Holly Springs gazette., 1844-12-20

sue Of Treasury notet 10 a large amount, has
passel away, and aiFeflhe payment of upwards
OF 1900 .0o0 dollars, on account Of he interest
and an redemption of more than 50 00J coo O zoe
public debt, which falls due The Isl OF IaEua-
~ next, and setting apart upwards of S2OJJ,G0J
Tor the PayR ot outs audInz Treasury notes.
and meeting inSiaimeni OF the debts OK the
corporate ciIies or The district or ouFnbI Ia--an
s>ttaated 70 urPaS ot upwards u 81 DU0.aO9 over
au1 soOTe ne EXISTING appropriations, VIII re-
main IN the Treasury a. the close ol he fiscal
year.
Should the Treasury notes contiace ouistana-
ing, as heTeosVre, inat surplus Will be eous Id-F-
eosy augmented Al noaga Al interest has ceased
upon them, and Ihe Government has iagited taeis
return 20 the freasuTF, ye they reIaaia GUSTAV.
ding aiording greaI iaciiiti- conIrnefce. aud
establishing The tact that. under Wel-reg uldteI
system oi hnancei the government haS iesoarces
WHbin IselI, which render % Independent Ia
time OF need, nOt ohiy Oi PflTale lOaIs, bat also
OF bank facililies.
Tue only remaining sut ject Of regret is,
that The remaining stocks Oi the government
10 not fall due al earlier day since their
redemption would be enura!y within It's con
troll. As It IS. II may bs well worthy the
coasdcfauon OF Congress, whether the law
establishing the sinking fund under The op
Grafton OF which the debts of-the R=vo.d
tIOn and last war with q eat BrHa weIe
70 greaI extent, exiting shsd-shouli nor,
with proper m0dIHcaIiOas 50 rs 20 prevent
an accumulation OF surpiusses, and lfnu d
n amount ID "A spgcIi; sum) be re>enacled.
5lch provision, rs won tu h0iiZc toe gOy'
crIneal 10 60 into the mIrEet for a pur
chase OF Us own stock Oh fir tsr;ns. wouid
serve 20 n.IItdIn rs crtjU az tie highest
poIut, and prevent, 10 great eN-@n', tH4se
1uc -GdIioaS ~ the p.I es ot is sec1fAits,
whica iaighi, Under o.her c!rcumslances az Z
feet is credit No apprehension oi tHIs sort,
al thiS moment. entertained; 81 &C he s.ocbs
OF he Government which but IsU years 20 .
were offered Tor sale 70 capitalists, Al home
ard abroad. al deprecIatlOn, and c1d.d fad
no purchases, are now great Y az ose pr ii
ihe hands Of no dsrs but = ise aGI prudent
force tst adm)nsles Us to place beyond tae
reach ofcontingency the public credit
lt must also b. a matter of unmilgled {
qualification, that under the exising iiIan>
cal system-res:ing upon the al cI 1899. ;
and the resolution of ISI6-tne currency Cf
the country has attained a state of pecf.c, !
s1nndneSS and the rates Of exchauge between {
Herent parts of:he Union, which, has in +
ls4l. denoted, by their enormous amount T
he grea; deDTeciatlon, and IN fact, woahless- |
S. OF the currency In most OF the States @
c now reduced 10 II.tie more than he mere a
xpe 1se oftranspoIting specie from place to j
'lace, and the risk Incidental 10 the operation a
= new c0uhtrv like thai Of the United a
tates-where 30 many inducements are Id
IA iUr pr,ula.iUn-ihe depositofies of tne c
lrP'us revenues, Consisting Of banks OF any a
escrIqtIOn, when It reaches aay consiiera>
ie amount, require the closest viglIince on q
ne part Of the government All banking )
under whatever deuominatio. e
neY may pass, are governed by an aluos. '
xcIusIve regard 10 the interest Of the stosk- v
iolders, That interest consists In The aug> D
OF Profits, In the tJtn Of dividends, b
nd large surplus revenue entrusted 10 {
heir custody IS bit TOO apt 10 lead to excess Il
I'VE loans and 10 exlravaCanIly large Issues
rare As necessary cons, GlGuce pu- Z
IS are nominally Increased, and The specu d
itlve mania everywhere seIzas up0n the )
cb.ic mind. a tictious state OF prosneri. a
y for season exists; aud in the laagu7ge a
u the day, Oley becomes plenty q
Cot ac;s are entered iuJo by Individuals. 8
resting on this unsubs,antial state Of things. :
bIt tue deiusion speedily passes away, aud "
he country IS oVerrun by an indebtedness ,t
> welghty as to overwhelm maav, and TO J.
VISIT very department OF industry with grea; c
nd ruInous embarrassment The greatest $
vigilance becomes necessary en- the part OF t,
5overnmentto guard agains, this state of /,
hlngs. The repositories must be given .
distinctly TO understand that the favors Of
the government will be altogether wijh> E
q avn, OF Substantially diminished, If its rev ?
shues shall De regarded as additions TO their y
banking capital, or as the f1unda-.oa Of an
Circulation. Tue Government. ?
'hrough Hs revenue. has. at all times an i'm n
porant par; 10 perform in connexion with b
the currency; and it gr ally del ends upon d
ITS vigilance and care. whether tbe country
be Involved in eThbarrassmeuts similar 10 5
those which II has hed recently 10 encoun. q
teri or aided by the action o. the Treasury. s
shall be preserved ia a sound aad healthy y
conduiol. D.
The dangers to be guarded against are n
greatly augmented by too large surplus Of c
revenue. When that surplus Q e aiy ex> D
eeeGs IN amount what shall be required bv a a
wise AMI prudent forecast 10 m q unforeseen i
contingencies. the l. gis!ature itself NAV Il
come 10 be seized with a disposition 20 in q
dulge IN cxtravaganl appropriations % OBJ 5
Jscts. many Of which mAv-aud most proba- 4
bly, would-be found 10 connict with thr Con q
sfItutIan. A finri-d expeiicucv is elrv lied O
above constitutional authority; aud reckless G
aud wasteiui eXlravag4nce bat too ceIIaIniv :
olIous =
The important power of taxation, which i,
Nhen exe ciSed In It's most restricted form "a
$ a burden on labor and production, is re- tc
oFted 70, under various pretexls. Tor purpo> 81
IS having no affinity o the motives Which d
ictaIed its grant. and tie exfravagance Of th
Government stimulates naiviiual exirava> pe
ance. until the spirit ofa wild and sl-regu il
ited speculation, involves one an ! oil in its CT