Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1844-12-12

INC only remaining subject OF regret is, that the
naming STOCKS oil the Government do fall due nj
earlier day since their redemption would be entire
within ITS control As il is, it may be well worthy th
consideration of Congress whether the law estabIishn
the sinking fund the operation of which The ,cb
OF the Revolution and last with Great Britain wer,
10 great extent, not, with prop,
modhcanons. ESQ as TO prevent accumulation of SUI
pulses, and limited in to a specific sum be r,
enacted Such provision, which would authorize III
@ r 90 INTO the market for purchase of il
own sock on iar terms would maintain It's Gre
ant at the highest point, and prevent TO great extent
nose fluctuations IN the price of its securities; whic
miSn under other circumstances, affect its credit
apprehension Of this is at this moment entertained
since the stocks of the Government but two wear
ago offered for sale to capitalists at home aud !,
Droad at depreciation, and could find no
are now greatly above par in the hands the holders
put wise and prudent forecast admonishes US to pac,
beyond the reach oil contingency the public credit.
IL must also be matter Of unminglcd qualification
that under ,hc existing financial systcmresting upcr
The act q 1859 and the resolution OF the currency
oi S country has attained state of perfect sounrcss
aud the rates Of exchange between different parts of IN,
Onion' which, in lS4l denoted, by their enormous a
mount the great depreciation, and fact worhlcssncs
OF the currency in most of the States now reduced
10 ttic more than the expense of
Gle from place to place. and the risk incidental TO the
operation. In new country like that Of the United
Stacs-wherc so many inducements held out for spc
cuaon,hc repositories of the surplus revenue,
ssuny oil Banks OF any description, when aches any
part OF the Government.
All banking institutions, under whatever dcnomnot;o,
'ney may pass arc governed by almost exclusive re-
gard to the interest of the stockholders That
consists IN the augmentation of profits the form of di-
'idends and large surplus entrusted to
custody but too apt to lead TO excessive loans and
eSTavagantiy large issues of paper. As necessary
consequence, prices nominaly increased and ,,.
speculative mania every where scizcs upon the public
mind fictitious state of prosperity for season ex-
nts; and III the language of the day, money becomes
plenty Contracts entered into by individuals rest
ing ON this unsubstana state Of things but the
speedily passes away and the country overrun by an
visit department of industry with great and ruin
Gus embarrassment The greatest vigilance becomes
on the part OF Government TO guard against this
state OF things he repositories be given distinct
to understand that the favors Of the will
DC altogether withdrawn or substantially diminished if
ITS revenues shall be regarded additions their hank
ing capaI, or as the foundation Of enlarged circula
ton The Government through its rev cnuc has at all
mes' an important part to perform in connection with
he currency and IT greatly depends upon its vigilance
and care whether the country be in
ments similar to those which it has had recently to en-
countcr Or aided by the action of the Treasury shall
be preserved in sound and healthy condition
ne dangers to be guarded against are greatly aug
mented by too large surplus Of revenue When that
surplus greatly exceeds in amount what shall be required
by wise and prudent forecast meet unforeseen con-
nnscncics the Legislature itself may come TO be seized
with disposition to indulge in cxtrav agant appropra
tons to Objects many of which may-and mos, probably
wonid-oe found TO conflict with the Constitution 4
expectancy IS elevated above constitutional au-
hority and reckless and wastcul extravaganza but
too certainly follows The important power of taxation
which, when exercised in its restrictive form is a
burden on TABOR and productions to- under va
ious Tor purposes having affinity the
uVes which dictated its grant and the of
government stimulates individual extravaganza until
inc spirit on wild and reglstcd speculation involves
one and all In its unfortunate results In view of such
atal consequences, il may be laid down as an axiom
founded IN moral and political truth that no greater
es should be imposed than are nccessar, for an
cal administration Of the Government and that r
yer exists beyond, should be reduced or modi6cd Th
uocirnc docs III no way conflict with the exercise of
sound discrimination the selection of the article, TO
be taxed, which due regard the public veal would
~ All times suggest to the Legislative mind 1t leaves
the range Of selection undcfncd and sncb selections
snoua always be made with eye the great inter
e,s oil inc country Composed is the Union sepa-
ana independent States, patriotic legislature will
not fail in consulting the of the parts TO adont
such course as will be best calculated the har
mony oil the whole and thus ensure that permanently
III the policy of the Government without which ali IL
,o 10 advance the public prosperity vain and fruit
less This great and vitality important task rests with
congress- and the Executive do more than re-
commend the general principles which should sovcrn in
It's execution. "
an exhibition of the condition of the army and recon-
mend TO You, as well worthy your best consideration
many Oh the suggestions it contains The Secretary
no degree exaggerates the great importance, press
ing iorward without delay, i'll the of erecting and
hnshng the Notifications, to which he particularly al
ludcs Much has been done towards placing our cities
and roadstcads state of security against the hazards
Oh hostile attack within the last four years consi
employed in the propeng Of ships and the formidable
implements OF destruction which have been brought into
service we cannot be too active vigant in pre-
and periecting the means Of defence refer you also
10 his report for full statement of the condition of the
Indian tribes within jurisdiction.
ne Executive has ablted effort
icct the well established policy o: the Government
winch contenplates removal of ell the tribes residing
within the limits OF the several States beyond those Ii
mus ana IL is now enabled TO congratulate the country
al the prospect OF an carly of this object
MANY OF the tribes have already great progress in
the arts OF civilized life and through the opcraon of
INC choois established among tem aided by the efforts
OF the pious men Of various religious denomnaons-w
devote themselves TO the task of their improvement
we may iondy hope that the remains of the formidable
winch were once the masters Of this country will
IN Their transition from the savage state condition OF
ISinecnt ard cultivation, add another bright trophy
acorn the jabors OF well directed philanthropy.
ne accompanying report of the Secretary of the Ma
Wy VIII explain 10 you the situation Of that branch Of the
service. The present organization of the Department
impars to its operations great efficiency but
i9iIy in the proPrcty OF division of the Bureau Of
Construction, Equipment and Repairs into Burcaux.
ne subjects, as now arranged ncongruous re-
altogether dissimiar.
The operations OF the squadron on the coast OF frca
have been conducted with all due attention object
which led TO its organization and happy to say tina,
the officers and crews have enjoyed the best possible
health under the system adopted by the officer in com
mand 1t is believed the United States is the only ma
ton which has, by its laws, subjected the punsucn
of DEATH pirates those who may be engaged in the
slave trade similar enactment the part OF Other
nations would not fail to be attended by beneficial results
In consequence of the difficulties which have existed
IN the way OF securing titles for the necessary grounds
operations have not been commenced towards the csab
ilshmcnt Of the Navy Yard at Memphis So soon rs hc
te is perfected no farther delay will be permitted
intervene. 1t is well worthy OF your consideration
whether Congress should direct the establishment
rope walk, IN connection with the contemplated Navy
Yard not only of ccoIioruS but rs hghl,
useful and necessary. The only establishment of tho
sort connected with the service is located Boston
and the advantages Of similar establishment convcnicn
10 inc hemp growing region must be apparent 10 all.
The report OF the Secretary presents other
your consideration, of important character in
tion with The service.
In referring YOU 10 the accompanying report Of tb
Postmaster General it affords continued cause of era
LITIGATION TO be able 10 advert TO the fact that the affair
of the Department for the last four years. have been
conducted as, from is unaidcd resources, 10 meet il
large expenditures. On my coming into Office debt
nearly S5OO,OOO existed against the Department, whic
rnccll