The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-12-01

the Convention with Mexico have been pune tualI y
paid they have fallen DUE and Minister is en-
gagged in urging the establishment of new commits
sion in pursuance of the Convention for the settle
ment Of unadjusted claims.
With the other American States our relations o.
amlty and good will have remained uninterrupted
Our Minister near the Republic Of New Grenada
has succeeded in eectng adjustment of the claim
upon that Government for the schooner "By Chance,
which had been pending for many years. The clam
for the brig Norris" which had it's origin during the
existence of the Republic Of Columbia, and ndemn
ication for which, since the dissolution of that Re
public 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 Gov
eminent IN the case of the schooner John s. Bry-
an, and that sangune hopes entertained that the
same spirit of justice will influence its councils in ar
irving at an early decision upon the remaining claims
thereby removing all cause Of dssension between
two Powers, whose interests are to some extent inter.
woven with each other.
Our Minister at Chill has succeeded in inducing a
recognition BY that Government Of the adjustmen,
effected BY his predecessor Of the first claims in the
of the " Macedonian The frat insaInlenr has
been received by the claimants in the United States
Notice Of the exchange of rati6cnions of the treaty
with Peru, which will take place at Lima, has not
yet reached this country, but shortly expected to be
received, when the claims upon that Republic will
doubtless be lquidated and paid
In consequence OF a misunderstanding between this
Government and that of Bucnos Ayres, occurring
several years ago, this Government has remained un
represented at that court, while minister from it
has been constantly resident here. The causes of IT.
ritaton nave IN great measure passed away and il
is in contemplation, in view Of important interests
which have grown up in that country, at early
period during the present session of Congress- with
the concurrence of the Senate, restore diplomatic
relations between the two countries.
Under the provisions Of an act of Congress of the
las ipiat doe
ted States to China, in August Of the present year,
who, from the latest accounts we have from him,
was at Suez, in Egypt on the 25th Of September last
on his route to China.
In regard to the Indian tribes residing within our
jursdctiona 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 in
habilants. This has happily succeeded to great ex-
tent but is subject of regret that they suffer them
selves in some instances to be imposed upon by artfuI
and designing men-and this notwithstanding all
the efforts of the Government TO prevent it,
The receipts into the Treasury for the calendar
year lol3, exclusive Of loans, little more than
eighteen millions of dollars and the expenditures,
exclusive OF payments on the public debt will have
been about twenty-hree millions Of dollars. BY the
Act of 1912, a new arrangement of the fiscal year
was made 80 that it should commence on the lst day
of July in each year. The accounts and estimates
Tor 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 anticipated def.
cIency, have not been entirely adequate. Although
on the list of October last there was balance in the
treasury IN consequence of the provision thus made
OF S3,9l4,Oe2 II, 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 out
standing Treasury notes to about the amount of four
millions six hundred thousand dollars and should
they be returned upon the Treasury during the fiscal
year, they will require provision for their redemp.
tion do not however regard this probable, since
they have obviously entered into the currency of the
country, and will continue TO form portion of it, if
the system now adopted be continued. The loan Of
1871, amounting TO S. 672 976 80, falls due the
Isl Of January, le45, and must be provided for or
postponed by new loan. And unless the resources
of revenue should be materially increased by you,
there will be probable deficiency for the service of
the fiscal year ending June Both, l54J Of upwards Of
about four millions of dollars.
The delusion incident TO an enormously excessive
paper circulation, which gave fictitious value to
every thing, and stimulated adventure and specula-
ton TO an extrayagant extent has been happily sue
ceedcd by the substitution of the precious metals and
paper promptly redc,mdblc in specie, and thus false
values have disappeared and a sounder condition Of
things has been introduced This transition, although
intimately connected it'll the prosperity of the coun
try has nevertheless been attended with much embar-
rassment to the Government, in its financial concerns
So long as the foreign importers could receive pay
ment Tor their cargoes IN currency Of greatly less
value than that in Europe, but fully available here in
the purchase OF our agricultural productions their
profits being UNNECESSARILY augmented by the opera
ton, the shipments were large and the revenues of
the Government became superintendent. But the
change IN the character of the circulation from a
nominal and apparently real value in The FIRST stages
oil It's existence, to an obviously deprecated value in
its second that II no longer the purposes
Of
by sound metallic and paper circulation combined
has been attended by diminished imporiations and
consequent falling of In the revenue. This has in
duced Congress, from 1887, to resort TO the expodi
ent of issuing Treasury notes, and finally Of funding
them in order to supply deficiencies. | cannot
however, withhold the remark that il is in no way
with the dignity 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 expediens should be resorted TO an
hour longer than it is possible TO avoid them. 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 coun-
try and for the preservation of it, liberties it possesses
no power to levy exacons the people, or to force
from them contributions to the public in any
form. Ii can only recommend such measures as may,
IN its opinion, be cIlled for by the wants Of the pub
lie service, TO Congress, with whom alone rests the
power to lay and collect taxes duties, mposts, and
excises' This duty has upon several occasions here
tofore been performed. The present condition Of
things gives nattering promise that trade and com
mcrce rapidly rcvivng, and, fortunately for the
country, the sources Of revenue have only TO be
opened, in order 10 prove abundant
While we can anticipate considerable
increase in the proceeds Of the sales of the
public lands for reasons perfectly obvious to all for Sc
vera years to come, yet the public lands cannot 9TH
erwise than be regarded the foundation of the
public credit. With so large body Of the most
fertile lands in the world under the control and
at the disposal OF the Government one can reason
ably doubt the entire ability ofthe 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
Government stocks with the most assured confidence
Of ultimate reimbursement and whatever may be said
in period of great financial prosperity, such As ex-
iscd for years after 1888 should regard il
suicidal in season Of financial embarrassment, either
to ALLEVIATE the lands themselves, or the proceeds ars
ing from their sales. The first and paramount duty
OF those TO whom may be entrusted the administra
ton of public affairs is TO guard the public credit
IN re-esablishing the credit Of this central Govern