The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-12-06

urged with renewed zeal. j efea.tsya ss - nelaa
have much PLEASURE in SAYING that tho Govern
ment Of Brazil has adjusted The claim upon that Gov
ernment in the Of the schooner " John 8. Bry-
an and that sangune hopes cnterts ined that the
same spirit Of justice will influence its councils In ar
irving at early decision upon the ronAanag claims
thereby removing all cause Of dssension between
two Powersw whose interests are to some extent inter-
woven with each other. w
Our Minister at Chill he's succeeded In inducing a
recognition by that Government, Of tho adjustment
effected by his predecessor Of the FIRST claims in the
case Of the Macedonian" The first instament has
been received by the claimant in the United States
Notice Of the exchange Of Publications of the treaty
with Peru, which will take place at Lima, has moi
yet reached this country, but shorty expected to be
received, when the claims upon that Republic will
doubtless be lquidated and paid loi'i N atae2
In consequence Of Misunderstanding betw cen this
Government and that of Buenos Ayres, occurring
several years ago, this Government has remained un
represented at that court, while minister from il
has been constantly resident here. The causes Of r
ritation have in grea, measure passed way and il
is in. contemplation, in view Of important 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 countries. Ni.fJCB In
Under the provisions Of an act of Congress Of the
last session, Minister despatched from the Uni
ted States to China, in August Of the present year
who, from the latest accounts have from him,
at Suez, in Egypt, the 25th of September last
on his route to China.
In regard TO the Indian tribes residing within our
jurisdictional limits the greatest vigilance Of the
Government has been exertcd 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
habitants This has happily succeeded to great exl
tent but it subject Of regret that they suffer them
selves ~ some Instances 70 be imposed upon BY aru
and designing men-and this notwithstanding all
the efforts Of the Government to prevent it,
The receipts into the Treasury for the calendar
year l84Ss exclusive Of leans, were little more than
eighteen millions of dollars; and the expenditures,
exclusive or payments on the public debt will have
been about twenty-lhrce millions OF dollars. BY the
Act OF 1S42, new arrangement of the fiscal year
was made so that it should commence the LIST day
OF July in each year. The accounts and estimates
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 anticipated def
cheney, have not been entirely adequate. Although
on the lst of October last there was balance in the
Treasury in consequence of the provision thus made
of $39l4,OS2 IT, 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 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
t!on 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 it, If
the system now adopted be continued. The loan of
1871, amounting TO IS 672 976 80, falls due the
lst OF January, lS45, 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 Goth, l645 Of upwards of
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 extravagant extent has been happily sue
ceeded by the substitution of the precious metals and
paper promptly rede. unable in specie, and thus false
values have disappeared, and sounder condition of
things has been introduced This transition, although
intimately connected with the prosperity of the coun
try, has nevertheless been attended 18th 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 agricultural productions, their
profits being mmeasuraby 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
nominal and apparently real value, the first stages
OF lis existence, to obviously depreciated value in
its second, SO that it longer answered the purposes
of exchange or barter, and its ultimate substitution
by sound metallic and paper circulation combined,
has been attended by diminished lmportations, and
consequent falling off in the revenue. This has in.
duced Congress, from 1897, to resort to the exped
ent Of issuing Treasury notes, and finally of funding
them, in order to supply deficiencies. | cannot,
however, withhold the remark that it is in no way
compatible with the dignity of the Government that
public debt should be created in time of peace TO
meet the current expenses OF the Government, or
that temporary eXpedients should be resorted to an
hour longer than II is possible 10 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 its liberties possesses
no power TO levy exactions the people, TO force
from them contributions TO the public in any
form. IL can only recommend such measures as may
in its opinion be called for by the wants of the pub
lie service to Congress, with whom alone rests the
power TO "lay and collect taxes duties, imposts and
excuses" This duty has upon several occasions here
tofore been performed. The present condition of
things gives hattering promise that trade and com
merce are rapSy revIvng, and, fortunately Tor the
country, the sources Of revenue have only TO be
opened, in order to prove abundant
While we can anticipate considerable
increase in the proceeds of the sales Of the
public lands for perfectly Obvious to ALL for
veral years TO come, yet the public lands cannot 9th
erwise than be regarded as the foundation Of The
public credit With 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 the Government to meet
It's engagements under every emergency In seasons Of
trial and difficulty similar to those through which
passing, the capitalist makes his investment in the
Government stocks with the most assured confidence
Of ultimate reimbursement; and whatever may be said
Of period of great financial prosperity, such as ex-
isted for some years after 1888 should regard it
suicidal in of financial embarrassment, either
to ALLEVIATE the lands themselves the procceds ar
Tag from their sales. The first and paramount duty
Of those 70 whom may be entrusted tho admiaistra-
ton Of public affairs Is 10 guard the public credit.
In rcesablishng the credit Of this central Govern
ment the resdiest and most obvious mode ~ taken to
restore the credit Of the States The extrcmtcs Gan
only be made sound by producing healthy action 10
the Central Government, and the history Of the pre-
sent day fully establishes the fact, that increase in
the value of the stocks of this Government will, in
majority Of instances be attended by increase in
the value Of the stocks of the States. II should,
therefore, be matter Of general congrauation that
amidst all the embarrassment arising from surround
ing circumstances, the credit of the Government
should have been so fully restored that it has been
enabled 10 effect loan Of millions Of dollars to
redeem that amount Of Treasury notes. on terms
mo fay q han hat hay hoo for