Columbus Whig. (Columbus, Miss.) 1843-18??, 1843-12-21


huence its councils in arriving al an early dccls
onsupon the remaining claims; thereby remo~ I
wing all cause of dssenslon between two powers
whose interests are, TO some extent, inIerw oven
with each other q vaa ID s.ns,aa s.fl % ssr.
ls Our Minister at Chill has succeeded IN intas
cling q recognition by that Government Of the
adjustment effected by his predecessor of the first
claim IN the case Of the stMacedonian.n The
nrst lnstalment has been received by the claim
ants in the United States. n iss seaaaa,sa! n.
Notice of the exchange of ratifcatsn of the e
treaty with Peru, which will take place at Lima.
has not yet reached this country, but is expected
shortly to be received, when the claims upon
that republic will doubtless be liquidated and paid.
In consequence of misunderstanding between
THIS Government and that of Buenos Ayres, oc> c
curing several years. ago, this Government has
renamed unrepresented at that court, while a
minister from it has been constantly resident
here. The causes of irritation have, in a great
measure passed away; and it is in contemplation,
In view OF important interests which have grown
up in that country, at some early period during
the present session of Congress, with The con-
currence of the Senate, to restore diplomatic re-
latlons between the two Countries,
as Under the provisions of an act Of Congress of
theias session, a minister was despatched from
the United States to China, in August of the pre-
sent year; who, from the latest accounts we have
September last, on his route to China
In regard to the Indian tribes residing within
our jurisdictiona limits, the greatest vigilance of
the Government has been exerted TO preserve
them at peace among themselves, and to inspire
them with feelings ofconfdence in the Justice Of
this Government and to cultivate friendship with
the border inhabitants. This has happily sue.
ceeded to grea. extent; but il is subject ofre~
greet that they suffer themselves, in some nstan.
10 ha hHya rffI1 nd
men--and this, Notwithstanding all the efforts of
the Government toprevent it:
The receipts into the treasury for the calendar
year 1843 exclusive of loans, we're little more
than eighteen millions of dollars; and the expen-
ditures, exclusive ofpayment on the public debt.
win have been about twenty millions of dol.
lars By the act of 1912, new arrangement of
the fiscal year made, so that it should com.
mence on the LIST 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-
meet the anticipated deficiency, have not been
entirely adequate. Although, on the 1St of Oc-
tober last, there was balance in the treasury, in
consequence of the provision thus made. of S3,-
9I4,OS2 III, 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 to about the amount
of four million 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 enter
ed into the currency ofthe country, and will con-
tinue TO form portion of it., il the system now
adopted be continued. The loan OF I841, amour
ting to S5,672,97 90, fails due on the 1st of
January, 1916, and must be provided for, or
postponed by new loan. And unless the re-
sources of revenue should be materially increased
by you there will be probable deficiency for the
service of fiscal year ending June 30h, 1645,
ofupwards of four millions of dollars.
The deusion incident to an enormously ex.
cessive paper circulation, which gave a fictitious
value to everything, and stimulated, adventure
and speculation to an extravagant extent, has
been happily succeeded by the substitution Of the
precious metals, and paper promptly redeen1abe
in specie; and thus false values have Disappeared
and sounder condition of things has been in
troduced. This transitions, although intimately
connected with the prosperity ofthe country, has
nevertheless been attended with much embarrass-
ment to the Government in its financial concerns.
So long as the foreign importers could receive
payment for their cargoes in q currency of great
" less value than that in Europe, but fully avail
able here ia the purchase of our agricultural
. productions their profits being Unreasonable
augmented by the operation, the shipments were
large and the revenues of the Government be-
came superabundant But the change in the
character Of the circulation from nominal and
apparently real value, in the first stages Of its ex-
istenee, TO al obviously Deprecated value in its
second, sotlat If no longer answered the purpo-
ses Of Exchange or barter and its ultimate subst-
tuition by sound metallic and paper circulation
combined, has been attended by diminished im-
portatofs, and consequent falling off in the rev.
| enue. This has induced Congress from 1887, to
resort TO the expedent of issuing treasury notes,
and finally Of funding Them, in order to supply
/ deficiencies cannot, however, withhold the re-
| mark, that il IS ID no way compatible with the
dignity or the. Government that Q public debt
should be created IN time of peace to meet the
current expenses of the Government or that
temporary expedienta should be resorted. 70 an
/ hour longer than il IS possible TO avoid them.
1 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 preset ration Of it's lfb
critics, il possesses no power 70 levy exacslons on
+ the people, or to force from them contributions
Ia the public revenue in any form. IL can only
Recommend such measures as may IN its opinion,
be called FOR BY the wants of the public service, 20
II f.bnpress with whom alone rests the power tp
.Iv and collect taxes. dntiess lhposts. and excl
Il sses.', This duty has ipop several occasions
q heretofore been performed The present condl-
fiof, ofIhiEg ives hatsaring promise that trade
Fl and commerce are rapidly revlvng and i0ffuH
II atalg f5 fts cohhtry the sources ct revenue nave