Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1844-12-18

citizens ofthe United States. and taking
! away hre from the goods seized By the
Collector ofthe Customs, as forfeited un.
!. der The laws of Texas. have been adjusted
so far as The powers of the Executive ex-
} teud, The correspondence between Tile
two Governments in reference TO both
subjects, will be found among he accom-
panving documents. II contains "a full
statement of all facts and circumstances,
with the views taken m both sides aid
the principles on which The questions
have been adjusted. ltrelflains for Cor:
gress 10 make the necessary approprialion
TO carry The arrangement tito effect, Which
respectfully recommend. 80 ,'t
The greatly improved condition ,ofthe
Treasury, affords, a subject for general
congratulatioa. The paralysis which had
fallen OH trade and commerce, and which
subjected the Government 10 the necessi-
" of resOrling to loans. and The issue Of
Treasury notes. TO large amount has
passed away; and. after the paymen, ns
upwards of 81 ,OO0,0nO, on account of the
interest, and redemption Of more than
S5000,000 OF The public debt, which falls
due on The Isl Of January next. and selling
apart upwards of S2,O00,000 for the pay
mey of outstanding Treasury noIes and
meeting an instalment Of The debls of the
corporate cities, Of lhe District Of Coum
bia-an estimated surplus Of upwards Of
$1,000 600. over the above existing ap-
propria,ons, willremain in the Treasury
at The close ofihe fiscal year, Should the
Treasury noles continue outstanding as
Heretofore. that surplus will be considefa
bly, augmented. Although all interest
has ceased upon them, and the Govern
ment has invited their return TO the Frea-
sury, vet they remain outstanding afford
ing great facilities TO commerce, aud es
tablishing the fact that, under well reg
ulaled system Of finance, the Government
has resources within itself, which render
il iidependentin.t in time of need, not only
Of private loans, bul also OF bank facilities.
The only remaining subject ofregret is,
that the remaining stocks Of the govern
ment do not fall due al an earlier. days;
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 great extent, e;s-
tingnished- should not, with proper
notifications. ,(sn as TO prevent an, is,ccri-
mutation. of surpluses, and limited in a
mount TO specific sunny he reenac. ted.
Such provision, which would euttIorize
the Government to go into The mar kel for
a purchase of its own stock. on fair terms,
woull serve to maintain lis credit al the
highest point. and prevent, to great
extent. those fluctuations in Inc price of
its securities; which might, under other
circumstance, affect its credit. No appre.
hension ofthis SORT is, at this moment. en-
lertained. since The STOCKS of the Govern
ment when bu two years ago were offered
for sale TO capialisis. at home and abroad.
al depreciation, a'id could find no pur-
chasers. are noIy greatly above par in the
hands oilhe hoIde RS; but wise and pru
dent forecast Tflmonishes us TO place
beyond The rea ch of contingency The pub
| lie credit
IL must also be a matter Of unminefed
i qualification, thas under the existing finan
clal system'-resIing upon the act of 1888,
and the resolution Of lSl6-the currency
has attained a state of perfect souudness;
and the rates RI exchange between diffe
rent parts of the Mon, which, in lS4l,
denoted oy their enormous amount, the
great depr eciation, and in fact worthless
ness OF ttl le currency in most of the States
are NJ 3w reduced TO little more than the
mere Expense Transporting specie from
place. 10 place, and The risk incident TO the
operation. In anew country like that oil
the United States-where so many in
d'dcements are held out for speculation
The repositories of the surplus revenue,
consisting Of Banks Of any description,
when il reaches any considerable amount,
:. require the closest vigilance on the part Of
the, Government. All banking institutions,
: under whatever. denominaliou they may
pass, are governed by ain almost exclusive
regard 20 the interests Of the stockholders.
That interest consists in The augmentation
of profits, in the form OF dividends, anda
large surplus, revenue entrusted TO their
custody is but 100 APT lU lead to excessive
loans and 10 ex,ravagantly large issuesaf
paper As. necessary consequence, prf-
ces are nomiuaIfy increased. aud The spec
nlativs mania seizes upon the public mind.
/ a fictitious state Of prosperity for a sea-
son exists; and. in The language of The
day. money becomes plenty. Contracts are
entered inlo by individuals, resting IN this,
substantial state fittings. bnl the delusion.
speedily passes sawaEsspd the country is
overrun by an in.lsbfs 5ness so weighy as
TO overwhelm many, aud 10 visit every de-
partment Of industry with great and ruin.
Gus embarrassment. The greatest vigi-
lance becomes necessary on the part oli
Government to guard againsl this state Of
things. The depnsitories must be given
distinctly to understand that tho favprs Of
1 the (3oyprnment will he altopether with