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Government and tho fofcible entrg into the
Tus,om House at Bfyerly's Landing, on Rad
p;-s, bv certain citizens of the United Statos,
and taking away therefrom the goods seized oy
81. Collector of the Customs, Us forfeited under
he I,vs of Texas. have been adjusted so ia'
- the movers Of the Executive extend. ne
dsnco hstween the two Governments in
ror,.crco TO boil, fubiects will be found amongst
tine accompanying documents. 1t con'a'"s
ulI statement Of Il / the facts aud circumstances
with the views taken on both SIDES, and tne pm
cioles Oh which The questions haVo ofcn aoluse'
"a u remains for Congress 10 make The neces
sarq appropriation TO CARY the arrangement ih'o
sff. ct. Which | respectfully recommend


The Greatly improved condition OF the iles-
sury uff,irds subject for general congratuatioa'
The paralysis wkch had fallen on trade and conf
mefce and which ubl.cted tie Govefnuncns 10
the necessity of resortlng TO loans, ana ihe ISSUE
Of Treasury Notes, to a large amount, mas pass
sraV; and, a:;er the payment of np"af0s Oi
$1,000 eco, on account OF the interest, arc 10
redemption Of more than So,Uoo,OJo vi inc pao-
lie debt, which falls due OF the LIST oi January
next, ana setting apart upwards Oh S1'oVo''oo
for the payment OF outstanding reas",} No..s
and meeting an ins!alDlent Oh mo 1e''s " 'ie
cornorate cities of the District of Columb!a-an
ss.ir,atsd surplus Of upwards of 81 0O0,00o, over
snd above the existing appropriations VII re,
min in the Treasury at the clpse OF the fiscal
wear. Should the Treasury Notes continue out
standing. as heretofore, that surplus will he con-
sise-sbIv auymentcd Although all interest has
c,.sed u .on Them, and the Government has IN
vted their return to the Treasury, yet they remain
outstanding sffor6ing greis facilities to COM
merce. and establishing the fact that, under a
welI.reyulated system of finance, the Govern
ment has resources within Itself, which render II
independent in time of need ROT only o' private
loans but also of bank facilities.


The only remaining subject OF regret is, tnat
the remaining stocks OF the Government do not
fall due at an earlier day; since thei' redemption
would be entirely within its control. AS 1t IS, II
NAV ba well worthy the consideration OF Con-
oress. whether the law establishing the sinking
und-under the operation of which the debts oi
the Revolution and last war with Great Britain
wers. 10 a great extent, extingushed-s should not,
with proper notifications, $50 as to prevent an ac-
cnmul.tion of surpluses and limited IN amount 10
specific sum- be resnacted. Such provision,
which would authorize the Government TO go IN
tn the market for purchase of lis own stock, on
fair terms, would servo to MAINTAIN ITS credit al
the highest point, and prevent, to great extent,
these fluctuations in the price OF It's securities,
shica might, under other circumstances, anect
it's credit. No apprehension of this sort is, al
this moment, entertained; since the stocks OF
the Government which but two years ago were
offered fer sale to capitalists, at home and ABROAD
at a Geprccston, and could find no purchasers,
are nov greatly above par in the hands OF th7
holders; but wise and prudent forecast aomon'
ishcs US topIace beyond The reach OF contingency
the public credit
II must also be matter of unmlngled grain.
cation, that, under the existing financial system
resting upon the act OF 1883, and the resolution
of 1916 tho currency of the country has attain
ed state of perfect soundness and the rates OF
exchange between different parts OF the Union,
which, in lS4l, denoted, by their enormous
amount, the great deprecistion and in fact worth
lsssress of the currency in most of the States
are now reduced to little more than the mere ex-
pcnse OF transporting specie from place TO place,
and the risk incident to the operation. In q
new country Ike that of the Uni Cd States
where so many inducements are held out for spe-
culation-the repositories of the surplus revenue,
consisting of Banks of any description, when 1t
reaches any considerable amount, require the
closest vigilance en- the part OF the Government.
Ali banking institutions, under whatever oenom-
ina,ion they may pass, are governed by an almost
exclusive regard to the interests of the sochheld-
ers. That interest consists III the augmentation
of profits, in the form oi dividends, and large
surplus revenue entrusted to their castody is bat
too ao. to lead 20 excessive loans and to exray-
agantlv large issues of paper. As necessary
consequence, p:ices are nomlnaly increased. and
the speculative mania every where SEXES upon
the public mind.


4 fictitious state of prosperity for a season ex-
lists; and, in the language of the day, money be-
comes plenty. Contracts arc entered into by
iudividu.ls resting on this unsudsantlal state OF
things, bat the deluson speedily passes away,
and ths country is ovefrun with an Indebtedness
so weighty as to Cvcfwhelm many, and TO visit
every department of industry with great and ru.
inous embarrassment. The greatest vigilance
becomes necessary OF the part of Government to
guard against this state OF things. The deposi.
tories must be given distinctly to understand
that the favors of the Government will be alto
pether Withdrawn, or substantially diminished, if
it's revenues shall be regarded as additions 10
their banking capital, or as The foundation Of an
enlarged circulation. The Government, through
its revenue, has, at all times, an important part
to perform in connection with the currency; and
it greatly depends upon its vigilance and care,
whether the country be involved in embarrass
nents similar 10 those which i; has had recently
to encounter or, aided by the action of the
Treasury, shall be preserved in a sound and
healthy condition.


The dangers to be guarded against ara greatly
augmented by too large surplus of revenue
When that surplus greatly exceeds in amount
what shall be required By a wise AID prudent
forecast to meet unforeseen contingencies, the Le-
gslature itself may come to be seized with dts
position to indulge in e1travagant appropriations
TO objecta, many Of which may-and mcst proba-
bly, wou'd-be iourd to conflict with the Constl-
tuition. fancied expedlency is elevated above
constitutional authority; and reckless and
was,eful extravaganza but loo certainly follows.
The important power of taxation, which, when
exercised in its most restricted form, is q burden
ofla5or and production, s resorted to, under va.
rigus pretexis, for purposes having no affinity TO
the motives which dictated its grant, and the ex.
travagance of Government stimulates individual
extravagsnce, unit! the spirit Of wild and i'll
regulated speculation, involves cns and all in its
unfortunate results.


