The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1844-12-11

the Convention concluded between the United
States and Mexico on the Doth Of November,
1913, have been transmitted through our Minis
ter, for the concurrence of the Mexican Govern
ment; but although urged thereto, no action has
yet been had on the subject; nor has any answer
been given which would authorize q favorable
conclusion in the future.
The Decree of September, 1913, in relation
to the retail trade, the order for the expulsion of
foreigners, and that of a more recent date in re-
gard TO passp0rts-aEl of which are considered
as in violation of the Treaty of Amity and Com
merce between the two countries, have led TO a
correspondence Of considerable length between
the Minister for Foreign Relations and our Rep
rdsentatiye at Mexico, but without any satisfac-
tory result. They remain still unadjusted; and
many and serious inconvenience have already
resulted 10 our citizens in consequence of them.
Questions growing out of the act of disarming
a body of Texan troops under the command of
Major Snively, by an officer in the service of the
United States, acting under the orders of our
Government; aud the forcible entry into the Gus
tom house at Bryarly's Landing, on Red River,
by certain citizens of the United States and la
king away therefrom the goods seized by the
Collector Of the Customs, rs forfeited under the
laws of Texas, have been adjusted; SO far as the
powers of the Executive extend. The cores
%pondence between the two Governments in re-
terence to both subjects, will be found amongst
the accompanying documents. 1t contains a full
statement of all the facts and circumstances,
with the views taken on both sides, and the prin-
clples on which the questions have been ad Iusted.
1t remains for Congress to make the necessary
appropriation to carry the arrangement into eff
ect, which, respectfully recommend.
The greatly improved condition ofthe treasury,
affords a subject for general congratulation. The
paralysis which had fallen on trade and commerce
and which subjected The Government 10 the ne
cessity OF Tesorting to loans, and the issue Of
Treasury notes to a large amount, has passed
away; and, alter the payment of upwards Of
S7,OO0,000, on account Of The interest, and in
redemption of more than 5 100000 of the pub
lie debt, which falls due ON tho LIST of January
next, and setting apart upwards of $2,OOO,0OO
for the payment of outstanding Treasury notes,
and meeting an inslalment Of the debts Of the
corporate cities of the District of Columbia-an
estimated surplus of upwards of So, 900,
over and above the existing appropriations, will
remain in the Treasury at the close of the fiscal
year. Should the Treasury notes continue out
standing, as heretofore, that surplus will be con-
~sidorobly augmented. Although all interest has
ceased upon them, and the Government has in
vited their return to the Treasury, yet they re-
main outstanding; affording great facilities to
commerce, and establishing the fact that, under
a well-regulated system Of finance, the Govern
ment has resources within itself, which renderit
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 government do not fall
due at an earlier day; since their redemption
would be entirely within It's control. As 1t is, it
may be we'll worthy the consideration of Con-
gress, whittier the law establishing the sinking
tund-under the operation of whjch the debts
OF the Revolution and the last war with Great
Britain were, TO a great extent, eXtinguished-
should not, with proper notifications, ESQ as to
prevent an accumulation Of surpluses, and limi-
led in amount TO a specific sum- be re-enacted,
Such provision, which would authorize the Go
vernmentto go into the market for a purchase of
its own stock, on fair terms, would serve 10 main
tain IFS credit at the highest point, and prevent,
to a great extent, those fluctuations in The price
OF its securities; which might, under other cir
cumstances, affect 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 to capitalists,
at home and abroad, at a depreciation, and could
find no purchasers, are now greatly above par in
the hands of the holders; but a wise and prudent
forecast adnonishes us to place beyond the reach
of contingency the public credit.
1t must also be u matter of unmingled gratif
J~cat!on, that, under the existing financial SYSTEM
resting upon the act of 1889, and the resolution
Of lsl6,--the currency Of the country has at
tanned a state Of perfect soundness; and the
rates Of exchange between different parts Of the
Union, which, in 1871, denoted, by their enor-
nous amount, the great depreciation, and in fact
worthlessness Of the currency in most of the
States-are now reduced 10 little more than the
mere expense OF transporting specie from place
to place, and the risk incident to The operation,
In a new country Ike that of the United States
where so mady inducements are held out foI
speculation-the repositories ofthe surplus rev.
enue, 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 RAY pass, are gov
erned by an almost exclusive regard to the in
terest of the stockholders. That interest con-
sjsts in the augmentation Of profits, in the form
Of dividends, and a large surplus revenue en-.
trusted to their custody is but too apt to lead TO
excessive loans and TO eXtravaganily large issues
of paper. AS a necessary consequence, prices
are nominally increased, and the speculative
mania everywhere seizes upon the public mind
A fictitious state of prosperity for a season exists
and, in the language of the day, money becomes
plenty. Contracts are entered into by individ-
uals, resting on this unsubstantial state of things.
but the delusion speedily passes away. and the
country is oyerrun with an idebtedness so weigh.
y as to overwhelm many, and TO visit every de.
narfmaut of ind,strv with rro,t and rri,oue ON.