Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-12-23
Number IL.


sounder condition of things has been in
troduced. This transition, although init
ma:ely connected with the prosperity Of
the country, has nevertheless been attend
ed with much embarrassment 10 the Gov
eminent in its financial concerns. so
long as the foreign importers could re-
ceive payment for their cargoes in n cur
rency of greatly less value than that in
Europe, but fully available here in tho
purchase of our agricultural productions,
their profits being UNNECESSARILY augment
ed by The operation, the shipments wero
large and the revenues of the Government
became superintendent. But the change,
in the character Of the circulation from
nominal and apparently real value, in tho
frts stages Of its existence, to an obvious
" deprecated value in its second, so that
it no longer answered the purposes ofcx-
change or barter, and its Ultimate subsii.
tnion by sound metallic and paper cir.
culatinn combined, has been attended by
diminished impor,alions, and consequent
falling off in the revenue.
This has induced Congress, from 1887,
to resort 10 the expedint of issuing Treas
ury notes, and finally of funding them, IN
order TO supply deficiencies. | cannot,
however, withhold the remark that it is in
no way compatible with the dignity OF tho
Government that pubic debt should be-
created in time Of peace to meet the cur
rent expenses Of the Government or that
temporary expedients should be resortcd
to an hour longer than it is possible TO a.
void them. The Executive can do no
more than apply the means which Con-
gress 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 no power to levy ex-
actions on the people, or to force from
them contributions to the public revenue
in any form. 1t can only recommend
sIch measures os may, in its opinion, be
called for by the. wants Of the public SER
vices, to Congress, with whom alone rests
the power to "lay and collect taxes, duties,
imposrs, and excises." This duty has
upon several OCCASIONS heretofore been
performed. The present condition Of
'hing- gives altering promise thar trade
and commerce are rapidly reviving, and
fortunately for tho country, the sources Of
revenue have only to be opened, in order
to prove abundent.
While we can anticipate no considera.
BILE increase in the proceeds of the sales
Of The public lands TOR reasons perfectly
obvious to all, for several years to come.
yet the public lands cannot otherwise
than be REGARDED as the foundation ofthe
public credit. With so large body of
the most fertile in the world under the
control and at the disposal of the Govern
ment, no one can reasonably doubt the
entire ability of the Government to meet
its eng gsments under every emergency.
In seas ms OF trial and difficulty similar TO
those through which we are passing, the
capitalist makes his investment in the
Goverdment stocks with the most assured
confidence of ultimate ;and
whatever may be said in period ofgreat
financial prosperity; such as existed for
some years after 1888, | should regard it
as suicidal in n season of financial embar-
rassment, either 10 ALLEVIATE the lands
themselves, or the proceeds arising from
their sales. The first and paramount du-
ty ofthose to whom may be entrusted the
administration of public credit. In re-es-
tablishng the credit OF this central Gov
eminent, the readest and most obvious
mode is taken to restore the credit Of tho
States.
The extremities can only be made
sound by producing healthy action in
the Central Government, and the history
Of the present day fully establishes the
fact, that an increase in the value Of the
stocks of this government will, in ma
iority Of instances, be attended by an in
crease in the value of the stocks Of the
States. II should, therefore, be a matter
of general congratulation, that amidst
all the embarrassments arising from sur
rounding circumstances, the credit of
the Government should have been so full
ly restored that it has been enabled to
effect q loan Of seven millions of dollars
to redeem that amount of Treasury
Notes, OH terms more favorable than any
that have been offered 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 its par value.
The confidence of the people in the
integrity of their Government has thus
been signally manifested. These opin-
ions relative to the public lands do no:
in any manner conflict with the obser-
vance of the most liberal policy towards
those of cur 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
nra ennntion The Gnuo rnn,ora - 49,.