Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1843-12-19


SO large body of the most fertile lands i
the world under the control and at the dispo
sal of the Government to meet its engage
mens under every emergency. In season
of trial and difficulty similar TO those throug
which We are passing, the capitalist make
his investment in the Government stock wit
tie most assured confidence of ultimate re
endorsement; and whatever may be said il
period of great financial prosperity, such a
existed for some years after 1893, shoul,
regard il rs suicidal in a season of financial
embarrassment either TO ALLEVIATE the land
themselves or the proceeds arising from thei
sales. The first and paramount duty o
those to whom may be entrusted the admin
stration of public affirs is to guard the pub
lie credit. In rc-establ;shing the credit o
this central government,t the readiest and mos
obvious mode is taken to restore the credi
of the States. The cxtremities can only BIZ
made sound by producing healthy action il
the central government, and the history o
the present day fully establishes the fact tina
an increase in the value of the stocks of thi.
Government will, in majority of instances
be atteneed by an increase in the value o.
the stocks of the States. 1t should, there
fore be matter of general congratulatior
that amidst all the endorsements arising
from surrounding circumstances, the credit
of the government should have been so fully
restored that it has been enabled 10 effect a
loan of seven millions of dollars 10 redeem
that amount of Treasury notes, Oh terms
more favorable than any that have~fered for
many years. And the six per cent. stock
which was created in 1912, has advanced in
the hands of the holders to nearly twenty
per cent. above IFS par value. The conf
dence ofthe people in the integrity of their
government has thus been 81, lily manifest
ed. These opinions relative to the public
lands do not in any manner conflict with the
observance of the most liberal policy towards
those ofour fellow citizens who press forward
into the wilderness and are the pioneers in
the work of its reclamation. In securing to
all such their rights of presumption, the 60
venment performs but an act of retribuive
justice for sutferings encountered and hard
ships endured, and finds ample remuneration
in the comforts which its policy ensures and
the happiness which it impar:s.
Should revision of the tariff, with view
to revenue, become necessary in the estma-
ton Of Congress, doubt not you Will APP
proach the subject with Just and enlighien-
ed regard TO the interests oftLe whole Union
TIE principles and ;iews which have here
tofore had occasion to submit, remain un-
changed. 1t can, however, never be too Of
ten repeated that the prominent interest of
every important pursuit of life, requires for
success, permancncy and stability in legs
ation. These can only be obtained by ador-
ting as the basis of action moderation i'll all
things, which is as indispcnsably necessary
10 secure the harmonious acton of the poll
teal as of the animal system. In our polit-
ical organ !lion, no one section ofthc cOun-
try should desire to have its supposed inter
ests advanced at the sacrifice of all others
but Union being the great interest, equally
precious to all, should beifostered and sus-
tanned by mutual concessions and she Guilt
walton ofthat spirit ofcompromise from which
the Constitution itself proceeded.
You will be info, med, by the report from
the Treasury Department, of the measures
taken under the act of the last session, au-
thorizing the reissue of Treasury notes in
lieu of those then outstanding. The system
adopted in pursuance ofex;s,ing laws, seems
we'll calculated 10 save the country large
amount of interest, while it affords conven-
fences and obvia.es dangers and expense in
the transmits on ofiunds TO discussing agents
refer you also TO that report for the means
proposed by the Secretary 10 Increase the re-
venue, and particularly TO that portion of il
which relates to the subject of the ware -hou-
sing system, hchI earnestly urged upon
Congress at its last session, and as TO the
importance of which my opinion has un der
gone no change.
In view Of the disordered condition Of the
currency at the time, and the high rates OF
exchange between different parts of the
country, | felt i, TO be incumbent on me &c
present TO the consideration Of your pre-
decessors, proposition conflicting in nc
degree with the Constitution, or with the
rights Of the State, and having the sanction
not in detail, but in principle, Of some Of
the eminen: men who had proceeded me il
the Executive Office. That proposition con
templated the issuing Of Treasury note.
VI uehoiiiiliduoHS HOt less tiluU i've no
more than one bundled dollars, to be EN-
ployed in payment OF the obligations of thu
Government. in lieu Of gold and silver, Il
the option Of the public creditor, and to al
amount not exceeding SIS, 100000. Itwa
proposed to make them receivable every
where, and 10 establish at various points de
rositories OF gold and silver TO be held il
trust for The redemp ion Of such notes, 81
rs to insure their convertibility into specie
No doubt was entertained that such note
would have maintained par value will
gold and silver, thus furnishing a pape
currency Of equal value over The Union
thereby meeting the just expectations of1h
,, people, and fulfilling the duties of a paren
tai Government. Whe;hcrihe depostorie
should be permitted to sci! or purchase bill
under very limited restrictions. togethe
with all IFS other details, was submitted L
the wisdom of Congress, and was regarde
as of secondary importance. though
then, and think now, that such an arrange
ment would have been attended with tn
happiest results. The whole matter Of th
. currency would have been placed where, b.
the Constitution, II was designed TO b
placed-under The immediate supervision
: