rTERMs::::::a:$ 50 90 IN ADVANCES.
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OF $i,UUU,VUV on account Of the lnverees
and in redemption Of more than %, ,O00, Geo
Of the public debt which falls due on The
let Of january next, ahd tetting apart upi
wards Of $4,000, 900 for the payment Of
outstanding Treasury nutes, and meeting
an insialment Of the dehis Of the ccrpcrai1
cities Of the District Of Columbia, AZ csti-
mated surplus Of upwards Of $1,000, eco
over and q owe the existing appropriations
will remain in The Ire sury az the Gloss
Of the fiscal year. Should tie Treasury
notes continue outstanding, as terctof6res
that surplus viii Be considerably ansnent.
ed. Although Ill interett has ceased upon
them, anl the Government has sinyitesi
their return to the Treasury, Yet they rs-i
main outstanding, affcriing great fatiiitics
10 commerce, and establishing the fact tlief,i
under a well regulated system Of fnanr-a
the Government has resources witsitii
itself which render j. independent In tiii4di
Of need, not only Of private loans, but also
b bank facilities. ,i''.sfi +ssiai


The only remaining subject Of regret is,
that the rcmaing stocks ofthe Governments
do not fall due at an earlier day, since
their redemption would be entirely wiihia
liz control. AZ It 10, Il may be well wor2s
thy the consideration Of Congress whether
the law establishing the AinkinR fund
under the operation Of which the debts Of
the Revolution and last war with Great
Britain were, to = great extent extin-l
guished--should not, with proper inodi6--
cations, 10 as 10 prevent an accumulation
Of snrpluses, and limited in amount to 4
specific sum, be re-enacted. Such pro-
vision, which would authorize the Cow
ernment to 20 into the market for purs
chase Of it, own stock, oh fair terms;
would serve to maintain ito credit at thu
highest point and prevent 10 great extene
those Illustrations in the price Of it, secu-s
rites which might; under other circum.
stances, affect ils credit. No apbrehcn-
sion Of this sort 10 At this moment enter
tanned; since the stocks ofthe GcvcrnmeEtl
which but two years ago wefe offered for.
sale TO capitalists, 1t home and abroad, ri
depreciation, and could find no purchaser
are greatly above per in the hands of The
holders; but wise and prudent forecast
admonishes us to place beyond the reach.
Of contingency the public crediti ii


Il must also be matter Of nnmingled
qualification that, under the existing 6nsr-a
cial system, resting upon the act of 1885,
and the resolution Of 1916, the cur, ncy
Of the country has attained state OF peasr
feet soundness; and the rates Of : change
between different parts Of The Union,a
which in lS4l denoted, by their enormous
amount, the great depreciation, and in feet
worthlesancss OF the currency il most Of
the States, are. now reduced % little more
than the mere expense Of Transporting
specie from place to place, and The risk in.
cidental to the operation. Ina new cchns
try like that OF the United States, whcre
50 many inducements ARE htid but fur
revenue, eohsNdfgosiioljss ef the snrplas
crip,ion, when il reaches any considesas
bic amount, require the closest vigilance
on the part of the Government. AL banks
ing institutions, under whatever denomia
nation they may pass, are governed BY IN.
almost exclusive regard 70 the intereA 81
stockholders. That interest consists in
The augmentation Of profits, in ,hs form Of
dividends, and large surplus revenue
entrusted TO their custody is bit loo ape
to lead 10 excessive loans and 10 extravs-
gan,ly large issues Of paper. Asa aeces.
sary consequence, prices are nominally
increased, and the speculative mania every
where scixes upon the public mind. A
fictitious state Of prosperity for : season
exists, and, in the language ofths dsy,
money becomes plenty. Contrscts are en-
tered into BY individuals, resting on this
unsubstantial stat. cl tlilgh but the dela.
sion speedily passes awas, and the coun-
TRY Is overrun BY an Indebtedness -
weighty a. to overwhcln many, and to
visit every department Of industry with
great and ruinous embarrassment. Tho
greatest vigilance becomes necessary IN
the part Of Government to guard against
this state Of things. The repositories
must be given distinctly TO understand
that the favors Of the Government viii bS
altogether Withdrawn, Or substantially dis
minished, ir its revenues shall b regard:
ed as additions 70 their banking capital, Or
as the foundation of IN enlarged circuls-
ton. The government, through its reyei
nue., has At al times m important part Ia
perform in connection with the currcrcy;
and It greatly depends upon IT. yigilsics
and care whether the country Be- Involved
in cnbatrassments similar to those wli,l,
It has had recently to encounter, or, aircd
by the action Of the Treasury, shsll DO
pi eserved In sound and healthy cOl.di-
ton. . r &


The dangers % Be guarded ag.si,i .rd
greatly augmented BY too large surplus
Of revenue. When that surplus greatly
exceeds in amount what shall BE- required
by ! wise and prudent 5orecast 70 mcst
Unforeseen contingerei;s, !, the LcgislainrD
itself may come % Be seixed vi ith tia
position 10 indulge IL cxtrayaeont apprc-
priations TO objecas mrny of which may,
and most probably would, be Esnd II
conflict with the Constitution. "a fancieti
cxpediency II elevated abese eenstitutiun-
al authority; and ! reckless 4hd wasteful
extravaganza but too certainly vlIowss
The important power Of "a ,sticn, which.
| when .. crcised in lin most tett,ieicd fhrn.
Il burden on hbot. and prsdin iicr, i re-
sorted 10, undsr saaicns pretc ks, i,f pur-
poses having no lfIinisy 10 he mo.i,sa
which dictated il grant, and the extra 4:
gance Of Government tlimrlatcS indis id.sl
exsravagai,ce until the tririt * ! MD ard
: III ,~sv,,fsfhA sraSss,lsstnss ICka enc and