The Northern galaxy, and Middlebury people's press. [volume] (Middlebury, Vt.) 1843-1844, 1843-12-13

4 extent; but II IS subject OF regret that they
suffer themselves in some instances TO be i'm
posed upon by artful and designing men
and this notwithstanding all the efforts OF the
Government to preventit.
The receipts into the Treasury for the cal
endar wear lS43, exclusive of loans, were 1T
tie more than eighteen millions of dollars;
and the expenditures, exclusive OF payments
nm the public debt, will have been about twen-
ty-three millions of dollars. By the Act OF
is42, new arrangement Of the fiscal year
;. was made, so thatit should commence on the
LIST day of July in eachyear. The accounts
and estimates for the current fiscal year, will
show that the loans and Treasury notes made
and issued before the close of the last Con-
gress, to meet the anticipated deficiency, have
not been entirely adequate. Although on
;. the LIST of October last, there was balance
in the Treasury, in consequence OF the pro-
vision thus made, of S3,9l4,0S2 II, yet the
appropriations already made by Congress
will absorb that balance. and leave probable
deficiency of two millions of dollars at the
close of the present fiscal year. There are
outstanding Treasury notes to about the a
mount of four millions six hundred thousand
dollars: and should they be returned upon
the Treasury during the fiscal year, they VIII
require provision for their redemption. L
do not however regard this as probable, since
they have obviously entered into the curren-
CIV of the country, and will continue to form
a portion of it, if the system now adopted be
continued. The loan of 184l, amounting
10 So. 672. 976 go, falls due on the lst OF jan
nary. Ia45. and must be provided for or post
poned by a new loan. And unless the re-
.l,r,,11 no materially IN
creased bv Won. there will be probable de-
fc;encv for The service of the fiscal year end
ing June 3Oth, le45, OF upwards oil about
four millions Of dollars.
The deluson incident to an enormously
excessive paper circulation, when gave pt ,
titious value to every thing, and stimulated
adventure and speculation to an extravagant
extent, has been happily succeeded by the
substitution of the precious metals and paper
promptly redeemable in specie, and thus
false values have disappeared, and sounder
condition of things has been introduced
This transition, although intimately connec-
ted with the prosperity OF the country, has
nevertheless been attended with much en-
barrassment TO the Government, IN ITS imam
cial concerns. So long as the foreign import
ers could receive payment for their cargoes
in currency of greatly less value than that
in Europe, but fully available here. in the
purchase of our agricultural productions
their profits being immeasurably augmented
by the operation, the shipments were large
and the revenues Of the Government became
superabundant.
But the change in the character Of the
circulation from a nominal and apparent
ly real value in the first stages of its exis-
tence, to an obviously deprecated value
in its second, so that it no longermswered
the purposes of exchange or barter, and
its ultimate substitution by sound metal
ic and paper circulation combined, has
been attended by diminished importations,
and constant falling off in the revenue.
This has induced Congress, from 1887, to
resort to the expedient of issuing Treasu-
ry Notes, and finally of funding them, in
order to supply Deficiencies. | cannot,
however, withhold the remark that it is in
no way compatible with the dignity ofthe
Covenant that public debt should be
created in time of peace to meet the cur
rent expenses of the Government, or that
temporary expedients should be resorted
to an hour longer than it is possible to a.
void them.
The Executive can do no more than ap-
ply the means which Congress places IN
his hands for the support of Government;
and happily for the good of the country
and the preservation of its liberties, pos
sesses no power to levy exactions on the
people, or to force from them contributions
to 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 excuses"
This duty has upon several occasions here
tofore been performed. The present con-
dition of things gives a flattering promise
that trade and commerce are rapidly revi-
wing, and, fortunately for the country, the
sources of revenue have only TO be opened
in order to prove abundant.
While we can anticipate no considera-
bic increase in the proceeds of sales of the
public lands for reasons perfectly obvious
to all, for several years to come yet the
public lands cannot otherwise than be re-
garded as the foundation of the public
credit. With so large 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 Government to meet its engagements
under every emergency. In seasons OF
trial and difficulty, similar to those through
which we are passing, the capitalist makes
his investment in the Government stocks
with the most assured confidence stocks
with the most assured confidence of ulti-
mate reimbursement /; and whatever may
be said in period of great financial pros
perity, such as existed for some years after
1888, should regard it as suicidal in a
season of financial Embarrassment, either to
ALLEVIATE the lands themselves, or the pro-
ceeds arising from their sales
The first and paramount duty OF those
TO whom may be entrusted the administra-
ton of public affairs, is to guard the pub
lie credit In re-establishing the credit
of this central Government, the readiest