Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-12-21

form of Treasury notes. and lave answered !;
valuable purpose. Their usefulness has been
litmited by their being transient aud ,e,npofa.
nv their ccasing 10 bear interest NJ given Pc
RODS, necessarily causes their speedy return,
aud thus restricts their range OF circulation.
and being nsad only in the Disbursements Of
the Government, they cannot reach those points
where they are most reqi,iret. by rendering
their Use permanent, 10 the moderate extent
already mentioned, by offering no inIurelncni
for their return. and by exchanging them for
coin aud other values, they will constitute. TO n
certain extent, silhe general currency 80 much
needed 10 maintain the internal trade of the
country. And this Is the E1chequer plan, 50
Err IS l. may operate in furnishing u currency.
cannot inrcso the occasion To ursc lis I'M
p~or,ance TO the credit of The Government, IN a
financial point OF view. The great Necessity
Of resoruns 10 every proper aud becoming rx-
pedient 10 order TO place the Treasury on fbo,-
ing oil the highest responsibility. is entirely OBJ
viuus. The credit oi the Government may be
regarded as the very soul of the Government,
itsclf-a principle of vitality without which all
lis movements are languid and all It's opcral ons
embarrassed. In this spirit the Executive fell,
bound by the most imperative sense Of duly TO
sibuitt W op6iS az - iiSI stsSlO1, lUG DlU-
piieiy of making u specific pledge Of the land
fund, ns the basis Tor the negotiation ofilic loans
authorized TO be contracted. I then thought
that such an application of the public domain
wou!d. without donhi. have placed 4, the com.
mand Of The Government, ample funds TO re.
lieve the Treasury from the temporary enbIr-
under wiiicii II lahorrd. American
credit has suffered j considerable shock in En-.
rope, from the large Indebtedness OF the States
aud the temporary inability q! some oi them
10 meet The interest OH .icir debts. The utter
aud disastrous pros!ration OF The United States
Bank Of PENNSYLVANIA, had contributed largely
To increase the srntimen, OF dis,rlSI by reason
oil the loss and min Sustained by itrc holders nc
is stock. a large portion OF whom were foreign
ers, aud many uI whom were alike ignorant Of
our political organization. and of our aetna.
responsibilities IL was the anxious desire Of
The Executive that. m the effort 10 negotiate the
loan abroad. the American negnIialur mish,
be able TO point the money lciirr 10 the fund
norfsaSed for the redemption Of the principal
and Intcrcstol any loan he might, contract, and
thereby vindlcn!e the Government, from NIL
suspicion Of bad faith or inability 10 meet is
engagements. Congress differed from he TX.
ccutIye IN this view Of the subject. II brcnmc.
nevertheless. the duty o! the Executive 10 re-
SORT 10 every cxpedien, in It's power 10 ncgu-
tialc the authorized lean. Alter 4 failure to do
so IN the American! market, II citizen of hi.ii
character and talent was sent to Europe with
no better success: aud thus ;hr Eior,i,yins
spectacle has been presented Of tie inability OF
this Government 10 obtain Il loan so small a.
not in The whole 10 amount 10 more than one
fourth Of its ordinary annual income; nj n time
when the Governments Of Europe, although
involved in debt, and with their subjects hea-
Willy burdencd with taxation, :eadily obtain
loans Of any amount n n greatly reduced rate
Of interest. II would lie Improbable IN look
| further into his anomalous state Of things. but
! canuo. conclude without adding that, for Il
ovcrnnen; which has paid OFF lis debts ofiwo
'nIs with The larses, maritime power Of Eu.
'ope, aud now OWING a debt which is almost
,xt 10 nothing when compared with lis bound
;e-s resources. n Governmrn, the strongcs, in
';se world, because emana,ing from the popu.
iar Will. aud firmly rooted III the affections Of
! 4 :reR, and free people, AMI whose fidelity TO
us engagements has nerer been questioned:
!-ssssncl. a Governments have enSszsasdssS6a.;i,c
capitalists of other countries an OPPORTUNITY
Tor 4 small investment Of lis stock, and We, 10
ave !IuIedr implies either The most ui.yundcd
dis'ras, III lis good faith, or purpose. 10 obtain
which, the course pursued Is the most fatal
Which cou'd have 5:cn adopted II has now
become Obvious 10 al men tim, the Govern.
iacni must look 10 lis own means for supply
ing its wants, aud i, is consoling TO know that
these means are altogether adequate fnr+the
object. The E.Schcqner, il adopted. will great
u aid in bringing nhor: this result. Upon whal
| regard rs 4 well founded sIpposilion that lis
bills would be- readily snr.llt !ur by the public
creditors. and TIN, the issue would IN u sho.i
time reach lie maIImuru nf 5000, GOD. il is
Obvious that SlU.UO0.O 0O won!d thereby he ad.
dcd 10 the available means "f the Treasury
without Gus, or charge. Nor can | fail 10 urge the
great and beneficial effects which would be
produced in MD Of all the active pursuits of
HE. It's effects Upon The solvent STATE banks.
while i, would force into .iluidnlion those nfan
opposite character through lis weekly settle
mcnis, would be highly beneficial: and wit,
the advantages of u sound currency, the reS,0r.
alton OF confidence and rrcii, would follow.
with Il numerous train Of blessings. Nv cn,i.
vic,iOns arc most strong thai, these benefits
would flow from the adoption of this measure:
but IL The result should be- adverse, there IS this
security III connection with II. that the law
creating II may be repealed ., the pleasure of
the Legislature. without. the slishtcs, linplica.
ton of ITS good firth.
recommend 10 Congress 10 take into consi.
dera,ion the prnpricty Ct re-imbursiug a fine
imposed OH General Jackson nj New Orleans.
nj the time OF the attack and defence Of that CT
~ and pnid by lim.-WIil,ou, designing any
reflection cn The judicial tribunal which %i'nIos-
cd the fine. The remission nj this day may he
regarded as no, %unjns, or inesprdicni. The
voice "f the civil authority was heard amidst tie
glitter Of arms and obcyed by those who held
the sword. thereby giving additional lus,rc TO
! memorable achievement. Ii the LAWS were
offended, their majesty was fully vindica,cd
and although the penalty incurred aud paid, is
worthy Of lille regard in 4 pccuniary point, Of
view, ii can hardly be doubted tina, !, would
be gratifying TO the war-worn veteran, now in
retirement and in the winter Of his days. TO be
relieved from tie circumstances in which that
Judgment placed him.
| have thus. fellow citizens. acquitted myself
Of nv duty under The Constitution. by llyi ng
before you. rs succinctly as | have been able. !.
tie State OF the Union. aud by inviting vour
attention 10 measures of much importance Ia
the country. The Execnrive will mos, zralons-
iy unite its efforts viii, those oE,hc Legislative
:. o