The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-12-04


all others By the treaty the United States assumed the
payment Of the debts Of Texas amount exceed
ing $40 00O to be paid with the exception OF sum
falling short Of $500 6O0 exclusively the proceeds
ofthe sales OF her public lands. We could not with no
nor take the lands without assuming the full payment Of
all Membranes upon them
Nothing has occurred since your last session to induce
doubt that the dispositions Of Texas remain unaltered
No intimation Of altered determination the part Of
her Government and People, has been furnished to the
Executive She still desies to throw herself under the
protection Of laws and to parakc OF the blessings Of
our fsderatSe sem while every American interest
would seem 70 require It, The extension OF coast
wise and foreign trade to an amount almost incacuabe
the enlargement Of the market for manufacturers
constantly growing market for agricultural produc
tons-saety to our frontiers, and additional strength
and stability to the Union-these the results which
would rapidly develope themselves, upon the
nation OF the measure Of annexation In such event,
will not doubt but that Mexico would find her inter-
est to consist in meeting the advances Of this Govern
mcnt in spirit Of amity.
Nor do apprehend any serious complaint from any
other quarter; sufficient ground exists for such
plant We should interfere in respect with the rights
OF any other nation There cannot be gathered from the
act design part to do with their possessions
on this Continent. We have nterposed mpediments
in the way OF such acquisitions of territory large and
Europe have made from time 10 time in every part Of
the world We seek no conquest made by war. No in.
trsue will have been resorted to, acts Of diplomacy
essayed to accomplish the annexation OF Texas Free
and independent herself she asks 10 be received into
Union. It ia a question fer our own decision whether
The two Governments having already agreed through
their respective organs the terms OF annexation
o. JOINT resolution or act TO be perfected and made
binding the two countries when adopted in like man.
ner by the Government Of Texas.
In order that the subject may be fully presented in all
its bearings the correspondence which has taken place,
in reference to it, since the adjournment OF Congress-
tween the United States Texas and Mexico is herewith
transmitted.
The amendments proposed by the Senate the Conven
ton concluded between the United States and Mexico on
the Goth Of November s43 have transmitted through
our Minister for the Of the Mexcan Govern
nent but alihongh urged thereto no action has YET
iqrf pnNn ncu hapn uip
which would authorize favorable conclusion IN the M
ture
trade the order for the expulsion OF Foreigners and that
of more recent date in regard TO passporsa OF which
are considered III violation OF the Treaty OF Amity and
Commerce between the two countries have led to
respondence of considerable length bgtween the Minister
or Relations and our representative az Mexco
unadiIsted and many and serious Inconvenience have
already resulted to citizens in consequence OF them
Questions growing out OF the act Of dsaImlns body
OF Texan troops the command Of Major Snively
by officer in the service OF the United States acting
under the orders Of and the forcble
try into the Custcm.house at Bryarys Landing Red
River by certain citizens the United States and taking
away hersrom the goods seized by the Collector Of the
Customs forfeited under The laws Of Texas have been
adjusted SO far az the powers Of the Executive extend
The correspondence between the two governments in
reference TO both Subjects will be found amongst the
company ing documents. II contains full statement OF
all the facts and with the views taken
both sides and The principles which the questions have
been adjusted. II remains for Congress to make the
necessary appropriation to carry the arrangement into
enecf, which respectfully recommend.
The greatly improved condition Ut the Treasury, Of
fords subject for general congraulation. he para
ysis which had fallen trade and commerce and which
subjected the Government to the necessity OF resorting
to loans, and the issue Of Treasury notes. to large
amount, has Passed away, and alter the payment Of up
wards Of 81 100000, account Of he interest, and
redemption Of more than 10000 600 Of tho public debt
which alls due the st OF January KIT and setting
apart upwards Of So 00OOu0 the payment Of outstand
ing Treasury notes, and meeting inssament Of this
debts OF the corporate cities the District OF Columbia
an estimated surpus of upwards 81 900 600 and
above the existing appropriations, will remain in the
Treasury at the close VI the fiscal year Should the
Treasury notes continue outstanding heretofore that
interest has ceased upon item and the Government has
invited their return to the Treasury yet they remain
outstanding aordng great facilities to commerce, and
establishing the fact that, under welregulated system
OF finance, the Government has within ITSELF
which render independent in time Of need, not only Of
private loans, but also Of bank facilities
he only remaining subject OF regret Isl that the
naming stocEs Of the government do not all due at
earlier day; since their redemption would be entirely
within its control As it is, may be well worthy the
confederation OF Congress, whether the law establishing
the sinking fundunder the operation OF which the debts
to great extent extinguIshedshould not, with proper
notifications $50 to prevent accumulation Of
enacted such provision which would authorize The 60
vernmen to into the market for purchase OF its
stock on fair terms would serve TO maintain its credit at
the highest point and prevent, TO great extent those
fluctuations in the price oil its securities which might
under other circumsiancss effect hs credit No appre
hension Of this scr is at this moment enter.aned
the stocks OF the which but years ago
offered Tor sale to capitalists at home and abroad
depreciation, and could find no purchasers are now
and prudent forecast odmonshes US to place beyond the
reach Of contingency the public credit
II NUT also be matter Of unmingled gratcation thnt
under the existing financial system resting upon the
Of 1885, and the resolution Of 1885, the currency OF the
country has attained state OF perfect soundness and the
rates OF exchange between different parts OF the Union,
which in lS4l denoted by their enormous amount the
rency in most Of the States reduced to little
than the mere Of transporting specie from place
to place, and the risk incidental to the operation In
country like that o. the u States where so many induce
ments held for speculation the repositories OF the
surplus revenue consisting OF Banks OF any description
when IT reaches any considerable amount require the
closest vigilance on the part OF the Government All bank
ing institutions, under whatever denomination they may
governed by almost exclusive regard to the in
efest the stockholders That interest consists In
mentation OF profits in the form Of dividends and age
surplus entrusted to their custody is but too apt
TO lead to excessive loans and 10 extravagantly large Is
suss OF paper AS necessary consequence prices are
nomnay increased, and the speculative mania every
where SEXES upon the public mind fictitious state Of
day. money becomes plenty Contracts are entered into
By individuals resting this unsubsantial state Of
things, but tho delusion speedily passes away and the
country is ovcrrun by Indebtedness weghy to
overhem many and to visit every department OF indu
try with great and runous greatest
vigilance becomes necessary the part Of Government
TO guard against this state OF things. The repositories
mus. be given distinctly to understand that the avor oil
the Government will be altogether withdrawn, sub
santiay diminished IL its shall be regarded
additions to their banking capital the foundation OF
an enlarged cIrcuiallon lnc Government through us
mas at all times, important part TO perform in
connection with the currency and It greatly depends
upon Its vg and care whether the country be in
volped in endorsements similar TO those which II has
had recently to encounter aided BY the action OF the
Treasury, shall be preserved sound and healthy
dtion.
The dangers TO be guaried against are greatly aug.
mented by too large surplus oil revenue When that
surplus greatly exceeds amount THAT shall be required
by wise and prudent forecast TO meet unforeseen contn
gencies the Legislature itself may be sezed with
disposition TO indulge in exavagaDt appropriations 10
Objects macy Of which msy and most probably would be
found TO conflict with the Constitution. fancied expe
diency is elevated above constitutional authority and
reckless and wasteul extravaganza but too certainly fol
lows The important power OF taxation, which, when ex
ercsed its most restricted FORM burden labor and
production rcsoted to, under various pretexts for
purposes having no affinity to the motives which
dictated its grant, and the extravaganza OF Govern
ment stimulates individual extravaganza, until the
spirit Of wild and illregulstea speculation, involves
and all in its unfortunate results. In view Of
such fatal consequences, it may DO laid down as
an axiom founded In moral and potcaL truth that no