. VOLUME xI.-NUMBER SGT.
TE RMS-S8 PER ANNUM,
PAYaBLE IN .aDH Il AcC.E. ..a. -
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conveniencies have already resulted to our ciizens
| IN consequence of them ~ .t-.,
i. Questlons growing out of the act Of diSarminqa
body OF Texian troops under the command of Ma
ljor Snipely, byaan officer insthe service Of tho


United States acting under the orders of our Gov.
ernment; and the forcible entry into the Custom
house at Bryarly's Landing, on Red River, by
certain. citizens of the United States and taking
away therefrom the goods seized by the Coleclor
of the Customs as forfeited under the laws of Tex
as, have been adjusted so far rs the powers ofthe
Executive extend. The correspondence between
the two Governments in reference 10 both subjects
will be found amongst the accompanying docu.
mcnts 1t contains full st1tencni of all the facts
and circumstances, with the views taken on both
sides, and the principles on which the questions
have been adjusted. 1t remains for Congress 10
make the necessary appropriation to carry The arr
engagements into cl' CT which respectfully recon-
mend.


The greatly improved condition of the T'reasu4
ry, affords subject for general congralulaton.
The paralysis which had fallen on trade and com.
mcrce, and which subjected the Government to
the necessity of resortng loans and the issue OF
/ Treasury notes, to large amount has passed
away andaftrr the payment Of upwards Of 81
OOOO00, account of the interest and in rcden1p-
ton of more than S501o,0o0 Of the public debt,
(which falls due the 1st of january next aid set
ting apart upwards ofS 100000 for the payment
fofoutstanding Treasury notes, and meeting an in.
stanent ofthe debts of the corporate cities of the
District of Columbian estimated surplus of up.
wards of 81, 100000, over and above the existing
appropriations, will remain in the Treasury at the
close of the fiscal year Should The Treasury
notes continue outstanding, as heretofore, that sur
plus will be be-considerably augmented. Although
all interest has ceased upon them. and the Govert1-
ment has invited their return to the Treasury, yet
they remain Outstanding aTordng great kteiIities
tn con tbo boj
welI-regGlatcd system of finance, The Govern
ment has resources within itself, which rcndor it
independent in time of need not only OF private
loans but also of bank facilities - =.
The only remaining subject of regret iss that the
remaining Stock Of the Government do fot Ialldue
at an callicr day since their redemption would be
entirely within It's control AS it is, it may be
well worthy the consideration of Congress whclh.
er the law establishing the sinking fund--tlnder
the operation Of which the debts Of the Revolution
and last war with Great Britain were, II a great
extent, nguished-shorld not. with proper mo-
dIhcalfons: fso as to prevent an accumulation Of
surplus, and limited in amount TO Il specific sum-
be re-cnactcd. Such provision, which would au-
thorze tho Governmental TO go into the market for
purcita OF its own stock, on fair terms, would
serve to maint lin its credtat the highest point and
prevent to Il great extent, those fluctuations in The
price of lis secur itics: which might; under other
circumstances affect its credit No apprehension
of this sort is, at this moment entertained since
the stocks Of the Government which but two
years ago were offered for sale to capitalists at
home and abroad, at depreciation, and could find
no purchasers, are now greatly above par in thd
hands olthe holders but wise and prudent fore
cast adnonishes us TO place beyond the reach Of
contingency the public credit ~


1t must also be n matter OF Iinr1iHoied gratifica-
tion that, under the existing financial system-res.
ing upon the act Of 1899, and the resolution Of
l8I6,-the currency Of The country has attain
ed state ofperfrct sott1dness and the rates ofex
change between different parts ofthe Union, which
in 1S4l denoted, by their enormous amount the
great depreciation, and in f1ct worhIcssness ofthc
currency in most ofthe, States-lrc now reduced
TO little than tfles expense Of transport
ing specie from place TO place, and the risk inci
dent to- the operation In a new country like
that of the United States-where so many induce.
mcnts are held out for spcculaohz-the deposito
ries of the surplus revenue consisting Of B1nks Of
any descriptions when it reaches any consi lerabIe
amount require the closest vigilnticc on tie part
ofthe GJvcrn,nen All banking Institutions, un-
der wh4tcrcr denomination they may pass; arc 60
vrrned by all almost exclusive regard the inIcr-
est ofthe stockholders. Tint interest consists in
Of profits, in the form Of divi-
dends, and Il large surplus revthue entrusted 10
their cestody is but toos pit to lead to excessive
loans and extravagaAly large Issues oqnaprr. As



creased, and the speculative mania everywhere
seizes upon tho public mink A fictitious state Of
prosperity fof Son exists and. IN the Ian
guage ofthe day. money becomes plenty Con-
tracts are entered Into by in1ivduals resting on
this nnsdbstania state Of things, but the deluson
speedily passes away, and the country soverrun
with an Indebtedness 50 weighty as 10 ovcrwheIm
many, and TO visit every department. Of industry
with great and ruinous embarrassment The
greatest vigilance becomes necessary on the part Of
Government 10 guard against this state of things.
The dcposories must be given distinctly TO under
stand that the flrors of the Government vii zeal
together withdrawn, or substantially diminished If


its revenues shall be regarded as additions 70 their
banking capital, or as the foundation Of an cnlarg.
cd circulation: The Government through lis re-
venue has, at all times, an important part 10 per-
form, in connexon with the currency; and Il great
ly depends upon its vigilance and care, whether
the country be involved III crnbarfa ssffiehs similar
those which il mas had recently 10 encounter or,
aided by the action of the Treasury, shall be pre-
served in sound and hea lihy condition.


The dangers TO be guarded against arc greatly
an iqnlented by TOO large a surplus Of revenue.
When that surplus greatly exceeds in amount what
shall be required By wise and prndrnt forecast 10
meet unforeseen ninscncies. The Legislature IT,
self may come 10 be seized with a disposition 10
indulge in extravagant appropriations to obirets
many of which maj ---aiil most probably would
be found to conflict with the Constitution fan.
,;.,J