Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1844-12-12

bs found amongst the accompanying uocn
.rc,,s II contains full stat mcnt OF all
Inc facts and circumstances with the views
nixon ON both sides, and the principles on
which the questions have heen adjusted
f. remains Tor Congrcs 10 make the neces.
>ary anproprnlion TO carry the arrangement
INTO effect which respectfully recon
mend
The greatly improved condition Of the
Treasury. affords subjec, for general con.
graduation. The paralysis which Ind
fallen on trnde and commerce, and which
had subjected the Government to the ncces'
sily of resorting TO loans, and the issue OF
Treasury notes. TO large amount, has
passed away, and after the payment OF up.
war ds Of 81 600 600. on nccoun, OF The m
ter, st, and IN redemption Of more than 81
O00. 900 of the public debt, which falling
due on the Is, Of January next and setting
apart upwards of 50 600 600 for the pay.
menl Of outstanding Treasury notes, and
meeting an cnsialment of the debts OF the
corporate cities of the District Of Columbia
-nnd estimated surplus Of upwards Of 81,
900 600 over and above the existing appro-
pria,ions, will remain in the Treasury at
the close oflhe fiscisl year Should the
Treasury notes continue outstanding, as
heretofore. that surplus will be considerably
anrc ented Although all interests had
ceased upon them, and the Government, had
invited their return to the Treasury, yet
they remain outstanding ; afording great
facilities 10 commerce, and establishing the
fact, that under weil-regnlated system Of
finance. the Government had resources
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 an earlier day; since their
redemption would be entirely within its con-
troll As il is, it may he well worthy the
consideration of Congress, whether the law
establishing the sinking lund-nnder The OPP
Grafton of which the de BIT Of the Revolution
and the last war with Great Britain were TO
a great extent, ex,nguished-sh should not with
proper notifications $50 as to prevent an ac-
emulation OF the surplusses, and limited in
amount 10 specific sum- be re-enacted -
Such provision, which would authorize the
Gov ern ment TO 90 into the market for pur-
chase Of its own stock, on fair terms, would
serve TO maintain its credit at the highest
point. and prevent, to great extent, those
fiuctu aiions in the price of securities, which
might, under other circumstances, affect its
credit No apprehension of this sort is at
this moment, entertained; since the stocks of
the Governments which but two wears ago
were offered for sale TO capitalists, at home
and abroad, at a depreciation, and could find
no purchasers, are now greatly above par in
the hands OF the holders but a wise and pru
dent forecast admonishes US to place beyond
the reach Of contingency tho public credit.
1t must also be matter Of unmingled graf
that under the existing financial sys-
iem-resiing upon the act Of 1883. and The
resolution OF lSl6,-the currency of The coun
try has attained state Of perfect soundness
and the rates Of exchange between the diff
ierent parts Of the Union, which in Is4I, do.
noted by their enormous amount, the great
depreclaIiOn, and n fact wOrlhlessness Of the
currency in most Of the Sales-are now re-
duced TO little more than the mere expense
OF transporting specie from place to place,
and the risk incidental to the operation. In
a new country like that of the United States
where so many inducements are held out
Tor specnlaton--the repositories Of the sur
plus revenue. consisting of Banks Of any des-
crpilon, when it reaches any considerable
require the closes, vigilence on the
part OF the Government. All banking insii-
tutlons, under whatever denomination thew
may pass, are governed by an almost exclu-
s:ve regard to the interest OF the stockholders.
That interest consists in the augmentation Of
pr ofls, in the form Of dividends, and large
surplus revenue entrusted to their custody is
but too apt to lead TO excessive loans and 10
extravagan'ly large issues Of paper. As a
necessary consequence, prices are nomnaly
increased and ,he speculative mania every
where seizes upon the public mind.
A fictitious state of prosperity for sea.
con exists; and, in the language of the day,
money becomes plenty. Contracts are en-.
tered into by individuals, resting on this I'm.
substantial state of things. but the delusion
speedily passes away, and the country is
overrun BY an Indebtedness so weighty asI,o
overwhelmn many, and to visit every de-
patment of industry with great and ruinous
embarrassment The greatest vigilanee
becomes necessary on the part of the Gov.
eminent TO guard against this state of
Kings. The deposits must be given dis.
inctly 10 understand that The favors of the
Government will be altogether Withdrawn
'r substantially diminished, if lis revenues
shall be regardedas additions 10 their bank.
ng capital, or as the foundation of an en-
arged circulation. The Government
trough its revenue, has. at all times an i'm.
,orlant part TO perform in connexion with
he currency; and it greatly depends upon
is vigilance and care whether the country
De involved in embarrassmenis similar 10
hose which it has had recently to encoun.
er; or, aided by the action ofthe Treasury
hall he preserved in sound and healthy
condition,
The dangers to be guarded against are
greatly augmented by loo large surplus of
eyenue. when lha, surplus greatly ex-
eeds ia amount wha, sha II be required by |