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Whole Xo. 877. Tarbormiph, (Edgecombe County j JSW.J baturdarj December 1842 J oh XVlll wVo .5 1. Tic Tarborough JPress, BY GEOROE HOWAHD, Is published weekly at T wo Dollars and Fifty -"j per year, u paid ia advance or voar at the expiration of the subscription year. For an j period less than a year, Tioenty-fii Cents ner months Subscribers are at liberty to discontinue at any time, on giving notice thereof and bavin? arrears those residing at a distance, tnust invariably pay irt advance, or give a respon sible reference in this vicinity Advertisements not exceeding a square will be inserted at One Dollar the first insertion, and 25 rnts for everv continuance. Longer advertise ments in like proportion. Court Orders and .In dicia! advertisements 25 per cent, higher. Ad vertisements must be marked the number of in sertions required, or they will be continued until otherwise ordered and charged accordingly. Letters addressed to the Kditor must be post paid or they may not be attended to PRESIDENT'S MESSAGE. continued ) For several years angry contention havegrownout of the disposition directed by law to be made of the mineril land hold by the Government in several of tlr States. The Government is consume i the landlord, and the citizens of the States wherein lie the lands, are its truants. The relation is an unwise one, and is would be much more conducive of the public inter est that a sale of the lands should be made than that they should remain in their pres ent condition. The supply of the ore would be moe abundantly and cer!;iuly furnished when to be drawn from the en terprise and the industry of the proprietor, than under the present system. The recommendation of the Secretary in regard to the improvements of the Wes tern waters and certain prominent harbors on the lakes, merit, and 1 doubt not will receive, your serious attention. The great importance of these subjects to the pros perity of the extensive region referred to, and the security of the whole country in time of war, cannot escape observation. The losses of life and property which an nually occur in the navigation of the Mis sissippi alone, because of the dangerous ob structions in the river, make a loud de mand upon Congress for the adoption of efficient measures ior their removal. The report of the Secretary of the Navy will bring you acquainted wiih that impor tant branch of the public defences Con sidering the already vast and daily increas ing commerce of the country, apart from the exposure to hostile inroad of an extend-j edsea-bwrd, all that relates to the Navy isjheing stated at 25149,185,890,) aided by calculated o excite particular attention, j the gieat facilities afforded in obtaining Whatever tends to add to its efficiency, j loans from European capitalists, who were without entailing unnecessary charges up- on the Treasury, is well worthy of your serious consideration. It will be seen that while an appropriation exceeding by more than a million the appropriations of the present year, is asked by the Secretary, yetj that in this sum is proposed to be inchuhd 8400,000, for the purchase of chthing, Which, when once expended, will be annu ally reimbursed by the sale of the rlothes, and will thus constitute a perpetual fund, without any new appropriation to the same object To this may also be added 4550, 000, asked to cover arrearages of past years, and 2250,000 in order to maintain a com petent squadron on ihe coast of Africa; all of which, when deducted, will reduce the expenditures nearly within the limits of those of the current year. While however, the expenditures will thus remain very nearly the same as of the antecedent year, it is proposed to add g-eatly to the opera tions of the Marine, and in lieu of only 25 ships in commission, and but liitle in ihe way of building, to keep, with the same expenditure, forty-one vessels afloat, and to build twelve ships of a small class. A strict system of accountability is es tablished, and great pains are taken to in sure industry, fidelity and economy, in every department of duty. Experiments have been instituted to test ihe quality of various materials, particularly coppr, iron and coal, so as to prevent fraud and impo sition. It will appear by the report of the Post master General that the great point which, for several years, has been so much desired, has, during the current year, been fully ac complished. The expendituies of the De partment, for the current year, hive been brought within its income without lessen ing its general usefulness There has been an increase of revenue equal to $ 166,000 for the year 1842 over tbat of 1841, with out, as it is believed, any addition having been made to the number of letters and newspapers transmitted through the mails The Post Office laws have been honestly administered, and fidelity has been observ d in accounting fjr, and paying over b) ! the subordinates of the Department, the moneys which have been received. For the details of the service, I refer vou to the report. I flitter myself that th-i exhibition thus marie of the condition of the public admin istration will serve to convince you that every proper attention has been paid to the interests of the country by those who have been called to the heads of the different Departments. The reduction in the annu al expenditures of the Government already accomplished, furnishes a sure evidence that economy in the application of the pub lic moneys, is regarded as a paramount duty. At peace wiih all the world the per sonal liberty of ihe citizen sacredly main tained, and his rights secured under politi eal institutions deriving all their authority from the direct sinction of the people -with a soil fertile almost beyond example; ind a country blessed with every diversity of dim ite and production, what remains to be done in order to advance the happiness and prosperity of such a people? Under ordinary circumst uies this enquiry could repeat-dly be answered. 1 he best that probably could be don; for a people inhib iting such a countrv, would he to fonil their p -ae and security in ihe pros'Ctuion d their various pursuit, byguirding them gainst invasion from without, and violence from within. The rest, for the greater part, mig it be left to their uvn jneij;y and enterprise. The chief embu rass-nents which at the moment exhiiut themselves, have arisen from over-action; and the inns; difficult tnsk which remains to be acco n p.isiied, is thai of con eel ing and ove eoiy ing it effects. Uelween tiie years 1833 and 1838, additions were made to bank capital and bank issues, in I he form of noies deig"cd for circulation, to an extent en ormously great. The ques ion seemed to be, not hovv the best currency could be pro- j vided, but in what manner the gieatest a mount of bank paper could be put in circu tm ....... . r I lauuii. i mis a vast amount oi wnai was called mone)' since, for the time being, it answered the purposes of money was thrown upon the country ; an over issue which was attended, as a necessary conse quence, by an extravagant increase ot the prices of all articles of property, the spread of a speculative mania all over the country, and has finally ended in a general indebted ness on the part of Mates and individuals, the prostration ofpublicand private credit, a depreciation in the market value of real and personal estate, and has left large dis tricts of country almost entirely without any circulating medium. In view of the fact that, in IS JO, the whole bank note ciiculaiion within the United States a mounted to but J561, 323.898, according to the Treasury statements, and that an addi tion had been made thereto of the enor mous sum oi 288,uuu,uuo in seven year the circulation on the first January', 1837, lSeized with the same speculative mania that prevailed in the United States & the large importations of funds from abroad, thereult of stock sales and loans no one can be surpried at the apparent, hut unsuh stantial slate of prosperity which rvery where prevailed over the land: and while little cause of surprise should be felt at the present prostration of every thing, and the ruin which has befallen so many of our lellow-citizens in Ihe sudden wi'hdrawal from circulation of so large an amount of bank issues, since 137 exceeding, as is be'ieved, Ihe amount added to the paper currency for a similar period antecedent to 1837, it ceases to be a matter of astonish ment, that such extensive shipwreck should have been made of private fortunes, or I hat difficulties should exist in meeting their engagements on the part of the debtor States. Apait from which, if there be ta ken into account the immense looses sus tained in the dishonor of numerous banks, ii is less a matter of surprise that insolven cy should have visited many of our fellow citizens, than thai so many should have escaped the blighting influences of the times. In ihe solemn conviction of these truths, and with an ardent desire to meet the pressing necessities of the country, I felt it to be my duty to cause to be submitted to you. at the commencement of your late session, the plan of an Exchequer, the whole power &. duty of maintaining which, in purity and vigor, was to be exercised by the Representatives of the People and oi the States and, therefore, virtually by th' People themselves. It was proposed to place it under the control and direction of a Trea sury Board, to consist of three Commission ers, whose duty it should be to see that the law of its creation wa faithfully executed, md that the great end of supplying a paper nedium of exchange, at all times converti )le into gold and silver, should be attained. The Hoard thus constituted, was given a nuch permanency as could be imparted tc it, without endangering the proper share oi responsibility which should attach to all jjublic agents. In order to insure all the advantages of a well-matured experienced the commissioners were to hold their offi- ces for the respective periods of two, four. anu six years, thereby securing at all times in me management ot the Exchequer, the services of two men of experience; and to place them in a condition to exercise perfect independence of mind and action, it was provided that their removal should only take place for actual incapacity or infidelity to the trust, and to be followed by the President with an exposition of the causes o! such removal, should it occur. It was proposed to establish subordinate boards in each of the Slates, under the same restric tions and limitations of the power of remo val, which, with the central board, should receive, safely keep, and disburse the pub lic moneys; and in order to furnish a sound paper medium of exchange, the Exchequer should retain of the revenues of the Gov ernment a sum not to exceed 455,000,000 in specie, to be set apart as required by its operations, and to pay the public creditor at Irs own option, either in specie or Treas ury notes, of denominations not less than live, nor exceeding one hundred dollars, which notes should be redeemed at the sev eral p'aces of issue, & to be receivable at all times hiuI every where in payment of Gov ernment dues; with a restraint upon such is sue of bills that the same should not exceed he m ixhnum of 4515,000,000. In order to guard against all the hazards incident to fl'ietuutions in trade, the Secretary of the Treasury was invested with authority to ue 5,000,000 of Government stock, should the same at any time be regarded as necessary, in order to place beyond hazard the prompt redemption of the bills which might be thrown into circulation. Thus in fact making the issue of 15, 000,000 of Exchequer bills, rest substantially on 4510, 000,000; and keeping in circulation never more than one and one half dollars for eve t y dollar in specie. When to this it is add ed that the bills are not only every where receivable in Government dues, but that the Government itself would be bound for their ultimate redemption, no rational doubt can exist that the paper which the Exchequer would furnish, would readily enter into general circulation, and be main tained at all times at or above par with gold and silver; thereby realizing the great want of the age, and fulfilling the wishesof the People. In order to reimburse the Government the expenses of the plan, it was proposed to invest the Exchequer with the limited authority to deal in bills of ex change, unless prohibited by the State in which an agency might be situated, hav ing otdy thirty days to run, and resting on a ami bona Jide basis. The Legisla - tive will on this point might be so nlainlv announced as to avoid all pretext for par . . " 'I tiaiiix or favoritism. It was furthermore proposed to invest this Treasury agent i ry notes, and have answered a valuable wiih authority to receive on deposite, to a 'purpose. Their usefulness has been limit limited amount, the specie funds of individ- jed by their being transient and temporary; ual, and to grant certificates therefor, to their ceasing to bear interest at given pe be redeemed on presentation, under the ' riods, necessarily causes their speedy re idea, which is believed to be well founded, j turn, and thus restricts their range of cir thal audi certificates would come in aid of! eolation, and, being used only in the dis the Exchequer bills in supplying a safe i bursements of Government, they cannot and ample paper circulation. Or, if in reach those points where they are most re place of the contemplated dealings in change the Exchequer should be authori zed not only to exchange its bills for actu al deposites of specie, but for specie or its equivalent to sell drafts, charging therefor a small but reasonable premium, I cannot doubt but that the benefits of the law would be speedily manifested in the revival of the credit, trade and business of the whole country. Entertaining this opinion it be comes my duty to urge its adoption upon Congress, by reference to the strongest considerations of the public interests, with s ich alterations in its details, as Congress may in its wisdom see fit to make. 1 am well aware that this proposed altera tion and amendment of the laws establish ing the Treasury Department has encoun lered various objections, and that among others it has been proclaimed a Government Bank of fearful and dangerous import. It is proposed to confer upon it no extraordi nary powers. It purports to do no more th;n pay the debts of the Government with the redeemable paper of the Govern ment in which respect it accomplishes piecisely what the Treasury does daily at ihis time, in issuing to the public creditors the Treasury notes which, under law, it is authorized to issue. It has no resemblance to an ordinary Bank, as it furnishes no profits to private stockholders, and lends no capital to individuals. If it be objected to as a Government Bank, and the objec tion be available then should all the laws in relation to the Treasury be repealed, and the capacity of the Government to col lect what is due to it, or pay what it owes, iie abrogated. This is the chief purpose of the proposed Exchequer; and surely if, in the accom plishment of a purpose so essential, it af ords a sound circulating medium to the ountry and facilities to trade, it should be egarded as no slight recommendation of it o public consideration. Properly guard ed by the provisions of law, it can run into io dangerous evil; nor can any abuse arise under it but such as the Legislature itself will be answerable for. if it be tolerated:1 since it is but the creature of the law audi is susceptible at all iiirtes of modification, amendment or repeal at the pleasure of Congress. I know that it has been object ed that the system would be liable to be abused by the Legislature by whom alone, it could be abused, in the party conflicts of the day. That such abuse would manifest j itself in a change of the law which would authorize an excessive issue of paper for the OUrnose of infl:l?nor nrifp! and winning ; popular tavor. To that it may be answer ed, that the ascription of such a motive to Congress is aliogether gratuitous and inad missible. The theory of our institutions would lead us to a different conclusion. But a perfect security against a proceeding so reckless, would be found to exist in the very nature of things. The political party which should be so blind to the true Inter ests of the country, as to resort to such an expedient, would inevitably meet with fi nal overthrow in the fact that, the mometlt - n the paper ceased to be conveitible into spe cie, or otherwise promptly redeemed, it would become worthless, and would, ill the end, dishonor ihe Government, involve the people in ruin, and such political party in hopeless disgrace. At ihe same time, such a view involves the utter impossibili ty of furnishing any currency other than that of the precious metals, for, if the Gov ernment itself cannot forego the temptation of excessive paper issues, what reliance can be placed incorporations upon whom the temptations of individual aggrandizement would most strongly operate? The Peo pie would have to blame none but them selves for any injury that might arise from a course so reckless, since their agents would be the wrong-doers, and they the passive spectators. There can be but three kinds of public currency. 1st. Gold and silver, 2d. The paper of State institutions; or, 3d. A rep resentative of the precious metals, provided by the General Government, or under its authority. The Sub-Treasury svs'em re jected the last in any form; and, as it was believed that no reliance could be placed on the issues of local institutions, for the purposes of general circulation, it necessa rily and unavoidably adopted specie as the exclusive currency for its own use. And this must ever be the case unless one of the other kinds be used. The choice, in the present state of public sentiment, lies be tween an exclusive specie currency oh the one hand, and Government issues of some kind on the other. That these issues can not be made bv a chartered institution, is j supposed to be conclusive 1;, settled. The Imust be made, tl en, directly by Govern- ' . For several years past they have been thus made in the form of Treasu- ex-(quired. Hy rendering their use perma nent, to the moderate extent already men lioned, by offering no inducement for their return, and by exchanging them for coin and other values, they will constitute, td a certain extent, the general currency so much needed to maintain the internal trade j of the country. And this is the Exchequer plan, so far as it may operate in furnishing a currency. 1 cannot lorego the occasion to urge its importance to the credit ot the Government in a financial point ol view. Ihe great necessity of resorting to every proper and becoming expedient in order to place the Treasury on a footing of ihe highest re srjectabilitv. is entirely obvious. The ci ed it of the Gov ernment may be regarded as Ihe very soul of the Government itself a principle of Vitality wiihout which all its movements are languid and all its opera lions embarrassed. In this spirit the Exe cutive fell itself bound by the most impera tive sense of duty to submit to Congress, at its last session, the propriety, of making a specific pledge of ihe land fund, as the basis for the negotiation of the loans author ized to be contracted. I then thought thai such an application of the public domain would, viihout doubt, have placed at the command of the Government ample funds to relieve the Treasury from the temporary embarrassments ander which it labored. American credit has suffered a considera ble shock in Europe, from the large in debtedness of the Slates and the temporary inability of some of them to meet the inter est on their debts. The utter and disas trous prostration of the United States Bank of Pennsylvania, had contributed largely to increase the sentimentof distrust by reason of the loss and ruin sustained by the holders of its stock, large por tion of whom were foreigners, and many of whom were alike ignorant of our political organi zation, and of our actual responsibilities. It was the anxious desire of the Executive that, in the effort to negotiate the loan a- b ond, the A merican negotiator might b ah!e co pt.i.ji the'money lender to the fund nor gaged for the redemption of the prin ci pal and interest ol any loan he might con u act, and th3icby vindicate the Oovern n ent I "-small suspicion of bad faith or ina h lily to meet its engagements Congress differed from the Executive In thi.i view ol the subject. It became, lievfiSrlheless, tha d'.tv of ihe Executive to resort to every ex pe ii u.t iu it power to negotiate ihe auth O'izedloan. After a failure to do so in American market, a citizen of high character nd talent was sent to Europd with no hettt r success and thus lha morti fying special le has been presented of th inability af his Government to obtain a lo n so small as not in the whole to amount to more than one-fourth of its ordinary an nual income; at a time when the uovern- ni nts ol Kurone a i hoUen tnvoivea in debt, and wiih their subjects heavily burd ened with taxation, readily obtain loans df any amount nt a greatly reduced rate oi in terest. It would he nndilable to look fur ther into this anomalous state of things, but I cannot conclude without adding that, for a Government which has paid off its debts of two ;ars with the largest maritim P'wer oi Eui opej and now owing a debt w hich is almost next to nothing when cam pued with its boundless resources, a GoY ernmerit ihe strongest in the world be cause emanating from ihe popular wiih and firm I rioied iu the affections of a great and free people and whose fidelity to its engagements has never been cjiiestionf d j f" such a Government to have tendered to the capitalists of other countries an op p 'itunity for a small investment of its st Mck, and y et to have failed, implies cither the most unfounded distrut in its good faith, rr 3 purpose, to obtain which, the course pursued is the most fatal which ecu Id have teen adopted. It has now be come obvious to all men that the Govern ment must look to its own means for sup plying its wants, and it is consoling to know that these means are altogether ade quale for the object. The Exchequer, if adopted, will greatly aid in bringing a bout this result. Upon what 1 regard as a well-founded supposition that its bills would be leadily sought for by the public creditors, and that the issue would in 'a short lime reach the maximum of 000,000, it is obvious that $lO,000,Ouu would thereby be added to the available means of the Treasury without cost or charge. Nor can 1 fail to urge the great and beneficial effects which would be pro duced in aid of all the active ptirsui'ts df life. Its effects upon the solvent Stata hanks, while it would force into liquidation thf se of an opposite character through iU weekly settlements, would be highly bene ficial; and with the advantages of a sound currency, ihe restoration of confidence and credit ould follow, with a numerous train of blessings. My convictions are most strong that these benefits would flow from the adoption of this measure: but if the re suL should be adverse there is this securi ty in ropn"?:!on with it, that the law craa ting it may Le repealed at the pleasure of the kegislature, without the lightest im plication of its good faith. I recommend to Congress to take into consideration the propiiety of reimburs ing a fii e imposed on General Jackson at New Orleans at the time of the attack aud defence of that city and paid by him. Without designing any reflection on th judicial tribunal which imposed the fine, the remission at this day may be regarded as not unjust or inexpedient. The voice of the civil authority was heard amidst lha glitter of arms and obeyed by those who held the sword thereby giving additional lustre to a memorable military achieve ment If the laws were offended, their majesty was fully vindicated; and although the penalty incurred and paid, is worthy of little regard in a pecuniaiy point of view, it can hardly be doubted ihat it would be gratifying to the war-worn veteran flow in retirement and in the winter of his day?, to be relieved from the circumstances in which that judgment placed him. There are cases in which public functionaries may he called on to weigh the public interest against their own personal hazards, and if the civil law be violated from praiseworthy motives, or an overruling sense of public danger and public necesity. punishment may well be res'rained within that limit which asserts and maintains the authority of the law, and the subjection of the n;iii- lary to the civil pc.ver. The defence of New Orleans, while it saved a city from the hands of Ihe euemv. placed the name - ofGeneral Jackson anions ihoso of tha, greatest Captains ol the age, and illustrated one of the brightest pa;es of our history. Now that the cauc-s of excitement, exist ing at the time, have teased to operate. l Is believed that ihe remission ot this fine. ( and whatever ofgratifirationthat remission might cause the eminent man who incurred; and paid it, would be in accordance wh the general feeling and wishes of the A merican People. m , j have thus, . feltow-citizeos, acquitted mysklfof my duly undw Urn Constitution
The Tarborough Southerner (Tarboro, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Dec. 24, 1842, edition 1
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