The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1844-12-07

In order that The subject may be fully
presented in all its bearings, the cortespon
dence which has taken place in reference Il
IL, since The adjournment Of Congress. be
tween He Unlted States, Texas, and Mex
leo. is herewith transmitted.
The amendments proposed by fhe Senatt
~ fhe Convention concluded between tht
Unfed States and Mexico on ibe 10Th o.
November, ls43, have been transmitted
through our Minister, Tor the concurrence
OF The Mexican Government, but, although
urgei thereto, no action has yet been had
on The subject; nor has any answer been
given which would authorizo a favorable
conclusion in The future.
The Decree of September, lS43, in rela
hon 10 the retail Trade, the order for The ex
pulslon OF foreigners, and ihat of a more
recent date in regard TO passporfs-all OF
which are considered as in violation Of The
Treaty OF Amity and Commerce between
The Two countries, have led 10 correspon
dence OF considerable length between the
Minister for Foreign Relations att our
Representative al Mexico, but without anv
satisfactory result They remain still un
adJusted; and many and serious incorveni
ences have already resulted 10 our citizens
in consequence of them.
The greatly improved condition of the Treasury
affords subject toI general congratulaton. The
paralysis which had fallen on trade and c,mmerce
and which subjected the Government to The neces.
sty of resortlng to oans and the issue of Treasu.
ry notes, to large amount, has passed away; and,
after the payment OF upwards of $1,000 600, on
account OF the interest andin redemption of more
than S5,O00O00 ofthe public debt, which falls due
on the lst of January next, and setting apart up
wards of s2,O00000 for the payment Of outstand.
ing Treasury notes, and meeting an instament of
the uebts OF the rpOrae cities Of the District oil
Columhia-an estimated surplus of upwards of 81 i
10000 over and above the existing appropriations
will remain in the Treasury at the close Of the fiscal
year. Should the Treasury notes continue out
standing as heretofore, that surplus will be consid-
erably augmented. Although all interest has ceas
cd upOl them; and the Government has invited
then return to the Treasury, yet they remain out.
standing; aifordng greet facilities to commerce. and
establishing the fact that, under a well regulated
system of finance, the Government, has RESOURCES
within itself, which render it Independent in time
of need, not only of private oan5 but also of bank
facilities.
1t must also be matter Of unmingIedI
qualification, that, under the existing fnan-
clal system resting upon the act of 1889
and the resolution OF lSl6,-the currenc,
of the country has attained slate of perfect
soundnes; and the rates of exchange betweenl
different parts of ihe Union, which in lS4l
denoted their enormous amount, The gredl
depreciation, and in fact wOrlhessness of the
currency in most of the States --d:e now re |
luced 10 lItie more than The mere expense |
1f nsporlIng specie from place to place, |
and the risk incident to the operation 10 |
new country like ;hat of The United States
where SO many induce uents are held out
or speculaiIon-ihe repositories Of thr
surplus re'eaue, consisting OF Banks of any
description, when il reaches any consdera.
Die Amount, require the closest vigilance on
he part OF The Government. All banking
institutions under whatever denomin alton
hey may pass, are governed by an aImOs,
exclusive regard 10 he interest Of The stock.
holders. That interest consists in the
of profits, in the form ol
llvldends, and large surplus revenue en-
rusled 10 their custody is but too apt To
cad TO excessive loans and to eXHVaganHy |;
arge issues oi paper. As necessary con.
prices are nominaIly increased
md the speculative mania every whore
'ezes upon The public mind A fictitious
'laie Of prosperity for season exists: and
II the language OF lhe day, money becomes
,lcnly. CONTRACTS are entered into by in
llvdluals, resting on this unsubstatlal state
If things, bat The dtlusion speedily passes
way, and The country is overrun with an Ii
so weighty as 10 overwhelm
many, and 10 visit every department OF in
uslry with great aud ruinous embarrass Il
nen,. The greatest Wig GLANCE becomes he
essary on The part of Government 10 guard
gainsl this state of things. The depos ,
ories must DE given distinctly 10 under
land that The favors of the Government y
ill be altogether Withdrawn, or subslsn, k
ally diminished, ii its revenues shall be Id
egarded as additions TO their banking II
api,aI, or as The foundation of an enlarged I
REGULATION. The Government, through It's "a
evenue has, at all times, an important part a
} perform in conneXiOn with the currency; liz
nd il greatly depends upon It's vigilance 10
nd care, welher ,he country be involved in Il
mbarrassmenls similar to those which ilIt
as been recently to encounter; or aided
y the action ol the Treasury, shall be a
reserved in sound and healthy c0nd III
ion. v
The dangers to he guarded against are
really augmented by too large surplus r
f revenue. When that surplus greatly ID
xceeds in amount what shall be required IA
y a wise and prudent forecast 10 NEE 4