The Yazoo City Whig. [volume] (Yazoo, Miss.) 1844-1851, 1844-12-27

capitalists, at homo and abroad, at a depreci-
ation, and could find no purchasers, are now
greatly above par in the hands Of tie hold
ers; but wise and prudent forecast admon-
isles us to place beyond the reach of con
tingency the public credit.
Il must also be n matter of unminglcd
qualification, that, under the existing finan-
cial system-resting upon the act Of 1859,
and the resolution Of ISl6-the currency
Of tho country has attained state Of perfect
soundness; and the rates of exchange be-
tween different parts Of the Union, which,
in 1871, denoted,by their enormous amount,
the great depreciation, and in fact worthless
ness Of the currency in most Of the States
are now reduced to little more than the
mere expense fer transportating specie from
place 10 place, and the risk incidental 10
the operation. In new country like that
OF the United Staies-wherc so many in
ducements are held out 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 gov
eminent. All banking institutions, under
whatever denomination they may pass, are
governed by an almost exclusive regard 10
the interest OF regard to the interest of the
stockholders. That interest consists in the
augmentation of profits, in the form of dvi-
dends, and large surplus revenue cntrust-
cd TO their custody is but too apt to lead to
excessive loans and to extTavagantly large
issues of paper. AS a necessary conse-
quence, prices are nominally increased, and
the speculative mania everywhere seizes up.
on the public mind. A fictitious state o.
prosperity for a season exists and in tho
language of the day, money becomes plenty
Contracts are entered into by individuals
resting on this unsubstantia state Of things
but the delusion speedily passes away, anC
the country is overrun by an Indebtedness
so weighty as TO oyerwhelm many, and t.
visit every department of industry will
great and ruinous embarrassment. The
greatest vigilance becomes necessary on the
part of the Government to guard agans
this state of things The repositories mus
be given TO distinctly TO understand that tho
iavors of the government will be aliegethe
withdrawn or substantially diminished. i
/ its reVerenues shall be regarded as additions
to their banking capital, or as the founda
| ton of an enlarged circulation. The gov
eminent, through its revenue, has at al
times, an important part TO perform in con
nexion with the currency; and it greatly de
ponds upon lis vigilance and care, whethe
! the country be involved in embarrassment
similar to those which it has had recent
to encounter, or aided by the action of tn
Treasury, shall be preserved in a sound an,
| healthy condition.
The dangers TO be guarded against ar
greatly augmented by TOO large surplus q
reVenue.-When that surplus greatly ex
ceeds in amount what shall be required b
wise and prudent forecast TO meet unfofe
seen contingencies, the Legislature itsel
may come TO be seized with disposition {,
indulge in extravagant appropriations TO OBJ
jects, many Of which may-and most pro
badly woud-be found TO conflict with thr
Constitution. A fanced expediency is Gle
waited above constitutional authority, and
reckless and wasteful extravaganza but to-
certainly follows.
The important power Of taxation, which
when exercised in its most restricted form
is burden on labor and production, is re
sorted TO, under various prctcxts. for pul
poses having no affinity 10 the motives whic
dictated its grant and the extravaganza G
government stimulates individual cxtrava
/ gance, until the spirit of wild and ill-rcgu
lated speculation, involves one and all in il
unfortunate results In view Of such fata
consequences, it may be laid down as q
axiom, founded in moral and political truth
that no greater taxes should be imposed tha
are necessary for an economical administra
ton of the government, and that whatsoeve
exists beyond should be reduced or modif
cd.
The doctrine does in no way conflict wit
The exercise of sound discrimination in III
selection of articles to be taxed which du
regard to the public veal would, at all time!
suggest TO the legislative mind. 1t leave
the range of selection underlined; and sue
selection should always be made with an ey
to the great interest of the country Con
posed as is the Union, Of sepGate and indie
pendent states, a patriotic legislature will nc
fail in consulting the interests of the part.
TO adopt such a course as will be best calcl
lated to advance the harmony of the whole
and thus secure that perrnanecy in the polio
Of the government, without which, all effort
to advance the public prosperity are vain an
fruitless. This great and vitality importar
task rests with congress, and the executiy
can DO no more than recommend the gener;
principles which should govern in its execr
ton.
refer you to the report Of the secretar
Of war, for an exhibition Of tie condition c
of the army; and recommend toyou, as we
worthy your best consideration, many of tb
suggestions it contains. The secretary i
no degree, exaegerates the great importanc
of pressing forward, without delay, in th
work Of erecting and finishing the fortified
tons, in which he particularly alludes. Muc
las been done towards placing our cities an
roadsteads in a state of security against th
hazards Of hostile attack, within the last fou
years: but considering the new element