New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-12-06

ment to the Government, in ts financial conoon.
So long as the foreign importers could ro.a:'
payment for then cargoes in currency of Go
less value than that IN Europe but fully av 10y
! here IN the purchase OF our agricultural 49,
tons, their profits beng immeasurabIv an,r" Tut
ed by the operation, The shipments were lss .'s'.
the revenues of the Government became s,.S AUG
bundant. Pe's-
But the change IN the character o; the -.
latiation from nominal and apparently real ssu
IN the first stages of Its existence, 10 an ohro4
deprecated value IN lis second, so thar :,
er answered the purposes of exchange Or h.,.s
and It's ultimate substitution by sound VI.
and a paper circulation combined, has ban ,,N''c
/ tended by diminished lmpogtatlons. and na. d.
/ quent falling of, IN the revenue. This h.. '
duced Congress, from 1887, TO resort 70 49, H.
/ pedient of issuing Treasury Notes and 6nai. q.
| funding them, IN order TO supply DEFICIENCIES .,
cannot, however, withhold the remark tho, l
in no way compatible with the dignity of tho - r,
| eminent that public debt should be crsa.ss O'
time Of peace TO meet the current expenses =.
Government or that temporary expedjens sbos US
be rcsor;ed to an hour longer than i, is poss;ba
avoid them.
The Executive can do no more than ap,,,. :,
/ Will SIEGAGSS pGNcS III ilS u3nQS for,l.
support of Government; and happily Tor the GOV w
OF the country and for the preservation of is IL
critics, it possesses no power TO levy exacuops =,
the people, or to force from them contributions -
the public revenue in any form. 1t can opv ~
commend such measures as may, in its opinor
be called for bv the wants of the public serv;na
TO Congress, with whom alone rests the powe, n
clay and collect taxes, duties, imposts, and er
cises" This duty has upon several occasions
heretofore been performed The presen, copS.
ton of things gives Rat;cring promise tb,,
trade and commerce arc rapidly reviving, and
fortunately for the country, the sources OF reye.
nue. have only TO be opened IN order 10 prova
abundant.
While We can anticipate no considerable in.
crease in the proceeds OF the sales OF the public
lands for reasons perfectly obvious to all. for So
veral years to come, ye! the public lands canDo,
otherwise than be regarded as the foundation nj
the public credit. With 50 large body OF ,hs
most fertile lands i'll the world under the coptnl
and at the disposal of the Government, no one
can reasonably doubt the entire ability of The
Government TO meet its engagements under eve.
nv emergency. In seasons of trial and difficulty
similar to those through which VIC are PASSING. tho
capitalist makes his investment in the Govern.
ment stocks with the most assured confidence of
ultimate reimbursement; and whatever may be
SAID in a period of great financial prosperity,
such as existed for some wears after 1888, should
regard 1t as suicidal IN season of financial EN-.
barrassmcnt, either to ALLEVIATE the lands them.
selves, or the proceeds arising from their sales.-
The first and paramount duty of those TO whom
may be ensrused the administration of pubic
affairs, rs to guard the public credit. In rees
tablishing the credit of thus central Government.
tie readcst 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 luso.
ry OF the present day fully establishes the fact,
that an increase in the value of the stocks of this
Government WILL III 4 majority OF instances be
attended by an increase in the value OF the stocks
ol the States. 1t should, therefore, be matter
of general congratulation that amidst all the en-
barrassments arising from surrounding circum
stances, the credit Of the Government should have
been SO fully restored that it has been enabledt to
effect loan of seven million of dollars to re-
deem 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 1872 has advanced in the
!
above It's par value.
The confidence of the People in the integrity
of their Government has thus been signalYmani.
tested. These opinions relative to the Public
Lands Go not III any manner conflict with the
observance of the most liberal policy toward those
Of our fellow citizens who press forward into the
wilderness and are the pioneers in the work ofts
| reclamation. In securing to all such their rights
of presumption the Government performs but an
act Of rctrlbutlve Justice for sutferings encoun.
tered and hardships endured, and finds ample re-
enumeration III the comforts which its policy en-
sures and the happiness which 1t lmparts.
Should revision of the Tariff, with view
to Revenue, become necessary in the estlma,
ton of Congress, [ doubt not you will ap
proach the subject with a Just and enhght
encd regard to the interests OF the whole Union.
The principles and views which | have hereto.
fore had occasion to submit remain unchanged
| 1t can, however, never be too often repeated,
that the prominent interest of every important
pursuit of life rcquites for success permanency
and stability in legislation. These can only be
attained by adopting the basis Of action mode.
ration IN all things, which is as Indispensable ne
cessary to secure the harmonious action Of The
political as of the animal system In our poll.
cal organization, no one section Of the country
should desire to have It's supposed interests 40.
vanced at the sacrifice Of all others; but Union
being the great interest, equally precious to ALL
should be iostered and sustained by mutual con-
cesslons and the cultivation of that spirit OF CON-
| promise from which the Constitution itself pro-
ceeded.
You will be informed, by the report from the
Treasury Department, Of the measures taken uH
der the act of the last session. authorizing the re-
issue of Treasury notes in lieu of those then out
standing. The system adopted in pursuance Of
existing laws, seems well calculated to save the
country large amount Of interest, while 1t al
fords conveniencies and obviates dangers ande1'
| pensc on the transmission Of funds to dlsbursnS
agents. refer you also to that report Tor Inc
means proposed by the Secretary to increase the