Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-12-19
NEW sERIEs.-VoL. ~. No. 81.

fisciI year, euding June Both. iS45, ofupI
wards Of shout four millions Of dollars.
The delusiOn incident TO an enormously
excessive paper circulation, which gave q
fictitious value to every thing, and stimu-
lated adventure and speculation to an'ex-
trGVagant extent, has been happily sue
ceeded by the substitution Of the precious
metals and paper promptly rsdsemsble in
specie, and thus false values have disap-
peared, aud a soundsr condition Of things
has been introduced. This transitiOI, al
though intimately connected with the pros
perity Of the country, has neVertheless
been attended with much embarrassment
to the Government, in its financial concern
So long as the foreign importers could re-
ceive payment for their cargOss in cur
rency Of greatly less value than that ia Eu,
rope, but fully available here in the pur>
chase Of our agricultural production, their
profits being immeasurabIy augmented By
the operation, the shipments were large
and the revenues Of the Government be-
came superabundant. But the change in
the character ofthe circulation from nom
inal and apparently real value, in the 6rst
stages Of its existence, to an obviously de-
preciated value in its second, so that il no
longer answered the purposes OF exchange
or barter, and its-uitimats substitution
by a sound metallic and paper circula-
ton combined, has besd attend by dimin-
ished impOrtations, and a consequent fall
ing Off in the revenue, This has induced
Congress, from 1887, to resort TO the ex-
pedent Of issuing Treasury notes, and
finally Of funding them, in Ordsr 70 sip
ply deficiencies.
Icannoi however, withhold The remark
that it is in no way compatible with the
dignity Of the Government that public
debt should be created in tims of psacs
TO meet the current expenses Of the
Government, or that tempory expsdients
should be resorted to an hour longer
than it is possible TO avoid them.
The executive can do no more than
apply to the means which Congress pIs.
ces in is hands for the support Of Gov
ernment: and happily for the good Of the
COuUHI ouu tOt tuO ptOoOIboIOu VI tlS
liberties, it possesses no power TO levy
exacti6Rs on the people, or TO force from
them contributions to the public reVe.
nue. in any form. 1t can only recon.
mend such measures as may, in its OpiR-
ion, be called for BY the wants of the
public service, 10 Congress, with whom
alone rests the power TO 'lay and collect
taxes, duties, imports, and sxcises p
This duty has upon several occasions
heretofore been performed. The pres
ent condition of things gives HatteriBg
premise that trade and eommercs are
rapidly reviving, and, fortunately fos the
country, the sources Of reUenue have
only to be opened, in order to prove e.
bnndant.
While we can anticipate no cousidera-
Bile increase in the proceeds Of the sales
of the public lands for reason perfectly
obvious to all, for several years to come,
yet the public lands cannot otherwise
than be regarded as the foundation Of
the public credit. With SO large body
Of the most fertile lands in the world
uUasr the command and disposal Of the
Government, no one can reasonably doubt
the entire ability of the Government TO
meet its engagements under every emer-
gency. In seasons Of trial and difficulty
similar to those through which we are
passing. the capitalist makes his inVest-
| ment ia the Government stocks with
the most assured confidence Of ultimate
reimbursement; and whatever may be
said in a period of gres: financial pros
perily, such as existed fer some years
after 1888, should regard itas suicidal
in A season of financial embarrassment,
either to ALLEVIATE the lands themselves,
or the proceeds arising sfEom their sales.
The first and paramount duty OF those
IN whom NAV be entrusted the admins.
ton of public affairs, is 10 guard the
public credit. In re-establishing the
credit of this central Government, the
rsadiest and most obvious mode Is taken
to restore the credit Of the States. The
extremitiSs can only be made sound By
producing a healthy action in the central
Government, and the history Of the pres.
ent day fully establishes the fact, that
an increase in the value of the stocks Of
this Government viii, in . msiOrity Of
instances, be attended by an increase in
the value Of stocks Of The States. Il
should, therefore, be a matter of gensr>
al cOngratulatiOn thSt amidst all the em.
barrassme ents arising from surrounding
circumstances, the credit Of the Govern.
ment should have been so fully restored
that il has been enabled to effect q loan
of seven millions Of dollars to redeem
| that amount OF Treasury notes, on terms
more favorable than any that have been
offered for many years. And the six sper
cent. stock which was created in l642 ,has
advanced in the hands Of the holders to
T nearly twenty per cent, above its par val
ue.
The confidence Of the people in the