Columbus Whig. (Columbus, Miss.) 1843-18??, 1843-12-21


and at the disposal of the Goycfhmeni, no one
can reasonably doubt the entre ability Of the Gov
sernment 10. meet its engagements under every
emergency. 10 seasons of trial and officially gitnr
liar to those through which We are 7pASsings fhes
capitalist makes his invesiaJentint the GOVeFnmOntl-
stocks, with the most assured confidence Of ullil
mate reimbursement and whatever may be said (
in a period Of great financial prosperity, such as
existed Cor some years after 1893, should ie-.
gard it as suicidal, in assessor OF financial embar.
Tassment, 20 ALLEVIATE either the lands themselves
or the proceeds arising from their sales The
first an paramount duty Of those 10 whom may
be intrusted the administration of public afars, is
TO guard the public credit. Ia re-estahshing Tie
credit Of this central GOEnfnHaHts the Eeadiasto
and most obvious mode is taken TO restore the
credit Of the States. The extremites can only
be made sound by producing.a healthy action
in the Central Government; and the history Of the
present day fully establishes the fact, that an in
crease in the value Of the stocks Of this Govern
ment will, in majority ofinstanees, be attended, :
by an increase in the value Of the, stocks OF the
States 1t should, therefore, be matter Of gen.
eral congratuation, that amidst all the embarrass-
monts arising from surrounding circumstances
the credit of the Government should have been so
fully restored that it has been enabled 10 effect
loan Of sever millions of dollars TO redeem that
amount Of treasury notes. on terms more iavoFa
bic than any that have been offered for many years;
and the six per cent. stock which WIS created IN
1912, has advanced in the hands OF the holders
to nearly twenty per cent. above lis pal, value
The confidence OF the people in the integrity OF
their Government has thus been signay inanIies-
ted. These opinions relative to the public iands
do not,n any manner, conflict with the observance
of the most liberal policy towards those Of our
fellow citizens who press forward into the wilder
ness, and are the pioneers in the work OF IFS re.
clamation. In securing TO oil such their rights OF
pre- emption, the Government performs but an act
of retributive Justice for sufferings encountered
and hardships endured and finds ample remuner.
alton in the comforts which its policy InsuTes, and
the happiness it impaTts.
Should revision Of the tarlff,'wih view TO
revenue, become necessary in the estimation oil
Congress, doubt not you will approach the SUBJ
iect with just and enlightened regard to the IN
terests Of the whole Union The principles nnd
views which have heretofore; had occasion to
submit, remain unchanged. Ii can, however,
never be too often repeated. that the prominent
interest of every important pursuit OF life requires
for success, permanency and stability IN leglsla-
ton. These can only be attained by adopting as
| the basis of action, moderation ~ all thngsi
which is as iuidispeBsabiy necessary to SECURE
the harmonious action Of the political as OF the
animal systeu. In our political organization no
ono section of the country should desire to have
its supposed interests advanced al the sacrifice OF
| oil others: but union being the great interest!
/ equally precious to all, should be fostered and
| 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 tho measures taken M
der the act of the last session authorizing the
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
6oF1p tInffa ffs
conyeniences and obyiates dangers and expense
in the transmission Of funds to dlsbursing agents,
refer you also to that report for the means pros
posed by the Secretary to increase the revenue,
and particularly TO that portion Of il which relates
to the subject Of the warehousing system, which
/ earnestly urged upon Congress at ita last ses
sion, and as to the importance Of which my opin-
ion has undergone no change.
/ La view Of the disordered condition of the cuT>
rency at the time, and the high rites ofexchange
between different parts Of the country, Ielt il 70
be incumbent on me TO present TO the consldeEa-
ton OF your predecessors proposition conflicting
in no degree with the Constitution, or the rights Of
the States, and having the sanctionsnotin deials
but in principle--Qf some oflhe eminent men who
had proceeded me in the executive Office. That
proposition contemplated the issuing Of treasury
notes Of. denominations of MOI less than 1--WE, nor
more than one hundred dollars. to be employed in
nayment OF the obligations Of the Government IN
lieu Of gold and silver, at the option Of the public
creditor, and Ia an amount not exceeding @l5,-
o0o, GOO. II was proposed to make Them receiYr
able every where, and % establish at various
points repositories Of gold and silver, 10 be held
in trust for the redemption of such notes, 80 az
insure their conyerlibiIity into specie. osdoubt
| was entertained that such notes would have man-
tanned par value With gold and SiIverthus fur
nisbing paper currency of equal value over the
lcUnion, thereby meeting the just expectations Of
the people, and fulfilling the duties Of parental
/ Goyernment. Whether theodePosltoFles should
/ be permitted to cell purchase bills under very
limited restrictions. together with all ito other de-
tails, was submitted TO the wisdom ofCongIess,
| and was regarded as of secondary importance.
thought then and think now, that such an arrange
Inenl would have been attended With the lapPlest
Iztesults. The whole, matter ofthe currency would
have been placed where, by the Cons6uiion' 1t
/ was obliged 10 be placed---undst the immsdiase
supervision and conlfol Of CoHgtes5 The ac-'
.icn Or The Governpnent would have been ind pen-
dent of all eoTPoratioRs and 5he same eys Wnien
i rests 1ncaasipaly app the specie ana
guards II hnaihsts aAnlterabdns would also have
rested mon the paper currency, 20 control and
regulate is issues, and project L against depteci-
atisr The same reasons which would forbid
Congress froa spaFting win the power over The
e6inag6 would seem ~ operate With neatly equal
jE4ofee III feaafdgO any sfUou for Tho precious
tmettAs In tho form Of q circulating mndtnnla "a
s4@1n : -. ftHafen ~