The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1843-12-09

IN re-es'abiIshing the credit of this Genital
Government, the readiesl and most obvious
in"de Is taken To restore the credit of the
olales. The eXtemities can only be made
SOUND by producing healty action IN the
| ehtrai Government, and the hist,r nv of
lhe present day fully establishes the fact.
That an increase in the value of the stocks
OF ms Governmen! will, in majority of
instances, be attended by an increase in
the value of the stocks of the States. II
should, therefore, be matter of gene raj
cnngratnlalion that amidst all the embar-
raesmenIs arising from surrounding cir
cumslanres, the credit of the Government
should have been so fully restored that it
has been enabled to effect a loan of seven
millions al GeIlas Ia redeem that amount
| "I Treasury notes, on terms more favor
able than any that have been offered for
many years. And the six per cent stock
winch was created in 1912. ha, advanced
IL hands OF the holders To nearly twenty
per cent, above lis par value. The conf
dfnee ~ the propie N the integrity of
lhen Government has rhus been sigraIly
manifested. These cpinitn- relative. 10
The public lards do not ~ any manner
e, ntIicI viii, the observance Of the most
llh' ra pole tn"ard> tose o. our flow-
G. iErmS who press lnrWard u O he will,
de ness and are the pioneers in the work
al is exclamation.
Ia ~eruging ln&lI such their rights of pre-
'mplion. the Government performs but an
aci o! relributlve justice for sullt.lings en-
conn'cred and hardshins endured and find
ample remuneration in the comforts which
lis policy ensures and the happiness which
1t lmraris.
Should revision of the tariff, with view to
revenue, become necessary in the estniLion OF
Congress, doubt not you will approach the sub.
Ject witt just and enlightened reylrd to tho
Interests of the whole Union. Tho principles
and views which have heretofore had occasion
TO submit, iemain unchangeI 1t can howeyer.
never be too often repeated, that the prominent
interest OF every important pursuit of life, re-
qnlres tor success, permanency and stability in
legislation. These can only be attained by
adopting Ms the bass ofacton, moderation in all
t,ings, which Is as indspensaby necessary to
secure the harmonious acton of the political as
of the animal system. In our political organi-
cation, no one section of the country should de-
sire to have its supposed interests advanced at
the sacrifice ofall Others but Union being tho
great interest, equally precious to all should DO
tostercd and sustained by mutual concessions
and the cultivation ofthat spirit of compromise
rpts, p.I,ic I'M ~,
fon will be informed, by the report from tn,
Treasury Department. Of the malslres taken
under the act of the last session. authorizing tho
Reissue OF Treasury notes IN iier Of thps. then
outstanding The system adopted in prrslanc,
Of existing laws, seems we'll calculated to save
N" country lirg amount Of iutareSt Will. il
ihords conrenrnccs ami otviates dangers ana
expense in the transmission Of funds to disbrrs-
ing agents. refer you also to that report for
the means proposed by The Secretary to ncrease
the revenue, and particularly to that portion of
it which relates TO the subject ofthe ware -hous
ING system, which earnestly urged upon Con-
gress at its last session. and as to the importance
OF which my o non has un,e"ronc no rhanpe.
In view o. the disordrred condition ofthe cur
roncy at the time, nd the high rates Of exchange
between different parts of the country. felt it
to be incumbent on me, to present TO the con-
slderati"n of your predecessors, a proposition
conflicting in no degree with the Constitution, or
with the rights of the Statos and hivinr the
sanction not in detail, but in principle, of soma
the eminent men who had preceded me in the
Executive Office. That proposition contemplate
ed the issuing of Treasury notes of dencmina-
tions not less than five nor more than one hun
drcd dollars, to be employed in payment ofthe
obligations of the Government in lieu of rold and
silver, at the option Of the public creditor. and
to an amount not exceeding $4,000 900. 1t
was proposed "a make them receivable every
where and 10 establish at various points depos,-
tories of gold and silver TO be held IN trust for
the re.!'srrtion Of such notes. so as to ensure
their ronvertibility INTO specie-No doubt was
entertained that such notes would have main
tanned par value with gold and silver. thus
furnishing paper currency Of equal value over
the Union, thereby meeting the Just cxpceta-
tons OF the people and fulfilling he duties ola
parental Government Whether the drposto
res should be permitted to sell or Purchase bills
under very Limit restrictions, together with all
lis other details, W submitted 10 the wisdom Of
Congress, ard was regarded rs OF secondary i'm
portance. thought then, and think now. that
such an Arrangement would have been after ded
with the haPpiest results. The whole matter Of
the currency would have been placed where by
the Constitution it was designed to be placed
under the immediate supervision and control of
Congress. The acto of he Government would
ila We been independent of all corporations, and
'no same eye winch rests increasingly on the
specie currency and guards it against adultera-
ton, would also have rested on the paper cur-
rency, 10 control and regulate its issues and pro-
tecl 1t against depreciation. Tho same reasons