Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1843-12-14


loan of lS4l, amounting to S.. 672, so s.
falls due on the LIST OF January lS45, an
must be provided for or postponed by
new loan. And unless the resources G
revenue should be materially increased b.
you. there will be probable deficiency 70
the service of the fiscal year ending Jun,
Both Is45, of upwards of about four mill
ions Of dollars.
The delusion incident 10 an enormousl,
excessive paper circulation, which gave
fictitious value 10 every thing. and stimu
lated adventure and speculation 10 an ex
trayagant extent, has been happily sue
ceeded by The substitution of the preciou.
metals and paper promptly redeemable il
specie, and thus false values have disap.
peared, and a sounder condition of thing,
has been introduced. This transition, al.
though intimately connected with the pros.
perity Of the country, has nevertheless
been attended with much embarrassment
to the Government, in It's financial con-
Germs. So long as the foreign importers
could receive payment for their cargoes
in a currency Of greatly less value than
that in Europe, but fully available here 10
the purchase Of our agricultural produc-
tions, their profits beingimmeasurably aug
mented by the operation, the shipments
were large and the revenues of the Gov
eminent became superintendent. Butthe
change in the character of the circulation
from a nominal and apparently real value,
in the first stages of its existence, to an
obviously deprecated value in its second,
so that it no longer answered the purpose
of exchange or barter, and its ultimate
substitution by sound metallic and paper
circulation combined, has been attended
by diminished importalions, and conse-
quent falling off in the revenue. This has
induced Congress, from 1897, TO resort to
the expedient of issuing Treasury notes,
and finally Of funding them, in order 10
supply deficiencies. | cannot, however,
withhold the remark that it is in no way
compatible with the dignity of the Gov
eminent that public debt should be crea-
ted in time of peace TO meet the current
expenses of the Government, or that tenn
porary 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 Gov
eminent; and happily for the good of the
country and for the preservation of its lib
critics, it possesses no powerto levy exac-
tons on the people, or to force from them
contributions 10 the public revenue in any
form. 1t can only recommend such mea-
sures as may, in IFS opinion, be called for
by the wants of the pablo service, TO Con-
gress, with whom alone rests the power 10
"lay and collect taxes, duties, imposts,
and excuses" This duty has upon seve-
raj occasions heretofore been performed.
The present condition of things gives a
flattering promise that trade and commerce
are rapidly reviving, and. fortunately for
the country, the sources Of revenue have
only to be opened, in order TO prove album
dant.
While we can anticipate no consi ,erabe
increase ip the proceeds Of the sales of,he
public lands for reasons perfectly obvious
to all, for several years to come, yet the
public lands cannot otherwise than be re.
garded as the foundation of the public
credit. With SO large body OF the most
fertile lands 10 the world under the con.
troll and al the disposal ofthe Government,
no one can reasonably doubt the entire
gagemADts under every emergency. 10
seasons Of trial and difficulty similar TO
those through which we are passing, he
capitalist makes his investment in the
Government stocks with the most assured
confidence Of Ultimate reimbursement !;
and whatever may be said in period Of
great financial prosperity, such as existed
for some years after 1888, should re-
gard il as suicidal ia season Of financial
embarrassment, either to ALLEVIATE the lands
themselves, or the proceeds arising from
their sales. The first and paramount du.
ty Of those to whem may be entrusted the
administration Of public affairs, is to guard
The public credit. In re.esta blishing The
credit Of this central Government, the
readiest and most obvious mode is taken
to restore the credit Of the States. The
extremties can only be made sound by
producing healthy action in the Central
Government, and the history Of the pres
ent dav fully establishes the fact, that an
increase in the value Of the stocks of this
Government will. in a majority Of instan-
ces, be attended by an increase in the
value OF the stocks of,he States. 1t should,
therefore. be a matter of general congrat.
ulation that amidst all the embarrassment
arising from surrounding circumstances
the credit Of the Government should have
been so fully restored that it has been en-
abled TO affect loan OF seven millions Of
dollars TO redeem that amount OF Treasury
notes, on terms more favorable than any
hat nave been offered Tor many years. -
And the six per cent. stock which was
created in 1912, has advanced 10 lie hands
of the holders TO n. arly twenty per cent.
above its par value. The confidence OF
the people in the integrity other Gov-
efnment has thus been sgnally manifested.
These opinions relative to the public lands
do not in any manner conflict with The
observance ti the most LIBERAL ppllcy to-
wards those OF our fellow-citIz rs who
press forward INTO The wilderness and are
The pioneers in the work offs reclamation.
To securing to all such their rights pre-.
emption, the Governm' Mt performs but m
act of retributive Justice for sufferngs en-.