Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1844-12-21

" ttd iHH nN HNlF IhNl'''i y wv. gnu
o .eizpd by no Collector of lhr Cuslom
,rIns foffetlpd unlrf lhr hNa6f loyns, Inv
fern alus'pI, ~ nif ne the powers OF Nv
,pI Executive extend The c6ffGap1ndonr
i ioivcon lhr iva Goycrnnonfa 10 felof
,pIunrn n hudi aiblort, vii VOC loun
, Innlnpa tho accompanying document
v II contains foil slalom"ut Of oil ih'
! Hri4nnI circumstances with Tho view
!. taken on bih sidas, anI lha principles ~
o which ba questions have been adjusted
nj fcmnua tur tunurr=tto mtk' lhe ~
cpssnry appropriation 10 carry the AZ
fnnppmcnl into effect, which respectful
silly recon urnl
e The greatly Improve condition Of the
f. Treasury. affords subject FOR general
!. Communication Tn, piraIy sis Which hat
. fallen oalrnicanl COM nercp nnl which
70 subjected The Government 10 the nocess
,|ty or resorring to loans, ana The issue 81
&, Treasury noleMlo large amount, has
Ipalsed away; SNl aztec the payment Of
,|opwarIs Of 100000, GA account Of
,Irhc interest. aal ia redemption, " more
lhon 45OOo.O0) Of the public deb,
which falls due on IA. iIJ,t day 81 Jiaut-
ry next, aud setting apart upwards
$4,000 900 for the payment Of oulstani
] lne I'reasJry notes, and meeting an ~
Isralmeat Of the debts Of the corpgrate
cit les OF the District OF Columbia-an eS-
timated surplus Of upwards Of $1,000.
600. over and above the existing appro
'prlutjons, will remain in the Treasury "a,
the close Of the fiscal year.
Should the Treasury notes continue.
outstanding, as heretofore, that surplus
will be considerably ougmen ted. AIlho.
all interest has ceased upon them, and
the Government has invited their relurH
TO the Treasury. yet they remain out
standing; alording great facilities tot
commerce, and establishing the fact that,
under a well regulated system OF inanc',
the Government has resources within it,
self, which render it independent III time
Of need, not only Of private loans, but
also Of bank facilities.
The only remaining subject Of regret
is, that the remaining stocks Of the gov.
eminent do not fall due a an earlier day..
since their redemption would be entirely
within its control As it is, it may be-
well worthy the consideration Of Con
greSs, whether the law establishing the
sinking funi-under the operation of
which The debts of The Resolution and
last war with Great Britain were, to a.
great extent, extingulShed-- should not,
with proper notifications, (SJ AS TO pre-
vent an aCcumuatIon OF SURPRISES, and
limited in amount 10 a specific sum- be.
10 enacted. Such provision, which would
authorize the Government 10 90 into the.
market for purchase ct It's own stock,
on fair terms, would serve to maintain its
credit at the highest point, and prevent,
| to a grea, extent those fluctuations III the
|prico of its securities, which might, IN
der other circumstances, affect its credit.
/ No anDrehenson of this sort is, at thus
moment, entertained; since the stocks o
the government which were but two years
ago were offered for sale to capitalists, a
home and abroad, at depreciation, and
could find no purchasers, are now grelt
| ly above par in the hanls Of the hodrrs;.
but a wise and prudent forecase admon-
iShes us to place beyond the reach OF con.
tingency the public credit.
1t must also be a matter Of unmingled
graf hcaIion, that. under the existing IL
nanciaI system resting upon the act OF
1888, and the resolution Of l8l6--the
currency Of the country has aualnel a
state OF perfect soundness; and the rates
of exchange between the different parts of
The Unioa, which in l24l, denoted, by
their enormous amount, the great depre
clation, and in fact worlhlesSness o. the
currency in most of the slateS--nre now
reduced 10 little more than the mere eX
penSe OF transporting specie from place
to place, and the risk incidental 10 The op
EZRA ton. In new country like that of
the United States where 81 many IN
ducemenis are held out for speculation
Il he repositories of the surplus revenue
consisting Of banks Of any description,
when i, reaches any considerable amount,
require the closes. vigilance on tho par!I
OF the government. All banking institu.
lions, under whatever denomination they
may pass, are governed Wy an alnost ex-
elusive regard TO The interest ot the
stockholders. That interest consists in
the augmentation o. profits, in the form
of dividends, aud Large surplus revenue
entrusted to their custody is but too apt
to cad To excessive loans AMI to eXlruva.
ganlIy large issues Of paper. As Il neros
sary consequence. prices are nominaIIy
Increased, aud the speculative mpna eve
rywhere seizeS upon the public mini. \
fictitious state Of prosperity for a season
exists; aud i n the language Of the day
money becomes plenty.
Contracts are entered into BY individ-
uaIs, resting on this unsubstanrip state of
things, but the driusion speedily passes
HMnN- md the cnnnlrY Is owe rrnn hN an