Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1844-12-13
II must also be matter of unmingled gra,if.

resting upon the act oil lISv, ana the resolu-
ton OF 16l6,-ihe currency Of the country has
attained state of pc RECT 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
worhlcssness of tle currency in most Of the
States-are now reduced to little more than the
mere expense Of transporting specie from place,
to place, and the risk incidental to the opera.
ton. In new country like that of the United
Siates-wherc so many inducements are held
out {, speculalon---the repositories of the sur.
plus revenue. consisting Of Banks Of any de-
scription, when it reaches any considerable
amount, require the closest vigilance on the
part of the Government. All banking institu.
TONS under whatever denomination they may
pass, are governed by an almost exclusive re.
gard to the interest of the stockholders That
interest consists in the augmentation of profits,
in the form of dividends, and large surplus
revenue entrusted to their custody is but too
apt 10 lead to excessive loans and to eX,rava-
ganiy large issues Of paper. AS necessary
consequence, prices are nominally increased,
and the speculative mania everywhere scizes
upon the public mind
A fictitious stale %! prosperity for season
exists and, in the language of the day, money
becomes plenty. Contracts are entered into by
individuals, resting on this unsubstantal state
Of things. but the deusion speedily passedaway,
and the country is overrun by an indebtedness
so weiyhiy as to pverwlelm many, and to visit
every department of industry with great and ri.
nous embarrassment. The greatest vigilance
becomes necessary on the part Of the Govern.
mcnt to guard against this state Of things The
depositors must be given distinctly to under
stand that the favors of the Government will be
altogether withdrawn, or substantially diminish
ed, if its revenues shall be regarded as additions
To-, L,,, ,l,oC I,y;,, AZ
an enlarged circuIatlon.--1he Government,
through its revenue has, at all times, an impor-
tant part to perform in conl,exion with the cur.
rency and it greatly depends upon its vigilance
and care whether the country be involved in
embarrassmens similar to thoee which it has
had recently to encounter !; or, aided by the &C.
ton of the Treasury, shall DO preserved in
sound and healthy condition.
The dangers to be guarded against are great.
" augmented by too large surplus Of revenue.
When that surplus exceeds in amount what
shall be required by wise and prudent fore
cast to meet unforeseen contingencies, the Leg
isature itself may come to be seized with "A
disposition to indulge in extravagant appropra-
tons, to objects, many of which may-and most
probably would-be found to conflict with the
1 Constitution. A fancied expedicncy is elevated
above Constitutional authority; and reckless
and wasteiul extravaganza but too certainly
follows. The important power of taxation,
which, when exercised in its most restricted
firm, is a burden on labor and production, is re-
sorted to- under various pre'eHts. for purposes
having no affinity to the motives which dictated
its grant, and the extravaganza OF Government
stimulates individual extravaganza, until the
spirit of a wild and ill.regulated speculation,
involves one and all in its unfortunate results.
In view of such fatal consequences, it may be
laid down as an axiom, founded in moral and
political truth, that no greater taxes should be
imposed than are necessary for all economical
administration of the government and that
whatever exists beyond, should be reduced or
modified. This doctrine does in no way conflict
with the exercise f a sound discrimination in
the selection of the articles to be taxed, which
a due regard to the public veal would at all
, times suggest TO the Legislative mind. 1t leaves
, The range of selection underlined and such
lection should always be made with an eye to
the great interests OF the coantry. Composed
as is the Union Of separate and Independent,
n States, patriotic Legislature will not fail in
4 consulting he interests of the parts, To adopt
such course as will be best calculated 10 ad.
vance the harmony of the whole and thus en-
sure that permanency in the policy OF the Gov
o eminent without which all efforts to advance
the public prosperity are vain and frutless
n 'rhis great and viav important task rests will
Congress and the Executive can do no more
II than recommend the general principles which
# should govern in its execution.
n | refer you to the report of the Secretary o
Il War, Tor an exhibition Of the condition of the
d army: and recommend to you. as well worthy
o your best consideration, many of the sugges
h lions it ontang. The Secretary in no degree
Il exaggcrates the great importance. of pressin!
y forward, without delay, in the work of ereclin!
|. and finishing the fortified ions, to which he par
- ticularly aludes. Much has been done toward
). placing our cities IN roadsteads in state O
security against the hazards of hostile attack
!. within the last four years; but considering thu
ii new elements which have been, Of late years
# employed in the propelling of ships. and tn
# formidable implements Of destruction viii,
a have been brought into service, we cannot be 10
d active or vgiIant in preparing and perfectn
the means OF defence. ! refe- you, also, 10 hi
" report for full statement of the condition G
r. the Indian tribes within our Jurisdiction. IN
,r Executive has abated no eflurt in carrying in:
@ effect the well established policy of the Govern
Is ment, which coniemplates a removal OF all tn
ID tribes residing within the limits Of the severa
!. States, beyond those limits; and it is now ena
blcd to congratulate the country at the prospec
. of an early contamination of this object. Man
70 of the tribes have already made great progress
70 in the arts Of civilized life; and through III
" aided by The efforts Of the pious men OF varcu
: religions denomnaions-who devote then
>. selves to the task of their mprovement-w
n. may loudly hope that, the remains Of the fol
I'd mdable tribes which were once the masters
n. this country will, in their transition from tn
nj savage state, to condition of refinement an
IT. cultivation, add another bright trophy to ador
n. the labors Of well.directed philanthropy.
81, The accompanying report OF the Secretary
of the Navy. will explain to you the situation
of that branch Of the service. The present organ
of izaton OF the Department. imparls to its operi
no tons great efficiency; but concur fully in III
Of propriety of division of the Bureau Of Constru'
ct ton, Equipment, and Repairs, into two Bureau
DIS The subjects, as now arranged, are incongruo,
ps and require TO certain extent, information al
he qualifications altogether dssmlar.
nv The operation Of the squadron on the coast
"a, Africa have been conducted with all due atte
NJ. ton to the object which led to its organization
nd and am happy 10 say that the officers and ere
i H. Al