Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-12-07

ih4 Gorernment has been exerieds 10 preserve
thtm ~ peace among theutelves. add 70 inspire
4 hen with feelings Of eolndenee IN the justice Of
iht 6overnment, and 10 cultivate Friendship
/ wEh The border Inhabitants. This has happily
s.Fseeded 70 great extent baf il is 4 snbiec;
os|rsgret that hey suifrr themselves in sons in-
sHnees 70 Be imposed upon ~ aftfnl and des;gn-
ing neq-and this Notwithstanding al The efforts
o1the Government to prercn H.
The receipts into the Tr1. bsry for The calrn-
az year 1913. exclusive Il loans, we're liille
more ihan eighteen million.ff dollars and The
Expenditures, exclusive 81 payments On ihe
Peoisc debt, viii have heeu sbous iuen,J-thret
millions Of dollars. By he Acf Of 1912, new
arrangement Of HE fiscal year vas made, 50 that
u she1ld commence on The Isl day Of July 10
each year. The accounts and estimates for the
current year, will show chat the loans and Trea
safy notes made and issued before the close Of
lne last congress. 10 meet the anticipated def
cseney, have moi been entirely adequate. AL
taongh on The lst Of October last, there was a
eeianee 10 the Treasury, in consequence of the
Provision shus made of 1914 .062 71, yer the.
apprcpuaiiohs already made By congress will alb
spfo that balance, and leave a probable def
cieney Of two millions Of dollars At the close of
the present fiscal year. There are Outstanding
Treasury notes 10 about the amount Of four
millions six hundred thousand dollars aud
saoalc they be returned upoa'tbe Treasury dur
ne the hscal year, they will require provision for
iaeir redemption 4 do not however regard
MS as probable, since they have obviously en-
lefed into The currency Of the county and will
continue 10 form q potion Off. il Tie system
aOP adopted be eontinued. The loan Of l94I,
amounting TO S5,672, 976 eS falls due on the Isl
ef January, 1915, andsmust Re provided fot
Of iPosiponed BY new loan And unless the
resources Of revenue should Be materially To-
CREASED BY you, there will be probable ae6cien-
eyfor The service Of the fiscal year ending June
aosh, ls45, Of upwards II afSut four millions
ofs dollars.
The deiusion incident 10 an enormously ex-
eelsiEe paper circulation, which gave 6cii-
iious1 alue 10 every thing. and, stimulated adj
venture and speculation 10 an extravagant extent
has been happily succeeded BY The substitution
q precious metals and paper promptly redeema-
o.e ~ specie, & thus false values have disappear
50, and sounder condiiapsffry oIthe country,
laIrHeRefheIess been attended with much en-
sarfassment TO the Government, in lis fnan- |
sial concerns Solong as the foreign importers
could receive payment for their cargoes in cur
reBcy Of greatly less value than that in Europe,
sat fully available here in the purchase Of our
agricultural productions, their profits being inn
augmented by the operation. the
were large and the revenues Of the
became superabundant But the
ehangein the character Of the circulation from |
! nominal and apparently real value, ID the FIRST
.tsges Of IFS existence, 10 an obviously depre- !
ei4ted value 10 lis seco1d. 50 that it no longer
answered the purpose Of exchange OF barter,
sod its ultimate satisfactorily sound metal-
lie aud paper circulation combined, has been
attended BY diminished importaiions, and con-
,equent falling OF in the reYenue. This has in
duced Congress, from 1888, 10 resort 10 the ex-
pedent Of issuing Treasury notes, and finally Of
funding them IN order 10 supply deficiencies. ]
cannot, however, withhold the remark that Il IS
IN no way compatible with the dignity OF the
that public debt should be created
in lime Of peace TO meet the current expenses Of
the Government, or that temporary 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 Govern
meDt; and happily for the good Of the county
and for The preservation Of its liberties, it pos
sesses no power toleyy exactions on the people,
or to force from them contributions 10 the public
revenus 10 any form. II can only recommend
such measures as MAJ, 1t its opinion, be called
for by the wants oflhe public service, to Con-
gress, with whom alone rests the power 10 4 lay
and collect taxes, duties, imposis and excuses
This duty has upon several occasions hereto
fore been performed. The presentcondition Of
things gives hatiering promise that trade and
commerce are rapidly revIving, and fortuhate-
" for the country, the sources Of revenue have
nnly Ia ha- nDenea- in nEdet TO prove abupAenhB--
crease in the proceeds ofthe sales ofthe public
lands for reasons perfectly obvious to all, for
several years 70 come, yet The public lands can
not otherwise than be regarded as the foundaf
ton of the public credit. With so large body
Of the most fertile lands in the world under the
control and at the disposal Of the Government,
no one can reasonably doubt the entire ability
Of the Government to meet its engagements I'M
der every emergency. In seasons OF trial and
difficulty similar to those through which we are
passing, the capitalist makes his Investment 10
the Government stocks with the most assured
confidence Of ultimate reimbursement; and
whatever may be said IN period Of great linan-
cial prosperity, such as existed for some years
after 1888, should regard Il as suicidal in
season OF financial embarrassment, either to a
lienats the lands themselves or the proceeds a.
rising from theirsa The FIRST End paramount
5uty Of those 10 whom may, be entrusted the ad-
minisirs;;:SS::. Of public affairs Is 10 guard The
public credit In re-estabIishing the credit Of
this central Government, the readiest and most
obvious mode IS taken 10 restore the credit Of
the States. The extremities can only Be made
sound BY producing healthy action 10 the Gen.
trail Government. and the history Of The present
day fully establishes the fact. that an increase
in the value OF the stocks OF this Government