American Republican and Baltimore daily clipper., 1844-12-04
PRICE ONE CENT

J
| 'S43, have been transmitted through our MIN
| lister, FOR the concurrence of the Mexican Gov
ernmont; but, although urged thereto, no ac-
tion has yet been had on the subject; nor has a
ny answer been given which would authorize
a favorable conclusion in the future.
The Decree of September, IS43, in relation
to the retail trade, the order Tor the expulsion
| ot foreigners and that of more recent date in
regard to passports all OF which consider
ed as in violation of the Treaty OF Amity and
Commerce between the two countries, have led
to a correspondence OF considerable length De-
| tween the Minister OF Foreign Relations and
ouI Representative at Mexico, but without any
satisfactory result. They remain sti unadjust-
! ed; and many and serious incGnvenences have
already resulted to our citizens in consequence
! Of them.
Questions growing out Of the act Of disarm-
| Ing of body Of Texan troops under the
Inand OF Major Sni,ely, by an officer in the
service OF the United States, acting under the
! o. ders of cur Government: and the forcibie en-
! try into the Custom-hOgse AT Bryary's Land
irg, on Red River, BY certain citizens Of the
United States, and taking away theretrGm th9
goods seized by The Collector of the Customs,
as forfeited under the laws Of Texas, have been
adjusted, so FAR as the powers of the Executive
extend. he correspondence al the two Cav
ernments in reference to both subjects, will be
]
1t contains fail statement Of all the facts and
circumstances, with the views takca on both
sides, and The principles on which the questions
have been adjusted II remains ;or Congress to
make the necessary appropriation to carry the
/ arrangement into effect, which respectfully
recommend.
The greatly improved condition of the Trea~
sury, affords a subject for general congratuia-
ton. The paralysis which had fallen on trade
"A Il s,l H.,
eminent to the necessity OF rcsort:ng to loans,
and the issue of Treasury notes to large a
mount, has passed awayjsnd after the payment
OF upwards of $4,000 account of the
interest, and in redemption OF more than S5,>
COO 900 OF the pubic debt, which falls due on
the lst OF January next, and setting apart up
wards of $4,000 600 for the payment Of out
standing Treasury notes, aud meeting an in
stalment Of the debts of the corporate cities Of
the District Of Colombia an estimated SUI
plus Of upwards of $1,000, 600 over and above
the existing appropriations, will remain IN the
Treasury at the close Of the fiscal year
Should the Treasury notes continue outstsnd-
ing, as herC tosore, the surplus will be consider
ably augmented Although all interest has
ceased upon them, and the Government has in
vi!ed their return to the Treasury, yet they re.
main outs landing; affording great facilities to
commerce, and re- establishing the fact that, ,un-
der we'll regulated system of finance, the
Government has 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 iall due at earlier day; since their re-
demption would be entirely within its control.
As it is, it may be we'll worthy the considera-
tion of Congress, whether the law establishing
the sinking fund-under the operation of which
debts OF the Revolution and last war with
Great Britain were, to great extent, extn.
guished - should not, with proper notifications,
$50 as to prevent an accumulation OF surpluses,
and limited in amount to a specific sum,) be re-
enacted. Such provision, which would authoe-
iZe the Government TO go into the market for1
purchase of its owD stock, on fair terms, would
serve to maintain its credit at the highest point
and prevent, to great extent, those luctua-
tons in the price of its securities; which might,
under other circumstances, feet its credit
NO apprehension of this sort Is,at this moment,
entertained; since the stocks of the Government
which but two years ago were offered for sale
to capitalists, at home and abroad, at depre-
ciatiJn, and could hnd no purchasers, are now
greatly above par in the hands of the holders
but wise and prudent forecast admonishes us
to place beyond the reach of contingency the
public credit.
1t must also be matter of unmnged grati6-
cation, that,under the existing financial system
resting upon the act OF 1883, and the resolu.
ton OF lSl6,-the currency of the country has
attained state Of perfect soundness; and the
rates ofexchapge between different parts OF the
Union, which, in lS4l, denoted, by their epor-
nous amount, the great depreciation, and in
fact worhlessness Of the currency in most OF
the States now reduced 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 for speculation-the repositories ofthe
surplus revenue, consisting of Banks Of any
description, when 1t reaches any considerable
amount, require the closest vigilance on the
part OF the Government. All banking insti-
tutions, under whatever denomination they may
pass are governed by an almost exclusive re-
gard to the interest of the stockho,ders.-
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 aud to
extrayagantly large issues of paper. As ne
cessafy consequence, prices are nominalIy in-
creased and the speculative mania everywhere
seizes upon the public mind A fctitious state
OF prosperity for season exists; and, III the
language OF the day, money becomes plenty,
Contracts are entered into by individuals, rest
ing on this unsubstantial state of thrgs, hut the
desusr speedily passes away, and the country
is oveirun by an Indebtedness 50 wejgaty as to
over"helm many, and to visit every depart.
ment OF industry with great and ruinous en-
barrassment. The greatest vigilance beccnes
necessary on the part OF Government to guard
against this state of things. The repositories
must be given distinctly to understand that the
iavors of the Government will be altogether
~ihdrawn, or substantially diminished, if lis
revenues shall be REGARDED as additions to their
banking capital, or as the foundation Of an en-.
lsrged circulation. The Government, through
its revenue has, at all times, an important part
to perform in connexion with tbs currency ;and