The North-Carolina standard., 1843-12-13

I
! crease ID The pSocses St lhs salss s. pabl,c
lands t1E reasons obvious Is all for sew.
eraE years % CONS yet tlls public lands kannol
Ictherwise Nhaa Be Iegarde as The found afiun. .oi
lshe public efsdit. Vith S. ldrge d bodY6 Of the
most fertile lands N the world under the control
laAd at ghe disposed Of the GoVeEnnent no one
lean reasonably dou6tlhe entireabiy of the. .Ger-
EeFument " meetits engagements under every en-
Fcrgency To seasons of trla md itiieli1ty simi-
hr to those through which we are passing the
IeapiGllist makes bis iieestnie6t iatfie Govern
1meht stocks with the most assured confidence of
fnirimate REIN 1b1rSemeht; and whateyef may be
said.in period of great filauciaI Iprospefty, such
Jas existed for soWe years after 1888. should re-
gard itas Suicidal 10 season Of fhancia eEnbar
iEasssnent, Either TO ALLEVIATE the themselves
orthe proeeeas atising ftom their sales The
firstnnd paramount duty ofsthoSe to yhop may
bstebtrusted the public afhifs IS
to guard the pubic credits "a feestab bIishing the
fcFedit Of this central Goxefn the rcadies and
most nus ii aiken 10 restore the creditof
the Sutes@ The xtrsmiiies cnn only be mad
| sound by producing "A healthy action ia the Cen
EtraEG GcvernnentSS and the history of the present
day fully establishes the fact that an increaseein
the value of thu stocks. of this Government giIl,
crease in the value of the stocks of the States II
should therefore, be matter of general cengratu-
lalon that amidst all the embarfassaaents arising
from surrounding circumstances, the credifof the
Government should have been SO fully restored
that It has been enabled to effect a loan of Seven
millions of dollars, to redeem that amount of
Treasury netesyon terms more favorable than any
that have been offered for many years. And the
six per cent stock which was created IN 1849, has
.I,,oH fho ~ Il.
twenty per cent above It's par value: The coafi-
dcnce OF the peoplean the integrity ef their Gov
ernmem hasthus been signally manifested These
opinions relative to the public lands do not ia any
manner conflict with. the observance of thc-most
liberal policy towards those OF our fef1ew-czens
who press forward into the wilderness and are the
pioneers in the work of It's reclaaalion In Sc
curing to all such their rights Of pre-emption, the
Government performs bat an act of retribuve JUS
tice for suferin8s encountered and hard$hips en-
dured, and Guds ample remuneration In The COM
forts which It's. policy ehsufes and the happiness
which II imparts. '--
Should a revision of the tariff, with q view to
| revenue, become necessary in the estimation of
Congress, doubt not you Will approach the sub
Iject with inst and enlightened regard to the in-
terests Of the whole Union The principles and
views. which 1 have heretofore had occasion to
submit, remain unchanged It. can, however,
never be too often repeated, tkat the prominent in
terest of every important pursuit. of life, requires
fot success, pern1aRency and stability in legisla-
ton. These can only be asained by adopting as
the basis Of action, moderalerfin IN all things. which
is as indisptnsabiy necessary TO SEIZURE the harmo
nions action Of the politieh as oftae animal sys-
tern. In CIR political organization, no one seev
tion of the country should desire to have It's sap-
posed interests advanced at the sacrifice Of all
others; but Union being the great Interest, equal
y precious to ALL should be fostered and sustained
by mutual concessions and the cultivation Of that
spirit of compromise from which the Constitution
itself proceeded. .-..
You will be informed, by the report, from the
Treasury Department, of the measures taken un-
der the act of the last >si. authorizing the re-
iSsHeof Treasury nntsS ia lieu of those then out
standing. The syst m adopted in Pursuance of
existing laws, seems well calculated toosave the
couatry a large amount ofaserest, while it affords
convenieRces and ebviates dangers and expense in
the transmission of funds to disbursing agents
refer yeu also to that report for the propos
ed by the Secretary 70 increase the revenue, and
particularly to that portion of it which relates to
| the subject of the ware-housng system, which
earnestly urged upon Congress at its last session.
and as-to the Importance of which my opinion
! has undergone no change.
| In view of the disordered condition Of the cur
rency at the time and the high rates Of exchange
between d11efent paris OF the country feIt It TO
be incumbent on me, to present to the considera-
tfon of your predecessors, proposition conflicting
in no degree with the Constitution, or with the
rights Of the States, aud having the SANCTION not
in detail, but in principle, of some of theseminent
men who had preceded me IN the Executive of:
| fee. That proposition contemplated the issuing
of Treasuary notes of denominations not less than
Ave nor more than one hundred dollars, to be en-
ploYed in payment Of the obligations of the Gov
crnlnen in lieu of gold and silver, at the option
of the public creditor, and to an amount not ex-
ceedng $l5,OO9OO0 1t was proposed to make
them receivable everywhere, and to establish at
various points repositories of gold and silver to be
held in trust for the redemption of such notes. so
as to~ensure theF cDnvertibitity into specie No
doubt was entersainedthat such notes wonld have
maintained par value with gold and silver, thus
furnishing paper currency of equal value over
the Unien, thereby meeting the inst expectations
of the people and fulfilling the duties of paren-
al Government Whether the repositories should
be permitted 10 self or purchase bills under very
limited restrictions, together with all its other de-
tails was submitted to the wisdom of Congress,
and was regarded as of secondary importance
thought then, and think Row, that such an ar.
! rangen1ent would have been attended with the
| happiest resuits.xxThe whole matter of the cus-
. renoy EeuHd have been placed whore blythe Con
stitutied il desigaed to be placed under the
immediate suDefvisi0ns and control of Conurpss