The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-03-28

thanks, or the banks pe Treasury when n.ahcr
lean staRf alene.- This scheme will furnish 4.
country wair 81 deprecated currency. amt
entail upon 1t all the evils ola deprecsated
ard still deprcriafine currency, in which evil the
Government. mall its financial interests. must
participate. The experiment cannot succeed
We cannot tlsl am instance in. the history Of na-
'iOns where such Il financial experiment has SUE
cceded. The fate Of the continental me.cp of
the Revolution, Of the French a~sSi.1dats. 81 the
experiments in our own country of State hank,
kis>uing paper uton State credit, all show That Il
rcurrcncy resting upon the naked credit Of the
Government must necessarily fail.
National cretla n HE Individual credit, Of no
Fvalue exceps rs II i tasctl zpon adequate Rscans
OF meeting its engagements. Paper issued pro-
iessedly 10 cover n deficiency of revenue, without
provision for its redemption, will he like the pat
per of an in$olvent ivihsh worthless.
have said that Treasury netcs rsas cRlble
Won TO anticipate revenue. But no man supI,uS-
t. that, while this war continues, YOU will have
any surplus Of revenue over your current cxpcn-
kditurcs. Nay the reverse will be the case. There
must be an aaintah Accommodation Oi ,~ctirirnr,
and of debt. lfyou would anIirisxite, ven nnSi
look forward TO i perio'l bcrond the dsriij0n Of
/ this war-to the revenues Of peace-for AN in,Icfi-
mite period. II. therefore, YOU would anticipate
the means OF rcdeemins them, YOU must make
YOUR notes payable upon time, with IL rate of in
i NItNt COEIt>l tllllitS VIII the value OF Nptir StOCk.
This would place eIcnf en- n par with that stock !;
and. il the latter would not he taken. she former
would NOT avail BtN it Won make thers Il mode
of investment: rller cease To he n rIAreS~y.
There Is but one mOlc in which Treasury Betcs
can he kept in credit as Il currency. anA that is.
as ] have already suggested, by providing. adc-
dnafe means of redemption when the issue i au-
tlIorized. Dut what means car Won provide z
Your current e~SpcH!fnrc will absorb all vour or
| ,linnry- svs.rafa and al tvbt.b ...r l. 49,
from existing sources. Yoa have but one re-
source lcft-a direct tax. repeat, Won have no
other mode of prov rling for an issue Of Treasury
notes 10 rover the deficiency in the revenues, AMI
this must he rcsOrted To. And il the people Of
this country will submit to direct taxarion for the
purposes Of this Mexican wHr. they will give YOU
strong evidence Of their appreciation of your po.-
icy.
/ believe / have shown that neither loans nor
Treasury notes will answer your purpose. You
cannot command the means of relieving vour
Treasury for The comIu. reaT> But the enfire
occupation Of McXicOh contemplated, and il NAV
last for wears. II 20, where are the means for a
protractc'i warfare or occupation of that country
10 he found ! What will lie the condition. Of
your finances, or Of the commercial and monetary
affairs OF this country, with an annual dcficiencv
in your Treasury, for II series Of years, Of from
thirty to forty millions y scaT!
Sir, these evils are only TO be removed IN ~
moving the cause which has pr~lmccH f,em.
Put an end TO this war. and let the finances and
The country revive Ly The crce ~ its eksrsSr cner>
:ies under the sunshine ri pcare.
nr.rr. tn, NJ.
,Lerc Sir LAM r.;n;.oJ 20 81 T.; ~. .i"'S IS
nJ;N.a -. n"u '"' ny -"
the purpose Of military cOniriI,UicH is sill en-
fcrtaincd. j have always regarded this riin ~
clIimcrical. How will YOU carry ont y"af rcvc-
"",hc.;,i." v :, ~ :" %s i"
,,, III rao, = ovarS..r, r. ,ro,Li
- -" r. s""
Ill., ,b.v Ill I.e-,,, o,,5 49,! I,a;
- -: =" ""
nr! -" mns, "e cmP;".e", anu inc wno,e mat
rnd military contribution into in~discriminatc plum.
der; .-
,r IS ,hnm =, ,ho i"n"ma"". r. = " !"
mo General Ibcv xouiJ cxasn.ra,e II. n,n
and >tarve ourselves ProlGrfi0n would cease.
and the country lc'Ome exhausted.
What expectations can Won entertain Il scri-
Gus relief from that ,OTnfrr That r-ppir are
already Frustrated. Tbrir means are exhausted
by their efforts for their OwH defrhce. IUu have
ovcrrnn their cVnnfrv, dkorgahizcd and d.
placed their Government yof have Tro&cH IN
npon and >uSpcndcf lie occupations and employ
mcntS Of peace; and. above all, have Overlaid
iiclr industry ana IJclr resources win The iiicli-
bus ola foreign army. which you propose to
.prcad OvcrilIrir rrrnllic, To he sulsi>ted npor
them. From n Ir-..ric thus irodden dc~n, i'm
poverisbc'i. d;shrhe-cd, and cxa>pcrsfed. YOU
an expect hT a rcrr harvest of rcseTSr< Sir.
fire AMI sword mc poor fnahrierse Whst YOU
:et from that source will be bat n dro1r in the
hurkct. There may he Il vision Of wealth float
ing before the imagination Of some in tire mines OF
Mexico. Bzt 10 > ~ lie remembered. first. that
these rHfFcs are private property many Of them
properly of ErgIi>hmcn-tLe Subjects ct a Power
'""ih ai'e mn ~'lfnc i@pr"'ect Their rights and,
-erhaAiis- mar all Tue mines OF Aiexlro'In The
lands OF THIS Government would prove losing
concern
oH motion: Tic SENATE a"Jo"rncd-
Frtp,y Ian. os.
-,
oe'"' ' ~" az
II the 'hh 10 raisc, for Il lhifffeSiHre, an addition
ii military forre-
Mr. C,s have hscn desired IN STATE thar :,