The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1844-12-12

setting apart upwsrds Of 1000 900 tr lhe payment Of
outstanding Treasury nolss and ute ing aR INSTRUMENT
OF the debts Ufthb cnrPuale css the Dsric % Gu.
uMbia Ian estimated sutplnS ot of$S 600 900
O'Sr aud aBass the esslng approPCla.iuns will Ioman
~ The TIuhsnTy the close OF ls fiscal year. Should
he TreAsdry uoiss coiunue outstanding heretofore
ih. surplus will be considerably snted. Although
al interest has ceased upon iheu and the Government
has invited their return to the Treasury yet they
msip outstanding affding gieai sciliues to commerce.
and establishing the ibot thai, under well Tegulaied
system Of nhn' The Government has resources within
ITSELF which render il ndsPeudsnI in time Ofneed, mol
only of private oans but aisa ofhapk facilities. I'd, I
The ony remaining subjec ofregTel IL, that The
maIing stocks Ol the GOvsrRmsni do het fall due at ~
ear Ter dayi sDce Their redemption wOuld be eRTely
within its coniru AZ is, may be ell worthy the
:onsids Grafton of Congress- whether the bshng
the sinking iunh-under the operation of which the \
debts Of the Revolution and lAs war wllG Gedl Briain
were to great extent Observation-Disclosures not, with
proper l"dficaiiOn ESQ as 10 prevent an accumulation
nIsur pisses and ipl cd in an,UuatiO specific sum-
ae enacted Such provision, which would aulhorze
the Govetnmeat g. inss the hAgkst (or purebacs of
It's stock. far erhIs, wQuld 10 maintain It's
credit al the highest point and Pevent, TO great extent
those fluctuations in the price ol ItH securities, (which
might Under other eircmsancss affect s credit. No
apprshanson OF tins sort s this moment siertapsd;
since the stocks Of the Gov rnsn whirh but " Yeas
ago were offered tor sale 10 Capitalists at home aud
abroad. depreciation and could find no purchasers
greatly above par in the hands Of The h0 ders
buta wi.s and prudent forecast adonhSS US place
beyond the roach Of contingency the ptnlic credit,
IL must also be a matter ef unninged gran6cdtion.
that under he existing financial syssm--feslHg Upon
the act Of 1859 line fesouliUn Of lSl6he 6urren
cy ofihe country has attained state Of Perc, soundness
and the rates OF exchange between different parts o The
Union, which, in l64l, denoted, by IheW enormous
amount, the great depreciation. and in fact worthsss.
Of the currency in must VI the StatesIare
dnced IN liIf6 Than ~
ing specie f. ON place 10 place, and the risk incident TO
the opsralion. In new counry like that tho United
StaIes--where so many inducements are held out for
speculaon-the repositories Of the surplus revenue,
consisting oil Banks OF any descriptions when il reaches
any considerable amount require the closest vigilance
on the part of The Government. All banking institu-
ions under whatever denomination they may pass are
governed by almost exclusive regard to the interest Of
the Stockholders That interest consists in the aug.
rnentaon ofprohs in the form Of dividends aud large
surplus entrusted 10 their custody but apt
TO lead excessive hans and 10 extravagany large
sues of paper. AZ necessary consequence prices
nomlnay Increased, add the speculative mania every
where ssizes upon the public. mind. A fictitious state
ofprosperiy tor season exists and in the language Of
the day. money becomes plenty CONTRACTS enter
ed into by individuals, resting on this nnsubsanab
slate of things; but ths delusiOn speedily passes away
and the country is overrun with an Indebtedness
weghtY to overwhsm many and TO visit every de-
parmen Of industry with great and ruinous embarasS.
ment. The grsated Vigilance becomes necessary on
the part of Government TO guard against this state Of
things The repositories must be given distinctly 10
understand that the favor Of the Government Wbe al
together Withdrawn or Substantially diminished if its
shall BE regarded as additions to their banking
capital or az the foundation ofan enlaged croulaon
The Governmen through iis revehGe has, 81 all tines
an important part TO perform in connexon with the
Iency; and 1t greatly depends upon its vigilance and
care, whether the country be involved in embanass>
merits similar to those whehh has had recently 10
counter; or aided by the action of ne Treasury shall
be preserved fn sound and healthy condition. .ag
The dangers 10 be guarded against greatly ags.
mentedby too large surplus Of revenue; When that
surplus greatly exceeds in amount what shall be requi
red by wise and prudent forecast TO unforeseen
contingencies the Legislature isef may become seized
with disposiiion 10 indulge in extravagspt appropa-
Gons to objects many of which ay-and most proba
blv ,wouldbe found to conflict with the Constil1oh
4 fanced expedency is elevated obove constitutional
authority and areeksss and wa'teul sztrayaeanee but
too certainly follows. The imPorlsn power pf taxation
which when exercised ia its moSt restricted form is
burden on labor and productions s Iesorted to, nnter
varouS pretexts for purposes having no affinity 10 The
motives which dictated its grant and the exrayagance
Of Government stimulates individual extravaganza un-
til the spirit ola wild and iregulasd speculation, in
wolves and all in Ne unfortunate results. In view
OF such fatal copSequehces il may be laid down as an
axiom, founded in moral and political truth that 90
greater iaxeS should be imposed han are necessary oy
an economical admibie.ratiGn Of the Governmenl and
that wbsevef exists beyond should be reduced mod
fled. This doctrine does in way couact with the
exercise ofa sound discrimination In the selection Of the
articles to be taxed which due regard to The public
veal would at all times suggest to tho Legislative mind
Ii leaves e range Of selection dnde6ned and such se-
lection should always be made with eye to the great
interests Of The country. Composed Is the Union, o.
sepeate and Independent States, patrotic legislature
will not fail in consulting the interests Of The parts to
adoDt such colrah m T be best calculated 10 advance