The Evansville journal. (Evansville, Ind.) 1834-184?, 1844-12-12


ton, when it reaches any considerable amount.
require the closest vigilance on the part of the
government. All banking institutions, under
whatever denomination they may pass, are gov-
erned by an almost exclusive regard TO the in
terest OF the stockholders. That interest con-
3sls in the augmentation of profits, in the form
Ut dividends. and a large surplus revenue en-
trusted TO their custody is but too apt TO lead 10
excessive loans and to extravagantly large issues
OF paper. As q necessary consequences. prices
are nominally increased, and the speculative
mania everywhere seizes upon the public mind.
a fictitious state OF prosperity for a season ex-
ists; and, in the lang uage OF the day, money be-
comes plenty.
Contracts are entered into by individuals rest
ing on this unsubstantial state OF things. but the
delusion speedily passes away, and the country
Is overrun by an Indebtedness so weighty as 10
oVerwbeim many, and to visit every Department.
of industry with great and ruinous embarrass-
mont. The greatest vigilance becomes necessa-
~ DC the part of government Ia guard against
this state of things. The repositories must be
given distinctly to understand that the favor OF
the government will be altogether withdra "
or substantially diminished, il its revenues shall
be regarded as additions TO their banking capt.
tai, or as the foundation 10 an enlarged circula-
ton.
The important power Of taxation, which, when
exercised in its most restricted form is a burden
on labor and production, is resOrted 10, under va
rious pretexts, for purposes having no affinity to
10 the motives which dictated its grant, and The
extravagance of Government, stimulates incl
vidual extravaganza, until the spirit Of a wild
and ill.regulated speculation involves one and
all 10 its unfortunate results, In view of snch
fatal consequences, it may be laid down as an
axiom, founded in moral and political truth, that
no greater taxes should be imposed than are me-
eessary for aL economical administration of the
government, and that whatever exists beyond,
should be reduced or mod flied.
This doctrine does in no way conflict with the
exercise OF a sound discrimination in the selec-
lion of the articles to be taxed, which q due re-
gard 10 the public weal would at all times sug-
gest TO the legislative mind. Ii leaves the range
OF selection underlined; and such selection
should always be made with an eye to the great
interests OF the country.
] refer you TO the report OF the Secretary of
War for an exhibition OF the condition OF the ar
my, and recommend TO you, as well worthy your
best consideration, many of the suggestions it
contains. The Executive has abated no effort
IN carrying into effect the " ell establishe d poll
ey OF the Government. which contemplate a
removal Of all the tribes residing within the
limits OF the several States. beyond those limits;
and il is now enabled to congratulate the coun-
try Mt the prospect of an early c-onsummatioH of
this object many of the tribes have already made
great progress in the arts of civilized lille; aud
through the operation OF the schools established
among them, aided by the efforts OF the pious
men of various religious mountaineering
devote themselves to the task oil their improve
incentive may fondly hope that the remains Of
the formidable tribes which were once the mas
ters OF this country will, in their transition from
the savage state to a condition OF refinement &
cultivation, add another bright trophy to adorn
the labors oil a we'll directed philanthropy
The accompanying report OF the Secretary of
the Navy, will explain TO you the situation OF
that branch OF the service. The operations of
the squadron the coast of A frIca havebeeH con
Quoted with all due attention TO the object which
led to it's organization; and | am happy 10 sal
that the officers and crews have enjoyed the best
possible health, ender the system adopted by
The officer in command.
In consequences of the difficulties which have
existed in the way of securing titles for the me-
cessary grounds, operations have not yet been
commenced towards the establishment of the
Navy Yard at Memphis. So soon as the title is
perfected no further delay will be permitted to
ictervene. II is well worthy your consideration
whether Congress should not direct the estab-
iishm ent OF a r~ope-walk in connection with the
contemplated navy yard. as a measure not only
of &C onomy but as highly useful aud necessary.
The only establishment of the sort now connec-
ted with the service is located at Boston; and
the advantages OF a similar establishment, coR-
venient TO the hemp growing region, must be
apparent TO all.
In referring You TO the accompanying report
of the Postmaster General, ii affords me contin-
ned cause OF qualification TO be abb TO advert
10 The fact. that the affairs OF the Gepa rtment,
for the last iour years have been so. conducted,
as. from its unaided resources, TO meet its large
expenditures. On my coming into Office. a de6i
oi nearly $500, 600 existed against the depart.
nIent. which Congress discharged by an appro-
priaiion from the Treasury. The department on
The 9TH of March next will be found, under the
management of the present efficient head, free
of debt or embarrassment. There is a strene
desire manifested in many quarters, so TO alte
the tariff OF letter postage as to reduce the a
mount OF tax at present imposed. Should sucf
measure be carried into effect TO the full ex
tent desired, it cannot well be doubted but tina
ior the first years of its ope ration, a diminished
revenue would be collected, the supply OF which
would necessarily constitute a Charge upon thu
Treasury. Whether such a result would be de
sirable, il will be for Congress, in its wisdom
that radcsal alterations in any system should ra
ther be brought about gradually than by sndde'
changes; and by pursuing this prudent polio
in the reduction Of letter postage, the De part
ment might still sustain itself through the reve
nue. which wenld accrue by the increase of lie
iers. The state and condition of the publ
Treasury has, heretofore, been such as TO hav
precluded the recommendation of any maIeria
change. The difficulties upon this head have
however, ceased, aud a large di discretion is nov
left to the Government.
/ cannot too strongly urge the policy Of au
thorislng The establishment OF a line of steam
ships regularly TO ply between this country an
foreign ports, and upon our own waters, Tor III
transportation Of the mail. The example OF TN
British Government is well worthy of imita,io
in this respect. The belief is strongly enter
tanned that the emoluments arising from I'll
transportation OF mail matter 10 foreign cour
! tries, would operate of itself us an inducemel
to cause individual enterprise to undertake tina
branch Of the task; aud the rem uneratiou {
the Government would consist in the additiO
readily made TO our steam navy in case of a
emergency by The ships so employ red. SIoul