Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1843-12-14

II
lvailable here in the purchase at our
agricultural productions. their profits be-
ing UNNECESSARILY augmented by the
operation, the shipments were large aud
The revenues Of the government becanie
Superubundani.
But The change in The character Of The
circulation from nominal and apparently y
real value, iD the FIRST stage Of lis exis.
Ienceao an obviously deprecated value in
it's second, SO that IL 40 ioneer 'aDsw cred
The purposes Of exchange ar barter, and
us ultimate substitution by u sound metal.
lic and paper circulation combined, has
bern attended by diminished imPorlat'ons
md consequen, falling off in the re-
venue. This has induced Congress, from
1897, TO resort 10 the expedeni Of issuing
Treasury notes, aud finally of funding
them. in order TO supply deficiencies.
| cannot. however, withhold the re.
mark that it is in no way compatible with
b. the dignity Of the Government that II
public debt should be created in time OF
peace To meet the current expenses Of
he GOvernment, or that temporary cx.
pedicnts should be resortcd to al hour
longer than ii is possible to avoid them.
I he Executive Gun do no more than ap,
| pl, the means winch Congress places ~
lis hands for the support Of G"vernIpent |;
and happily for the good ol the country
aud for the preservation Of its liberties, II
possesses no power to levy exactions on
the people, or to force from them con-
lribuiIons 10 the public revenue in anyfurm.
H Ii can only recommend such measure
as may, IN its opinion, be called Tor by
The wants Of the public service, To Con-
gress, with whom alone rests the power
to "lay and collect taxes, duties, Imposls
aud excises." This duly has upon
several occasions heretofore been per
'"rm,d The present condition OF things
gives Il fl 'tering promise that trade and
commerce are rapidly reviving, and, for
tunately for the country, the sources OF
revenue have only TO he opened, in order
10 prove abundant.
/ While we can anticipate no consIdera.
hle increase in the proceeds of the sates
of the public lands for reasons perfectly
H. =
vet the public lands cannot o,herw ise
than be regarded AS the foundation Of
Ihc public credit. With So large IA bod y
If the most fertile lands in the world
urdcr the control and at the disposal OF
he Government, no one San reasonably y
doub, the entire ability Of the GoverIl-
mcnt to meet It's engagements under every
: emergency.
la Seasons ofirial and difficulty similar
to those through which We are passing
The capitalist makes his investment ~
the Government stocks With the most
assured confidence Of ultimate re.im-
bursement and whatever may be said
IN period Of great financial prosperity,
such as existed for some years alter
1893, should regard it us suicidal IN a
season oi financial .embarrassm"n', either
TO alienale the lands themselves, or the
proceeds arising from their sales The
first and paramount duty Of those to
whom may be entrusted the administra-
ton Of affairs, is to guard the public
credit. In re.eslablishlng the credit Of
this central goverDineni, ihe readiest aud
most obvious mode is taken to restore
the credit of The States.
,l The cxircm,ics can only be made soun,
by producing a healthy action ~ The Cen,ra
Government, aud the history o! the presen
day fully establishes the fact. that an inrreas
in the value ot the stocks of tins Govcrnnlrn
will, in n mnjprlty of instances, b. ATTENDED
by an increase in the value Of the stocks q
l,h. II h.,u "a IN
of general congraiulalion that amldst oil ih
cmbarrassineDts arising from surrouudin!
circumstances, the credit Of the Government u
should have been so fuIly restored that
hns been enabled to effect a loan Uf sever
millions Of dollars to rcdcem that amount o
Treasury notes, on terms more iayursbl
than any that have been offered for glan!
years. And the six per cent stock whlcl
was created in 1912, has advanced in th
hands Of the holders 10 nearly twenty pc
cent. above its par value. The confidence
al The people III the integrity OF their govern
in ut has thus been manifested. Ihcse opIn
ions relative to the public lands do not il
any manner cunflIct with the observance u
: The most liberal policy towards those OF on
fellow citizens who press forward into tn
wilderness and are the pioneers ~ tho worl
Il
i Jn securing to all such their rights Of pre-
rmp,ion, the Government performs but eaI
nct OF reirIbulivc justice Tor suiiarlngs Ell
countered aud hardships endured, aud, fad
ample remuneration in the comforts whicl
It's policy ensures and the happiness which
lmpar,s.
Should revision Of the Tariff, with q view
To revenue. become necessary in the csiima
,ion Of Congress, doubt not you will ap
proacl the subject with just aud enlghlcn
I'd regard To the interests Of the whole Union
The principles and views which have here
tofore had OCCASION 10 submit, remain un
changed.
/ 1t can, however, never be too often repeat,
cd, that the prominent interest Of every i'm
porlnni pursuit OF life, requires for success
Iprrmancncy and stability ~ legislation. =
These can only be attained by adopting a.
lri,c basis o.DctIon, modcralIon ~ all things
which Is as indIspcnsably necessary To ST..
cure The harmonious action Of the political
MS of the animal system. IN our political
organization. no one section Of The Country
should desuc To have It's supposed interests
advanced at the sacrifice Of all others bu,
| ,Unlon beng The great interest, equally pre-
ciUus To- all should be lusicrcd Gud SUSTAINED
by mutunl concessions aud The obligation ol
-. 4. II