded placing such issue on
foundation perfectly sure and stable.
should this provision however be adopted by Con
gress then II obvious that the whole amount OF the
Treasury notes authorized by the act Of Congress will
become burden upon the revenue Of l9A3 without any
adequate provision for relief
What would now have been the result had this cur
rency been upon the market Even the Treasury notes
cannot be met, and they are now selling at u per
cent discount and the prospect il Of still further de-
cline The only crcunstsnce that sustsins them at oil
in the nsrket isshsir svailssisy the Custsm Home
The discount now nearly great a. 10 induce then
purchase, not only for cash duiies but for bondso
ture; consequently the Of the Treasury will
be cut of entirely vntI the outstanding Treasury note
absorbed or they sgan become valuable for
| ment.
Aithe variations Of the form Of debt that possibly ear
be conceived will not reduce the amount one dollar
'.ttsIA liza fatW