Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1844-01-06
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ulatod adventure and speculation 10 a
cxtrayagunt extent has been happily ~,
cccdod by the substitution of tho precio,
metals and paper promptly redccmab
IN specie, aud thus false values have III
appeared, mud a soundcr condition ,
things has bcon introduced This tran
sltlon, although intimately conncclc
with the prosperity o. the country, ha
nevertheless been attended with muc
embarrassment to tho government in II
financial con orns So long as the fol
elgn imporlrs could receive payment 70
their curgoes in currency of greatl
less value than tina, in Europe, but full,
available here, IN the purchase of on
agricultural productions, their profits be
ing immeasurably augmented by the ope
GRAFTON, the shipments were large, ant
the revenues of the government becam,
superabundant Bat the change in the
charaT of the circulation from a nomin
al and apparently real value in the lirsr
stage Is existence, to an obviously de
precla& aIue in its sccon |, so that it no
longer answered the purpose Of exchange
or barter ard lis ultimate substitution by
sound anetaIic aud paper circulation
combined, has been attended by dmin-
ished importatlons and consequent fall
ing off inThe revenue III S has induced
Congress, from 1887, to resort to the OK
pedient Of issuing Treasury notes, and
nnally OF funding them, in order to sup
ply deficiencies. cannot, however,
withhold the remark, that it is no way
compatible with the dignity Of the gov
ornmen', that pnblc debt shoIId be |
created in time Of peace to meet the cur
rent expenses of the government, or that
temporary expedients should BE- resorled
TO an hour longer than it is possible to
void them. The Executive can do no
more than apply the means which Con-
gress places in its hands for The support
OF Government; and happily for the good
Oh the country and for the preservation
Of It's liberties, 1t possesses no power to
evy cxactlon on the people, or to force
rom them contributions to the public
revenue in any form.
II can only recommend such measures :
3 may, in its opinion be called for =
y The wants Of the public service, TO Il
congress, with whom alone rests the il
over to "laA and collect taxes, duties, II
nposts, and excuses" This duty has up. .,
n several occasions heretofore been y
erlormed. The present condition of +
lngS gives flattering promise that a
'ade and commerce are rapidly reviving, |,
nd fortunately for the Country, the sour q
IS of revenue have only to be opened to n
rove abundant. +
Whika~e can anticipate no considera- S
lie fachnase in the proceeds Of the sales ii
theAsblc lands, for reasons perfectly IL
bvlous TO all, for several years to come. n
ct the public lands cannot otherwise S
nan 0e regarded as the foundation Of
nc public credit. With so large a body Il
the most fertile lands in the world un- Fl
er the control and at the disposal Of the e
no one can reasonably doubt S
nc ability of the Government to meet its b
Engagements under every emergency g
n seasons Of trial and difficulty similar TO s.
hose through which we are passing, the a
apitalist makes his investment in The Ia
overnment stocks with the most assured In
onhdence OF ultimate reimbursement. a
nd whatever may be said in period Of "
reat financial prosperity, such as exis. b,
I'd some years after 1888, | should re. W
ard II as suicidal, in season OF fnan- in
lal embarrassment, either to ALLEVIATE c.
he lan0s themselves, or the proceeds ari. m
ng from their sales. The first and &C
lramount duty orthose TO whom NAV be re
trusted the administration of public af- cy
irs, is TO guard the public credit-In W
establishing the credit Of the central re
the readiest and most obyi- ar
Is mode is taken TO restore the credit of sa
le States. The extremilies can only be or
ade sound by producing healthy &C III
on in the Central Government. and the ne
STORY OF the present day fully establish SIT
J the fact, that an increase in The value 70
the stocks OF this government, will, in wi
oil instances, be attended bv 81;
increase in the value OF the stocks ofIof
e States. IL should, therefore, be err
after a reorganization that amidst the to
arising from surroun- to
ng circumstances, the credit of the gov
nment should have been so fully res. is
red, that 1t has been enabled to effect a of
an OF seven millions of dollars to redeem m;
ut amount Of Treasury notes, on terms the
r more favorable than have been offer of
Tor many years. And the six per pc,
ut, stock which was created in l842, III
advanced in the hands OF the holders an
nearly 90 per cent, above its par val il
The confidence of the people in e TN
egllty Of their government, has thus cur
IN signally manifested. These opin. un,
S relative TO the pubic lands do not lieI
any manner conflict with the obser- Of
nee Of the most liberal policy towards con
sc oil 0ur (fllom oitf1anrH ,.,ho