Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-12-14

longer than 1t Is possible TO avoid them. The
Executive can do nc more than apply the means
which Congress places in its hands for the sun
FORT of Government; and happily for the good of
the country and for the preservation Of it's liber-
ties, II possesses no power to levy exactions on
the people, or to force from them contributions to
the public revenue in any form. 1t can only re-
commend such measures as may, in its opinion,
be called tor by the wants of the public service,
to Congress, with whom alone rests the power to
LAY and collect taxes, duties. iuposts, and en-
clses. This duty has upon several occasions
heretofore been performed. The present condi.
ton oil things gives flattering promise that trade
and commerce are rapidly reviving, and, fortu-
naely for the country, the sources of revenue have
only TO be opened, in order to prove abundant.
While we can anticipate no considerable in
crease In the proceeds of the sales of tho public
lands, Tor reasons perfectly obvious to ALL for Sc
Verai years to come, vet the public lands cannot
otherwise than be regarded as the foundation of
The public credit. With SO large body of the
most fertile lands i'm The world under the control
and at the disposal of tho Government, no one
can reasonably doubt the entire ability of the
government TO meet lis engagements under every
emergency. In seasons OF trial and difficulty,
similar TO those through which we are PASSING
| the capitalist makes his investment i'm the Go
vernment stocks with the most assured confidence.
oil ultimate reimbursement and whatever may he
said oil period Of great financial prosperity such
as existed Tor some years after 1893, should re-
Sard IL as suicidal in season of financial embar-
rassment either to ALLEVIATE the lands themselves or
the proceeds arising from their sales The first
ana paramount duty of those TO whom may be
entrusted the administration of public affairs is to
guard the public credit. In re-establshing the
credit OF this central Government the readies s,d
most obvious mode is taken to restore the credit
oil The States. The eXtremiiies can only be made
sound by producing healthy action i'm the Cen
trai Government and the history of the present
uay iuiy establishes the fact that an increase i'm
the value OF the stocks of this Government will,
In majority OF instances, be attended by an in
/ crease In the value of the stocks of the States
IL should, therefore, he matter of general con-
graduation that amidst all the enlbarrassments
arising from surrounding circumstances the credit
OF the Government should have been so fully re-
stored that II has been enabled to effect loan of
seven millions OF dollars, TO redeem that amount
oil treasury notes, on terms more favorable than
any that have been offered FOR many years. And
the SIN per cent. stock which was created in 1912
has advanced in the hands of the holders nearly
twenty per cept. above its par value. The conf
dence OF the people in the integrity of their Co
vernment has thus been signalv Inanifested-
/ These opinions relative to the public lands do not
In any manner conflict with the observance of the
most liberal policy towards those of our fellow
citizens who press forward into the wilderness
ana are the pioneers in the work of its recama-
iion In securing to all such their rights of pre-
cmption the Government performs but AN act of
retrlbutive justice for suiferings encountered and
hardshps endured, and finds ample remuneration
In The comforts which lis policy ensures and the
happiness which it impaIts.
Should revision Of the tariff, with view 10
revenue, become necessary in the estimation of
Congress, doubt not you will approach the SUBJ
Ject with just and enlightened regard to the in
teresls OF the whole Union. The principles and
views which have heretofore had occasion TO sub
NIT remain unchanged. 1t can, however, never be
loo often repeated that the prominent interest of
n 10 ENrc
nency and stability in legislation. These can on
~ De attained by adopting as the basis of action
moderation In all things, which is indispcnsa-
bly, necessary TO secure the harmonious action of
the political as OF the animal system. In our po-
lltlcal organization no one section Of the country
should desire TO have its supposed interests add
vanced at The sacrifice of all others; but Union
oaihg me great interest," equally precious 10 all,
should be fostered and sustained by mutual con-
ccsslons and the cultivation of that spirit of COM
promise from which tho Constitution itself pro-
ceeded.
GU will be informed by the report from the
treasury Department of the measures taken un-
der the act of the last session. authorizing the re-
issue OF Treasury notes in lieu of those then out
standing. The system adopted in pursuance Of
existing laws seems well calculated to save the
country large amount of interest, while it affords
conyenlences and obviaes dangers and expense
In The transmission of funds TO disbursing agents
refer you also to that report for the means pro-
posed by the Secretary TO Increase the revenue
and particularly TO that portion of it which relates
TO the subject of the warehousng system, which
earnestly urged upon Congress at its last ses-
sion, and as to the Importance of which my opin.
ion has undergone no change.
In view Of the disordered condition Of the cur
rency at the time, and the high rates of exchange
between>diiferent parts Of the country felt ii 10
DC incumbent on Inc 10 present TO the consdera-
tion oil your predecessors proposition conflict
Ing In no degree with The Constitution, or with
the rights OF the States, and having the sanction--
not In detail, but in principle-of some of the
eminent men who had preceded me In the Execn
i've ofhce. That proposition contemplated the
issuing oil Treasury notes of denominations not
less than five nor more than one hundred dollars
TO be employed In payment of the obligations of
the Government in lieu o! gold and silver, at the
option oil the public creditor, and 10 an amount
not exceeding $4,000, OOO 1t was proposed to
make them receivable every where, and to esab-
sh at various points repositories OF gold and sill
yer, 10 be held In trust for tie redemption of such
notes. so as 10 ensure their converiibily into spe-
Gle. No doub: was entertained that such notes
would nave maintained par value with gold and
SILVER, thus furnishing paper currency of equal
value over the Union, thereby meeting the lust
expectations Of the People and fulfilling the du-
Ties OF ii parental Government. Whether the de-
posiores should be permitted 10 sell or purchase
DIS under very limited restrictions, together with
all lis other details, was submitted to the wisdom
OF Congress, and was rega rded as of secondary
importance. | thought then, and think now, that !
such an arrangement would have been attended
with the hapPiest results. The whole matter of (
the currency would have been placed where by |
The Constitution 1t was designed to be placed /
under the Immediate supervision and control of |
Congress The action of the Government would |