Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1843-12-29
WHOLE NO. 1914.

been received by The claimants in The Uni
ted States.
Notice Of the exchange Of fasi6ca,ions
Of the treaty with Peru, which willstako
place at Lima, has not vet reached this
country, but is shortly expected "a Be re-
ceiyed. when the claims upon Republic
will doubtless be liquida.ed and paid.
In consequence Of misunderstanding
between this government aud that Of Blu.
enos Ayres. occurring several ysass ago,
this government has remained unveqfe~
sented al that court, while . Minister fro:sS
il has been constantly resident here. Tht
causes Ofirrisation have, ia q great meas
E,ffey pas$A1 - aud h Lila coa4e...1ler-
ton, in view Of important interests which
have grown up in that country, at some
early period during the present session
Of Congress, with the concurrence Of the
Senate, 10 restore diplomatic relations be-
tween the two countries.
Under the provisions of an act of Con-
gress of the last session, Minister was
despatched from the United States to Chi.
Ma, in August Of the prerent year, who,
from the latest accounts We have from him
was at Suez in Egypt, on the 95,h Of Sep
!ember last, on his return to China.
In regard TO the Indian tribes residing
within our jurisdictional limits, the greats
est vigilance of the government has been
exerted 10 preserve them at peace among
themselves, and to inspire them with fee
lingso confidence in the justice Of this
government, and to cultivate friendship
fwith the border inhabitants. This has
happily succeeded to a great extent; but
it is a subject of regret that they suffer
| themselves, in some instances TO be impo-
sec upon by artful and designing meil--
and this, Notwithstanding all the efforts of
the government to prevent it.
The receipts into the Treasury for the
calendar year, l843, exclusive Of loans
were little more than eighteen millions of
dollars; and The expenditures, exclusive
| OF pay ments on the public debt, will have
been about s23,0oO,0OO. By the act OF
1912. new arrangement Of the fiscal year
| was made, so that it should commence OH
the frs. 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 an
llicirateds deiciepcy. have 8ois been ealires
| ly adequate. Although on the 1st Of Oct.
last, there was a balance in the Treasury
in consequence ofthe provision thus made
Of $3,9l4,Os2 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 10
about the amount of four millions six hundred
thousand dollars; and should they be returned
upon the treasury during the fiscal year, they
will require provision for their redemption.
| do not, however, regard this as probable, since
they have obviously entered into the currency
Of the country, and will continue to form por-
ton oil it, if the system now adopted be con.
tinuef. The loan Of 1871, amounting to S.,
672.976 IS, falls due on the lst of January,
| l645, aud must be provided for or postponed
by new loan. And unless the resources Of
| revenue should be materially increased by you,
there will be probable deficiency for the SER
vice Of the fiscal year, ending June Both. l645,
of upwards Of about four millions Of dollars.
The delusion incident 10 an enormously ex4
cessive paper circulation, which gave fcti.
tious value to every thing, and stimulated adj
venture and speculation to an extravagant ex-
tent, has been happily succeeded by the SUBJ
stitution of the precious metals and paper
promptly redeemable in specie, and thus false
values have disappeared, and sounder condi-
| ton of things has been introduced. This
! transition, though intimately connected with
the prosperity Of the country, has nevertheless
] been attended with much embarrassment TO the
Government in its financial concerns. So long.
as the foreign importers could receive payment
| for their cargoes 10 currency Of greatly less
value than that 10 Europe, but fully available
| here ia the purchase of our agricultural produc-
| tions, their profits being Unreasonable augmea-
ted by the operation. the shipments were large
and the revenues OF the Government became
seperabundant. But the change in the ciarac'
ter of the circulation from nominal and APP
parently real value, in the first stages of its ex-
| istence, to an obviously deprecated value in
it's second, so that it no longer answered the
purposes Of exchange or barter, and its uIt.
| mate substitution by sound metallic and pa
| per circulation combined, has been attended
by diminished importations, and a conseqoant
falling off in the revenue. This has induced
Congress, from 1887, 70 resort 10 the expedi-
ent Of issuing Treasury notes. and finally 5f
funding them, in order 10 supply deficiencies.
/ cannot, however. withhold the remark that
| il is in no way compatible with the dignity Of
the Government that public debt should be
created in time OF peace 70 meet the current
expenses of the Government, or that teiDpora-
ry expedients should be resorted TO an hour
longer than it is possible 10 avoid them.
| The executive can do no more 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 pseserva-
ton of its liberties. il possesses 20 power to
levy exaction on the people, OF 10 farce from