'oL. Vll, No. 49.] PUBLISHED BY THEODORE H, CREMER TEnuo. - - The "JOURNAL" will be published every Wednesday morning, at two dollars a year, If paid IN ADVANCE, and if not paid withi , •ttix months. two anti a halt. No subscription received for a shorter pe• rind than six months, nor any paper discon tinued till all arrearages are paid. Advertisements not exceeding one square, will be inserted three times for one dollar, 1,1(1 forevery subsequent insertion twenty five cents. If in definite orders are given as to the time an advertisement is to he continu ed, it will be kept in till ordered out, and charged accordingly. PRESIDENT'S MESSAGE, T. the Senate and House of Reyesenta lives of the United States. [CONCLUDED.] In revising the existing tariff of duties, should you deem it proper to do so at your present session, I can only repeat the sug gestions and recommendations which, upon several occasions, I have heretofore' felt it my duty to offer to Congress. The great, primary and controling interest of the American People is union—union not only in the mere forms of government, which forms may be broken—but union founded in an attachment of States and individuals for each other. This union 1 poll.• ln sentiment and feeling can only be reaer- ved by the adoption of that course o p t* . oli cy which, neither giving exclusive benefits to some, nor imposing unnecessary bur den,: upon others, shall consult the interest of all, by pursuir,g a course of moderation, and thereby seeking to har monize public opinion, and causing t he People every where to feel and know that the Government is careful of the n .: terests of all alike. Nor is there any sub: ject in regard to which moderation, con nected with a wise discrimination, is mope necessary than the imposition of duties :i on imports. Whether reference be had I ': to revenue, the primary object in the im- i position of taxes, or to the incidents which i necessarily flow from their imposition,' tins is entirely true. Extravagant i. "i• . cleat their end and object, not only es ..,;,,5.,.., t , the roollienind an .hmier tii i Y C • ... PT I!. W. .4,i ' ~ vA I the ralufacturing interests, but by indu• cing a system of smuggling on an exten• live scale, and the practice of every man ner of fraud upon the revenue, which the ' utmost vigilance of Government cannot eflectually suppress. An opposite course of policy would be attended by results essentially different, of which every inter s est of society, and none more than those of- the manufacturer, would reap impor tant advantages. Among the most stri king of its benefits would be that derived from the general acquiescence of the country in its support, and the consequent permanency and stability which would be given to all the operations of industry.— It cannot be too often repeated, that no system of legislation can be wise which is fluctuating and uncertain. No interest can thrive under it. The prudent capita. list will never adventure his capital in manufacturing establishments, or in any, other leading pursuit of life, if there exists a state of uncertainty as to whether the Government will repeal to-morrow what it has enacted to-day. Fitful profits, however high, if threatened with a ruinous reduction by a vicillating policy on the part of the Government, will scarcely tempt him to trust the money which he has acquired by a life of labor, upon the uncertain adventure. I; therefore, in the spirit of conciliation, and influenced by no other desire than to rescue the great inter ests of the country from the votes of po litical contensiun, and in the discharge of the high and solemn duties of the place which I now occupy, recommend moderate duties imposed with a wise discrimination as to the several objects, as baing not only most likely to be durable, but most advan tageous to every interest of society. The report of the Secretary of the War Department exhibits a very lull and satis factory account of the various and impor tant interests committed to the charge of that officer. It is particularly gratifying to find that the expenditures fur the mili tary service are greatly reduced in amount *that a strict system of economy has been introduced into the service, and the abuses of past years greatly reformed.— The fortifications on our maritime frontier have been prosecuted with much vigor, and at many points our defences are in a very considerable state of forwardness.— The suggestion in reference to the estab lishment of means of communication with our territories on the Pacific, and to the surveys so essential to a knowledge of the resources of the intermediate country, are , entitled to the most favorable considera tions. While I would pi opose nothing inconsistent with friendly negociations to settle the extent of our claims in that re gion, yet a prudent forecast points out the becessity of such a measure as may enable us to maintain our rights. The arrange. meats made for the perceiving our neutral 44 2 4 ,•• Xi r .:;'y 'it 4 _ . 1 = . I ' ,1), w _____ relations on the boundry between us and Texas, and keeping in check the Indians in that quarter, will be maintained so long as circumstances may require. For several years angry contentions have grown out of the disposition directed by law to be made of the mineral lands held by the Government in several of the States. The Goverment is constituted the landlord, and the citizens of the States wherein lie the Intik, are its tenants.— 'rule relation is an unwise one, and it wb..1(1 be much more conductive of the public interest that the sale of the lands should 61 made than that they should re main in their present condition. The supply•of tha ore would be more abun dantly and certainly furnished when to be drawn from the enterprise and industry of the proprietor, than under the present system. The recommendation of the Secretary in regard to the improvements of the Western waters and certain prominent harbors on the Lakes, merit, and I doubt not will receive, your serious attention.— The great importance of these subjects to the prosperity of the extensive region re ferred to, and the security of the whole country in time of war, cannot escape observation. The losses of life and prop erty which annually occur in the naviga tion of tile Mississippi alone, bec'ause of the dangerous obstructions in tilt,. river, make a loud demand upon Congriess for the adoption of efficient measures fiiir their removal. q t u s a e i n tpendbl public with dfe t ti a t : t a The report of the Secretary of the' , Navy im portant r l l t a b n i n b g r a y n o c u h o a Considerm. ,„, the already vast and! daily increasing commerce of the country' apart front the exposure to hostile inroa of an extended seaboard, all that relate to the Navy is calculated to excite parti e it. at tendon. 'Whatever tends to a , .to its efficiency, without entailing u eCess. rY charges upon the Treasury , . is well d worth of your serious considers n. It will be seen that while an propriation exceed- in. by less Ch• a million the appropria tions of ie present year, is asked by the Seer Ary, yet that in this sum is proposed oe included $400,000, fur the purchase of defiling, which, when once expended, will be annually reimbursed by the sale of, the ClUtfica, 0.14 wall khan conalaulo a perpetual fund, without any new appro priation to the same object. To this may also be added $50,000, asked to cover the arrearages of past years, and $250,000 in order to maintain a competent squadron on the 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 ex penditures will thus remain very nearly the same as of the antecedent year, it is proposed to add greatly to the operations of the Marine, and in lieu of only 25 ships in commission, and but little in the way of building, to keep, with the same expendi ture 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 insure industry, fidelity and economy, in every department of duty. Experiments have been instituted to test the quality of various materials, particularly copper, iron, and coal, so as to prevent fraud and imposition. 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 accomplished. The expenditures of the Department, for the current year, have been brought within its income without lessning its general usefulness. There has been on increase of revenue equal to $166,000 for the year 1842 over that of 1841, without, 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 observed in accounting for, and pay ing over by the subordinates of the De partment, the moneys which have been received. For the d - etails of the service I refer you to the report. I flatter myself that the exhibition thus made of the condition of the public ad ministration 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 annual expenditures of the Gov ernment already accomplished, furnishes a sure evidence that the economy in the application of the public moneys, is re garded as a paramount duty. At peace with all the world—the per sonal liberty of the citizen sacredly main tained, and his rights secured under po litical institutions deriving all their an• thority from the direct sanction of the people—with a soil fertile almost beyond example; and a country blessed with eve ry diversity of climate and production, what remains to be done in order to ad• vance the happiness and prosperity of I such a people 1 Under ordinary circum- "ONE COUNTRY, HUNTINGDON, PENNSYVA-NIA, stances this inquiry could readily be an-Treasury nines, of the denominations not swered. The best that probably could be • less than five, nor exceeding one hundred done fur a people inhabiting such a coun• dollars, w•liiCi notes should - be redeemed try, would be to fortify their peace and tat the sever .I places of issue, and to be security in the prosecution of their various ' receivahle at 411 times and every where in pursuits, by guarding them against invasion payment of Government dues • with a re• froin without, and violence within. The striiiiit upon such issue of bills that the rest, for the greater part, might be left to same should not exceed the maximum of their own energy and enterprise. The chief i 515,000,00. n ord to (mud against embarrassment s which at the m I moment ex- all the bazar is incident er to euctuations in Itibit themselves, have arisen from over-! trade, the Secretary of the Treasury was action ; and the moat difficult task which invested with an dimity to issuess,ooo,ooo remains to be accomplished, is that of cor- of Government stock, should tho same at reefing and overcoming its effects. 13e- any time be regarded its necessary, in or ; tween the years 1833 and 1838, additions der to place beyond hazard the prompt were made to batik capital and bank issues, redemption of the bills which might be in the form of notes designed for circuia- thrown into circulation. Thus in fact lion, to an extent enormously great. The making the it , sue of 815,000,000 of Ex• question seemed to be, not how the best chequor bills, rest substantially on glO,- currency could be provided, but in what 000,000; and keeping in circulation never , manner the greatest amount of bank paper more than one and one-haffdollars fur eve could be put in circulation. Thus, a vast ry dollar in specie. When to this it is added amount of what was called money—since, that the bills are not only every where re fits the time being, it answered the put , ceivable in Government dues, but that the pose of money--was thrown upon the Government itself troald be litinnil for country; an over issue which was atten- their ultimate redemption, no rational ded ii ith as a necessary consequence, by doubt can exist that the paper which the na extravagant increase of the prices ()fall Exchequer s. ould furnish, would readily articles of property, the spread of a specu- enter into g,••neral circulation, and be lative mania all over the country, and has maintained at all times at or above par finally ended in a general indebtedness on with ri•ohl and silver; thereby realizing the the part of States and individuals, the great want of the age, an& fulfilling the prostration of public and private credit, a wishes of the People. Inpriler to reims depreciation in the market value of real burse the Government the - expenses of the and personal estate, and has left large plan, it was proposed to invest the Excite districts of country almost entirely with- quer with the limited authority to dual in out any circulating medium. In view of bills of exchange, unless prohibited by the the fact that, in 1830, the whole bank note State in w hid] an agency might be situa• circulation within the United States a- ted, having only thirty &ays to run, and mounted to but $01,323,898, according resting on a lair and bona fide basis. The to the Treasury statements, and that an Legislative will on this point might be so addition has been made thereto of the plainly announced, as to avoid any pre enormous sum of 888,000,000 in seven text fur partiality or favoritism. It was years, (the circulation on the first of Jan- furthermore proposed to invest this Trees nary, 1837,being stated at $149,185,890,) sury agent with authority to receive or aided by t he great facilities atiorded in depusite, to a limited amount, the specie obtaining loans fruin European capitalists, funds of individuals, and to grant certifi who were seized with the same specula- cates therefor, to be redeemed on presen tive mania which prevailed in the United tation, undef the idea, which is believed to States—and the large importation of funds be well founded, that such certificates from abroad, the result of stock sales and would come ii.t and of the Eschew's.- Mils loans—no one can be surprised at the ap- in supplyin i ; ,i safe and ample paper cir- 1 parent, but unsubstantial state of prosper- ciliation. CP!' if in place of the contem• its which every where prevailed over the plated dealinns; in exchange, the E n Xche , - land ; while us little cause of surprise luer sfioulf! 'e . authorized n i t „.. it ,.. o 1y 0' should he felt at a ,,t p , ... , ....i , .... -, -- .1 -,_ ..-. • ... .!. r 0..., i n g: thereforo‘ 1 . .. its l' a '„ equivalents u n ' li t , 7 y thing, antPrITF.: ruin which has halal- specie, but i 6 * i l e o n d fio many or our 1.110. v nit:.en. in the . gall drafts,: large an amount of bank issues, since 183; tha t t the e sudden withdrawal from circulation of so feasonnti b t%,:i i v is m o eu f r t u li e i l :Iv " ' t j v i o k' u t l would c b u e b s t p b ee " ! s• this opinion it becon,es my i c s u b r e r l e i r e m v y ed io t r h a e a s t i i m i l ? i u la n r t i i t i l i a y d(an, . man i fested b ' u s „i, i e , ~ .th o e f re t v ii i e va w l h o o l le th c e o c u r nlv t : I I: c ge e , p d aa e si i i i ei t tr to 1837, I astonishment that such exten- duty to urge its adopti on upon Congress, a matter o added — spievi e .: x os c dh e t lai e oi tv t i it ceases to be f Entertaining . made of by reference to the strongest consideration ' fortunes, or private reeks should have been . v in its exist in meeting their engagements on ir t that difficulties should o fo ti t on t s he in p i u t b s l d ic et t a n i t ls er a e s sts c , om wisdom see fit to make. Congress s s s u i c n i a l part of the debtor States. Apart .alteras, which, if there be taken into account the I sin well aware that this proposed al- immense losses sustained in the dishonor • of numerous banks, it is less a matter of • surprise that insolvency should have visi- • ted many of our fellow-citizens, than that so many should have escaped the blighting influence of the times. In the solemn conviction of these truths, and with an ardent desire to meet the pressing necessities of the country, 1 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 and duty of maintaining. which, in purity and vigor, was to he ex ercised by the Representatives of the People and the States, and, therefore, vir tually by the People themselves. It was proposed to place it under the control and direction of the Treasury Board, to con sist of three Commissioners, whose duty it should be to see that the law of its crea tion was faithfully executed, and that the great end of supplying a paper medium of exchange, at all times convei table into gold and saver, should be attained. The Board thus constituted, was given as much permanency as could be imparted to it, without endangering the proper share of responsibility which should attach to all public agents. In order to insure all the advantages of a well-matured experience, the Commissioners were to hold their offi ces for the respective periods of, two, four, and six years, thereby securing at all times in the management of the-Ex chequer, the services of two men of expe rience; and to place them in a condition to exercise perfect independence of mind and action, it was provided that their re moval, 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 of such remove* • should it occcur. It was proposed to e! tablish subordinate boards in each of 1' States, under the same restrictions • limitations of the power of removal, ar • with the central board, should re' n" ' • safely keep, and disburse the publ; ' • eys ; and in order to furnish a sr' u P a per medium of exchange, the Y Le.r • shuuld retain of the revenaes e 0, by 000, , ernment a sum not to exceed:, ired • in specie, to be set apart as. buc 4 I its operations, and to pay il r n snec idtl • ditor at his own option, ei' r hE CONSTI 'UTION, ONE DESTINY." ieration and amendment of 'tls laws es• tisblishing the Treasury Departmen t has encountered various objections, and that among others it has been proclaimed a Government Bank of fearful and danger ous import. It is proposed to confer up on it no extsaordinaiy powers. It pur ports to do io more than pay the debts of the Government with the redeemable pa. per of the Gwernment —in which respect it accompliskes precisely what the Trea sury sloes dilly at this time, in issuing to the public veditors the Treastny notes which, untie: law, it is authorized to is sue, it has no resemblance to an ordina ry Bank asit furnishes no profiti to pri vate stocklidders, and lends no capital to' individuals. If it be objected to as a Government Bank, and the obj6tion be available—Then should all the hales in re lation to th; Treasury b.: repealed, and the capacitt of the Greernment to col lect what if due to it, or pay shat it owes, be abrogated. l his is tie chief pu•pose of the propos ed Exchesiscr ; and .urely if, in the ee complishidnt of kiurpose so essential, it alThrds asound irculating medium to the country an . , facilities to trade, it should be re ' .. act id as noslight recommen- dation of it to I ,bhic consideration. Pro perly guardet°Y the provisions of law, it can run list°-so dangerous evil, nor can any abuse .f se under it but such as the will be answerable fur, Legislator if itimtoli i t t e s d e l i r since it is but the crea ture of ,e4aw, and is susceptible at all times e athdification, amendment or re , peat, . the pleasure of Conuress I know has a n objected 'that . the sys• t e lsa ;r • t ould be liable to be abused by the / rslature, by whom alone it could be t , used, in the party conflicts of the day. :That such abuse would manifest itseft in a change of the law which would author ize an excessive issue of paper for the purpose of inflating prices and winning popular favor. To that it may be answer ed, that the ascription of such a motive to Congress is altogether gratuitous and inadosi;sible. The theory of our institu tions would lead us to a different conclu sion. But a perfect security against si roceeding so reckless, would be found to xist in the very natnre of things. Tale political party which should be so blini to the true inter of the country, as to resort to suchexpedient, could inevi table meet with a final overthrow in the fact that, the liniment the paper ceased to be convertible into specie, or otherwise promptly redeemed, it would become worthless, and would, in the end, dishon or the Government, involve the people in ruin, and such political party in hopeless disgrace. At the same tune, such a view involves the utter impossibility of furnishing any currency other than that of the precious metals, for, if the Govern ment itself cannot forego the temptation of excessive paper issues, what reliance can be placed in corporations upon whom the temptations of individual aggrandize ment would most strongly operate? The People would have to blame none but themselves 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. Ist. Gold and silver; gd. The paper of State institutions; or, 3,1. A representative of the precious mentals, provided by the General Government, or under its authority. The Sub-Treasury ,system rejected the last in any form ; and, as it was believed that no reliance could be placed on the issues of local institu tions, for the purposes of general circula tion, it necessarily and unavoidebly adop ted 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 between an ex clusive specie currency on the one hand, and Government issues of some kind on the other. That these issues cannot be made by a chartered institution, is sup posed to be conclusively settled. They must be made, then, directly by Govern ment agents. Eurseseral years past they have been thus made in the limo v,k. f ;,,, e Stay notes, awl have .-- """ übCIU a ICICSS been MD tneir being transient and tempo rary; their ceasing to bear interests at given periods, necessarily causts their speedy return, and thus restricts their range of circulation, and being used only disbursements ottillit Ouvernment, annot reach those poleax which they are - iiiost required. By rendering their ~,s*nanent, to the moderate extent atreart,y, snentioned, by offerin g no induce ment for their return, anti by exchanging them !Or coin and other values, they will constitute, to a certain extent, the g eneral currency so much needed to maintain the internal trade of the country. And this is the Exchequer plan, so far as it may operate in furnishing a currency. I cannot forego the occasion to urge its importance to the credit of the Govern, ment in a financial point of view. The great necessity of resorting to every proper and becoming expedient in order to place the Treasury on a footing of the highest re spectability, is entirely obvious. The credit of the Government may be regar ded as the very soul of the Government itself—a principle of vitality without which all its movements are languid and all its operations embarrassed. In this spirit the executive felt itself bound by the most imperative sense of duty to submit to Congress, at its last session, the propriety of making a specific pledge of the land fund, as the basis for negotia tion of the loans authorized to be contrac ted. I then thought that such an appli cation of the public domain would, without doubt, have placed at the command of the Government, ample funds to relieve the Treasuey from the temporary embarrass ments under which it labored. American credit has suffered a considerable shock in Europe, from the large indebtedness of the States and the temporary inability of sonic of them to meet the interest on their debts. The utter and disastrous prostration of the United States Bank of Pennsylvania, had contributed largely to increase the sentiment of distrust by rea son of the loss and ruin sustained by the holders of its stock, a large portion of whom were alike ignorant of our political organization, and of our actual responsi bilities. It was the anxious desire of the Executive that, in the effort to negociate the loan abroad, the American negotiator might be able to point the money lender to the fund mortgaged for the redemption of the principal and interest of any loan he might contract, and thereby vindicate the Government from all suspicion of bad faith or inalaty tg meet its engagements. Congress difiereftem the Executive in this view of the subject. It became, I nevertheless, the duty of the Executive to resort to every expedient it. its power to negotiate the authorized loan. After a failure to do so in the American market, a citizen of high character and talent was sent to Europe with no better success ; and thus the mortifying spectacle has been presented of the inability of this Government to obtain a loan so small as not in the whole to amount to more than one-fourth of its ordinary annual income; at a time when the Guvernments of Eu rope, although involved in debt, and with F their subjects heavily burdened with tax i ation, readily obtain loans of any amount rat a greatly reduced rate of interest. It would be unprofitable to look further into this anomalous state of things, but I can not conclude without adding that, for a Government which has paid off its debts of two wars with the largest maritime power of Europe, and now owing a debt which is almost next to nothing when com pared with its boundless resources, a Government the strongest in the world, because emanating from the popular will, and firmly reeled in the affections of a great and free people, and whose fidelity to its engagements has never been ques tioned; for such a Government to have tendered to the capitalists of other coun tries an opportunity for a small investment of its stock, and yet to have failed, im. plies either the most unfounded distrust in its good faith, or a purpose, to obtain which, the course pursued is the moat fa tal which could have been adopted. It has now become obvious to all men that the Government must look to its own means for supplying its wants, and it is consoling to know that these means are altogether adequate for the object. The Exchequer, if adopted, will greatly aid in bringing about this result. Upon what I regard as a well founded supposition that its bills would be reat'ily sought for by the public creditors, and that the issue would in a short time reach the maximum of $15,000,000, it is obvious that 000,000 would thereby be added to the available means of the Treasury without cost or charge. Nor can 1 fail to urge the peat and beneficial eflects which wuuld besproduced in aid of all the active pursuits of life. Its effects upon the sol vent State Batiks, whilLibiliiiThite into lirpiidatjfin Aweekly settlements, • • tirou , rd be highly beneficial ; and with the advantages of a sound currency, the res• toration of confidence and credit would 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 result should be adverse, there is this security in connec tion with it, that the law creating it may be repealed at the pleasure of the Legisla• ture, without the slightest implication of its good faith. recommend to Congress to take into :onsitleration the proprsety of reimbur singia line imposed on General Jackson at New Gleans, at the time of the attack and defence of that city and paid by him, Without designing any reflection on the 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 glitter of arms and obeyed by those who held the sword, thereby giving additional lusture to a memorable military achieve ment. If the laws were offended, their majesty was fully vindicated; and al though the penalty incurred and paid, is %votary - of little regard in a pecuniary point of view, it can hardly be doubted that it would be gratifying to the war worn veteran, now in retirement and In the winter of his days, to be relieved from the circumstances in which that judgment placed him. There are cases in which public functionaries may be called on to weigh the public interests against their own personal hazards, and if civil law be violated from praiseworthy motives, or an overruling sense of public danger and public necessity, punishment may well be restrained within that limit which asserts and maintains the authority of ,the ,law. and the subjection of the military to the civil power. The defence of New Orleans, while it saved a city from the hands of the enemy, placed the name of General Jack son among those of the greatest Captains of the age and illustrated one of the brightest pages of our history. Now that the causes of excitement, existing at the time, have ceased to operate, it is believed that the remission of this fine, and what• ever of gratification that remission might cause the eminent matt who incurred and paid it, would be in accordance with the general feeling and wishes of the Ameri can People. I have thus, fellow-citizens, acquitted myself of my duly under the Constitution, by laying before you, as succinctly as I have been able, the state of the Union, and by inviting your attention to measures of much importance to the country. The Executive will inset zealously unite its efforts with those of the Legislative Depart , anent in the accomplishment of all that is required to relieve the wants de common constituency, or elevate the destinies of a beloved country. JOHN TYLER. WAsunimx, December, 1842. Arthur Tappet) of New York, has lately filled, and applied for the benefit of the Bankrupt Law. He stink his immense wealth in endorsing for his fellow mfr. chants. •
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