The New York herald., 1844-12-18

commerce. are the true elements Of national wealth.
uonal incsme, and national strength. at Il
The proceeds Of sales Of the public lands with duties on
imports and tonnage without direct isxes nternal du
ties or excises, have hitherto been sufficient in times Of
peace to defray the ordinary supplies necessary
for the support Of tho national governm n and yield
surplus for the sinking fund also lay up supplies of
arms and other munitions Of war, the gradual algmen
| taon OF the navy, the support of the army, the
erecting q foridca.ions light houses, surveying
In the wide extended domainn the rapid increase Of
popuationin the physical and intellectual energy and
enterprise OF the peopen tho increase Of
agriculture manu cturcs and commerce with govern
nent consulting the general welfare and conducting TO
the true temple OF liberty the Uni ed States Of erica
present 10 the view of mankind nation comparatively
Youthful OF unsurpassed resources, indicative Of giga,r
tic strength and great moral power Fram thirteen the
states have increased 70 the number twenty sy spread
ing over widely extended territories By the in
strumentsty Of stale governments Tor regulating their
domestic sfiirs with a'cdera government Tor regulating
those which concern ali, and particularly commerce.
foreign relations, and the general defence the United
continent without relaxing the force II law ami
order at the extremities. and without degeneraing
into tyranny. Ia the union OF the State and f.de
raj governments have tower Of strength, senti
nels to gnrd ngRnst eDcroachments preserve public
liberty and domestic order secure the general ic
y Ithis the iarcs fabric OF human shall
nod from on high and totter to its fall the sad
pee VIII be caused by sacregous violaors Of the terms
o mutual concession and compromise which the Con
sitution OF the United States is founded Against any
attempt at such violaon i is the dutyof all coed c
zens to oppose their united strength.
81 As the existing security r payment OF interest
and the ultimate redemption OF the principal OF the pub
BY the act of alst July 1884, loan not exceeding the
sum Of twelve millions Of dollars authorized neim
oaTsoe AZ any tune alter three years. from the frat day
By the fourth section that act the Secretary Of the
the period limited Tor redemption Of the stock snch nor
ion thereof the funds of the Government NAV admit Of
after meeting all demands upon tn. treasury any surplus
In the treasury Is appropriated to that object
BY the fifth section Of that act the faith Of the Govern
ment expressly pledged for the puncual payment Of
stock
Under the provisions Of that act certificates Of stock
issued the Of 672 97s ss bearing interest
at the ras Of five and half per cent per year redeema
bic on the frs1ay of January in the year ls4s These
certificates Of stock will be paid that day 4 presented
The Secretary Of the Treasury has public noce
be given SO az to stop the running of interest from and
"An for the extension Of the loan Of si and for an
addition Of five millions Of dollars thereto and for allow
s42 extended the time limited by the of 2st July
e4i for obtaining loan Of twelve millions of dollars
latter act to be made paynbl any time not exceeding
twenty years from the lst January ls and authorised
l an additional loan OF five millions of dollars
By the 9th section of this Of s4a the money arising
from duties on imports Of goods, and
pledged and appropriated for of the interest
from time to time and for men and redemption the
principal Of the certificates OF stock be issued under
the act Of ls49 and under the Of 2lst July s4 as
amended and 50 much Of the proceeds of duties or i'm
ports as may be necessary pay the interest on said
stock and redeem the same when DUE Is hereby appro
OF the Treasury to such pay yments and redemrtion
The 7tb section the act Of s42 enacts that all the
modified or changed shall be and main in force ana a
ply to this act' OF the 10th Of April, 1872.
BY authority Of the act OF 1872 certificates of stock
issued to the OF IS 343 o. bearing nte.
rest at the rate Of six per cent per year, payable
half yearly the principal the ast day Of Jan
BY ian &C! authorisng the reissue Of Treasury notes
and for other approved March 3d. is4s anoh
restrictions limitations and provisions as are con-
ained in the act OF April l5h 1884, except that the cer
riod not longer than ten years from the issue thereof
Under the provons OF this act, certificates OF stock
thirty one dollars thirty five cents were issued bsaie9
interest payable semiannualy the rate OF five per
cent per snnum the principal redeemabe the day
Of July In the year one thousand eight hundred and fy
three
The acts Of lss adopting the act Of ls42 which adopted
the 4h section OF the act o ls4 taken together contain
pledges Of the faith OF the and Of the pro-
ceeds the duties on goods and merchandise pay the
surplus the treasury meeting All unoS aoS
y to redeem the principal The .onrth section tho
secretary cf the Treasury to any surplus funds
after meeting oil demands upon the treasury TO purchase
any certificates OF the stock before the period limited for
in rhc national faith which has been SO honoraby OBJ
served In paying the principal and interest Of the former
iolla and upwards in the pledge and appropriation Of
the proceeds Of duties imports Of goods and
chandlse in the increasing ability Of populasion,
numbered al not less than nineteen millions seven hun
dred thousand souls to pay taxes the holders the
tf stts Of the pubic debt Of the United tstes and all
dealers in those certificates have for implicit fai,
and perfect confidence that the interest will be paid
tualiy and that the principal win be paid
According to the terms ofthe contracts
No citizen Of the Uned States Of America un ierstard
ing the poy Of the federal and its past action
in fulfilling its engagements have loop wherein 10
hang doubt othe future e!ty OF the national govern
me In paying the ineres. end redseming the pIincpa
Of the national dests as they respectively shall become
Aliens not understanding the texture Of the national
government, do not distinguish accurately between
lnf0 Hu
States and entered into by the several States in
heir capacities efdisiinc local governments ach State
having the power to contract for ITSELF but without ca
pacy TO bind other States, the government of the
United staes) have distrused the credit Of the ma
Of the States to comply with their respective en-.
gsgements such dstrust TO be regretted That any one
OF the States should have been under necessity real
imaginary to incur adeaut in pay those who had
loaned her money TO be depored But most Of all il Is
to be amened that any State should have resored to re-
expected that will the helm of State that
the good sense Of the people will in time those
when they have recovered from the debes caused by
extravagant issues of unsound bank paper premature
dertakngs Of internal Improvements and ancifuI spec
aons from the panic Of deprecated bank notes. fall in
the prices Of lands and products when prosperous
commerce and sound circulating medium shall have
of the states viii manifest a sincere determine.
ton to make reasonable eparation their creditors for
The momentum Of moral force embodied in the
States agains' non ulfiment Of engagements and repu
daton OIL debts, the mmutable principles OF Justice
and moral obligation will ultimately prevail The States
will pay must pay their debts. State faith and State
obligations will be redeemed. The virtuous precepts
aud bright example Of the federal government will not
| go UNDECIDED Justice will be done.
4th The Secretary Of the Treasury recommends the
establishment OF sinking fund to anticipate the pay.
men OF the cert cates OF stock issued under the autho
rity or the acts Of le4s, and le43.
The certcstca of stock bear premium In the market
The FIVE per cent stocks, redeemabe In 1889 at
hundred and six dollsrs, for every hundred doars
of stock the six per cent stocks redeemable in 1893 at
hundred and sixteen dollars for every hundred dol
lars ofstock Those premiums suparinduced by the
extraordinary accumulstons Of large of money in
the principal cities OF the United States, particularly
New York and Boston sought to be employed at low
rates Of interest, upon good securities, by the
large sums Of deposite to the credit Of the Uni
ted states in the banks Of deposhe, for which
those banks pay no interest," and BY other adventurous
continue depends crops commercial opera.
tons and foreign sfs hey ond the ken OF human fore