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

] NEIlull tlllLEll1 VI lllJ ANlAAIN 'gf''N't 49,
taking away theroIrom the goods seized
by the Collector Of the Customs, as for
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 nc.
companying documents. 1t contains full
statement of all the facts and circumstan-
cesI 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 effect,
which respectfully recommend.
The greatly improved condition Of the
Treasury, affords a subject for general
congrauiation. The paralysis which
had fallen on trpde and commerce, and
which subjected the Government to the
necessity Of resOrting to loans, and The IS
sue of Treasury notes, 10 a large amount,
has pssead away; and after the payment
of upwards Of $1,000, 900, on account of
the interest, and in redemption, Of more
than So, 10000 of the public debt, which
falls due on the first of January next, and
setting apart upwards of S2,0OO,OOO for
the payment of outstanding Treasury
notes, md meeting an nstaIment OF the
debts of the corporate cities Of the District
Of Columbia--an estimated surplus OF up
wards of S7,000,000, 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 10 the
Treasury, yet they remain outstanding,
afording great facilities to commerce, and
establishing tho fact that, under 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.
CIlltles,
The only remaining subject of regret is,
that tho 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 well
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, OK
tinguished-should not, with proper mod
ilications, $50 as to prevent an accumua-
ton Of surplusses, and limited in amount
TO specific SUM be lo.enaCted. Such
provisions, which would authorize the
Government TO 90 into the market Tor a
purchase of its own stock, on fair terms,
would serve to maintain its 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
cumstancos, affect its credit No apprc.
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 and
abroad, at depreciation, and could find
no purchasers, are now greatly above par
in the hands of the holders; but a wisG and
prudent forecasto admonishcs US to place
beyond the reach Of contingency the pub.
lie credit.
1t must also be a matter of unninged
qualification that, under tho existing fnan.
cial syslcm--resiing upon the net of 1889,
and the resolution OF lSl6--the currency
OF the country has attained a 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, worthIessness Of the currency lin
most OF the Slates--are now reduced to
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 out
for speculation-tho repositories of the
surplus reyenue--consisting of banks of
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
ACCOMMODATIONS 'hog may PooSi hlS SoN-
| erned by an almost exclusive regard to
the interests of the stockholders. The in
terost 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 10 extravagonuy large issues of paper.
As necessary consequence, prices are
nominaly increased, and the speculative
mania everywhere seizes upon the public !
mind, A fictitious state of prosperity for
a season exists; and in the language of The
day, money becomes plenty.
Contracts are entered into by ndiyidu.
ais, resting on this unsubStantial state of
things, but the delusion speedily passes
away, and the country is overrun by nm
Indebtedness so weighty as to overwhelm
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