The Congressional Globe, Volume 13, Part 1: Twenty-Eighth Congress, First Session Page: 8

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CONGRESSIONAL ©LOBE.
guard the public credit. In.re-cstablisliiog.the credit
©fthis central Government, the readiest and most
obvious mode is taken to restore the credit of the
States. The extremities can only be made sound
by producing a healthy action in the Central Gov-
ernment; ana the history of the present day fully
establishes the fact, that an increase in the value of
the stocks of this Government will, in a majority of
.instances, be attended by an increase in the value
of the Stocks, of the States. It should, therefore,
be a matter of general congratulation, that amidst
all the embarrassments arising from surrounding
circumstances, the credit of the Government should
have been so fully restored that it has been en-
abled to effect a loan of seven millions of dollars to
redeem that amount of treasury notes, on terms
more favorable than any that have been offered for
many years; and the six per cent, stock which
was created in 1842, has advanced in the hands of
the holders to nearly twenty per cent, above its par
value. The confidence of the people in the integrity
of their Government haa thus been signally mani-
fested. These opinions relative to the public lands
do not, in any manner, conflict with the observance
of the most liberal policy towards those of our fel-
low-citizens who press forward into the wilderness,
and are the pioneers in the work of its reclamation.
In securing to nil such their rights of pre-emption,
the Government performs but an act of retributive
justice for sufferings encountered and hardships en-
dured, and finds ample remuneration in the comforts
which its policy insures, and the happiness it im-
parts.
Should a revision of the tariff, with a view to reve-
nue, become necessary in the estimation of Congress,
I doubt not you will approach the subjcct with a
just and enlightened regard to the interests of the
whole Union. The principles and views which I
have heretofore had occasion to submit, remain un-
changed. It can, however, never be too often re-
peated, that the prominent interest of every impor-
tant pursuit of life requires, for succcss, permanency
and stability in legislation. These can only be at-
tained by adopting, as the basis of action, modefa-
tion in all things; which is as indispensably necessa-
ry to secure the harmonious action of the political
as of the animal system. In our political organiza-
tion, 110 one section of the country should desire to
have its supposed interests advanced at the sacrifice
of all others; but union being the great interest,
equally precious to all, should be fostered and sus-
tained by mutual concessions, and the cultivation of
that spirit of compromise, from which the Constitu-
tion itself proceeded.
You will be informed, by the report from the
Treasury Department, of the measures taken under
the act of the last session, authorizing the re-issue of
treasury notes in lieu of those then outstanding.
The system adopted in pursuance of existing laws,
eem3 well calculated to save the country a large
amount of interest, while it affords conveniences and
obviates dangers and expense in the transmission of
funds to disbursing agents. I refer you also to that
report for the means proposed by the Secretary to
increase the revenue, and particularly to that portion
of it which relates to the subject of the warehousing
system, which I earnestly urged upon Congress at
its last session, and as to the importance of which
my opinion has undergone no change.
In view of the disordered condition of the currency
at the time, and the high rates of exchange between
different parts of the countiy, I felt it to be incum-
bent on me to present to the consideration of your
predecessors a proposition conflicting in no degree
with the Constitution, or with the rights of the
States, and having the sanction—not in detail, but in
principle—of some of the eminent men who had pre-
ceded me in the executive office. That proposition
contemplated the issuing of treasury notes of de-
nominations not less than five, nor more than one
hundred dollars, to be employed in payment of the
obligations of the Government in lieu of gold and
silver, at the option of the public creditor, and to an
amount not exceeding $15,000,000. It was pro-
posed to make them receivable everywhere, and to
establish at various points depositories of gold and
silver, to be held in trust for the redemption of such
notes, so as to insure their convertibility into specie.
No doubt was entertained that such notes would
have maintained a par value with gold and
silver—thus furnishing a paper currency of equal
value over the Union, thereby meeting the just ex-
pectations of the people, and fulfilling the duties of a
parental Government. Whether the depositories
should be permitted to Bell or purchase bills under very
limited restrictions, together with all its other details,
was submitted to the wisdom of Congress, and was
regarded as of secondary importance.' I thought then,
and think now, that such an arrangement would have
been attended with the happiest results. The whole
matter of the currency would have been placed
where, by the Constitution, it was designed to be
placed—under the immediate supervision and con-
trol of Congress. The action of the Government
would have been independent of all corporations;
and the same eye which rests unceasingly on the
specie currency, and guards it against adulteration,
would also have rested on the paper currency, to
control and regulate its issues, and protect it against
depreciation. The same reasons which would forbid
Congress from parting with the power over the coin-
age, would seem to operate with nearly equal force
in regard to any substitution for the precious metals
in the form of a circulating medium. Paper, when
substituted for specie, constitutes a standard of value,
by which the operations of society are regulated;
and whatsoever causes its depreciation, affects so-
ciety to an extent nearly, if not quite, equal to the
adulteration of the coin. Nor can I withhold the re-
mark, that its advantages, contrasted with a bank of
the United States—apart from the fact that a bank was
esteemed obnoxious to the public sentiment, as
well on the score of expediency as of constitu-
tionality—appeared to me to be most striking and
obvious. The relief which a bank would afford by
an issue of $15,000,000 of its notes, (judging from
the experience of the late United States Bank,) would
not have occurred in less than fifteen years; where-
as, under the proposed arrangement, the relief
arising from the issue of ^,15,000,000 of treasury
notes would have been consummated in one year;
thus furnishing, in one-fifteenth part of the time in
which a bank could have accomplished it, a paper
medium of exchange, equal in amount to the real
wants'of the country, at par \alue with gold and
silver. The saving to the Government would have
been equal to all the interest which it has had to
pay on treasury notes ol" pievious ar, will as sub-
sequent issues; thereby lelicving the Government,
and, at the same tune, affording relief to the people.
Under all the responsibilities attached to the sta-
tion which I occupy, and in redemption of a pledge
given to the last Congress, at the close of its first
session, I submitted the suggestion to its considera-
tion at two consecutive sessions. The recommend-
ation, however, met with no favor at its hands.
"While I am free to admit that the necessities of
the times have since become greatly ameliorated,
and that there is good reason to hope that the coun-
try is safely and rapidly emerging from the diffi-
culties and embarrassments which everywhere sur-
rounded it in 1841, yet I cannot but think that its
restoration to a sound and healthy condition would
be greatly expedited by a lesort to the expedient in
a modified form.
The operations of the treasury now rest on the
act of 1789, and the resolution of 1816, and those
laws have been so administered as to produce as
great a quantum of good to the country as their pro-
visions are capable of yielding. If there had been
any distinct expression of opinion going to show
that public sentiment is averse to the plan, either as
heretofore recommended to Congress, or in a modi-
fied form,—while my own opinion in regard to it
would remain unchanged, I should be very far from
again presenting it to your consideration. The
Government has originated with the States and the
people, for their own benefit and advantage; and it
would be subversive of the foundation-principles of
the political edifice which they have reared, to per-
severe in a measure which, m their mature judg-
ments, they had either repudiated or condemned.
The will of our constituents, clearly expressed,
should be regarded as the light to guide our foot-
steps; the true diffei ence between a monarchical or
aristocratical government and a republic being, that
in the fnst, the will of the few prevails over the
will of the many; while in the last, the will of the
many should be alone consulted.
The report of the Secretary of War will bring
you acquainted with the condition of that import-
ant branch of the public service. The army may
be, regarded, in consequence of the small number
of the rank and file in each company and regiment,
as little more than a nucleus mound which to rally
the military force of the country m case of war;
and yet its sen ices in preserving the peace of the
frontieis are of a most important nature. In all
cases of emergency, the reliance of the country is
properly placed in the militia of the several States;
and it*may well deserve the consideration of Con-
gress, whether a new and mora perfect^ organiza-
tion might not be introduced, looking mainly to the
volunteer companies of the Union for the present,
and of easy application to the great body of the
militia in time of war.
The expenditures of the War Department have
been considerably reduced in the last two years;
contingencies; however, may arise, which would
call for the filling up of the regiments with a full
complement of men, and make it very desirable to
remount the corps of dragoons, which by an act of
the last Congress was directed to be dissolved.
1 refer you to the accompanying report of the Sec-
retary for infoimation in relation to the navy of the
United States. While every effort has been, and
will continue to be made, 11 retrench all superflui-
ties, and lop off all excrescences which from time to
time may have siown up, yet it has not been re-
garded as wise® prudent to recommend any mate-
rial change in annual appropriations. The interests
which are involved are of too important a character
to lead to the rccommcndation of any other than a
liberal policy. Adequate appropriations ought to be
made, to enable the Executive to fit out all the ships
that are now m a course of building, or that require
repairs, for active service in the shortest possible
time, should any emergency arise which may re-
quire it. An efficient navy, while it is the cheapest
means of public defence, enlists in its support the
feelings of pride and confidence, which brilliant
deeds and heroic valor have heretofore served to
strengthen and confirm.
I refer you particularly to that part of the Secre-
tary's report which has reference to recent experi-
ments in the application of steam, and in the con-
struction of war steamers, made under the superin-
tendence of distinguished officers of the navy. In
addition to other manifest improvements in the con-
struction of the steam-engine, and application of the
motive power, which has rendered them more ap-
propriate to the uses of ships of war, one of those
officers has brought into use a power which makes
the steam-ship most fmmiriable, cither for attack or
defence. I cannot too strongly recommend this
subject to your consideration, and do not hesitate
to express my entire conviction of its great import-
ance.
I call your particular attention, also, to that por-
tion of the Secretary's report which has reference to
the act of the late session of Congress, which pro-
hibited the transfer of any balance of appropriation
from other heads of appropriation to that for build-
ing, equipment, and repair. The repeal of that pro-
hibition will enable the department to give renewed
employment to a large class of workmen, who have
been necessarily discharged, in consequence of the
want of means to pay them—a circumstance attend-
ed, especially at this season of the year, with much
privation and suffering.
It gives mc great pain to announce to you the loss
of the steamship "The Missouri," by fire, in the
Bay of Gibraltar, where she had stopped to renew
her supplies of coal, on her voyage to Alexandria,
with Mr. Cushing, the American Minister to China,
on board. There is ground for high commendation
of the officers and men for the coolness, and intre-
pidity, and perfect submission to discipline, evinced
under the most trying circumstances. Surrounded
by a raging fire, which the utmost exertions could
not subdue, and which threatened momentarily the
explosions of her well-supplied magazines, the offi-
cers exhibited no signs of fear, and the men obeyed
eveiy order with alacrity. Nor was she abandoned
until the last gleam of hope of saving her had ex-
pired. It is well worthy of your consideration,
whether the losses sustained by the officers and
ciew in this unfortunate affair should not be reim-
bursed to them.
I cannot take leave of this painful subject without
adverting to the aid rendered upon the occasion by
the British authorities at Gibraltar, and the com-
mander, officers, and crew, of the British ship-of-
the-line "The Malabar," which was lying at the
time in the bp.y. Everything that generosity or hu-
manity could dictate was promptly performed. It
is by such acts of good-will by one to another of
the family of nations, that fraternal feeling s are
nourished, and the bier sings of permanent peace
secured.
The report of the Postmnsier General will bring
you acquainted with the operations of that depart-
ment during the past year, and will suggest to you
such modifications of the existing laws as in youi
opinion the exigencies of the public service may re*

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United States. Congress. The Congressional Globe, Volume 13, Part 1: Twenty-Eighth Congress, First Session, book, 1844; Washington D.C.. (https://texashistory.unt.edu/ark:/67531/metapth2367/m1/32/ocr/: accessed March 28, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.

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