Hawk-eye. [volume] (Burlington, Iowa) 1843-1845, 1843-12-28

EMBARRASSMENT
ther TO ALLEVIATE the lands themselves, o,
the proceeds arising from their sales. III,
ilrst and paramount duty Of those to whom
may be entrusted the administration of pub
lie affairs. is to guard the public credit -
In re-establishing the credi, of this centra
Government, the readiest and most obviou,
mooe Is taken to restore the credit of The
states The extremties Gun only be made
sound by producing healthy action in the
central Government, and tie history of the
present day fully establishes the fact, tina,
an increase in the value of the stocks ~
Government will. in ma iority of instances
be attended by an increase in the valns ~
the stocks Of the States. II should: tn
icre, be matter of general conpratulation
tnat admits all the embarrassments arisino
from surrounding circumstances. the credit
OF the Government should have been SO FIJI.
i ~ restored that it has been enab led tn ef.
iect loan OF seven millions Of dollars ia
redeem that amount of Treasury notes. on
terms more favorable than any that have
oeen offered for many years. And the six
per cent stock which was created in 1912
has advanced IN the hands of the holders 10
nearly twenty per cent above its par value
ne confidence of the people in the in
tegrlty OF their government, has thus been
slgnaiiy manifested. iEeSe opinions relu
tive to the public lands do not IN any man.
ner Conflict with the observance Of the most
liberal policy towards those OF our fellow
cltizehs who press forward into the wilder.
ness, and are tue pioneers OF the work oil
us reclamation. In securing TO all such
their rights of presumption, the Govern.
ment performs but an act of retributive ms
tice for sutferngs, encountered and hlrd
ships endured, and finds ample remuner,.
ton In the comforts which lis uolicv in.
sures ard the happiness which it imparts
Should revision of the tariff, with view
10 revenue, become necessary in the e,ti.
nation of Congress, | doubt not YOU will
approach the subject with lust and en-.
lghtened regard to the interests Of the
whole Union. The principles and views
which have heretofore had occasion 10
submit, remain unchanged Ii can, hoWe,.
er, never be too often repeated, that the
prominent interest of every important pur-
suit OF lie, requires for success, permanent
cy and stability in legislation. These can
only ce attained by adopting, as the basis
o. action, moderation in all things, which
IS as indispensably necessary TO secure the
harmonious action OF the political as of the
animal system. In our political organiza.
tion, no one section of the country should
oesife 70 have its supposed interests ad
Vane"d at the sacrifice Of all othors. but vn
ION being the great interest, equally nre.
cious to all. should be fostered and sustain.
ed by mutual concessions, and the cultiv,.
ton OF that spirit OF compromise from which
the Constitution itself proceeded.
You will be informed by tho rcport from,
the Treasury Department, Of the measures
.Aaen under the act Of the last session NJ.
thorizlng the re issue Of Treasury notes in.
lieu of those then outstanding Tie sva.
Fem adopted III pursuance vi existing laws.
seems well calculated to save the country
large amount OF interest, while it Affords
cohVeniences and obstatcS Gaa- GERS ana cy
pehse In the Transmission ui lumds 10 dis
bursting agents. refer you also to that
report ior the means proposed Nv the Sec.
Fetary to increase the revenue. and portic.
uIafiy 10 that portion of il winch r,.,t,ns
10 the subject OF The Ware-housing syste,u.
winch l earnestly urged upon Congress at
us last session, and as to the importance of
winch my opinion has undergone no change
In View OF the dsordered condition of the
at the time, and the high rates Of
between the different parts of the
country, felt 1t to be incumbent on me.
o present to the consideration of your IRE.
lecessors, proposition conflicting in no
'egree with the Constitution or the rights
Il the states, and having the sanction not
II detail but IN principle, Of some OF the
mnent men who had preceded me in the
Executive office. That proposition contem.
lated -hc issuing of Treasury notes of de.
ominatIons not less than five nor more
han one hundred dollars, to be employed
1 payment oil the obligations of the Gov.
rnment IN lieu OF gold and silver, at the
ption OF the public creditor, and TO an a.
louGt not exceeding Sl5,0OU,0J0 II was
roposed to make them receivable every :
here, and TO establish at various points :
enos:tori-s Of gold and silver tc be held in, !,
ust Tor the redemption OF such notes. SO :
; TO insure tneIr conVertlbility mt specie. !,
Q douot was entertained that such notes
QUA nave maintained Il par talue with :
DID and silver, thus furn>..r.c paper :
lrrency OF equal value ot,t tue Union, {,
hereby meeting the yHet expeditions OF :,
&c people. and fulfilling the duties Of :.
'rental government. Whether the depos. :,
1rles should be permitted to sell or pur- :
lase bills under very limited restrictions, =
gethcr with all its other details, was sub :
tilted to the wisdom Of Congress, and was :.
garded as OF secondary importance
ought then, and think now, that such an =,
rangment would have been attended with :.
e happiest results The wncIe matter vi :.
e currency would have been placed =
here by the Constitution it was designed ~
have been placed under the anmediatc :.
pcrvsion and contcp. OF Congress flc :.
ton of the Government would have bceni a.
dependent o: all carporatIoEs, and the '.
ne eye which rests Increasingly Oh the 81
ecic currency and guards II agulnst adul h.
alton would also have rested on the pa. -.
r currency, to control and regulate its IS "a
IS and protect it against depreciatlon.- co
le same reasons which would forbid Con- =,
'ss from parting with the power over the #,
mage, would seem to operate with near-
equal force in regard to any substitution III
the precious metals in the form of a l..
culating m edium. Paper, when substi- IF
ed for specie, constitutes standard oil ~
ue by which the operations of society hs
regulated, and whatsoever causes its az
'reciaticn, affects society to an extent ~
lrly, if not quite, equal to the adu!tera- r,
4 of the coin. 80
Nor can withhold the remark, that It's " -
contrasted with ElnH oil III. ''>