Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1844-12-07

nous amount, the great depreciation, and, in |
TACT, worihcssness of the currency in most of
the States, are now reduced to little more than
The mere expense of transporting specie from
place To place, and the risk inciden al TO the o.
peration.
In a new country like that OF the United
S'a'es-Where so many inducements are held
ou, for 'peCua; ion-ihe der ositorics of the sur.
plus revenue, consisting OF Banks of any descrlp.
ton, when 1t reaches any considerable amount
require the closest vigilance on the part of the
Government
All banking institutions under whatever de-
nomination they may pass, are governed 10y an
almost exclusive regard to the interest of the
stockholders. That interest consists in the
augmentation Of profits, in the form of dividends,
and large surplus revenue entrusted 10 their
custody is but too apt to lead to excessive lvans
aud 10 eX,ravaganily large issues of paper. AS
necessary consequence, prices are nominally
increased, and the speculative mania every
where SEXES upon the public mind. A fctl-
tlous state OF prosperity for season exists and,
IN the language Of the day, money becomes
plenty, Contracts are entered nto by indiv!du-
ais, resting on this unsubstanial state of filings,
but The dclusion speedily passes away, and The
country is overcome by an indebtedness So
welghiy as to overwhelm many, and 10 visit G.
very department of industry with great and ru.
lnous Embarrassment
The greatest vigilance becomes necessary on
the part ot Government TO guard against this
state of things. The repositories must be given
distinctly to understand that the tavors of the
government will be altogether Withdrawn, or
substantially diminished, If lis revenues shall be
! regarded MS additions TO their banking capital
or the fOundatcn of an enlarged circulation
The Government, through its revenuc has, ui
all fines, AN important part 10 perform in con.
nccfIon with the currency /; and it greatly ie-
pendS upon It's vigilance and care whether the
country be involved in cmblrrassin mel l. similar
/ to those whch it has had recently tucncoun,cr;
/ or aided by the action of the Treasury, shall
be preserved in sound and healthy cond .tior.
The dIugers to be guarded against are greatly
augmented hy too large a surplus OF revenue.
! When that surplus greatly exceeds in amount
/ what shall be required by a wise and prudent
! forecast to meet unforeseen contingencies, the
! legislature itself may come TO be seized " ith n
/ disposition 10 indulge in cXiravagant apprOprla.
| tons In objects many OF which may, and most
I probably would be found tn conflict with the
| Constitution. tancied cXpedirncy is ecvi.
/ ted above constitutional authority, and a reck-
less and wastcul extravaganza but too certain.
F. Iy follows. The important power OF Taxation,
. NhICh, when exercised III It's most restricted
form, is a burden on labor and production. is re-.
sorted 10, under various pretcxis, for purposes
having no affinity 10 the motives which dictated
/ us grant, and the cXiravagance OF Government
stimulates individual oXtravagancc, until The
spirit of u wild and ll.reguaied speculation in
vollcs one and all in lis unfortunate results ln
view of such faint cons, quenCcs, il may be laid
down as an axiom, founded on moral and poll.
teal hu,h, that no grcat,T faxes should be I'M
| posed thln are necessary for an economical al.
| mlnstratIon of the Government, ard that what
ever exists beyond should be reduced or modified
This doctrine does in no way cOntil with The
exercise OF sound discrimination in the snIec
lion Of the article 10 be faxed, which due re-
gard 10 the public veal would al all Zines sug
gesi 10 the Legislative mind. IL leaves tht
range OF selection underlined ana such selcc
lions should always be made with an eye Il
The great interests Of the country Compose,
ms Ie the Union, ot separate and lnd"penden
SAFES. patriotic Legislature will net iall il
consulting The interest Of the Narts, 10 adopt suCl
course as Nill be best calculated TO advance tn,
harmony # thc whole and hus insure tha
rermancncv in The policy Of the Govornmcn
without which all etots 10 advance the publ
prosperity arc vain and fruiless. This erea
and viallv important task rests with Congress
and the Executive can do no more than recon-
mend the general prime plies which should 90
vcrn in us execution.
| refer Won fo the report of The Secretary G
War for an exhibition of The condition ofihe ar
my ; and recommend 10 you, as well worth
your best consideration, many Of the suggestion
Il c main. The Secretary in no degree eXaG
gcrafes 'he great importance Of pressing :or
ward without delay, in The work Of crectn
: and finishing the tcrhficaiiors. 10 which he par
9 hcuary alludcs Much has been done toward
+ placing our cities and roadsteads in state
curly against the hazarhS Of hostile aiacl
, viii in tie last four years h1t considering III
!, rev elem ents which have zen, "f late year, IN
, Iloycd in the proIelug of ships and he formiIi
Tie implements Of destruction which have hte
brought into service, We cannot ho too active ,
'pant in preparing and pe,f citing the means
d'icrCe. ! refer you, also, 10 bis report for f..
statement of The condition of tie Indian t.ihC
wi'hin our jurisdiction.
The Executive has ala,ed no effort in carrvr,
into effect the wel-csahlishch policy of tie G
vernment, which contempt ties removal of al III
. tribes residing within the limits nf the sever
r States, teyond those limits and it is now eni
= il,d Ia congratulate the nrry al the p.o p'c
T m ca'ly cnnsummation Of this oi icct Many
{ The tribes have already made great progress IN III
ats Of civilized life; ; and through he OF, ration
, the schools established amorg them. aided y ii
efforts # the rious men of various religious druC
wI atlons-Nho devote III, mselves Ia the task
Their imlrov'ment-we my fondly ore that III
=, rmuants ofIte formidable trihs which wor o.
y the masters of This country, viii in their trans tie
from the savaGe state, Ia CONDITION Of t. fuCmcI
and culiIvalon add an other bright trophy TO adOI
u the laloTs Of a welI-dirccted phanthrophy.
The accompany ing report cf the Secretary
: the Navy, will explain to you lhe situation
i