Newspapers / The Tarborough Southerner (Tarboro, … / Sept. 23, 1837, edition 1 / Page 2
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Out of it, been specially guarded against.. The same policy which Ted to the prohibition ot bills of credit by the Stales, would, doubt less, in that event, have also inter dicted their issue as a currency in any other form. The Constitu tion, however, contains no such prohibition; and since the Slates have exercised, for nearly half a century the power to regulate the business of banking, it is not lo be expected that it will be abandon ed. The w hole matter is now un der discussion before the proper tribunal the people of the Stales. Never before has the public mind been so thoroughly awakened to a proper sense of its importance; ne ver has the subject, in all its bear ings, been submitted to so search ing an inquiry. It would be dis trusting the intelligence and vir tue of the people to doubt the peedv and efficient adoption of such measures of refovm as tire i public good demands. All that can rightfully be done by the Fe deral Government, to promote the accomplishment of that important object, will, without doubt, be performed. In the mean lime it is our duty to provide all the remedies against a depreciated paper currency which the Constitution enables us to afford. The Treasury Depart ment, on several former occasions, has suggested the propriety and importance of a uniform law con cerning bankruptcies of corpora tions, and other bankers. Thro' the instrumentality of such a law, a salutary check may doubtless be imposed on the issues of paper money, and an effectual remedy given to the citizen in a way at once equal in all parts of the Uni on, and fully authorized by the Constitution. The indulgence granted by Ex ecutive authority in the payment of bonds for duties, has been al ready mentioned. Seeing that the immediate enforcement of these obligations would subject a large and highly respectable por- .: r .? - . uuu ui our ciiizt-ns u great sacri fices, and believing that a tempo rary postponement could be made without detriment to other inter ests, and with increased certainty of ultimate payment, I did not he sitate to comply with the request that was made of me. The terms allowed are, to the full extent, as libera! as any that are to be found in the practice of the Kxecutive Department. It remains for Con gress to decide whether a further postponement may not with pro priety be allowed, and, if so, their legislation upon the subject is re spectfully invited. The report of the Secretary of the Treasury will exhibit the con dition of these debts; the extent and effect of the present indul gence; the probable result of its further extension on the state of the Treasury, and every other fact necessary to a full consideration of the subject. Similar information is communicated in regard to such depositories of the public moneys as are indebted to the Govern ment, in order that Congress may also adopt the proper measures in regard to them. The receipts and expenditures for the first half of the year, and an estimate for those of the resi due, will be laid before you by the Secretary of the Treasury. In his report of December last, it was estimated that the current receipts would fall short of the expendi tures by about three millions of dollars. It will be seen that the difference will be much greater. This is to be attributed not only to the occurrence of greater pe cuniary embarrassments in the business of the country than those which were then predicted, and, consequently, a greater diminu tion in the revenue, but also to the fact that the appropriations ex ceeded, by nearly six millions, the amount which was asked for in the estimates then submitted. The nm necessary for the service of the year beyond the probable re ceipts, and the amount which it was intended should be reserved in the Treasury at the commence ment of the year, will be about six millions. If the whole of the sum eserved be not at once applied to J the current expenditures, but four millions be kep in the Treasury, as seems most expedient, for the uses of the mint, and to meet con tingencies, the sum needed will be ten million. In making this estimate, the re ceipts are calculated on the sup position of some further extension of the indulgence granted in the payment of bonds for duties, which will aFeet the amount of die' revenue for the" present year to the extent ol two and a half millions. It is not proposed to procure the required amount by loans or increased taxation. There are now in the Treasury nine mil lions three hundred and sixty-seven thousand two hundred and four teen dollars, directed by the act of the 23d of June, 1836, to be deposited with the Slates in Octo ber next. This sum, if so depo sited, will be subject, under the to be recalled, if needed, to detray existing appropriations; and as it is now evident that the whole, or the principal part of it, will be wanted for that purpose, it appears most proper that the de posite should be withheld. Until the amount can be collected from the bank;, Treasury notes may be temporarily issued, to be gra dually redeemed as it is received. I am aware that this course may be productive of inconvenience to many of the States. Relying up on the acts of Congress which held out to them the strong prob ability, if not the certainty, of re ceiving this instalment, they have in some instances adopted mea sures with which its retention may seriously interfere. That such a condition of things should have occurred is much to be regretted. It is not the least among the un fortunate results of the disasters of the times; and it is for Congress to devise a fit remedy, if there be one. The money being indispen sable to the wants of the Treasu ry, it is difficult to conceive upon principle of justice or expediency iu application to that object can be avoided, lo recall any por tions of the sums already deposit ed with the States, would be more inconvenient and less efficient. To burden the country with increas ed taxation, when there is in fact a large surplus revenue, would be unjust and unwise; to raise mo neys by loans under such circum stances, and thus to commence a new national debt, would scarcely be sanctioned by the American people. The plan proposed will be ade quate to all our fiscal operations, during the remainder of the year. Should it be adopted, the Treasu ry, aided by ihe ample resources of the country, will be able to dis charge, punctually, every pecuni ary obligation. For the future, all that is needed will be that cau tion and forbearance in appropri ations which the diminution of the revenue requires, and which the complete accomplishment or great forwardness of many expensive national undertakings renders e qually consistent with prudence and patriotic liberality. The preceding suggestions and recommendations are submitted, in the belief that their adoption by Congress will enable the Execu tive Department to conduct our fiscal concerns with success, so far as their management has been committed to it. Whilst the ob jects and the means proposed to attain them are within its consti tutional powers and appropriate duties, they will at the same time, it is hoped, by their necessary op eration, afford essential aid in the transaction of individual concerns, and thus yield relief to the people at large in a form adapted to the nature of our Government. Those who look to the action of this Go vernment for specific aid lo the ci tizen lo relieve embarrassments arising from losses by revulsions in commerce and credit, lose sight of the ends for w hich it was crea ted, and the powers with which it is clothed. It was established to give security to us all, in our law ful and honorable pursuits, under the lasting safeguard of republican institutions. It was not intended to confer special favors on indivi- duals, or on any classes of them; to create systems of agriculture, manufactures, or trade; or to en gage in them, either separately or in connexion with individual citi zens or organized associations. If its operations were to be directed for the benefit of any one class, equivalent favors must, injustice, be extended to the rest; and the attempt to bestow such favors with an equal hand, or even to se lect those who should most de serve them, would never be suc cessful. All communities are apt to look lo Government for too much. Even in our own country, where its powers and duties are so strictly limited, we are prone to do so, especially at periods of sud den embarrassment and distress. But this ought not to be. The framers of our excellent Constitu tion, and the people who approv ed it with calm and sagacious de liberation, acted at the time on a sounder principle. They wisely judged that the less Government interferes with private pursuits, the better for the general prospe rity. It is not its legitimate ob ject to make men rich, or to repair, by direct grants of money or le gislation in favor of particular pursuits, losses not incurred iu the public service. This would be substantially to use the property of some for the benefit of qjjjers. Bjit its real dutythat duly, the performance of which makes a gooil Government the most pre cious of human blessings, is to en act and enforce a system of gene ral laws commensurate with, but not exceeding, the objects of its establishment; and to leave every citizen and every interest to reap, under its benign protection, the rewards of virtue, industry, and prudence. I cannot doubt that on this, as on all similar occasions, the Fed eral Government will find its a gency most conducive to the secu rity and happiness of the people, when limited to the exercise of its conceded powers. In never assu ming, even for a well meant ob ject, such powers as were not de signed to be conferred upon it, we shall in reality do most for the ge neral welfare. To avoid every unnecessary interference with the pursuits of the citizen, will re sult in more benefit than to adopt measures which could only assist! limited interests, and are eagerly, but perhaps naturally, sought for, under the pressure of temporary circumstances. If, therefore, I re frain from suggesting to Congress any specific plan for regulating the exchanges of the country; re lieving mercantile embarrass ments; or interfering with the or dinary operations of foreign or domestic commerce; it is from a conviction that such measures are not ivithin the constitutional pro vince of the General Government; and that their adoption would not promote the real and permanent welfare of ihose they might be de signed to aid. The difficulties and distresses of the times, though unquestionably great, are limited in their extent, and cannot be regarded as affect ing the permanent prosperity of the nation. Arising, in a great degree, from the transactions of foreign and domestic commerce, it is upon them that they have chiefly fallen. The great agri cultural interest has, in many parts of the country, suffered com paratively little; and, as if Provi dence intended to display the mu nificence of its goodness at the moment of our greatest need, and in direct contrast to the evils oc casioned by the waywardness of J man, we have been blessed thro'-i out our extended territory with a season of general health and of uncommon fruitfulness. The proceeds of our great staples will soon furnish the means of liquida ting debts at home and abroad; and contribute equally to the revi val of commercial activity, and the restoration of commercial cre dit; The banks, established avow edly for its support, deriving their profits from it, and resting under obligations to it which cannot be overlooked, will feel at once the necessity and iustice of oniiirm their enereies with those of the mercantile interest. The suspeti; sion of specie payments, at such a time and under such circumstan ces as we hare lately witnessed, could not be other than a tempo rary measure; and we can scarce ly err in believing thai the period must soou arrive, when all that are solvent will redeem their issues in gold and silver. Dealings abroad naturally depend on resources and prosperity at home. If ihe debt of our merchants has accumula ted, or their credit is impaired, these are fluctuations always inci dent to extensive or extravagant mercantile transactions. But the ultimate security of such obliga tions does not admit of question. They are guarantied by the re sources of a country, the fruits of whose industry afford abundant means of ample liquidation, and by the evident interest of every merchant to sustain a credit, hith erto high, by promptly applying theti means for its preservation. 1 deeply regret that events have occurred which require me to ask your consideration of such serious topics. I could have wished that, in making my first communica tion to the assembled representa tives of my country, I had nothing to dwell upon but the history of her unalloyed prosperity. Since it is otherwise, we can only feel more deeply the responsibility ol the respective trusts that have been confided to us, and under the pressure of difficulties, unite in invoking the guidance and aid of the Supreme Huler of .nations, and in laboring with zealous resolu tion to overcome ihe difficulties by which we are environed. It is, under such circumstances, a high gratification to know, by long experience, that we act for a people to whom the truth, howev er unpromising, can always be spoken with safely; for the trial of whose patriotism no emergen cy is too severe, and who are sure never to desert a public function ary honestly laboring for the pub lic good. It seems just, that they should receive, without delay, any aid in their embarrassments'which your deliberations can afford. Coming directly from the midst of them, and knowing the course of events in every section of our country, from you may best be learnt as well the extent and na ture of these embarrassments, as the most desirable means of relief. 1 am aware, however, that it is not proper to detain you, at pre sent, longer than may be demand ed by the special objects for which you are convened. To them, therefore, I have confined my communication, and believing it will not be your own wish to ex tend your deliberations beyond them, I reserve till the usual peri od of yonr annual meeting, that general information on the state of the Union, which the Constitu tion requires me to give. M. VAN BUREN. Washington. Sept. 4ih, 1837. SATURDAY, SEPT. as, 1837. are indebted to the at tention of the Hon. Edward Stan ly, and the Hon. Jesse A. Bynum, for copies of the President's Mes sage and the Ueporl of the Secre tary of the .Treasury. The Message embodies the lea ding features of the Report, w hich is of greater length than the Mes sage, and is divided into eight dis tinct heads, treating of the con dition of the Treasury the pay ment of bonds for duties the dis posal of the last instalment of the deposites ihe issue of Treasury notes, redeemable at an early day the safe keeping of the public money hereafter the appoint ment of commissioners or receiv ers general at several of the most important points to keep and dis burse the public revenue the. made of making a settlement with the late deposite banks the kind of money which oughl lo be recei ved fop public dues and, sug gestiug several general causes and remedies of the present embarrass ments. On all these topics the Beport coincides with the views expressed in the Message, but ex plains them more minuiely. (7The election of Public Prin ter has led to a new classification of parties in Congress the 22 who voted for Mr. Allen, editor of the Madisoman, being termed Conservatives: ihey are said lo be opposed to the Sub-Treasury plan, and the most prominent a- motiR them are Messrs. Rives of Virginia, and Tallmadge of New York. Mr. Allen not being pre pared to do the printing, it will be done by Messrs. Gales &i Seaton. On the other hand, it is said that Mr. Calhoun approves the Sub Treasury scheme. So we go. TTWe regret to perceive that the veteran and talented Editor of the Richmond Enquirer dissents from the opinions of the Presi dentj.in relation to ihe mode of re ceiving and disbursing the public revenue. The plan proposed, it is true, is liable to objections can any be devised, or has any been practiced, but is equally il not more so? In hisremaiks on the subject the Editor observes: "We do not hesitate to say, thai the Sub-Treasuries too are less safe for keeping, and less couve vient for transmitting the public funds, than sound and properly organized Slate hanks. The large funds of a bank are pledged for the safety of its deposites and they are better than any security which the Sub-Treasuries can give." "We still contend, therefore, that it is belter to try the State bank system. Org.auiie it belter, and limit it, as far as possible. Let us not suffer tlie unparalled events which have recently trans pired, to shake our confidence in it, as a fiscal agent. Let us not rashly fly to another expedient. We prefer that alternative of course, infinitely lo an unconstitu tional and mammoth National Bank. At all events, let us deli berately re-consider the whole scheme seek lo strip it of its ob jectionsand only adopt this Sub-Treasury, executive machine ry, when the Male banks have been fully and fairly tried." i. ongrtss. i lie bill to post f mi ..it pone the fourth instalment of the deposites lo ihe Slates, was passed Z .1 IT. i . . . in uie senate on llie l bin inst. by a vole of 28 to 17, and sent to the House for their concurrence. The Senate then look up ihe bill autho rizing the Secretary of the Treas ;ry to issue Treasury Notes lo the amount of ten nnllious of dollars. In the House , of Representa tives, bills have been introduced imposing additional duties as depo- anunes, in certain cases, on public oiucers ana, tor adjusting the re maining claims on ihe late depos ite banks. Tlie business of the session, it is conjectured, will be principally confined to the specific objects emuraceci in tne President s Mes sage, and an adjournment tak place between the 1st and IOih of uctouer. 07The returns from the elec tin lie i n A1n:n " incline CAiiiuii a frro-ji tuunge in favor ol the Whigs uiry nave elected their candidate, Mr. Kent, for Governor, and claim a majority in the Legislature. GJTbe President's Message reached Boston in about 24 hours a distance of nearly 500 miles ! tt?A very fine steamboat, 3fj feet long by 29 feet beam, was launched on Saturday ai Balti more. This boat has been built under the direction of Captain Thompson for the United States Englt.eer beputment llrlv'tlfl ft rail rr'tr, I aii'j ""'""SHUciiioeonL to operate in clearing ,le in Core Sound, N. C rjo?' INDIAN WAU. We learn that Gen. Jr:,, been authorised to call 0 vernor or Kentucky IW a brif,ar and on the Governors of GeJ and Alabama (in addition e. i . IU let. u, ucn omer voW, iui.-v, t.j iv. may tljillft?, rr r.f W . t ' . . ar "asa'ir made a requisition upon thr ' ernor of South Carolina for j companies, to serve m Florida ' There are about 1 400 men V recruits, at Fort Monroe. L Norfolk, destined for Florida, ' The Indians are said lo IiaveB idea of emigrating. Powell a Arpinki are their master spi,,. The buildings at Volusia and Fo' Alellen have been burnt by Branch Mint. The Charlo-j, Journal states that the j Branch Mint at that place is n' ly ready for coining. The edit speaks in high terms of the geil,, ral appearance of the machiuea flT.Vorm Sherhorn, who; convicted on the 29th ult. cf il murder of Henry Massey.cca milted suicide by haiinln in Charlotte jail, on the 1st in:;, Rultirli Stand. OOne third of the Cc;ic crops in South Carolina and Geo: gia is computed lo be lost fay i-; late storm. The rice has al so fie red to a considerable exte;. from the same cause. ?There occur red a ireir.e; dons storm in Florida, on inst. which iu some places il i said, destroyed nearly half i! Cotton crops. At Appalachian the tide rose from ten to filtee: feet, the destruction of property"!;, buildings, he. estimated at abou: $200,000. Slave Jlccidcvt. On Saturday night, the '2d inst. as the stag conveying the Western mail ?,; attempting to cross a miserab's long structure on Bachelor's Creeki which is dignified, incut eiiterprizing neighborhood, by lit name of bridge, one of the wheel; became so entangled among tit jutting ends of the logs that far ther progress in the desired d;rec lion was impossible. The laa heavy rains had so filled ihecm! that the horses ime suimtw: while on the bridge, and the cut rent was so strong that they weii sweat, sjdewise. tne lastent; wheel acting as a pivot, into stream. The stage was overse' one of the lorses was droyvw and a gentleman of this place, it only passenger, narrowly escaped with his life. hen approach the creek ihe driver placed tie mail-bags on the top of the siagi lo preserve them from the Vaterj but his precaution was unavailin as ihey fell off when the slat:' overturned, and were seen ru11? down ihe stream at a rale too rap id to be overtaken. jYewbern Spc. The Rail Road Accident.- Friday last came on before the Court of Examination at SuffA the tria 1 of lUr. Gordius redge, who it will be remembered was flip siinprin tonrlant of the IrB'O of cars which came in conM Uillll ilia rneearyrrnt. tni'l flfl ! Portsmouth and Roatioke Ra; ih rS...ii r .i i.irli was tie deplorable loss of lives which fcs already been noticed in tliispap After a full and laborious eq uation of the whole case, Mr. l' eredge was unanimously acq1"1' ted. The blame, wherever el may rest.'-was clearly shown rp to be imputable to the captain Cl the lumber irain. Norfolk Hcr' Clint. Thtre is said to L1 one quarter-dollar of change Cincinnati; and that has beeu -rowed so often to pay postages,! it is worn down to a pistareen- Fmm Eror. Liverpool Pa' prrs to the lGth ult. bring adviff of ap advance of id in the Pfl1 "V,
The Tarborough Southerner (Tarboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Sept. 23, 1837, edition 1
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