Mississippi Democrat. (Carrollton, Miss.) 1844-18??, 1844-12-25

by the Collector OF the CuStoths' DIS ioI-
feited under the laws of Texas, have been
adjusted, so far as the power OF the EXecu-
tive extend. The correspondence between
the two Governments 10 reference to both
subjects, will be found amongst the &C,
companying documents. 1t contains full
statement of all the facts and clrcumstan-
cesj with the views taken on both sIdes'
and the principles on which the questions
have been adjusted. 1t remains for Con-
gress to make the necessary approprla-
ton to carry the arrangement into etiect'
which respectfully recommend.
The greatly improved condition OF the
Treasury, affords a subject for general
congratulation. The paralysis which
had fallen on trade and commerce, and
which subjected the Government TO the
necessity of resorting to loans, and the ls-
sue of Treasury notes, TO large amount
has pssead away; and after the payment
of upwards of 100000, on account of
the interest, and in redemption, OF more
than $5,0O0,O0O of the public debt, which
falls due on the first of January next, and
setting apart upwards of S2,OOO,OOO for
the payment of outstanding Treasury
notes, and meeting an instrument OF the
debts of the corporate cities of the District
of Coumbia-an estimated surplus OF up
wards of 100000, over and above the
existing appropriations, will remain in the
Treasury at the close of the fiscal year.
Should the Treasury notes continue
outstanding, as heretofore, the surplus will
be considerably augmented. Although all
interest has ceased upon them, and the
Government has invited their return to the
Treasury, yet they remain outstanding,
affording great facilities to commerce, and
establishing the fact that, under a well
regulated system of finance, the Govern
ment has resources within itself, which
render it independent in time of need, not
only of private loans, but also of bank ia
cilities.
The only remaining subject of regret is,
that the remaining stocks of the Govern
ment do not fall due at an earlier day,
since their redemption would be entirely
within its control. AS it is, it may be we'll
worthy the consideration OF Congress,
whether the law establishing the sinking
fund-under the operation of which the
debts of the revolution and last war with
Great Britain were, to a great extent, ex-
tinguished-should not, with proper mod
ifications, $50 as to prevent an accumula-
ton of surplusses, and limited in amount
TO specific sunny be le-enaCted. Such
provisions, which would authorize the
Government 10 60 into the market for a
purchase of its own stock, on fair terms,
would serve to maintain It's credit at the
highest point, and prevent, to a great ex-
tent, those fluctuations in The price Of its
securities, which might, under other cir
cumstances, affect its credit. No appre.
tensions Of this sort is, at this moment
entertained; since the stocks of the Gov.
eminent, which, but two years ago, were
offered for sale to capitalists, at home anC
abroad, at depreciation, and could fine
no purchasers, are now greatly above pal
in the hands of the holders; but a wise anl
prudent forecaste admonishes us 10 place
beyond the reach Of contingency the pub
lie credit.
1t must also be a matter of unmingleC
qualification that, under the existing fnan
cial system-resting upon the act of 1889
and the resolution OF lS16--the currenc,
of the country has attained state OF per
feet soundness and the rates of exchange
between different parts Of the Union
which, in lS4l, denoted, by their enor
nous amount, the great depreciation, and
in fact, worthlessnesS Of the currency Sir
most of the States-are now reduced tC
little more than the mere expense of trans
porting specie from place to place, and the
risk incidental to the operation. In new
country like that of the United States
where so many inducements are held on
for speculation-the repositories of the
surplus revenue--consisting of banks o
any description, when it reaches any con
siderable amount requires the closest Wig
lance on the part of the Government
All banking institutions, under whatever
denominations they may pass, are gov
erned by an almost exclusive regard tC
the interests of the stockholders. The in
terest consists in the augmentation of prof
is, in the form Of dividends, and large
surplus revenue entrusted to their custody
is but too apt to lead to excessive loans
and to extravagantly large issues of paper
AS a necessary consequence, prices are
nominally increased, and the speculative
mania everywhere seizes upon the public
mind. A fictitious state of prosperity fol
a season exists; and in the language of The
day, money becomes plenty.
Contracts are entered into by individu
ais, resting on this unsubstantial state o
things, but the delusion speedily passe:
away, and the country is overrun by ar
Indebtedness so weighty as to overwheln
l nd u .r:r;4 ]