The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1844-12-09

tn"t, unuer sne eS's'ng financial syslem@rss,i"0
Oh tue net OF 1862 ana me resolution of Is,eS w.
currency of the country has attained o'O-6,
feet soundness, and the rates of exchona' Of PEI.
different parts OF the Union, which in IsGr e'"eea
ny Their enormous amount, the groot 40 -, uennOlet,
ana IN TACT worthlessness of the currencv IN oNNn,
the States-are now reduced to little moro mo''
mere expenses Of transporting specie from n Tho
P'aoe' unu '"G rlsk incident TO Tho operation I,
new country like that of the United StoteS. 10
many inducements are held out for specnl,,.nHe"
repositories Of the surplus revenue c"yiUn-@o
Banks oil any description, when il reaches ,s Of
siderable amount, require the closest vigilance y con-
part OF the Government y" We
All banking institutions, under whatevo, H.
lion they may pass, are governed BY an AIN ,'"d'
elusive regard TO the interest Of the socL Us' e.
That interest consists in the augmentation NJ Us
IN the form Of dividends, and large surnlr, lO"'
entrusted to their custody is but too ami f., venue
excessive loans and 10 exlravaganty larpe sno. 70
paper AS Il necessary consequence, prices a,on, "
innny Increased, and the speculative moni . "U"'
where seizes upon the public mind A 6c,ioey
state OF prosperity for a exists; and in ibo |
gunse oil the day, money becomes plenty Con,,
are entered into by individuals, resting On ll n,
stantial state OF things, but the deluson speedIy NV
SEES away, and the country is overrun with an it1
edness 30 weighty as to overwhelm many and IN WV
il every department Of industry with great and ,n
Gus embarrassment. The greatest vigilance betor,,
necessary on the part Of Government to guard ,ga,,
this state of things. The repositories must he oiy,s
distinctly 10 understand that the lavors of the roys
ment will be altogether Withdrawn, or substantial,
diminished, f its revenues shall be regarded IA .d
tons to their banking capital, the foundation If
an enlarged circulation. The Government lhrcrub
its revenue, has at all times an important pa ia ne
form IN connection with the currency: and il greatly
depends upon its vigilance and care, whether ibe
country be involved in embarrassmenls similar to
those which it has had recently to cncountet or and
ed by the action oil the Treasury, shall be preserved
in II sound and healthy condition.
The dangers to be guarded against are greatly ,u,
menied by too large surplus of revenue, When
the surplus greatly exceeds in amount what shall be
required by wise and prudent forecast to meuun
foreseen contingencies, the Legislature itself NAV
come to be seized with disposition to indulge in e.
travagant appropriations objects, many Of which
may-nnd most probably would-be found to con-
alct with the Constitution. A Gancicd expedencyi
elevated above constitutional authority; and a rtcg
less and wasteGul extravaganza but too certainly fol.
lows. The important power Of taxation, which
when exercised in its most restricted FORM is A bur.
den on labor and production is resored to- under "a,
rious pretcxts, for purposes having affinity 40 no.
tives which dictated its grant, and the extrayagano
of Government stimulated individual cxtrayqropct
until the spirit Of awful and llregulated specuaIoD
involves one and all in its unfortunate result,
In view of such fatal consequences it may be laid
down as an axiom, founded in moral and political
are necessary for an economical administration orae
Governments; and that whatever exists beyond,Eogd
be reduced modified The doctrine do4 mno
way conflict with the exercise of SQUAD di,cyrra
lion in the selection of the articles to be taxed whha
due regard to the publ veal would at all times sug.
sest to the Legislative mind 1t leaves the range OF
selection underlined; and such selection should always
be made with eye to the greo, INTERESTS Of the
country. Composed is the Union Of separate and
independent States. patriotic Legislature will not
fail IN consulting the interests of tho parts, 10 adopt
such course as will be best calculated TO advance the
harmony Of The whole; and has ensured that perma.
nency in the policy Of the Government withnut which
all efforts TO advance the public pros perty vain
and huitless. This great and vitality important task
rests with Congress; and the Executive can 90 no
more than recommend the general principles which
should govern in its execution.
refer TO the report of the Secretary of War for
an exhibition ofthe condition fthe army; and
mend TO you, well worthy your best consideration.
many Of the suggestions it contains. The Secretary
in degree exaggerates the great Importance of
pressing forward, without delay, in the work Of cree
ling and finishing the foriifc atoms, to which he
alludes. Much has been done towards
placing our cities and roadsteods in state of safety
against The hazards of hostile attack within the last
four years; hut considering the elements which
have been, of late years employed in the prnpeIlng
of ships and he formidable implements of des'ruc'
lion which have been brought into service, we can
not ne 100 active or Vlglent IN preparing anu p'''.
ing the means of defence. refer you. also to his
report for full statement of the condition OF the
Indian tribes within Jurisdiction. The EHccu'
Itive has abated effort in carrying into effect the
well established policy of Government which conem'
plates removal of all the tribes residing within the
limits of the several States, beyond those limits ana
/ is now enabled to congratulate the country al Tue
prospect Of an early cousummltlon OF this Object
Many of the tribes have already made great progress
n the of civilized life; and through the operation
If the schools established among them, aided by Inc
forts of the pious men of various religious denom
nation s-who devote themselves 10 the task OF lhelf
mprovement-we may fondly hope that, the remains
# the formidable tribes which were once the masters
# this Country WILL in their transition from the saw
ge state to condition of refinement and cultivation
i'd another brilht trophy to adorn the lacorS Of
veil directed philanthropy.
The accompanying report ofthe Secretary Of 'no
Navy will explain to You the situation OF that OranV"
# the service. The present organization OF Inc pr
imparts to its operations great enea'!i
nut concur fully in the proprieiy OF a d.Vls'o"w
he Bureau Of Construct IN. Equipment and heP""I
nto two bureaus. The subjects, as now aHa"s
re incongruous, and require, to a certain extent !"
ormaton and qualifications altogether dlssmiNr'
The operations of the squadron on the coas'
frica have been conducted with all due attention
he object which led to its organization; anu a."
appy to say that the officers and crews have eUyUyI
d the best possible health under the system aooPtu
y the officers in command. 1t is believed tha' Wv
United States is the only nation which mas ny w
avs subjected to dc ath, Us pirates, those VINO nai
e engaged in the slave trade. similar enaC."'"'