Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1853-12-22
TENN., THURSDAY, DEC %, 1858. h

: llOnS re;cnlng 10 Europe on tne on
J. side, and on the other side to the dis
+ tant realms of Asia.
S | am dee ply, sensible Of the i'm
: mense respo visibility which he pre-
t Sc bit magnitude Of the republic, ano
: tn e diversity and multiplicity Of it
e interests, ,devolves upon me; the allie
q Walton Of which, so far as relates t.
J, the Immediate conduct Of the public
business, is, first, in my reliance OF
| the wisdom 4 nd patriotism of the two
: Houses Of Congress; and secondly
! in the direction afforded me by the
principles ofpublic poIity.aflirmed by
: our fathers of the epoch of 1898
sanctioned by long experience, and
) consecrated anew by the overwhelm-
, ing voice of the people of the United
, States.
Recurring to these principles, which
constitute the organic basis Of union,
we perceive that, vast as are the func-
tious and duties Of the federal. gov
ernment, vested in, or entrusted to,
its three gre;l departments, the leg
islative, exc ecutive, and Judicial, yet
the substantive power, the popular
force, and the large capacities for So
tial and material development, exist
in the respective States, which, all
being of themselves well constituted
republics, as they preceded, sosthey
alone are ca pable Of maintaining and
perpetuating the America o Union.
The federal government has It's ap-
prqpriate line Of action in the spe-
cife and limited. powers conferred on
it by the constitutions chiefly us to
those things in which the States have
a common interest in their relations
to one another, and to foreign gov
ernments; while the great mass Of in-
terests which belong to cultivated
men, the ordinary business Of life, the
springs Of industry, all the diversi-
fled personal and domestic affairs of
society, rest securely upon the gene
raj reserved powers of the people Of
the several States. There is the effect
i've democracy of the nation, and
there the vital essence Of its being
and its greatness.
OF the practical consequences which
flow from the nature of the federal
government, the primary one is the
duty of administering with integrity
and fidelityrthe high trust reposed in
it by the constitution, especially in
the eapplication of the public funds as
drawn by taxation from the people,
and devoted 10 specific objects by
Congress- HappilyI have no occa-
sion to suggest any radical changes
in the financial policy Of the govern
ment. Ours is almost, if not abso-
lutely, the solitary power Of Christ
endom having surplus revenue,
drawn Immediately from imports ON
commerce, and therefore measured bv
the spontaneous enterprise and ma
tional prosperity of the country, with
such indirect gelaiion to agriculture,
manufactures, and the products Of
the earth and sea, as to yiolate no
constitutional doctrine, and yet Wig
orouslN promote the general welfare
Neither as to the sources of the pub
lie treasure, nor as to the manner Of
keeping and managing it, does any
grave controversy now prevail, there
being a general acquiescence in the
wisdom Of the present system.
The report Of The Secretary Of the
Treasury will exhibit, in detail, the
state Of the public finances, and the
condition of the various branches of
the public service administered BY
that department Of the government.
The revenue of the country, levied
almost insensibly to the Taxpayer,
goes on from year to+year, incl easing
beyond either the interests or the
prospective wants of the government.
At the close Of the fiscal year
ending June 80, 1852, th ere re-
manned in the treasury bal hnte Of
fourteen million six hundred and
thirty-six dollars. The public reve-
nue. for the fiscal year ending June
80, 1858, amounted to fifty-eight
million nine hundred and thirty-one
thousand eight hundred aud sixty /
i've dollars from customs, and two
million four hun ndred and five thou
sand seven hundred and eight dollars
from public land Is and other aiscella-
neons sources, a mounting together to
sixty-one million three hundred and
Lhirty-scven th ousand Eve hundred