Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1843-12-15

ments under every emergency. In seasons of
trial and difficulty, similar to those through
which we are passing, the capitals: makes
his investment in theGovernment stocks with
& the most assured confidence of ultimate rem-
bursement; and whatever may be said in
period of great financial prosperity such as ex.
listed for some years after 1888 | should re.
gard it suicidal in a season of financial en-
barrassment either to ALLEVIATE the lands them
selves,o the proceeds arising from their sales.
The first and paramount duty of those to whom
may be entrusted the administration of public
F affairs, is to guard the public credit. In re-
, establishing the credit of this central Govern
ment, the readiest and most obvious mode is
taken to restore the credit the States. The
extrenties can only be made sound by pro-
ducing healthy action in the Central Gov
eminent, and The history of the present day
fully 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 in the value of the stocks of the
States. 1t should, therefore, be matter of
general congratulation that amidst all the en-
barrassments arising from surrounding circum.
stances; the credit of the Government should
have been so fully restored that it has been
enabled TO effect loan of seven millions of
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 to
nearly twenty per cent above its par value.
The confidence of the people in the integri-
ty of their Government has thus been signally
manifested These opinions relative to the
Public Lands do not in any manner conflict
with the observance ofthe most liberal policy
towards those of our fellow -ditizers who press
forward into the wilderness and are the pion-
GERS in the work Of its reclamation. In secur-
ing to all such their rights Of ?re-emption, the
Government performs but an act of retributve
justice for sufferings encountered and hardships
endured, and finds ample remuneration in the
comforts which its policy assures and the hap
piness which il imparts.
Should revision of the Tariff, with a
view to Revenue, become necessary in the
estimation of Congress, doubt not you will
approach the subject with Just and enlight.
ened regard TO the interests of the whole I'm
ion. The principles and views which have
heretofore had occasion to submit, remain
unchanged. 1t can, however, never be too
often repeated, that the prominent interest OF
every important pursuit of life requires for
success, permanency and stability in legisla-
''oH' hVoC Eau oulJ uc ny
ing as the basis of action moderation in all
things, which is as indspensably necessary to
secure the harmonious action of the political
as of the animal system In our political or
ganizaion, 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-
cous to all, should be tostered 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 the measures ia
ken under the act of last session, authorizing
the Reissue OF Treasury notes in lieu of those
then outstanding The system adopted in
pursuance OF existing laws, seems calculated
10 save the country a large amour, of inter-
est, while ii affords conveniences and obviates
danger and expense on the transmission of
funds to discussing agents. Irefer you also
to that report for The means proposed by The
Secretary 10 increase the revenue, and partic
uarly to that portion of il which relates to
the subject of the ware housing system, which
l earnestly urged upon Congress at its last
session and as to the importance Of which my
opinion has undergone no change.
In view of the disordered condition Of the
currency al the time, and the high rates of ex-
change between different parts OF the country,
] felt it to be incumbent on me, to present to
the consideration Of your predecessors, a
proposition conflicting in no degree with the
Constitution, or with the rights of the States,
and having the sanction, not in detail, bu, in
principle, of some of the eminent men who
had preceded me in the Executive Office
That proposition contemplated the issuing of
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 Of gold and silver, at the
option OF the public creditor, and 10 an amount
not exceeding Sic 100000. 1t was proposed
to make them receivable verywhere, and to
establish al various points repositories of gold
and silver TO be held in trust for the redemption
OF such notes, so as to ensure their convert-
bilily into specie.
No doubt was entertained that such notes
would have maintained a par value with gold
and silver, thus furnishing paper currency of
equal vlaue over the Union, thereby meeting
the just expectations of the people and fulfil
ling the duties of parental Governments
Whether the repositories should be permitted
TO sell or purchase bills under very limited
restrictions, together with all its other details,
was submitted 10 the wisdom of Congress,
and was regarded as ofsecondary 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 it was designed TO be placed;
under the immediate supervision and control
of Congress.
The action Of the Government would have
been independent OF all corporations, and the
same eye which rests increasingly on the
specie currency. and guards it against adul,er-
alton, would also have rested on paper curren-
cy, to control and regulate its issues and pro-