The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1844-07-25
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Il i within The knowledge Of every in
ieliigeni man that. when the Nhig Pnsi-
dent Gen. HARRISON came into odiee. be
found an empty Treasury. and he coun-
Try burdened besides BIZ his predecessor
in Office with debts for the payment ii
which no care had been taken, and 4 re-
venue less tllan the euneni expenses of
Ihe Government, which also the ). Demo-
cratic" Administration had leii unprusided
Cor.
An extra session Of Congress AZ iho ear
liesi practicable moment became ineyIla-
bic, and . proclamation 10 that effect was
issued BY President Harrison a. soon rs
the state Of the finances came 10 be with
any certainty asceriained.
Soon after issuing this proclamation,
President Harrison died; but his prOcla-
nation held good, and Congress, having
assembled, went 10 work 10 provide tenn
poranly for the necessities of The Govern
ment, by authorizing loans and the ennis
sion Of Treasury notes TO an amount suf-
ficient TO keep the Government a-gOing
until more permanent revenue could be
devised.
AT the regular session of Congress fol-
lowing. the Wings weAt steadily TO work
TO establish a revenue for the support Of
the Government. In this effort they en-.
countersd the hostility Of all the elements
of a bold and confident minority, and re-
ceiyed no aid or counienaRce from the few
friends ihe President had in Congress.
The Government was in the mean time
becoming more and more involved, and
its credit growing daily less, until ii had
hardly dollar in the Treasury, and ils
credit was so Car reduced that an agent
sent abroad TO make loan could find no
trace Of il after dillgenl search, but was
laughed al by all Europe for his pains.
In the face of every difficulty, the
Wings laid themselves out upon the work,
and, surrounding all impedimenis, passed
Tariff bill, which the President put his
veto upon FAR reasons more exceptionable
than even the exercise of the veto in sucl
J a ease.
Discouraged, but not disheartened-
bent upon discharging their duty in the
face Of every obstacle-the Wings agar
put their shoulders TO the wheels of tho
car of Government, by this time set fas
in slough, and, at the temporary sacri
fee of cherished feature OF their plan oI
Government, passed another Tariff bill,
which received the signature of the Presi.
dent, became the Tariff Act of 1912, and
at once set the Government machine a.
gain in motion.
This is the only part of+he general plan
of Wing administration, which the Wings
whilst they had the majority in both
Houses of Congress, were able to carry in
to effect; and they carried it against the
almost unanimous vote of the Locofoco
party, who began, from the very day Of
its passage, to threaten its repeal, and
have attempted to repeal it at every OPP
portuni,y they have since had.
The best commentary upon the policy
of the Wings, so far as it is embodied in
this act, is comparison between the con-
dition of the Government and country
when that law passed, and their condition
now, 49,.
Ihm the Government Was unable to
borrow money upon any terms. Nor,
six per cent. stock of the United States is
selling at fourteen per cent. advance upon
its par value. and the Government could,
without difficulty, borrow hundred mil
lions Of dollars al less than five per cent.
interest.
Then, without dollar in the Treasury,
the Government was dependant on fresh
issues of Treasury Notes (below par in
the market) for meeting its engagements.
NOp, there is an amount of eight millions
of dollars actually in the Treasury, which
will probably be increased by the first of
January next to surplus of Twelve Mil
lions OF dollars, almost enough to extin-
guish the whole debt created by the last
Administration. ..-s
Then, in every vocation in life, and in
every branch of industry and trade, were
visible stagnation, dependency, and dis
may. NoW, in all branches of industry,
agriculture, commerce, and manufactures,
there is comparative activity, enterprise,
and prosperity.
1t is the policy which has brought
about these blessings that the Locofocos
are bent upon destroying. 1t was against
this policy that all the efforts of the lea
ders of that party were bent at the last
Session of Congress. tits against this po-
Icy that they are waging the most deadly
warfare IN supporting the election of Mr..
Polk, known to be opposed to it, against
Mr.. Clay. its earliest, steadiest, and most
jealous advocate.
Choose We, People Of the United States,
between these opposing candidates and the
antagonist principles, which they repre-
sentl s@:~