The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-12-05

hcalon for which, since the dissolution OF ,bal Rs
public, has devolsed on its several members, will b
urged with renewed zeal.
nave much pleasure IN saying that the Govern
ent Of Brazil has adjusted the claim upon that Go,
ernment IN the case OF the schooner .sJokn 5. Br,
an, and mat sanguine hopes entertained that IA
same spirit oil justice will influence is councils in al
rs'n$ at an early decision upon the remaining claims
thereby removing all cause of dissension betsee
~o ro~efs' nose interests are to some extent inter
woven with each other
Our Minister at Chill has succeeded in inducing
recognition by that Government, of the adjustment
elected by his predecessor of the first claims In IN
case Of the Macedonian" The first instalment la
been received BY the claimants in the United States
no.,ce OF me exchange Of notifications of the treat
wilh reru which viii take place at Lima, has no
YET reached This country but is shortly expected TO
received, when the claims upon that Republic viii
doubtless be liqudated and paid
= In consequence of a misunderstanding between thi
Government and that of Buenos Ayrcs, occurriA,
several years ago, this overnme nt has remained I'M
represented at that court, while a minister from /
has been constantly resident here The causes of r
ritaton have IN great measure passed away, and i
Is IN contemplation, in view Of important Interests
winch have grown up IN that country at some earl,
PERIOD during the present session Of Congress, with
the concurrence of the Senate TO restore dpIonat,
relations between the two countries.
Under the provisions Of an act Of Congress of The
last session, Minister was despatched from the Uni
ted States to China, in August Of the present wear
who, from the latest accounts we have from him
was al suey IN Egypt, on the 25th Of September last
on his route TO China.
In regard TO the Indian tribes residing withpour
lursdctonal limits, the greatest vigilance Of The
Government has been exerted TO preserve them al
peace among themselves, and to inspire them with
feelings OF confidence IN the justice of this Govern.
men., ana 70 cultivate friendship with the border in.
haoi'ants. This has happily succeeded Id great OK.
tent nut II is subject regret that they suffer them
selves m some instances 10 be imposed upon by aftf
ana designing men-and this thstandiDg all
the efforts OF the Government TO prevent it,
Inc receipts into the Treasury for the calendar
year 1888, exclusive OF loans, were little more than
eighteen millions OF dollars and the expenditures
exclusive OF payments on the public debt will have
oeeh about twenty-'hree millions of dollars By the
ACT Oh io42, new arrangement of the fiscal year
was made, so that il should commence on the Isl day
oil July IN each year. The accounts and estimates
ior the current hsca year, will show that the loans
and Treasury notes made and issued before the close
oil the last Congress, to meet the anticipated def.
cheney, have not been entirely adequate. Although
on the LIST OF October last there was balance in the
reasury IN consequence of the provision thus made
Oh li,oo2 II, yet the appropriations already
made by Congress will absorb that balance and lea
a probable deficiency of two millions Of dollars at
the close OF The present fiscal year There are out
standing treasury notes TO about the amount of four
millions six hundred thousand dollars and should
they be returned upon the Treasury during the fiscal
year, ihey VIII require provision for their redemp.
ton do not however regard this as probable since
they have obviously entered into the currency of the
country, and will continue to form portion of it, if
the system now adopted be continued. The loan OF
1911 amounting TO S5G72,976 SO, falls due on the
LIST OF January, lS45, and must be provided for or
postponed by new loan. And unless the resources
oil revenue should be materially increased by YOU,
there will be probable deficiency for the service Of
the fiscal year ending June Both, lS45 Of upwards Of
four millions of dollars
The delusion incident TO an enormously excessive
paper circulation, which gave fictitious value to
every thing, and stimulated adventure and specula-
ton TO an extravagan extent has been happily sue
ceeded by the substitution of the precious metals and
paper promptly rede. mable in specie and thus false
values have dsappeared, and a sounder c. ambition of
things has been introduced This transition although
connected with the prosperity Of the coun
try, has nevertheless hcen attended with much embar-
rassment TO the Government In its financial concerns
so long as The foreign importers could receive paw
ment Tor their cargoes in currency Of greatly less
value than that in Europe but fully available here in
The purchase OF our agricultural productions, their
Prohts being UNNECESSARILY augmented by the opera
ton, The shipments were large and the revenues of
the Government became superabundant But the
change IN the character Of the circulation from
nominal and apparently real value in the first stages
oil It's existence TO an obviously deprecated value
It's second so that II longer answered the purposes
by sound metallic and paper circulation combined,
has been attended by diminished mportations, and
consequent falling or IN the This has La.
duced Congress, from 1897 resort to the expcdi-
ent Of issuing Treasury notes, and finally of funding
them, in order TO supply deficiencies | cannot,
however, Withhold the remark that il Is in way
with the dignity Of the Government that
public debt should be created IN time Of peace 10
meet the current expenses Of the Government, or
that temporary expedients should be resorted to an
hour longer than II is possible TO avoid them. The
Executive can do no more than apply the means
which Congress places In lis hands for the support Of
Government and happily for the good Of the coun-
Try and for the preservation Of its liberties possesses
no power TO levy exacions the people, TO force
from them contributions to the public revenue in any
form. II can only recommend such measures as may,
in its opinion, be He'd for by the wants Of the pub
lie service, TO Congress, with whom alone rests the
power to lay and collect taxes, duties, imposs and
excuses" This duty has upon several here
tofore been performed. The present condition of
things gives nattering promise that trade and
merce are rapidly revivng, and, fortunately for the
country, the sources Of revenue have only to be
opened, in order TO prove abundant
While We anticipate considerable
increase In the proceeds Of the sales of the
public lands for reasons perfectly obvious TO ALL for
yera years to come, yet the public lands cannot 9th
erwise than be regarded as the foundation Of the
public credit With so large body OF the most
fertile lands in the world under the control and
al the disposal Of the Government, no one can reason
ably doubt the entire ability ofthe Government to meet
its engagem nts under every emergency In seasons OF
trial and difficulty similar TO those through which we
passing the capitalist makes his investment in the
Government stocks with the most assured confidence
OF ultimate reimbursement and whatever may be said
Of period Of great financial prosperity, such a. ex
sted for years after 1882 should regard Il as
suicidal in season Of financial embarrassment either
to ALLEVIATE the lands Themselves the proceeds ar
ing from their sales. The first and paramount, duty
OF those 20 whom may be entrusted the administra.
ton OF public affairs, Is TO guard the public credit
In rc-estabshng the credit Of this central Govern
ment the readest and most obvious mode is taken to
restore the credit Of the States The ex,remtcs can
only be made sound by producing healthy action in
the Central Government and the history Of the pre-
sent day fully establishes the fact that increase In
the value Of the stocks Of this Government will in a
majority Of instances be attended by an increase in
the value of the stocka Of the States. II should.