Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-12-20

IDe sIot ks OF the UoVernment which but
two years ago were offered Tor sale 10
capitalists, at homo and abroad. AT
depreciation, and could find no. purchas.
ers' are now greatly above par in the
hanos oi the holders; but a wise snd
prudent forecast admOnishes US to place
beyond the reach Of contingency the
public credit.
1t must also be matter of unmingled
qualification That, under the existing f.
nancIai system, resting upon the act Of
1889 and the resolution oI 1916 the
curfency OF the couolTy has atlalnei
state Of perfect souEdness; and the rates
of exchange between different parts Of
the Union which IN l84l denoted. by
their enormous amount, he great depre-
CIatIon, and 10 fact worth lessness of The
currency IN most of the States, are now
reduced TO little more than The mere ex-
Pense OF Transporting sPpcie from place
10 place, and the risk incidental to the
operation. In new country IKE that
o' the U0lted States, where 80 many N
duceme nIs are held OUT for speculation,
the repositories Of the surplus revenue
consisting Of banks Of any description,
when il reaches any considerable a.
mount, require the closssl vigilance on
the part ot the Government All bank,
ing institutions, under whatever denomi.
nation they NAV pass, are governed nv
an almost exclusive regard 10 the inter
est Of the stockholders. That interes,
consists in the augmentation of profits.
IN the form of divideuds, and large
surplus revenue entrusted TO tbsir custo
dv is but too apt 10 lead 10 excessive
loans ard TO exlraVagantIy large issues
OF paper. As necessary CONSEQUENCE,
prices are nominolIy increased, aud the
speculative mania eve:v where seizes
upon the public mind fictitious state
ni prosperity Tor season txisls, snd, in
The language Of the dav, money becomes
plenty. Contracts are entered into nv
individuals, resting on this unsuhs,an,ial
state Of thrgs bnt the drluson speedily
passes away, and the country js overruD
ty an Indebtedness so weigh,v az to over
wheIm many, and to visit ever7 depart.
ment OF industry with great and ruinous
embe rrassment. The greatest vigilance
became necessary on the part # Govern.
me0t 20 guard agatNst this state oi ,hngs
The repositories must he given distinct
ly 10 understand ;hal The iavoCs Of ,ha
Government will be altogether with
drawn, or substantially diminished, if its
revenues shall be regarded as additions
70 their banking capital, or as the foun
dation Of an enlarged circulation The
Government, through its revenue. has al
all times an important part TO perform in
ConneXlon with the currency; and il
greatly depends upon its vigilance md
care whether the country he involved il
emhhIrassmentS similar TO those which
Il has had recently 10 encounter, or, aid
ed by the action Of the Treasury, shal
be preserved in SQUAD and healthy con
JlitOn.
The dangers 10 he guarded against arp
greatly augmented by too large o sur
plus Of revenue When that sur2lus
greatly exceeds in amount what shall
be required by wise and prudent fore.
cast to meet unforeseen contingencies, the
Legislature Irself may come to he seized
with disposition TO indulge in ex,ravR-
giant appropriations 10 objects many o
which may, and most probably would. he
found 10 conflict with the Constitution
A iancied expediency is elevated above
constitutional authority; and n reckless
aud wasteful exravagance but too Ger.
taln|y follows. The important power OF
taxation, which, when exercised in its
most restricted form, is a burden on Ia e
Dor and production, is resorted to. under
various rretexls, for purposes having nc
affinity 10 the motives which dictated its
grant, and the extravaganza of Govern
mont stimulates individual eXtravogance
unIil The spirit OF a wild and l-regulat-
ed speculation involves one and all in lis
unforeseen results 10 view of such fatal
consequences, il NAV he laid down as
an axiom, founded in moral anG political
truth. that no greater taxes should be
imposed than are necessary for an eco
nomlcal administration Of the Govern
ment; aud that whatever exists hevond
should he reduced or mrdifpd Thi.
doctrine does in no wov conflict with the
exercise Of a sound discrimination in
the selection Of the articles 10 lie taxed
with a due regard to the pubic veal
would a. all times suggest to the Lepisla
tive mind Il leaves the range o. selec.
tion undrfned; and such selection should
always be made with m eya 10 The great
Interes s Of the country Composed as
is the Uaion Of separate and in4eprn
dent States, patriotic Legislature will
moi fail, in consulting the interests ol
the parts. TO adopt such course rs will be
best calculated to advance The harmony