Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1844-12-19

tem--resting upon the act of 1889, and the res
olution of l8l6-the currency Of the country
has attained a state of perfect soundness; and
the rates of exchange between different parts
of the Union, which, in l84l denoted, by THEN
enormous amount, the great depreciation, and
in fact worthlessness of the currency in most Ct
the States, are now reduced to little more than
| he mere expense of transporting specie from
place to place, and the risk incident to the OF
Grafton. In a new country like that of the Uni
ted States-where 50 many inducements are
held out for speculatioa-the repositories of the
surplus revenue, consisting of Banks of any de-
scTiption, when it reaches any considerable
amount, require the closest vigilance on the
part Of the Government. All banking institu-
tons, under whatever denomination they may
pass, are governed by an almost exclusive re-
gard to the interests of the stockholders. That
interest consists in the augmentation of profits,
IN the form Of dividends, and large surplus
revenue entrusted to their custody, is but too
apt TO lead to excessive loans, and 10 e1traya-
gantly large issues Of paper. As necessary
consequence, prices are nomlnally increased,
and the speculative mania everywhere seiZes
upon the public mind. A fictitious state of
prosperity for a season exists; and, in the Ian
guage of the day, money becomes plenty
Contracts are entered into by individuals, res
ting on this unsubstantial state of hings, but
the diffusion speedily passes away, and the
country is overrun with an indebtedness 50
weighty, as to overwhelm many, and to visit
every department Of industry with great and
runous embarrassment The greatest vigil
!, lance becomes necessary, on the part of tn Gov
eminent, to gaurd against this state of things
The Repositories must be given distinctly to
+I
will be altogether withdrawn, or substantially
diminished, if its revenues shall be regarded as
additions to their banking capital, or as the foun
dation Of an enlarged circulation. The Gov
eminent, through lis revenue, has at all times
an important part to perform, in connexion with
/ the currency; and it greatly depends upon its
vigilance and care, whether the country be in
yolved in embarrassments similar to those which
il has had recently to encounter; or, aided by
the action Of the Treasury, shall be preserved
in sound and healthy condition.
The dangers to be guarded against are great
ly augmented by too large surplus of revenue
When that surplus greatly exceeds in amount
what shall be required by wise and prudent
forecast to meet unforeseen contingencies. The
Legislature itself may come to be seized with a
disposition 10 indulge in extravagant appropri-
atoms to objects, many Of which nay-and
most probabablY would-be found to conflict
with the Constitution. A fancied expectancy
Is elevated above constitutional authority; and
a reckless and wasteful extravaganza but too
certainly follows. The important power Of
taxation, which, when exercised in its most re-
stricted form, is burden on labor and produc-
:, ton, is resored to, under various preteXts, for
purposes having no affinity to the motives
which dictated IFS grant, and the extravaganza
Of Government stimulates individual eXtrava-
gance, until the spirit of wild and i'll regula-
led speculation. involves one and all In its IN
fortunate results. In view of snch fatal conse-
quences, it may be laid down as an axiom,
founded in moral and political truth, that no
greater taxes should be imposed than are ne
cessary for an economical administration of the
Government and that whatever exists beyond
should be reduced or modified This doctrine
does in no way conflict with the exercise of q
sound discrimination in the selection of the az
ticles to be taxed. which due regard to the
public veal would at all times suggest to the
Legislative mind Il leaves the range of Sc
lection underlined; and such selection should
!, always be made with an eye to the great in
E terests of the country. Composed as is the
Union, Of separate and independent States, a
patriotic Legislature will not fail, in consult
ing the interests of the parts, to adopt such
course as will be best calculated to advance the
| harmony of the whole; and thus ensure that
permanency in the policy of the Government
without which all efforts to advance the pub
lie prosperity are vain an fruitles. This great
and vitality important task rests with Congress
and the Executive can do no more than recon-
mend the general principles which should gov
ern in lis execution.
refer to the report CT the Secretary Of War
for an exhibition Of the condition Of the army,
and recommend to you, as well worthy Of your
best consideration, many of the suggestions II
contains The Secretary in no degree e1agge-
rates the great importance Of pressing forward
without delay, in the work Of erecting and fin
ishing the the fortified tons, to which he par
ticulary alludes. Much has been done towards
placing our cities and roadsteads IN state Of
security against the hazard Of hostile attack
within the last four years; but, considering the
I new elements which have been, OF late years
: employed in the propellng Of ships, and the Tor
5 midable implements Of destruction whldh have
4 been brcuobt into service, we cannot be too ac-
: tive or vigilant in preparing and protecting the
e means of defence. | refer you also to his re-
b mort far full statement of the coalition of the
: Indian tribes within OFT jurisdiction. The Elk
!. ecutiye has abated no effort in carrying into
. effect the well-establshed policy Of the Govern
: ment. which contemplates removal Of all the
: tribes residing within the limits Of the several
t States, beyond those limits; and it is now ena-
!, lied 10 congratulate the country at the prospect
: Of an early consummation of this object
e Many Of The tribes have already made great
progress in the arts Of civilized life; and through
s the operation of the schools established among
them aided by the efforts o. .ne plohs ' dt -
+ tn emselves to the task of their improvement
!, we may fondly hope, that the remains Of the
!, formidable tribes which were once masters o.
g this country will, in their transition from tht
| savage stale, to a condition Of refinement anf
: cultivation, add another bright trophy to adorI
the labours Of well directed philanthropy.
: The accompanying report OF the Secretary