Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1843-12-14

loss been uarndtd wah much onbatra,sr,..
the Government, IN Us financial coucr,n,
long US the iorvign importers could ucri,s
mint i0r thcir catCoCs IN n curtucy Of o.
less value than that in Europe, bu, fully a,stil
here in the purchase OF our agrierhunl n,.
tons. their profits being immcasurahly sg.
ed by the operation, the shipments were late.
the rcvcnuts Of the Government became e,
hunlant
But the change IN the character Of tho rim.
ton from nominal aud apparently rrsl ,,i,,
the flst stages OF It's existence TO an ob,op,lr,
precia,,d value in lis second, so that II No -.
answered tho purposes Of exchange or b,fic, ~
its ultimate substitution by n sound mtair..,
paper circulation combined, has been nn,nL9t'
diminished impor,atons aud copscoucn, sl..
of IN the revenue. Thus hos induced Con,,,..
from 1887, TO resort to the cxncdun, Of is.,.-
Treasury Notes, and finally OF funding ,b,,,
order to supply the Deficiencies canno,
ever, Withhold the remark thlt is in no Noy ,s,,
pa,able with the dignity Of the Government ,b,,.
public debt should be created in time Of mac d,
meet the current expenses Of the Go,ernm,n, y.
an hour longer than j, is possible TO ayoh ih,m
The Executive can do no more than appy m,
means which congress places in its hands for b.
support of Government, aud happily for the ro,l
of the country and for the preservation of rs n
critics, II possesses no other power TO lew cu,
tons onihe people, or to force from them copl,A
u,ions TO the public revenue in any form nca
only recommend such measures ms may. in rs o.
pinion, be called for by the wants of the nnblc
service, TO Congress with whom alone r,a,
the power 10 clay and collect taxes dubes I'M.
posts, and excuses" This duty has upon .cyo.
raj occasions heretofore been performed The
.rosnp, ca,di,,op or 4 ippe rirre ,
isc that trade aud commerce are rapidly reyiyuc
and fortunately for the country the sources ofrcy
onue have only TO be opened in order 10 prove
abundant
While we can anticipate no inconsiderabe in
crease in the proceeds Of the sales al the public
lands for reasons perfectly obvious TO ALL ot sever
al years to come, yet the public lands cannot other
wise Than Lo regarded as the foundation OF public
credit. With so large a body Of the most terrific
lands in the world under the control and al the DIS.
posal OF the Government, no Que can reasonably
doubt the entire ability OF the Government 10 meet
| its engagements IN er every emergency. In SEA.
sons OF trial and difficulty, similar IL those through
which we are passing, the capitalist makes his 10.
vestment in the Government stocks with The mni
assured confidence OF Ultimate Reimbursement and
whatever may be said in period of etcat financial
prosperity, such existed for some yeats nher s3l
| should regard it rs suicidal in season OF hn4n.
cial embarrassment, either 10 ALLEVIATE the lands
themselves, the proceeds arising from their sales
The first and paramount duty Of those To whom NAV
be entrusted the administration of public affairs, Is
TO guard The public credit. In establishing the
credit Of Ibis central Government, tie eadiest and
most obvious mode Is taken TO restore tic credi, OF
the States. The exlremliies can only be made
sound by producing a healthy action in the Central
Government and the history Of the present day lu'
ly establishes the fact, that increase in the value
of the stocks OF this government will, in majority
of instances be attended by an increase in the vslu'
of the stocks Of the States. 1t should, therefore b'
a matter of general congraiulalion that amidst al
the embarrassments arising from surrounding cir
| Cumstances, the credit Of the Government should
have been fully restored that IL has been eadiel
TO effect loan OF seven millions OF dollars 70
deem that amount of treasury notes, on terms more
favorable than any that have been uaeied for mauy
years And the six per cent stock winch was ere
aed IN 1912, has advanced in The hands of the ho-
ders 10 nearly twenty per cent above its par value
The confidence OF the people in the integrity VI
their Government has thus been sgnally manl'es.
ed These opinions relative 10 the public lands do
not in any manner conflict with the observance d
the most liberal policy toward those OF our fellow
citizens who press forward into the wilderness and
are the pioneers in the work of its amation Ia
securing to all such their rights of Dieenpiion Tic
Government performs but act of reiruullye JUS
,ice for suferings encountered and hardshifs en-
dured, and finds ample remuneration in the comforts
imparis.
4 Should revision Of the Tariff, with view 10
Revenue. become necessary in the estimation Of
Congress, doubt no, you viii approach The sub
jet with just and enlightened res ard 10 the inter
: ess OF the whole Union. The principles and views
which have heretofore had oct aston 10 submit
remain unchanged. II can, however, never be too
often repeated, that the prominent interest Of eveT'
important pursuit in life requires for success, per-
msnency and stability in legislation. These can
only he attained by adopting as the basis Of atllon
moderation IN all things, which is as ipdispensaO'
necessary TO secure the harmonious action 0i ne
political as OF The animal system. In out polllcs.
organization, no one section Of the country shou.l
desire TO have its supposed interests advanced al
the sacrifice OF all others; but Union being the gea'
interest, equally precious 10 all, should be iOseisl
and sustained bv mutual concessions and the cUir
walton OF that spirit OF compromise from which ne
Constitution Itself proceeded.
You viii be in0rmed, by the report from ne
Treasury Department, Of The measures taken unjei
the act of the lsa session, authorizing tine reissue
Of Treasury notes 10 lieu of those then ouisendng
The system adopted 10 pursuance OF existing Laws
4 seems well calculated 10 save the country ls'ss
amount OF Interest. while il affords COMMENTARIES
and obvisles dangers and expenses on The if'o'nn'
sion OF funds TO dsbUrsing agents refer 900 S's.
10 that report Tor the proposed by the sr'fe
tary IN iDcrrase tie revenue, aud p'rIcu'@fy 20
that portion 81 il which relates TO the sui ei 81 nc
! warehousiHg system, which ! earnestly urged 'l''
Congress al It's last session, aud 10 tie lNP'''
+ lance OF which my opinion has unde'g0''
change.
: la view OF the disorIered condition ofihe coH'n'
cy at The time and tie high rates Of exchange ~
tween different pats Of the country, feel u !" :,
incumbent va me IN tn tkp