Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-12-07

exclusive OF payments on The public debt will have
been about twenty three millions Of dollars By the
Act Of lS42, new arrangement of the fiscal year
was made, 80 that il should commence on the lsl day
Of July in each year. 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 Congress TO meet the anticipated deficiency
have not been entirely adequate Although on the lst
OF October last, there balance the Treasury
consequence OF IN, prov son thus made of S39l4,-
0o yet the appropriations already made by Con-
gress will absorb that balance, and leave probable
deficiency of two millions Of dollars the close of the
present fiscal year. There are outstanding Treasury
notes TO about the amount of four millions hundred
thousand dollars; and should they be returned upon
the Treasury during the fiscal year, they will require
provis on for their redemption. do not, however,
gnrd this as probable, since they have obviously entr
ed into the currency OF the country, aud will cont Tue
to form portion OF it, it the system now adopted be
continued. The loan of lS4l, amounting TO So 672,
$40 IS falls due the lst of January, 1885, and must
De provided for or postponed by new loan And un-
less the resources Of revenue should be materially in
creased by you there will be probable deficiency for
the service of the fiscal year ending June 30h IS45
OF upwards OF about four millions Of dollars.
The delusion, incident TO an enormously excessive
paper circulation, which gave fictitious value every
thing, and stimulated adventure and spec uaton to
extavagant extent, has been happily succeeded by the
substitution OF the precious me tails and paper promptly
receemabe in specie, and thus false values have dis
appeared, and soundsr condition Of things has been
introduced. This transition, although intimately con-
nec,ed with the prosperity of the country hus, never
theess been attended with much embarrassment to the
Government in its financial concerns. So long as the
foreign importers could receive payment for their car
goes currency Of greatly less value than in Europe,
but fully avail liable here in the purchase of our agrcul
tural productions, their profits being mmeasuraby aug
mented by the OPERATION the shipments large, and
Of the Government became superabundant
But the change i'll the character of the circulation from
nominal and apparently real value in the first stages
of existence to obviously deprecated value in its
second that longer answered the purposes Of
exchange or barter, and is ultimate substitution by
sound metallic and paper circulation combined, he's been
attended by diminished importatlons and consequent
falling off in the This has induced Congress-
from 1887 resort TO the expedient of issuing Treosu-
ry notes. and finally of funding them, in order TO sup
ply Deficiencies. cannot, however, withhold the re-
mark that it is in way compatible with the dignity
of the Government that public debt should be created
in time of peace TO meet The current expenses OF the
Government, that temporary exped en,s should be re-
red to hour longer thu is possible to avoid them
The Executive can do no than apply the means
which Congress places in its hands for the support Of
Government; and happily for the good OF the country
and for the preservation of its liberties it possesses
power TO levy the people, 10 force from
them contributions 10 the public revenue in any form
1t only recommend such measures as may, IN its
ion, be called for by the wants of the public service
ID Congress, with whom alone rests the power to clay
and collect taxes, duties, inposts and excises This
formed The pres mt condition Of things gives fat
ering promise that trade and commerce rapidly
revivng, and fortunately for the country the sources
Of revenue have only be opened, in order TO prove
abundant
While we can anticipate no considerable increase in
the proceeds Of the sales OF The public lands for reasons
perfectly obvious TO ALL for several years 10 come yet
the public lands cannot otherwise than be regarded a.
the foundation oil The public credit With so large
body Of the most fertile lands in the world under the
md at he of he
reasonably doubt the entire ability of the Govern
ment to meet lis engagement, under every emergency
la oftria and difficulty similar to those through
which we are passing, The capitalist makes ms invest
ment in Government stocks with the most assured con-
hdence of ultimate reimbursement; and whatever may
be SAID period of great financial prosperity, such as
existed for some years after 1888, should regard It as
suicidal in a season Of financial embarrassment either
ALLEVIATE the lands themselves, or the procecos a''s
ing from their sales. The first and paramount outy
of those 10 whom may be entrusted the adminIstru-
ton of public affairs, is to guard the public credit
In re establishing the credit of this Central Govern
ment the reades and most obvious mode IS taken 10
restore Inc credit of the States The eIremiiies 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 an increase IN
the value of stocks OF this Government WILL IN a
majority Of inst lnces, be attended by an increase IN
the value Of the stocks of the States IL should,
therefore, be matter OF general congratuation that
amidst all the embarrassments arising from surround
ing circumstances, The credit OF the Government
should have been fully restored, that it has been
enabled to effect loan of seven MI lions OF dollars TO
re that amount OF Treasury notes, .cms more
favorable than any that nave been offered for many
wears. And The per cent stock which created
IN l5i2 has advanced in the hands OF the holders 10
nearly 90 per cent. above It's par value. The comb
dence OF the people in The integrity Of their Govern
ment has thus been sgnally manifested These opin-
relative the public lands do not in any manner
conflict with the observance of the most liberal policy
towards those of c,zsns who press forward
into The wilderness and are the pioneers in the work oil
It's reclamation. In securing TO all such their rights
of pre-emption the Government performs but an act
OF retrbulive Justice for suerings encountered and
hardshps endured, and finds ample remuneration in the
comforts which its policy ensures and the happiness
which IT impafts.
Should revision of the Tariff, with view to
venue, become necessary in the estimation OF Con-
gress doub, not you viii approach the subject with
Just and regard to the interests OF the whole
Union The principles and views which ! have here
tofore had occasion |, submit, remain unchanged II
cam however never be too often repeated, that the
prominent interest of every important pursuit OF lite
REQUIRES for success permanency and stability in legs
latlon These only he attained by adopting, as the
basis of action, moderation in oil things, which is as
necessary to secure the harmonious action
of the political Of the animal system. In our poh-
cal organization, no section OF the country should
desire 10 have it's supposed interests advanced al The
sacrifice of all others but Union being the great
interest," equally precious to all should be tostered and
sustained by mutual concessions and the cultivation OF
TINT spirit of compromise FROM which the Constitution
itself proceeded.
You will be informed, by The report from The Trea-
sury Department. of the measures taken under the act
of The last session. authorizing the reissue OF Treasury
notes in lieu Of those then outstanding hesyslem
adopted in pursuance of existing laws seems we'll cal
culated to save the country large amount of interest
while it affords conveniences and obviates dangers and
expense in the transmission of funds to disbursing
agents refer you also t. that repor, TO! the means
proposed By the Secretary TO increase the revenue and
particularly TO that portun of 1t which relates 10 the
subject of the warehousing system, which earnestly
ursed upon Congress lis last session, and as 10 the
importance of which, my opinion has undergone no
change.
In view Of the sodered condition of the currency
at the time and the high rutss Of exchange between
different parts OF The country, felt to be incumbent
on me- to present 10 The consideration OF your prede-
cesso,s, proposition conflicting in no degree with the
Constitution, with the rights of the States, and hav-
ing the sanction, not detail, bu, in principle of some
of the eminent who had preceded me in the Exc
cuve Office. That proposition contemplated the ssu-
ing Of Treasury Of denominations not less than
Ave nor more than hundred dollars TO be employed