The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-12-22
NO. 81.

specie, and thus false values have ,lisap- 2
peared and sounder condition of things
has been introduced. This transition, al.
though Intimately connected with the
prosperity Of the country, has neverthe-
less been attended with much embarrass-
ment to the government, in its financial
concerns. So long as the foreign impor-
ters could receive payment fer their car.
goes IN currency of greatly less value
than that in Europe, but fully available
here in the purchase of our agricultural
productions, their profits being immeasur.
ably augmented by the. operation, the
shipments were large and the revenues of
the government became superabundant.
But the change in the character Of the cir
cuIation from nominal and apparently
real value, in The first stages of its exis-
tence, to an obviously deprecated value in
its second, SO that it no longer answered
the purposes of exchange or barter, and
its ultimate substitution by sound metal
lie and paper circulation combined, has
been attended by diminished mporlaions,
and a consequent falling off in the reve-
nue.. This has induced congress, from
1897, to resort to the expedent of issuing
treasury notes, and final. of funding
them, in order to supply deficiencies. | .
cannot however, withhold the remark that
it is in no way compatible with the digni-
ty of the government that a public debt
should be created in time of peace 10 meet
the current expenses of the government,
or that temporary expeden.s should be
resolted to an hour longer than it is pos
sible to avoid them. The executive can
do no more than apply the means which
congress places in It's hands for the sup
port of government; and happily for the
good of the county and for the preserva-
ton of its liberties, it possesses no power
to levy exaclions on the people. or to
force from ;hem contributions to the pub
lie revenue in any form. Ii can only re.
commend such measures as may, in its
opinion, be called for by the wants of the
public service, TO congress, with whom
alone rests the power to "lay and collect
taxes, duties, imposts. and excuses.
This duty has upon several occasions
heretofore been formed. The present
condition Of things gives na,terlng prom
isc tina, trade and commerce are RAPIDLY
rcviving, and, fortunately for the country,
The sources of revenue have only 10 DO
opened, in order TO prove abundant.
While we can anticipate no consdera-
bic increase in the proceeds of The sales Of
the public lands for reasons perfectly OBJ
vous to all, for several years TO come.
yet the public lands cannot otherwise than
be regarded as the foundation of the pub.
lie credit. With SO large body of the
most fertile lands in the world under the
control aud at the disposal of the govern
menI, no enc can reasonably doubt tho
entire ability of the government TO meet
its engagements under every emergency.
In seasons of trial and difficulty similar to
those through which we are passing. the
capitalist makes his investment in the gov
eminent stocks with the most assured con.
idence of ultimate reimbursement; and
whatever may be said in period Of great
financial prosperity, such as existed for
some years after 1888, Should regard is
as suicidal in a season of financial embay.
rassment, either to ALLEVIATE the lands
themselves. or the proceeds arising from
their sales. The first and paramount do.
ty Of those To whom may be entrusted the
administration of public affairs, is TO guard
the public credit. In re-esiabishing re
credit Of this central government, the .cs
lest and most obvious mode is taken
restore The credit of the states. The e1.
remiiies can only be made sound by pro-
ducing a healthy action in the central gov.
eminent, and The history Of the present
day fully establishes the fact, tina, an in.
crease in the value of the stocks Of this
government will, in majority Of instan.
ces, be attended by an increase in the val
ne of the stocks of The states. Ii should,
therefore, be matter of general congralu-
laton that amidst all the endorsements
arising from surrounding circumstances,
: The credit of the government should have
been so fully restored that it has been en-.
/, abled TO effect 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 per cent. stock which was
| created in 1912, has advanced lin the
, hands of the holders to nearly twenty per
cent. above its par value. The confidence
: of the people in the integrity Of their gov,
, ernmen, has thus been signally manifeSs
Q ted,-'lhese opinions relative 10 the MA
e lie lands do no! in any manner eonnice