The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-06

=
dissolution of that Republic, has devolved on its
several members, will be urged with renewed zeal.
| have much pleasure in saying that the Govern
ment of Brazil has adjusted the claim upon that
Government in the case Of the schooner " John );
| Bryan," and that sanguine hopes are entertained
that the same spirit of justice will influence ITS
councils in arriving at an early decision upon the
remaining claims thereby removing all cause OF
| dissension between two powers, whose interests
are to some extent interviewer with each other.
=, Our Minister at Chill has succeeded IN inducing
a recognition by that Government OF the ADJUST
effected BY his Predecessor the r,
stalment has been received by the claimants IN the
| United States
Notice of the exchange of notifications of the
treaty with Peru, which will take place at Lima,
has not yet reached this country, but is shortly ex-
pected TO be received, when the claims upon that
Republic will doubtless be lqudated and paid.
In consequence of a misunderstanding between
this Government and that OF Buenos Ayres, occur
ring several years ago, this Government has re-
manned unrepresented at that court, while a minis
ter from 1t has been constantly resident here. The
causes of irritation have in a great measure passed
away and it is in contemplation, in view Of mpor-
tant interests which have grown up In that country,
at some early period during the present session of
Congress, with the concurrence of the Senate, to
restore diplomatic relations between the two cOun-
tries.
Under the provisions of an act of Congress the
last session, Minister was despatched from the
| United states 10 China, in August of the present
him, was at Suez, In Egypt, onthe 25th OF Sepem-
Der last, on his route to China.
In regard to the India tribes residing within our
| jurisdicional limits, the greatest vigilance OF the
Government has been eXerted to preserve them at
peace among themselves, and to inspire them with
feelings of confidence in the justice OF this Govern
ment and TO cultivate friendship with the border
inhabitants This has happily succeeded to great
extent; but 1t IS a subject OF regret that they
suffer themselves in some instances to be imposed
upon by artful and designing men--and this not
withstanding all the efforts OF the Government TO
preventit.
The receipts into the Treasury for the calendar
year IS43, exclusive of loans were little more than
eighteen millions Of dollars; and the expenditures
exclusive Of payments on the public debt, will have
been about twentythree millions of dollars BY the
i Act of 1912, new arrangement OF the fiscal year
was made, so that II should commence on the LIST
day of July IN each year. The accounts and est-
mates for the current fiscal year, will show that the
loans and Treasury notes made and issued before
the close OF the last Congress, to meet the ancipa-
ted deficiency, have not been entirely adequate
Although on the LIST Of October last, there was a
balance in the Treasury in consequence OF the pro-
vision thus made of 1894 ,052 n, yet the appro-
priations already made by Congress will absorb that
millions of dollars at the close of the present fiscal
year. There are outstanding Treasury, notes TO
about the amount of four millions six hundred thou
sand dollars and should they be returned upon the
Treasury during the fiscal year, they will require
provisionffor their redemption. do not, however,
regard this as probable, since they have obviously
entered into the currency OF the country, and Will
continue to form portion of 1t, if the system now
adopted be continued. The loan of 1911, amount
ing to S. 672 976 49, falls due on the LIST OF Janua
ry lS45, and must be provided for or postponed by
new loan. And unless the resources OF revenue
should be materially increased by you, there vii!
be probable deficiency for the service of the fiscal
year ending June 30th, 1916, of upwards of about
four millions of dollars.
The deluslon incident to an enormously eXccs-
sve paper circulation which gave fictitious value
To thing and stimulated adventures and O.
lation to an exravagant extent, has been happl-
ly succeeded by the substitution of the precious
and promptly s, d. snd
| sounder condition of things has been introduced
T This transition, although intimately connected
{ less been attended with much embarras.,,ent 10
the Government, in it's financial concerns. SO long
as the foreign importers could receive payment toi
than that in Europe, but fully available here In the
purchase of our agricultural productions, their pro-
fits being UNNECESSARILY augmented by the opera
tion the shipments were large and the revenues OF
+ the Government became superintendent. But the
change in the character OF the circulation from the
nominal and apparently real value in the first stages
of its existence, to obviously deprecated value in
Its second that no longer answered the purposes
of exchange or barter, and It's ultimate substitution
by sound metallic and paper circulation combined
] has been attended by diminished imporatons, and a
consequent falling off IN the revenue This has III
duced Congress, from 1897, to resort to the exped
ent of issuing Treasury notes, and finally OF funding
3 them, in order to supply deficiencies. l cannot
however, withhold the remark that 1t is In no way
compatible with the dignity of the Government tina
public debt should be created in time of peace to
: meet the current expenses Of the Government, OF
that temporary expedents should be resorted to al
hour longer than it is possible to avoid them. The
e Executive can do no more than apply the mean.
, which Congress places in its hands for the supper
! of Government; and happily. for the good Of the
country and Tor the preservation OF Its Liberties,
possesses no power to levy exacons on the people
or to force from them contributions to the public
: revenue in any form. II can only recommend such
measures may, in its opinion be called for by the
alone rests the power to LAY and collect taxes, du
: ties mposts, and excises." This duty has upor
. several occasions heretofore been performed. The
: present condition of things gives fatterlng pro
: mise that trade and commerce are rapidly revivlng
and fortunately for the country, the sources OF re
Il venue have only to he opened, in order to prove
i abundant.
While we can anticipate no con derabe increase il
the proceeds OF the sales Of the public lands, fo
reasons perfectly obvious to ALL for several years &c
come yet the public lands cannot otherwise than be
!, gardsd as the foundation Of the public credit With sc
large body ofhe fertile lands in the world under
the control and at the disposal of the government no
meet its engagements under every emergency In
Of trial and difficulty similar to those through which
we passing the capitalist makes his nv estment II
the Government stocks with the most assured conhdenc
e OF ultimate reimbursement; and whatever may be said il
year. after should regard sGtn as suicidal IN
season OF financial embarrassment either ALLEVIATE tn
lands themselves or the proceeds arising from tn
The first and paramount duty of those to whom may
entrusted the administration Of public affairs isto guar
the public credit In reestablishing the credit OF this
ral Government the readiest and most obvious mode !,
taken to restore the credit Of the States The exremitie'
only be made sound by producing healthy action H.
the central Government and the history Of the present
day fully establishes the fact that an increase in the valu.
ofthe stocks ofthis Government WILL in majority Of in
stances, be attended by increase in the value Of the
stocks of the States II should, therefore, be matter OF
general congratulaon that amidst all the
arising from surrounding circumstances the credit Of the
Government should have been fully restored that it has
been enabled TO effect loan Of million OF dollars to
redeem that amount Of Treasury notes terms fa
vorabe than any that have been offered for many years
And the six per cent stock which created in 1912 has
advanced in the hands Of the holders to nearly twenty
cent above its value The con6den OF the people in
the integrity Of their Government has thus been sgnally
, manifested These opinions relative TO thu public land
10 not in any manner conflict with the Observance OF the
of