Whole Xo. SO
Tarb
orough, (Edgecombe County, JV. C.J batuvday June 12, istl.
Toi. ATZI wVo 24.
1 i
The Txrb. Jroxgh Press,
nv fli-:mt(;n i.ou' viu),
IspuM"''1 weekly at To J .".- rrrf Ffh
(',.,'s yet year, if aiJ iti a v i o.;e or, Tree
JfV'r.at ih cvrir;it.ion of t lie s'ib;ri ot ton year.
-r a3 "'rio1 los7 l' ' a y vir, T urih.fn-f
f '.-i- pTT inoiitli. Subscribers are at liberty to
(!i.coiiiiniiP at any tiiti", 0:1 rivi:i.r notice t!iere-f
B.,J paying arrears those rest lin at. a lista:e-e
jnit i:ivari;i!3v pay in a.lyane.e, or give a respon-
s;i,p n-fi retire '!1 l,ils vicinity.
" vJvt'rti-i'i'K i.ts ii.i'. civHnr a ?p:ir will h.
invfi'''' at 0te r"'--,r the first insertion, and 0")
ts f'T every eo;itiiitr,uice. T, i i rtr u l vorti
cen
jiMj m -I'm. r.ii-.lll. liners aiKl .1!!-
iviil srivortiseaieals v.) per cent. biVier. A1
fl" 1 1 1 . 1 r-
r!j,:j)tnts must be marked ih. nonbr of
Jre-ns retire.!, or they will be cvitiuu i,l u:
r.l,r.-.! nn.l cdr.1r.1v I -.wr- -rli,, rl
01 1 11-
it il
fetters Iressc 1 to uu; ivutr must be post
.,j 1 nr they may not be at tea-led to.
h 7i -is p Ti
Tii'Clnir Hibmitlod to t!ie ScM.i'e a
n -c:;ij;e froai the President of th United
S at'.s, h was t trail, ainl is as follows:
To lh: S:'H'ilc. (tti'f,
I Lise of Kcp.-'cs? nl t fives of the
Cnitc Sfues:
Fkllow Citi:u:xs: Vou liave been as
p'ub!ed in your repetive halls of lejris
lalin under a p; oclam.iti.ui bearinj; tin
finnitiire f the illustrious citizen who
was s laud y called by tlie diiect suffrage
of the to the disdi.irj;e of the in-
por'aat filiations of their ediief executive
offiee. Upon the expiration of a single
month from the dav of his installation, he
h is paid the great debt of nalure, leaving
behitui him a name associated with the re
collcitioa of numerous benefits conferred
upon the country during a long life of pat
riotic devo' ion. With this public bereave
ment, arc connected other considerations
which will not escape the attention of Con
gress. The preparations necessary for
his removal lo the seat of Government in
view of a residence of four years must
have d'-wolved upon the late President
heavy expenditures, which, if permitted
to burden the limited resources of his pri
vate fortune, may tend seriously to the
embatrassment of his surviving family;
and it is therefore respectfully submitted to
Congress whether the ordinary principles
ofjiMice would not dictate the propriety
fcf its legislative interposition. By the
provisions of the fundamental law, the
powers and duties of the high ttition to
which he was e lected have devolved upon
nic, and in the dispositions of the repre
sentatives of the States and of Ihe people
wdl be found to a great extent a solution of
'he problem to which our institutions are
fur the first time subjected.
In entering noon the duties of this office.
I diJ riot lcilth.it it. would be becoming in 1
to d. stm b what had been ordered by '
my lamented predecessor. Whoever,!
therefore, may have been my opinion,!
ongsnally, as to the propriety of convening J
Congress at so early a day from that of its j
adjournment, 1 found a new and a;
controlling inducement not to interfere!
with the patriotic desires of the late Presi
h in the novelty of the situation in
Jnich 1 was so unexpectedly pi iced. My
first wish under such circumstances would
necessarily have been to have called to my
aiVm the administration of public affairs,
"jc combined wisdom of the two Houses
01 Congress, in order to take their counsel
'nd advice as to the best mode of ptrir:i-
ng the Government and the country from
embarrassments weighing heavily on
Jlh- lam then most happy in finding
;lf, so soon after my accession to the
residency, surrounded by the immediate
epreematives of the States and people.
No important changes having taken
JeJ?in foreign relations since the last
Mon o Congress, it is not deemed neces-
,r)' on this occasion to go into a detailed
,Camenl in regard to them. 1 am happy
roDfu1-"' SCe notninS to destroy the
' ipj ot bcing able to preserve peace.
t . Vacation of the treaty with Por
ihe t p ',e" duIy exchanged between
has W, Vernments- This Government
thos"0,f 11 inattentive to the interests of
iLp ot 0Ur cidzens who have claims on
u'eOvtrnm.ntf f
press ojam luuuucu uil fA-
dnl lire.;i,-V s,'Pu'ations, and a hope is in-
!V that th
e representations which have
imadetnttw . i i
. vjuvei uiiiuiii un mis sue
Hiy ea(j ere long to beneficial results.
U-e orresPorKlence has taken place be-
isro n stcr.c,ary of Stale a,ul lhe Min"
to Ini f IeriJntannic Majesty accredited
exar.de Te.rnmen, on ,he subject of Al
nraentr cLeod'8 indictment and impris
commn!I)ies of wnich are herewith
InadHlC-ated 10 CdnS-ess.
papers h l? whal aPPeara from those
5'l may be proper to stale that Al-
fXiri !:.r JpT.Qfvl k, t 1 1 1... .t .l:
" w -uu iiuiki uv me-nous 10 nie amount ol two minion fii-p in- ipmit jm,' 1 .1
'P'tme Court of ihi,trt r m v,,i, 1 .1 ,. mm.,()n ."vVn ' accomnlisbing an mine change in th
anhismotion to hp ,1; "' , 7 n.in.i one honored prl ol aiT.irs. Stocks of all kinds rapid-
prison, nt ' r .V"," 1 U.Mty tNVO doF ,rs and ninely-eigh. !y timeline in.livichialsi ruined, and Stitc-
o, S ' 11,3 ,!cC',a:i th,t "ts the special objects of which will b- emb.rra-ed cv. in Dump efforts t
T I, Sec " u P"61- . f S 71 bV "J C,1Ce t0 5he "P f lllc Sec m,et with pn.-t,.ai;tv ihe iufrot on iheir
11-tn.'ai l M .to !u- ,fla-.'ss mI to ret.irv ol ar. i, .
'11C a piper- up ,1 I wo su'jjiN-ts, isit-ivstirii;
ibc Ciinvneroc of the rouniiv. whidi will
receive mv consj.loration, aiid whicli l
lnvcthe honor to communic te lo Com
Jjrcss. So I ir as it d ponds npin the com-sc of
this (Jowrn-nmt, our ndatlo: of good
will an I iViend-ihip will h0 S:.-d ulousl v cul-
nvated with all ivtti-ins
The true A mer-!
ii iuc. win ne touo.l to coniit
io the
oXL-K-isfi ot a spirit ol j tiiee to !
)Ci mani-
icsie J in the li ;char of all
our interna-
noinlohlig.tioas to the weakest of the
nmilyol nations as well as to the most
powerlul. Ocea-ional conflicts of opinion
may arise, but when the discussions inci
dent to them are conducted in the languige
of iru h and -villi a strict regard to iutiee.
ih-
cuiuge of war will for the most out
h avoid
d. The lime on.rht tri he n-r n-,t.
ed as
liavme ir me hv when n ivmu t t,.
arms is to b est e!ii-d .s Ihe only
.w hiter of national ddf rences.
r-. CD J - - v ...
proper
fhe census recentlv taken shows a
ii
reji-
iiiniy j)rogres"ive ineiease in our popula
tion Dp in ih ? bre living out of the war
"f the Ivevoh.it ion our numbers scarcely
eq lalied threi- milhons of v011s: they al
ready exeCL'd seventeen millions, and will
i'0 otinuo to jvngress in a ratio which du
plicates in a period of about twenty-thivc
years. The old Sta'cs contain a te; ri'orv
-suwieicnt in itself to ma;n'ain a popu a'ion
')! atlditional millions, and the most popu
bti" of the new States may even yet be re
girdeil as but partially sealed, while of
the new lands on this side of the Kockv
Mountains, to say nothing of the immense
region wiii'ih stretches from the hape of
thoce mount lins to the mouth of the Co
lumbia river, about 770 000.000 of acres,
ceded and unceded, still remain to he
brought into market. We ho'd out to the
prople of other countries an invitation to j 955,000, and estimated receipts from all
come and settle among us as members of : sources of S3,SOO,000, making an nggrc
our rapidly growing family ; and, for the; gate of about (M5"0,000, and leaving a
blessings which we oll' r them, we require j probable deficit on the 1st of September
of them to look upon our country, and
nite with us in the great task of preserving
our institutions, and thereby perpetuating
our liberties. No motive exist for foreign
conquest. We desire but to reclaim our
almost illimitable wilderness, and to intro
duce into their depths the lights of civili
zation. While we shall at all limes be
prepared to vindicate the national honor,
our most earnest desire ; ill be to maintain
an unbroken peace.
In presenting the foregoing views, I
cannot wi hhold the expression of t lie opi
nion th it there exists nothing in the ex-
tension of our empire over our acknowl-
edged possessions to excite the alarm of : which time provisions made by the same
the patriot for the safely of our institutions. law, and which then will he brought ac
The federative system, leaving to each tively in aid of the manufacturing interests
Slate the care of its domestic concerns, ' of ihe Union, will not fail to produce the
and devolving on the Federal Government most beneficial results. Under a system
those of general import, admits in safety of discriminating duties imposed for pur
of the greatest expansion, but, at the same . poses of revenue, in unison with the pro
time. 1 deem it prr-p'r to add that there ; visions of existing laws, it is to he hoped
will be found lo exist at all times an im-j that our policy will," in the future, be fixed
perious necessity for restraining all the ! and permanent, so as to avoid those con-
hmclionarics of this Government within
the range of their respective powers, there
by preserving a just balance between the
powers granted to this Government and
those reserved to the States and to the peo
ple. From the report of the Secretary of the
Treasury, you will perceive that the fiscal
means, present and accruing, are insulfi-
cient to supply the wants of the Govern
ment for the current year. lhe balance
in the Treasur y on the fourth day of March
last, not covcied by outstanding drafts,
jinel exclusive of trust funds, is cstimateel
at S60,000. This includes the sum of S215,
000 deposited in ihe Mint and its blanches
to procure metal for coining and in process
of coinage, and which could not be with
dravn without inconvenience; thus leav
ing subject to draft in the various deposi
tories The sum of 645,000. By virtue of
two several acts of Congress, the Secreta
ry of the Treasury was authorized to issue,
on and after the fourth day of March last.
Treasury notes to Ihe amount of 5,413,
000 making an aggregate available fund of
6,050,000 on hand.
lint this fund was ehargeable with out
standing Treasury notes redeemable in the
current year and interest thereon to the
estimatetl amount of five million two hun
dred and eighly thousand dollars. There
is also thrown upon the Treasury the pay
ment of a large amount of demands accru
eel in whole or in part in former years,
which will exhaust the available means of
the Treasury and leave the accruing rev
enue, redueedasit is in amount, burdened
with debt, and charged with lhe current
expenses of the Government. The aggre
gate amount of outstanding appropriations
on the fourth day of March last, was 33,
49,616,50, of which 24,210,000 will be
required during the current year; and
there will also be required for the use of
the War Department additional appropria-
The anticipated means of tb Trratirv
ire Sreallv inadequate to this demand
The tveeip's from punoms for the list
three qnnrtors of the last year, and the
irst quarter of the present ve .r, amounted
to Si 2. 100,000; the receipts for lands for
she same time to S , 712, 150, showing an
avrajro revenue from both sources of Si,-
v.'JG.S70 per month. Agradu d
fn ip.smn
ol trade, growing out of a restoration of
confidence, together with a reduction in
the expenses of collecting, and puncHnlilv
oti t.ie part ol collecting officers, may
eause an addition to the monthly recei.o's
iron ihe customs. They are" estimate I
for the residue of the year from the fourth
of March at Si 2,000.000; the receipts
from the public lands for the same time
are estimated at S3,500,000, and from
miscellaneous sources at S170.000, mak
ing an aggregate of available fund within
the year of S hi. 070,000, which will leave
a probable deficit of Si I. -103. 132, 9S. To
meet this, some temporary provision is
necessary, until the amount can b? ab
sorbed by the excess of revenues which
are anticipated to accrue at no distant day.
There will fall due within Ihe next three
months Treasury notes of the issus of
1S10, including interest, about S-oO,-000.
There is chargeable in the same pe
riod for arrearages for taking the sixth
census $29 1,000; and the estimated expen
ditures for the current service are about
Ss, 100,000, making the aggregate de
mands upon the Treasury, prior to the 1st
of September next, about Si 1,410,000.
The ways and means in the Treasury,
and estimated to accrue within the above
named period, consist of about -694,000,
of funds available on the 28th ultimo; an
tin-issued balance of Treasury notes author
ized by the act of IS 11 amounting to Si,-
u-jnext, ol S4,815,G00
In order to supply the wants of the
Govcrnmcut, an intelligent constituency,
in view of their best interests, will, with
out hesitation, submit to all necessary bur
dens. But it is nevertheless important so
to impose them as lo avoid defeating the
just expectations of the country, growing
out of pre-existing la ws. The act of the
2d March, 1S33, commonly called the
compromise act, should not he altered,
except under urgent necessities, which are
not believed at this time to exist. One
year only remains lo complete the series
ol reductions provided lor by that law, at
slant nunctuations winch eteieat the very
objects they have in view. We shall thus
best maintain a position which, while it
will enable us Ihe more readily to meet
the advances ot other countries calculated
lo promote our trade and commerce, will
at the same lime leave in our own hands
the means of retaliating with greater effect
unjust regulations.
ln intimate connection with the question
ef revenue is that which makes provision
for a suitable fiscal agent, capable of adding
increased facilities in the collection and
disbursement of the publie revenues, ren
dering more secure their custody, and con
sulting a true economy in the gteal, multi
plied and delicate operations of the Treas
ury Department. Upon such an agent de
pends in an eminent degree lhe establish
ment of a currency of uniform value, which
is of so great importance to all the essential
interests of society ; and on lhe wisdom to
be manifested in its creation much depends.
So intimately interwoven are its operations
not only with the interests of individuals but
with those of the States, that it may be re
garded in a great degred as controlling both
ff paper be used as the chief medium ofcircu
lation,and the power be vested in the Gov
ernment of issuing itta pleasure,eitherin the
form of Treasury drafts or any other, or if
banks be used as tbe public depositories,
with liberty to regareeall surpluses from
day to day as so much added to their act
ive capital, prices are exposed to constant
fluctuations, & industry to severe suffering.
In the one case, political considerations, di
rected to party purposes, may control,
while excessive cupidity may prevail in
the other. The public is thus constantly
liable to imposition. Expansions and con
tractions may follow each other in rapid
suocession, the one engendering a reck
less spirit of adventure and speculation,
which embraces Stales as well as individ
dividuals; the other causing a fall in prices,
ourn, u.niapmi v, is toe s ate o
things now existing in tin United Slate-;.
These efi' cts may readily be traced to the
cau-cs above referred lo. The public rev
pouc, on being removed from the then
Hank of the United States, under an order
of a late President, were placed in selected
State Huiks, which, actuated by the doub
le n-o'ive of conciliating the Government
so 1 augment their profi s to the greatest
no-silW extent, enlarged cxtravagintly
'heir discounts, thus enabling all othir ex
isting banks to do the same. " Luge divi
dends were declared, which, stimulating
die cupidity of capitalists, caused a rush to
le made to the Legislatures of the respect
ive States for similar acts of incorporation,
which, by many of the States, under a
'emponry infatuation, were readily grant
ed, and thus the augmentation of the cir
cuhting medium, consisting almost exedu-
sively of pap:r, produce I a mot fatal dehi-
: -II . . 1 r .1
'ion. An 1 1 lust i -if mo. derived from the
land sales of the p?i iod alluded to, will serve
b.sl to show the cff-ci of the whole sys
tem 'The average sales of the public binds
for a period often years prior lo 1S34, had
not much exce eded 2. 000, 000 per annum.
In 1 S3 1 they attained, in round numbers,
to th.o amount of So, 000,000. In the suc
ceeding year of IS35 they reached 16,
000,000. And the next year, of 1S3G.
they amounted to the enormous sum of 25,
000,000. Thus crowding inlo the short
space of three years upwards of twenty
three years' purchase of the public domain.
So apparent had become the necessity of ar
resting this course of things, that lhe Ex
ecutive department assumed the highlv
questionable power of discriminating in
the lunds to be useel in payment by different
public debtors a discrimination which was
doub:less designed to correct this most ru
inous state of things by the exaction of spe
cie in all payments for the public lands, but
wdiieh could not at once arrest the tide
which had so strongly set in. Hence the
demands for specie became unceasing, and
corresponding prostration rapidly ensued
under the necessities created with the
banks to curtail Iheir discounts, and there
by to reduce their circulation. 1 recur to
these things wilh no disposition to censure
pre-existing administrations of theGovern
ment, butsimply in exemplification of the
truth of the position which 1 have assumed.
If, then, any fiscal agent which may be
created shall be placed, without due res
trictions, cither in the hands of the admin
istrators of the Government or those of pri
vate individuals, the temptation to abuse
will prove to be resistless. Objects of po
litical aggrandizement may secure the first,
and lhe promptings of a boundless cupidity
will assail tl:e last. Aided by Ihe experi
ence of the past, it will be the pleasure of
Congress so to guard and fortify the public
interests, in the creation of any new agent,
as to place them, so far as human wisdom
can accomplish it, on a footing of perfect
security. Within a few years past, three
different schemes have been before the
country. The charter of the Bank of.ihe U
niteel States expired by its limitation in
1 8.6. An effort was made to renew it,
which received the sanction of the two
Houses of Congress, but the then Presi
dent of the United States exercised hist2
to power, and the measure was defeated
A regard to truth requires me to say that
the President was fully sustained in the
course he had taken, by the popular voice.
His successor in the Chair pf State unquali
fiedly pronounced his opposition lo any
new charter of a similar institution; and
not only the popularelection which brought
him into power, but the elections through
much of his term, seemed clearly lo indic
ate a concurrence with him in sentiment cn
the part of the people. After the public
monies were withdrawn from the United
States Bank, they were placed in deposit
with the State banks, and the result of that
policy has been before the country. To say
nothing as to the question whether that ex
periment was made under propitious or
adverse circumstances, it may safely be as
.-orted that it did receive the unqualified
condemnation of most of its early advocates
and it is believed was also conelemned by
the popular sentiment. The existing Sub
Treasury system eloes not seem to sUnd in
higher favor with lhe people, but has recent
ly been condemned in a manner too plainly
indicated to admit of a doubt. Thus, in
the short period of eight years, the popular
voice may be regarded as having succes
sively condemned each of thethree schemes
of finance to which I have adverted. As
lo the first, it was introduced at a time
(1S16) when the State banks, then compar
atively few in number, had been forced to
suspend specie payments, by reason of the
war which had previously prevailed with
Great Britain. Whether, if the Uniteel
States Bank charter which expired in 1811
hail been renewed in due season, it would
have been enabled to continue specie pay
ments during the war and the disastrous
i i . . . , t . .
rtni-TfTTKtcjgj:
c' period to the commerce of the country
which immediately succeeded, 1", to say
the least, problematical: and1 whether thd
United Stat s Hank of 1S16, produced a"
re-toration of specie payments, or the same
was nc"nmplished through the irtstrtirneri
'aldy of other nvans, was a matter of some
di!j cuhy at ill it time to determine. Cer
tain it is thai, for Hie fitsl years of tbe op
erathm of that Hank, its course was as dis
astrous as for the greater p rt cf its" subse
qocnt career it became eminently success
ful. As to the second, the experiment was
tried viih a redundant Treasury, which
continued to increase until it seemed to be
lh.? part of wisdom to distribute the surplus"
revenue among the Sbt'-s, which, opera
ting at the same time with the specie cir
cular, and the causes before adverted to,
caused them to suspend f ecie payments,
and involved the country in the greatest em-
birrassment. And, as to the third, if car
ried through all the stages of its transmuta
tion, from paper and specie to nothing but
the precious metals, to say nothing of the
insecurity of the public monies, its injuri-
ons effects have been anticipated by the
- l:t.I . I ...l!nH
rouniry in us unquaiiucu luiiuiuiumiuu.
What is now to he regarded as the judg
ment of the American people on this whole
subject, I have no accurate meansof determi
ning but by appealing to their more imme
diate representative. The late contest,
which terminated in the election of Gen.
Harrison to the Presidency, was decided
on principles will known and openly de
clared, and, while tbe Sub Treasury receiv
ed in the result the most decided condem
nation, yet no other scheme of finance
seemed to have been concurred in. To
you, then, who have come more directly
from the body of our common constituents,
I submit lhe entire question as best quali
fied to ive a full exposition of their wish
es and opinions. I shall be ready to con
cur with you in the adoption of such sys
tem as you my propose, reserving to my
self the ultimate power of rejecting any
measure which may in my view of it con
flict with the Const ilutton or otherwise
jeopard lhe prosperity of tbe country; a
power which I could not part with even if
I would, but which I will not believe any
act of yours will call into requisition.
1 cannot avoid recurring, in connection
with this subject, lo the necessity which
exists for adopting some suitable measure
whereby the unlimited creation of banks
by the States may be corrected in future.
Such result can be most readily achieved
by the consent of the States, to be expres
sed in the form of a compact among them
selves, which they can only enter into
with the consent and approbation of this
Government: a consent which might in
the present emergency of the public de
mands, justifiably be given in advance of
any action by lhe States as an inducement
to such action upon terms well defined by
the act of tender. Suth a measure, address
ing itself to the calm reflection of lhe States,
w ould find in the experience of the past,
and the condition of the present, much to
sustain it. And it is greatly to be doubted
whether any scheme of finance can prove
for any length of time successful, while the
States shall continue in the unrestrained
exercise of the power of cieating banking
corporations. This power can only be
limited by their consent.
With lhe adoption of a financial agency
of a satisfactory character, the hope may
be indulged that the country may once
more return to a state of prosperity. Mea
sures auxiliary thereto, and, in some mea
sure, insenarahlv connected witb its suc
cess, will doubtless claim the attention of
Congress. Among such, a distribution of
the "proceeds of the sales of the public
lands, provided such distribution does not
force upon Congress the necessity of impo
sing upon commerce heavier burdens than
those contemplated by the 3Ct of 1833,
would act as an efficient remedial measure,
by being brought directly in aid of the
States. As one since! ely devoted to the
task of preserving a just balance in our
system of government, by the maintenance
of the Stales in a conelition lhe most free
and respectable, and in the full possession
of all their power, 1 can no otherwise man
feel desirous for their emancipation from
the situation to which lhe pressure on theif
finances now subjects them; and while I
must reptidiate as a measure founded in
error, and wanting constitutional sanction,
the slightest approach to an assumption by
ihis Government of the debts of the States,
yet 1 can see, in the distribution adverted
to, much to recommend il. The compacts
between the proprietor States and this Go
vernment expressly guaranty to the States
all the benefits which may arise from the
sales. The mode by which this is to be
(Teeted addresses itself to the eliscretion
of Congress, as the trustee for lhe States;
and its exercise, after the mosi uwwiu
manner, is restrained by nothing in the
grants or in the Constitution, so long as
Congress shall consult that equality in the
distribution which the compacts require
In the present condition of some of the
States, the question of distribution may be
regarded substantially as a question be-
f
i
-; I
il