The Woodstock age. [volume] (Woodstock, Vt.) 1844-1845, 1844-12-12

enormus amount, the great depreciation,
and in fact worthlessness of the curren-
cy in most ofthc States-are now reduces!
to little more than the mere expense OF
Transporting specie from place to place
and the risk incidental to the operation,
In new country like that ofthe United
States-where so many inducements 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 Government
All banking institutions, under whatever
denomination they may pass, are govern
ed by an almost exclusive regard to the
interests of the stockholders, That In
terest consists in the augmentation Of
profits, in the. form of dividends, and a
large surplus revenue entrustcdto their
custody is but too apt to lead to eXces-
sive loans and to extravagantly large
issues OF paper. AS a necessary conse-
quence, prices are nomnally increased,
and the speculative mania everywhere
sezes upon the public mind a licti-
tious state ofprosperity for season cx-
lists; and in the language of the day mon
cy becomes plenty. Contracts ARE en-
tered into by individuals, resting on this
unsubstantal state ofthings, but the delu-
sion speedily passes away, aud the coun-
try is overrun by an Indebtedness ST.
weighty as to overwhem many, and to
visit every department Of industry with
great and ruinous embarrassment. lh"
greatest vigilance becomes necessary on
the part of Government to guard az ainst
this state of things. The repositories
must be given distinctly TO understand
that the favor of the Government will he
altogether withdrawn, or substantially di-
minished, if its revenues shall be regard
CT as additions to their banking capital
or as the foundation of IN enlarged CIR
culation The Government, through it,
revenue, has, at all tunes, an important
part to perform in connection with the
currency; and it greatly depends upon
its vigilance and care, whetherihe coun-
try be involved in cmharrassments slmi-
lar to those which it has had recently to
encounter; or, aided by the action Of the
Treasury, shall he preserved in a sound
and healthy copdition.
The dangers to be guarded against are
greatly augmented by too large surplus
ofrovenuc. When that surplus greatly
exceeds in amount what sha! be requl'-
ed by Il wise and prudent forecast to
meet unforeseen contingencies, the Leg,
islature itself may come t. be seized with
a disposition to indulge IN eYtravaganl
appropriations to objects. many Of which
may-and most probably would--be
found to conflict with the Constitution
A f,ncled cxpediency is elevated above
constitutional authority; and a reckless
and wasteful extravaganza but too Ger
tanly follows, The important power OF
taxation, which when exercised in its most
restricted form, is burden on labor and
production, is resorted to, under various
pretcxts, for purposes having no affinity
to the motives which dictated its grant,
and the extravaganza of Government
stimulates individual extravaganza, until
The spirit of wild and ill-rcgulatcd spec
ulution involves one and all its unloltr
nate results, In view of such fatal cou-
sequences it may be laid down as an
axiom, founded in moral and political
truth. that no greater taxes should be i'm
posed than are necessary for an eco
| al Ietr f,i' ln
mcnt; and that whatever exists beyond,
should be reduced or modified.
This doctrine docs in no way conflict
with the exercises Of a sound dScrmina-
ton in the selection of the articles to be
taxed, which due regard 10 the public
veal would at all times suggest to the
Legislative mind. 1t leaves the range OF
selection underlined: and such selection
should always be made with an eye to
the great interests oithe country Com.
posed MS in tic Union, Of separate and
independent States, a patriotic Lcgi =
laturc will not fail IN consulting tic in
tercsts of the parts, to adopt such course
MS will be best calculated to advance the
harmony of the whole; and thus ensure
that pcImancncy in the policy of the
Government without which all efforts TO
advance the public prosperity arc vain
and iruilcss This great and vitallv i'm
portant task rests with Co, grcss; and the
Executive can do no more than recon-
mend the general principles which should
govern in its execution.
refer You to- the report oftfe Sccrc-
tary Of War, for an exhibition Of the
condition Of the army; and recommend to
YOU, as well worthy your best considcra-
lion, many crthc suggestions it contains.
The Secretary in no degree cxnggctaics
the great importance of pressing forward,
without delay, in the work of erecting
and finishing the fortifcations, to which
he particularly aIuds. Much has been
done towards placing our cities and road
stcads in state of security against the
hazards of hostile attack, within the last
four years, but cons dcring the elements
which have been, of late years, employed
in the propcling of ships, and the iorma-
lie implements Of destruction which have
been brought into service, we cannot be
to active or vigilanl in preparing and per-
icctng the means Of defence. refer