Wisconsin herald, and Grant County advertiser. [volume] (Lancaster, Wis.) 1844-1845, 1844-12-21
WISC SIN Ell E r A L d,

eirners and that of more recent date in egaTd 70
passports, all of which are considered in violation
Of the Treaty Of Amity and Commerce between the
two counIres-have led to a correspondence oil
considerable length between the Minister Of For
eign Relations and our Representative at Mexico,
but without any satisfactory result. They remain
still unadjusted; and many and serious inconyeni-
ences have already resulted to citizens in con-
sequence of them.
Questions growing out 3fthe act OF dsaTining a
body Of Texan troops under command of Maj
Snveiy, by an officer in the service OF the United
States, acting under the orders Of our Government,
and lorcible entry into the Custom House at By
ary's Landing on Red River,by certain citizens oi
the United States, and taking away thereirom the
goods seized by the Collectors OF the Customs, az for
leited under the law Of Texas, have been adjusted
so far as the powers ofthe Executive extend. The
correspondence between the two Governments in
reference to both subjects, will be found amongst
the accompanying documents. 1t contains full
statement of all the facts and circumstances, with
the views taken on both sides, and the principle
on which the questions were adjusted. ltremains
for Congress to make the Necessary appropriation TO
carry the arrangement into effect, which respect
folly ommend
The greatly improved condition ofthe Treasury.
affords subject for general congratulation. The
paralysis which had fallen on trade and commerce,
aud which subjected the Government to the neces-
sity of resortng loans, and the issue ofTreasury
notes to large amount, has passed and after the
payment of upwards Of s. 100000 Oh account OF
interest, and in the retention OF more than S5,-
600 600 of the public debts, which falls due on the
lst of January next, and setting apart upwards OF
S2,000,0OO for the payment OF outstanding Treas
ury notes, and meeting all instalment OF the debts
of the corporate cities of the District of Columbia
An estimated surplus of upwards of $1,000, 900,
over and above the existing appropriations, will re-
main in the Treasury at the close OF the fiscal year.
Should the Treasury notes continue outstanding,
as heretofore, that surplus viii be considerably
augmented. Although all interes: has ceased upon
them, and the Government has invited their retuln
the Treasury, yet they remain outstanding, afford
ing great facilities to commerce, and establishing
the fact that, under well regulated system OF f.
nance, the Government has resources within itself,
which render it independent in time ofneed, not
only OF private IOans, but also Of Bank facilities.
In II new country like that of the United States
where so many inducements are held out for
speculation-ibe repositories of the surplus reven-
ne consisting OF Banks Of am description, when
ii reaches any considerable amount, require the
closest sigilence on the part Of the Governments
All Banking institutions, under whatever denoni-
nation they may pass, are governed by almost
exclusive regard TO the interests of s,oc kholders.
The interest consists IN the augmentation profits,
in the fom of dividends, and surplus revenue en-
trusted TO their CHI uge is but too apt TO lead to ex
cessve loans and to extravaganty large issues of
paper. As necessary consequence, prices are
nominally increased, and the speculative mania
everywhere seizes upon the public mind. "A fic
ttious state of prosperity for a season exists, and
in the language of the day money becomes plenty.
Contracts are entered into by individuals, rest
Il al. al
delusion speedily passes away, and the country is
oyer. IN by an Indebtedness SO weghty as to over
whelm many, in ruinous embarrassments. The
greatest vigilance becomes necessary on the part
of the Government to guard against this state of
things The repositories must be given directly
TO understand that the favors Of the Government
viii be altogether Withdrawn, or Substantially di
minished. il its revenues shall be regarded as adj
ditions TO their banking capitol. The Government
through its revenue, has at all times an important
part to perform in connection with the currency;
and it greatly depends upon its vigilence and
whether the country be involved in em5auassments
similar to those which it has had recently 10 en-
counter; or aided by the action of me Treasury,
shall be preserved in sound and healthy condition.
The dangers TO be guarded against are greatly
augmented, by too large a surplus Of revenue.---
When that surplus greatly exceeds in amount
what shall be required by a wise and prudent fore
cast TO meet unforeseen contingencies, the Legsla-
tufe itself may come TO be seized with DISPOSE
ton 10 indulge in extravagant appropriations TO
objects, many Of which may--and most probably
would--bs found to conflict with the constitution.
\ fanced oxpedisncy is elevated above constu-
tional authority; and reckless and wastelul eX-
uavagance but too certainly follows,
The important power OF taNation, which, VIXEN
exercised in lis most restricted form, is burden
on abor and production, is resorted to, under va
rious prCtcxts, for purposes having no affinity TO
the motives which dictated its grant, and the ex
trayagance of Government stimulates individual ex
ravagance until the spirit OF wild and ill-regula-
ted speculation involves and all, in its unfnr-
tunato results In view of such fatal consequent
ces, il NAV re laid down as an axiom, founded in
moral and political truth, that no greater taxes
should be imposed than are necessary for an econ
omical administration of the Government, and
whatever exists beyond, should be reduced or mod
fled.
This doctrine does in no way conflict with the
exercise OF a saund discrimination in the selection
OF the attces TO be taxed, which due regard to
the public veal would at all times suggest TO the
Legislative mind. 1t leaves the range OF selection
unde fined; and such selections, should always be
made with eye the great Interests OF the eoun-
try Composed as is the Union, of separate and
states, patriotic Leg sature viii not
fail, in consulting the nteres, of the parts, to adopt
such course as will be best calculated TO advance
the harmony of me whole; aud thus insure that
permanently in the policy ofihe Government with
out which y efforts to advance the public prosper
ity, are vain and iiuiless. This great and vitay
important task, rests with Congress; and the Ex-
ecuive can do no more than recommend the gene
raj principles which should govern In its execution
refer you to the report OF the Secretary of War,
for an exhibition of the condition of the army and
recommend to YOU as well worthy your best con-
sidsrNton, many of the suggestions it contains u
The Secretary ia no degree exaggeraies the sreai
importance OF pressing forward without delay, in
the work Of erecting and finishing the Notifications
IN a. rh he ,art;rnla ,lv allndes Mach mas been