Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1844-12-12

and the principles On which the questions have |
been adjusted. II remains for C0npess to make |
the necessary appropriation to carry the arrange
ment into effect, which respectfully recommend.
The greatly improved condition Of the Treasury |
affords subject for general congratulati0n. The
paralysis which had fallen on trade and commerce,
and which subjected the Government to the neces-
sty of resortng to l0ans and the issue Of Treasury
Notes, to large amount, has passed away; and af
ter the payment Of upwards Of $1,000 900, on &C.
count Of the interest, and in redemption Of more
than 900 Of the public debt, which falls due
on the LIST Of January next, and setting apart up.
wards Of 200 900 forthe payment Of outstanding
Treasury Notes. and meeting an instalment Of the
debts Of the corporate cities of the District Of Co
lumbia-an estimated surplus Of upwards Of st.
100000 over and above the existing appropriations
will remain in the Treasury at the close Of the s-
cal year. Should the Treasury Notes continue OUT
standing as heretofore, that surplus will be consid
erably augmented Although all interest has ceas-
ed upon item, and the Government has invited
their return to the Treasury, yet they remain out
standing; alEordihg great facilities to commerce.
and establishing the fact that, under wel.regula-
ted system of finance, the Government has resour.
ces within itself which render it independent in
time Of need not only Of private loans, but also Of
bank facilities.
The only Remaining subject Of regret is, that the
remaining stocks Of the Government do not fall due
at 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 ope.
ration Of which the debts Of the Revolution and the
last with Great Britain were, to great extent,
extinguished-should not, with proper modifca-
tons, $50 to prevent accumulation Of surplus
es, and limited in amount to specific eum,) be re-
enacted. Such provision, which would authorize
the Governments to TO into the market for pur.
chase Of It's Owl StoekJ on fair terms, would serve
to MAINTAIN its credit at the highest point and pre-.
vent, to great extent, those fluctuations in the
price Of lis securities, which might, under other
circumstances, affect its credit. No apprehension
Of this sort is, at this moment, ENTERTAINERS since
the stocks Of the Government which but two years
ago were offered for sale to capitalists, at home and
abroad, at depreciation, and could find no purcha-
sers, now greatly above par in the hands of the
holders; but wise and prudent forecast admonish.
es US to place beyond the reach Of contingecy the
| public credit -
| 1t must be q. matter Of unmingled qualification,
that, under The sexisting financial system-restng
upon the act Of 1889, and the resolution of 1876
the currencyof$the country has attained state Of
perfect soundness; and the rates of exchange be.
tween different pats Of the Union, which, in 1s4l,
denoted, by their enormous amount, the great de.
probation, anda fact worthlessness of the curren.
cy in most of the States-are reduced to little
more than the mere expense Of transporting specie
from place to place, and the risk incident to the
operation. m1anewcountry like that Of the United
| States--whereiso many inducements are held out
for speculation-the Repositories of the surplus re-
venue consisting Of banks of any description, when
it reaches any considerable amount, require the clo-
sest vigilance On the part of the Government. All
banking institutions, under whatever denomiDa.
tion they may pass, are governed by an almost ex-
elusive regard to the interests Of the stockholders
That interest consists in the augmentation of profits
in the form of dividends, and large surplus reve-
entrusted TO their custody is but too apt to lead
to excessive loans and to exravaganty large issues
a n Nnn0 NNPs0
| nominally increased, and the speculative mania
| every where seizes upon the public mind.
fictitious state Of prosperity for season exists;
and. in the language of the day, money becomes
plenty. Contracts are entered into by individuals.
resting on this unsubstantial state Of things but
the delusion speedily passes away, and the country
is overrun with on Indebtedness so weighty as to
| overwhelm many, and to visit every department Of
industry with great and ruinious embarrassment
The greatest vigilance becomes necessary on the
part Of the Government to guard against this stale
of things. The repositories must be given distinct.
y to understand that the fayors Of the Government
will be altogether withdrawn, or substantially di-
nninished, il ts revenues shall be regarded as add.
tons to theft banking capital, as the foundation
Of an enlarged circulation. The Government.
through its revenue, has, at all times, an important
part to perform in connection with the currency
and it greatly depends upon its vigilance and care
whether the coHhtry be involved in endorsements
similar to those which it has had recently to en-.
counter; or, aided by the action Of the Treasury
shall be preserved in a sound and healthy condi.
tion. y- -....
The dangers 10 be guarded against are greatly
augmented by too large surplus Of revenue When
that surplus greatly exceeds in amount what shall
be required by wise and prudent forecast to meet
unforeseen contingencies, the Legislature itself may
come to be seized with disposition to indulge in
extravagant appropriations to objects. many Of
which may--and most probably would-be found
| to conflict with the Constitution A fancied expe-