Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1843-12-14
No. 36

happily succeeded by the substitution ot the pre-
cous metals and paper promptly redeemabie Ia
specie, and thus false values have disappeared,
AID sounder condition of things has been intro
duced. This transition, although ultimately con-
nected with the prosperity of the country, has
nevertheless been attended with much embarrasS-
lnent to the Government, in its financial concerns.
So long the foreign importers could receive
payment Tor their cdrgOeS IN currency Of greatly
less value than that in Europe, but fully available
here in the purchase of our agricultural produc-
tions, their profits being immeasurably augmented
by the operation, the shipments were large and the
revenues of the Government became superabu ld-
ant. But the change in the character oi the CIR
culaton from a nominal and apparently real value,
in the first stages OF ITS existence, obviously
deprecated value in its second. so that itno Ion
ger answered the purposes of exchange or barter,
and its ultimate substitution by a sound metallic
and paper circulation combined, has been attend
ed by diminished importatIonS, and consequent
falling OFT in the revenue. This has induced Con
gress from 1887, to resort to the expedent of is
suing Treasury notes, and finally OF funding them,
IN order to supply deficiencies. cannot, howev-
err withhold the remark that it is in wdv com
patible with the dignity of the Government that 4
public debt should Ire created in time of peace 10
meet the current expenses of the Government or
that temporary expedlents should be reSorted to
an hour longer than it is possible to avoid Them
The Executive can do no more than apply the
means which Congress places In It's hands for the
support OF Government; and happily for the good
OF the country and for the preservation of It's lib
critics, II possesses no power to levy exactIOns on
the people, or to force from them contributions TO
the public revenue IN any form. 1t can only Tt
commend such measures as may, in its opinion,
be called for by the wants of the public service,
to Congress, with whom alone rests the power to
law nd
ses." This duty has upon several occasions
heretofore been performed The present condi-
ton OF things gives faltering promise that trade
and commerce are rapidly revlvlng, and Fortunate
y Tor the country the sources of revenue have on
ly TO be opened, i'll order 10 prove abundant.
While we anticipate no considerable in
crease in the proceeds OF the sales of the public
lands for reasons perfectly obvious TO all. for sew
eral years TO come, yet the public lands cannot
otherwise than be regarded as the foundation Of
the public credit. With so large a BODY of the
most fertile lands in the world under the control
and at the disposal of the Government, no one
can reasonably doubt the entire ability of the Co
vernment to meet its engagements under every
emergency. In seasons OF trial and difficulty sim
liar TO those through which we are passing the
capitalist makes his investment in the Govern
ment stocks with the most assured confidence of
ultimate reimbursement; and whatever may be
said OF period of great financial prosperity, such
as existed Tor some years after 1888, should re-
gard 1t as suicidal in season of financial embar-
rassment, either to ALLEVIATE the lands themselves
or the proceeds arising from their sales The
first and paramount duty of those to whom NAV
be entrusted the administration of public affairs
is to guard the public credit. In re-establishing
the credit OF this central Government, the readiest
and most obvious mode is taken to restore the
credit of the States. The extremites can only be
made sound by producing a healthy action in the
Central Government, and the history of the pres
ent day fully establishes the fact that an increase
n the value OF the stocks of this Government WILL
N majority of instances, be attended oy an in
crease in the value Of the stocks of the States II
should, therefore, be matter of general congratu-
alton that amidst all the embarrassments arising
rom surrounding circumstances, the credit OF the
Government should have been so fully restored
hat 1t has been enabled to effect loan of seven
Millions OF dollars to redeem that amount of Irea,
ury notes, on terms more favorable than any that
lave been offered for many years. Ard the per
;ent stock which was created in 1872 has ad-
'anced in the hands of the holders nearly twen-
y per cent above It's par value. The confidence
# the people In the integrity OF their Government
las thus been sgnally manifested. These opin-
ons relative to the public lands do not in any man
Ter conflict with the observance of the most lbey~
/ policy towards those of our fellow-cttizens who
ress forward into the wilderness and are the pi-
neers IN the work of its reclamation In secuf-
lg to all such their rights of pre- emption, the Go
ernment performs but an act of Tetributive JUS
ce Tor suferings encountered and hardships en-
nred, and finds ample remuneration in the con-
1rts which its policy ensures and the happiness
which it imparts.
Should revision of the tariff. with a view to
evenue, become necessary in the estimation of
congress, doubt not you will approach the sub
sctwith just and enlightened regard to the inter
SITS ofthe whole Union. The principles and views
ihich have heretofore had occasion to submit,
emain unchanged. 1t can, however, never be
% often repeated, that the prominent interest OF
very important pursuit of life, requires for sue
ess, permanency and stability in Legislation
'hese can only be attained by adopting as the ba-
is OF action, moderation in all things. which is
$ IndlsPensaby necessary to secure the harmo-
!ous action of the political as of the animal sys-
m In our political organization, no one section
the country should desire to have its supposed
lieresls advanced at the sacrifice of all others
Ut Union being The great interest, equally pre-
ous 10 all, should be losiered and sustained
y mutual concessions and The cultivation sf