Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1844-12-11

reachcs any considerable amount, require the clo-
se5t vigilance the part OF ihe Government.
\ II banking institutions, undor whateyor denom-
nation they may pass, governed by al
mos. exclusive regard to the interest OF the stock
holders. That interest consists IN tho augmcnta-
ton Of profits. in tho form Of dividends, and Il
largo surplus revenue entrusted to their custody
IS bu. too apt ID lead to excessive loans and -
travaganty large issues Of paper. As 4 ncccsa-
~ consequence, prices aro no.nIaally increased,
> and the speculative mania everywhere SEXES upon
the public mind. A fictitious state Of prosperity
for a season exists; and, III the Iang1ag3 of the
day, money becomes plenty. Contracts arc en-
tcrod lato BY individuals. resting on thus subsan-
tisI state Of things, but the dcluson speedily pass
es AWAY, and the country is overrun by an IA
dobtcdncss so wcighty 10 overwhelm many,
and to visit every department of industry wttn
great and ruinoas embarrassment. The greatest
vigilance becomes necessary on the part OF Gov
erntnont to guard agans. this state Of things
The repositories must BE- given distinctly 70 IN
dcrstand that tile ttvors Of tho Government viii
be altogcthor withdrawn, substantially dInn-
shod If its revenues shall be regarded Is aGdi-
tons to their banking capital, as the founda-
ton Of an enlarged circulation. The Govern
lncIt through It's revenue has, at all times, an mn
portant part perform III connoXion with the
I currency: and il greatly depends upon Its vIgi-
lanco and care, whether the country be involved
in cnIba rrassncnts similar to those which 1t has
lad recently 10 encounter; or, aided BY the action
Of the Treasury, shall be preserved III sound
and healthy condition.
The dangers 20 be guarded against are greatly
augmented By too largo a Surplus of revenue
When that surplus greatly exceeds IN amount
whit shall be required by a wise and prudent
forecast TO meet unforeseen contingencies, the
Legislature itself may come to be seized with 4
disposition TO Indulge in cXtravagart appropria-
tions to objects. many of which mav-and most
probably wou.d-be found conflict with tho
Constitution \ farcied eXpedency IS elevated
above constitutional authority: and a reckless and
wastafu extravaganza but too certainly follows.
Tho important power OF taxation, winch, whom
exercised III It's most restricted form. IS q burden
on labor ana production, is rcsortcd 10, under
r.0us prelaxts for purposes having no affinity TO
the motives which dictated It's grant, an! the OK
trayagance of Government stimulates indiyld-
ual extravaganza. until the spirit of wild and i'll
regulated speculation, involves one and AL III its
unfortunate results. In view of such fatal con
su1lcnccs.it may be laid down axiom, foun-
dg,l in moral and political truth, that greater
taxes should be imposed than necessary for
an economical administration of the Government;
and tia, whatcycr exists beyond should bo
ducod or modified. This doctrine does in no
way conflict with the exercise ola sound dscrim-
mutton IN the selection of articles 10 DO taxed
which duo regard to the public veal would at
all tincs suggest TO the Legislative mind. 1t
leaves the range ofsclccton undelincd and such
selection should always be made with eye TO
the gfc;tt interests Vi INC as
is the Union of separate and independent States
n patriotic Legislature will not fail III consulting
the interests of tho parts to adopt such course as
will be best calculated to advance the harmony of
the whole and thus ensure that pormanoncy ~ the
policy of the Government without which ali efforts
10 advance tho public prosperity arc vain and
frljtics<. This great and vitality important task
rests with Congress: and the Executive can do no
moro than recommend the general principles
which should govern in lis execution.
| refer YOU to the report OF tho Secretary Of
War for an exhibition of the condition of the ar
my; and recommend 10 you, as we'll worthy your
best consideration, many of tho suggestions Il con-
tains The Secretary III no degree cxaggerates
the great importance, Of pressing forward. without
delay IN the work Of erecting and finishing tic
Notifications, to winch he particularly aIludcs.
Much has been done towards placing our cities
and roaLstaads in state of security against the
hazards of hostile attack, within the last four
wears: but considering tho new elements which
have been. OF late voars. employed III tho propcli-
ing of ships and the formidable implements OF
destruction which have boon brought into service,
We cannot be too active or vigiIant III preparing
/ and perfecting the means of defence. fer you
also. TO his report for fall statement Of tho con-
dition Of tho Indian tribes within our Jurisdictions
The Executive has abatcd no effort carry Ing
into effect tho woIcsta blishcd policy Of the Gov
crnucnt, which con;cmpiatcs removal OF all the
tribes residing within the limits of the soy raj states
beyond those liinits and it Is enabled to con-
graduate the country at tho prospect OF an oaiy
consum!aation of this object. Many of the tribes
I have already mado great progress in tho arts OF
civilized life; and through tho operation of tho
schools established among them. aided by tho Of
forts OF tho pious of various religious donoml-
natons-who devote themselves TO the task Of
their imp roy cmcnt-wo may fondlv hope that
the remains of the formidable tribes whlclr were
once tho masters of this country will. IN their
transition from the savage state. to condition OF
refinement and cultivation. add another bright
trophy tovsdorn the labors of wcll-dirocted pli-
lanthropy.
The accompanying report Of the Secretary Of
tho Navy, will explain 10 you the situation OF that
branch Of the service. The present organization
of the Department. inparts to It's operations great
efficacy: but concur fully in the proprletv OF