Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1844-12-13

ders of our government and the forcible entry
into the custom house at Bryarly's Landing, ON
Red river, by certain citizens of the United
States, and taking therefrom the goods seized
by the collector OF the customs, as forfeited un-
der the laws of Texas, have been adjusted, so
far as the powers of the executive extend. The
correspondence between the two governments
in reference to both subjects will be found
amongst the accompanying documents. 1t con-
tans full statement of all the facts and cir
cumstances, with the views taken on both sides,
and the principles on which the questions have
been adjusted 1t remains for congress to make
the necessary appropriation to carry the ar
rangement into effect, which respectfully re-
commend.
The greatly improved condition of the Treas
ury, affords a subject for general congratula-
ton. The paralysis which had fallen on trade
and commerce, and which subjected the gov
ernment to the necessity of resOrtlng to loans,
and the issue of Treasury notes to large a
mount, has passed away; and, after the pay
ment of upwards of 81 100000, on account Of
the interest, and in redemption gilmore than
5000, 900 Of the public debt, which falls due on
the 1st Of January next, and setting apart up
wards of 100000 for the payment of oustand
ing Treasury notes, and meeting an nstalment
of the debts Of the corporate cities Of the Dis
trict of COlumbiu-and estimated surplus Of up
wards of S. 900, 900, over and above the exist
ing approp1 iatiUus, VIII remain in the Treasu-
airy at the close of the fiscal year. Should the
treasury notes continue outstanding, as hereto
fore, the surplus will be considerably augment
ed. Although all interest has ceased upon
them and the Government has invited their re-
turn to the Treasury, yet they remain outsand-
ing; affording great facilities to commerce, and
establishing the fact that, under well regulat-
ell system of finance, the Government has re-
sources within itself, which render it independ'
ent in time of need, not only of private loans,
bat 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 redemp-
ton would be entirely within its control. AS 1t
is, it may be well worthy the consideration of
Congress, whether the law establishing the sink
ing fund-under the operation Of which the
debts of the Revolution and last war with Great
Britain were, to great extent, eXtngushed-
should not, with proper notifications, $50 as to
prevent an accumulation Of SURPRISES, and linn
tied in amount to a specific sum- be re-enact-
ed. Such provision, which would authorize the
Government to 90 into the market for n 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 fluctuations
in the price ofitS securities; which might, under
other circumstances, affect its credit. No APP
tertained; since the stocks Of the Government
which but two years ago were offered for sale
to capitalists, at home and abroad at depreci-
alton, and could find no purchasers, are now
greatly above par in the bands of the holders
but a wise and prudent forecast admonshes us
to place beyond the reach of contingency the
public credit.
1t must also be matter of unmingled grllif-
cation that, under the existing financial system
resting upon the act Of $780, and the resolution
of 1916-the currency Of the country has attain
ell state of perfect s0undnesS and the rates
of exchange between different parts of the IN
ion, which, in 1871, denoted, by their enormous
amount, the great depreciation, aud in fact
worthlessness of the 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 incident to the operation.
In new country like that of the United States
where so many inducements are held out for
specuaton--the repositories of the surplus
revenue, consisting of banks of any description,
when it reaches any considerable amount, re-
quire the closest vigilance on the part of the
government All banking Institutions under
whatever denomination they may pass, are gov
erned by an almost exclusive regard to the in
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 to lead
to excessive loans and to cXtravagantly large
issues of paper. AS necessary consequence,
prices are nomnallv increased, and the specula
tive mania every where seizes upon the public
mind. A fictitious state of prosperity for sea-
son exists and, in the language OF the day,
money becomes plenty. Contracts are entered
into by the individuals, resting on this unsub-
stanial state of things, but the delusOn speedily
oDu tho * with n N
Indebtedness so weighty as to oyerwhelm many,
and to visit every department of industry with
great and ruinOus embarrassment. The great
est vigilance becomes necessary or the part OF
government to guard against this state of things.
The repositories must be given TO understand
that the favors of the government will be alto
gether withdrawn, or substantially diminished,
if its revenues should be regarded as additions
70 their banking capital or as the foundation
of an enlarged circulation. The government,
through its revenue, has, at all times, an impOr-
tant part to perform in connection with the cur
rency and it greatly depends upon its vigilance
and care, whether the country be involved in
cmbamassments similar to those which it has
had recently to encounter or, aided by the &C
ton of the treasury, shall. be preserved in a
sound and healthy condition.
The dangers to be guarded against are greatly
augmented by the large a surplus of revenue
When required by wise and prudent forecast to
meet unforeseen contingencies, the Legislature itself
may come to be seized with disposition to indulge
in extravagant appropriations to objects, many of
which may-and most probably would-be found
to conflict with the constitution. fancied expe-
diency is elevated above constitutional authority
and reckless and waseiul extravaganza but too
certainly follows The important power oil taxa
ton, which, when exercised in its most restricted
form, is burden on labor and production, is re-
sorted to- under various preteXls. for purposes hav-