Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1843-12-21
I NO. Il.


disappeared, and a sounder condition of
things has been introduced. This tran
stion. although intimately connected
with the prosperity of the country, has
nevertheless been attended with much
embarrassment to the government, in its
/ financial concerns. So long as the for
eign importers could receive payment for
their cargoes in a currency of greatly
less value than that in Europe. but fully
available here in the purchase Of our ag-
ricultural productions, their profits being
UNNECESSARILY augmented By the opera
| ton, the shipments were large and the
revenues of the government became su-
perabundant. But the change in the
character of the circulation from a nomi-
nal and apparently real value, in the first
stages of its existence, to an obviously
deprecated value in its second, so that
it no longer answered the PURPOSES Of
exchange or barter, and its ultimate sub
stltution by sound metallic and paper
! circulation combined, has been attended
| by diminished importations, and a conse-
quent falling off in the revenue. This
has induced congress, from 1887, to re-
sort to the expcdient of issuing treasury
notes, and finally of funding them, in
order to supply the deficiencies 1t can
not, however, withhold the remark that
it is in no way compatible with the dig
nifty Of the government that public
| debt should be created in time of peace
to meet the current expenses of the go
vernment, Or that temporary expedients
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 its hands
for the support of government; and hap.
PLY for the good of the country and for
! the preservation Of its liberties, it posses
ses no power to levy exactions on the
people, or to force from them contrlbu-
tons on the public revenue in any FORM
1t can only recommend 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 'lay
and collect taxes, duties, imposts and
excises.' This duty has upon several &C.
caslons heretofore been performed. The
present condition of things gives flat
| tering promise that trade and commerce
are rapidly reviving, and fortunately for
the country, the sources of revenue have
only to be opened, in order to prove a.
! bundant.
| While we can anticipate no consider
abte increase i'll the proceeds of the sales
of the public lands for reasons perfectly
obvious to all, for several years to come,
yet the public lands cannot otherwise
| than be regarded as the foundation of
the public credit. With so large body
of the most fertile lands in the world un-
der the control and at the disposal of the
government. no one can reasonably doubt
/ the entire ability of the government to
meet its engagements under every emer-
eeucy. In seasons of trial and difficulty
similar to those through which we are
passing. the capitalist makes investment
in the government stocks with the most
| assured confidence of ultimate reimburse.
ment; and whatever may be said in pc
ri of great financial prosperity. such as
existed for some years after 1858, l
{ should regard it as suicidal in a season
I of financial embarrassment, either to al
ienate the lands themselves, or the pro-
ceeds arising from their sales. The first
and paramount duty Of those to when
may be entrusted the administration of
public affairs, is to guard the public Gre
dit. In re-establishing the credit of this
, central government, the readlest and
most obvious mode is taken to restore the
credit of the States. The extremities
can only be made sound by producing
healthy action in the central government.
and the history of the present day fully
establishes the fact, that an increase In
the value of the stocks of this govern
ment will, in a majority of instances. he
attended by an increase in the value OF
4, the stocks of the States. 1t should,
! therefore. be matter OF congratulation
| that amidst all the embarrassments arr
sing from surrounding circumstances,
| the credit of the government should have
been 50 fully restored that it has been
enabled to eEctt loan Of seven millions
of dollars to redeem that amount Of trea-
sury notes. on terms more favorable than
any that have been offered for many
years. And the sin per cent. stock
which was created in 1912, has advanced
in the hands Of the holders te nearly 90
per cent, above its par value. The con-
! h..ence OF the people in the integrity of
their government has thus been signally
manifested. These opinions relative to
the public lands do not in any manner
conflict with the observance of the most
liberal policy upwards!those Of our fellow
citizens who press forward into the will
derness and are the pioneers in the work
| of its reclamation. In securing to all
such their rights Of presumption, the 60
yernment performs but an act of retribu-
tive justice for sutferlngs encountered
aud hard ships endured, and finds ample
remuneration in the comforts which its
policy ensures and the happiness which
| it mpafts.
should revision Of the tariff, with a