Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-12-08

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ton from nominal and apparently real val
ne, in the first stages of its existence, to an
obviously deprecated value in its second, so
that It no longer answered the purposes of
exchange or barter, and its ultimate substi-
tuition by sound metallic and paper crcu-
lation combined, has been attended by di-
mlnished importations, and consequent
falling off in the revenue
This has induced Congress, from 1887,
to resort to the expediency of issuing Treas
ury notes, and finally in funding them, in
order to supply deficiencies. cannot, how
ever, withhold the remark that it is in no
way compatible with the dignity Of the gov
eminent that public debt should be crea-
ted in time of peace to meet the current ex-
penses OF the government, or that Temporal
i ny expedients should be resorted to an hour
longer than il is possible TO avoid them
The Executive can do no more than apply
the means which Congress places in its
hands for the support of the government,
aud happily for the good Of the country and
for the preservation of its liberties, it pos
sesses no power 10 levy exactions on the
people, or TO force from them contributions
to the public revenue in any form 1t can
its opinion, be called for by the wants OF the
public service, TO Congress, with whom a.
lone rests the power to clay and collect tax
es, duties, imposts, and excuses" This du-
ty has upon several occasions heretofore
been performed The present condition of
things gives a flatering promise that trade
and commerce are rapidly reviving, and, for
tunately for the country, the sources of rev.
enue 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 the pub
lie lands for reasons perfectly obvious TO oil,
Tor several years To come, yet the public lands
J cannot otherwise than be regarded az the foun-
dation of the public credit. With so large
body Of the most fertile lands in the world I'M
: der the control and al the disposal of the Cow
eminent, no one can reasonably doubt the en-
tire ability Of the Government TO meet its en-
gagements under every emergency. In sea-
sons OF trial and difficulty similar 10 those thro'
! which we are passing, the capitalist makes his
investment in the Government stocks with the
most assured confidence Of ultimate reimburse
ment; and whatever may be said in period
of great financial prosperity, such as existed
for some years after SS3, ! should regard il as
suicidal in season Of financial embarrassment,
citutI 10 dHtnalt Tue 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 to guard the public credit
In re-establishing the credit Of this central
Government, the Ieadiest and most obvious
mode is taken 10 restore the credit of the
States. The extremities can only be made
sound by producing healthy action in the
Central Government, and The history of the
present day fully establishes the fact that an
increase in the value of the stocks of this Gov
eminent will in majority of instances, be at
tended by an increase in the value OF the stocks
of the States. II should, therefore, be mat
Ter of general congratulation that amidst all
the advertisements arising from surrounding
! circumstances, the credit OF the Government
should have been SO fully restored that il has
been enabled 10 effect loan Of seven millions
oil dollars 10 redeem that amount of Treasury
notes, on terms more favorable than any that
have been offered for MANY wears 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 integrity
oi their Government has thus been sipna!lv
manifested. These opinions relative 10 the
public lands do not in any manner conflict with
The Observance of the most liberal policy tow
ards those of our fellow citizens who press for
pioneers
IN the work of lis reclamation. In securing TO
all such their rights of prescription, the Gov
eminent performs but an act of retributive JUS
tice for suflcrngs encountered and hardshps
endured, and finds ample remuneration in the
comforts its policy ensures and the happiness
which il imparts.
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 enlightened regard To
the interests of the whole Union. The prn-
ciples and 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
oil hie. requires for success, permanence and
stability in legislation These can only be at
tanned by adopting as the basis of action, mod
Grafton in all things, which is Indispensable
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 10 have its supposed in
teresis advanced at the sacrifice of all others
but Union being the great interest, equally
precioss to all, should be iostered and sustain
ed 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 taken
under the act of the last session, authorisinp
the Reissue OF Treasury notes in lieu of those
then outstanding. The system adopted in pur-
suance of existing laws, seems well calculated
TO save the country large amount OF interest,
while ii affords conveniences and obviates dan
gers and expense in the transmission of funds
To discussing agents. | refer you also to that
report for the means proposed by the Secretary
TO increase the revenue, and particularly 10
that portion of which relates to the subject of
the warehousing system, which earnestly