Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1843-12-29

This duty has upon several occasions hereto
fore he6n performed. The present condition
Of things gives fattering promise that trade
and commerce are rapidly reyving, and, forsu-
nately for the country. the sources OF revenue
have only 10 be opened, in order TO prove aDun-
dant.,
While we can anticipate no considerable in
crease in The proceeds Of the sales Of the pub
Jic lands for reasons perfectly obvious to all,
for several years 10 come, vet the public lands
cannot otherwise than be regarded as the fonn-
Nation Of the public credit With so large e
BODY Of the moet fertile lands in the world IN
der Che control and at the disposal OF ne Gov
.esnment, no one can reasonably doubt the en-
siro ability of the Government to meet its Gu
gagemen,s under every emergency. 10 sea-
sous of trial and difficulty similar TO those
through which we are passing, the capitalist
mskes his Investment in the Government
stocks with the most assured confidence OF
ultimate reimbursement and whatever may be
said in period Of great financial prosperity,
such as existed for some years after 1883,
should regard il as suicidal in season Of hnac-
cial embarrassment, either to ALLEVIATE the lands
themselves, or the proceeds arising from their
sales. The first and paramount duty Of those
TO whom may be entrusted the administration
Of public affairs. is 10 guard the public credit.
LA re.establishing tbs credit Of this central
Government, the rea,liest and most obvious
mode is taken to restore the credit Of the States.
The extremites can only be made sound by
producing healthy action ia the Central Gov
ernment, and the history of tile present day full
~ establishes the fact, that an increase in the
value of the stocks Of this Government will,
in majority Of instances, be attended by an
increase ia thu value of the stocks Of the States.
1t should, therefore, be matter, be a matter
Of genera; congratulafion that amidst all the
endorsements arising from surrounding cir
cumstances, the credit OF the Government
should have been so fully restored that it has
been enabled to effect loan of seven millions
of dollars to redeem that amount of Treasury
notes, on terms more favorable than any that
have been offered for many years. And the
six per cent. stock which was created in 1912,
has advanced in the hands Of the holders 10
nearly twenty per cent. above its par value.
The confidence of the people in the tntegri-
~ of their government, has thus been signally
manifested. 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, aud are the pio-s
neers in the work of its reclamation. In secur-
ing to all such their rights Of presumption, the
Government performs but an act Of retribuive
justice for sufferings encountered and hard.
ships endured, and finds ample remuneration
in the comforts which its policy insures and
the happiness which il imparls.
Should a revision OF the tariff, with view
TO revenue, become necessary in the estimation
Of Congress, doubt not you will approach
the subject with just and enlinh.tened regard
to the interests of the whole Union, The
principles and views which have heretofore
had occasion 10 submit, remain unchanged II
can, however, nevst be too often repeated, that
the prominent interest Of every important pur-
suit OF life, requires for success, permanency
and stability in legislation. These can only
be attained by adopting. as the basis OF action.
moderation in all things, which is as indis-
pensably necessary to secure the harmonious
action of the political as Of The animal system
In our political organization, no one section of
the country should desire to have its supposed
interests advanced at the sacrifice Of all others;
but union being the great interest, equally pre-
cious 10 all, should be fostered and sustained
by mutual concessions, and the cultivation Of
that spirit of compromise from which the Con-
sttuiion itself proceeded.
You vii; be informed, by the report from
the Treasury Department, Of the measures Ia
ken under the act of the last session, authori-
zing the reissue Of Treasury notes in lieu Of
those then outstanding. The system adopted
in presence Of existing laws, seems we'll cal
culated 10 save the country large amount of
interest, while il affords couveniences and OBJ
va,es dangers and expense in the transmission
Of funds to dsbursing agents. lrefer you also
10 that report for the means proposed by the
Secretary to increase the revenue, and particu-
larly to that portion of it which relates to the
subject Of the ware-housing system, which
earnestly urged upon Congress at its las, ses.
sion, aud as 10 The Importance of which my
opinion has undergone no change.
in view Of the disordered condition Of the
currency at the time, and the high rates Of ex-
change between different parts of the country,
felt it 70 be incumbent on me, to present to
the consideration of your predecessors, pro-
position conflicting in no degree with the Con-
stitulion or with the rights Of she States, and
having the sanction not in detail but IN princi-
pie, of some of the eminent men who had pre-.
ceded me in the Executive office. That prop.
notes Of denominations not less than five nor
more than one hundred dollars, to be employed
in payment Of the obligations Of the Govern
ment in lieu of gold and silver, at the option
of the public creditor, and to an amount not
exceeding $l5,00O.OO0. 1t was proposed to
make them receivable every where, and 10 es-
tablish at various points repositories Of gold
and silver to be held in trust for the redemp-
ton Of such notes, so as to ensure their con.
veriibili,y into specie. No doubt was enter
lained that such notes would have maintained
apar value with gold and silver, thus furnish
ing paper currency OF equal value over the
Union, thereby meeting the jus, expectations
Of the people, and fulfilling the duties of pa
rental Observation-Disclosures the repositories
should be permitted to sell or purchase bills
nndor very Limited resiricfinns fnnafhn. ,,.;.l