Vincennes Gazette, Volume 11, Number 1, Vincennes, Knox County, 12 June 1841 — Page 1

ITS "TIIUTII WITHOUT FEAlt. VOLUME XL VINCEXNES, INDIANA, SATURDAY MOUMIVG, JUNE' 12, 1811. NO. I.

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Tin Cataract of liotlorc. ltT RD3EHT SOIT1IKY. How dues the water come down at Lodore! Here it comes sparkling, Aiul thete it lies darkling. Here eniuking and frothing In tumult, and wrathing, It listens along:, conflicting and strong; Now striking and raging, Aa if a war waging, Its caverns and lofty rocks among. Rising and leaping, linking and creeping, Swelling ar.d flinging, Showering and springing. Lddying and whisking, Spouting and frisking, Turning and twisting, Around and around, Collerting, disjecting. With endless rebound; Smiting and fighting A sight to delight in Confounding, astounding. Duiy ins "id deaf 'ning the air with its sound. Kereding and speeding. And shocking and rocking, nd darting and parting. And threading and spreading, And whizzing and hiding, And dripping and skipping, And whitening and brightening, And ijuivering and shivering, And hitting and spliuing, And shining and twining, And rattling and battling, And shaking and iiuakmg. An 1 pouring and rearing. And waving and raving, And tos-ing and crossing. And flowing and growing, And running and stunning, And hurrying and skurrving. And glittering and flittering, And gathering and feathering. And dinning and spinning. And foaming and roaming. And dropping and hopping. And working and jerkin?, And guggling and struggling. And heaving and cleaving. And thundering and floundering. And failing and brawling and sprawling, And driving and riving and striving. And sprinkling and twinkling and wrinkhvg. And sounding and bounding and rounding. Ami bubbling and troubling and doubling. Dividing and gliding and sliding. And grumbling and rumbling and tumbling. Ami ckttenni: and battering and chattering And c!e.i:ni-i" and streaming and steaming and bi'amiii . ,id r.ishinz and .'lushinc and hrushim; and gush ing, And fupping and rapping and clapping and sl ip pine, And curling and whirling and purling and twir ling. Ketreating and meeting and beating and sheeting DrUvinsr and straying and playing and spiaying Advancing and prancing and glancing and dan cing, P,-ibn-. turmoiling and toiling and boiling, And thumping and flumping and bumping and itimning. And dashing and flashing and splashing and clashing, And e, never ending, but always descending, bounds and motions forever and ever are blend Ail atiittcc'tnJ a'l o'er with a mighty uproar! And iht vpftv the waters come down at LoJore 11 7. the Scnalr ami 11 -use of lhprfbCnUitiiu s cj the United Statu. 'i-:.T.iuv-C:Tl7n.N's: V.v.i have been assembled in your re--jirotivc hails of let; isiation nnlcr a pro1 . . . i. . : i elamatioii bearing the signature, 01 tuo illustrious citizen who was so lately called I.v ri... ,i;ror suitYaes of the people to the 'J-har- of the important functions of their chief Hxeeumo oi'uee. pti me expiration of a single month from the da y of his in-taliation, 'ho has paid the great i. btof nature, leaving behind him a name associated with the recollection of mimerom benefits conferred upon the country during a long life of patriotic devotion. With this public "bereavement are connected other considerations which will not esnn rhp frrcntion of Congress. The pre parations for hi-; removal to the seat of Government, m view ot a rebiuenco oi four years, must hae devolved upon u.o late President heavy expenditures, which, if permitted to burden the limited resources of his private fortune, may tend se--ioulv to the, embarrassment of his surviving familv; and it is therefore respectfully remitted to Congress w hether the ordinary principles of justice would not dictate the propriety of its legislative interposition, J?v the provisions of the fundamental law, the powers and duties of the high , .. i,;..K ko n n? olerred have devolved on me, and in the dispositions Oth Kenruientatives of the States and of tnej people w ill he found to a great extent a solution of the problem to w hich our institutions are Tor the fust time subjected. In entering upon the duties of this office, I did not feel that it would be becoming m me to disturb what had been ordered by my lamented predecessor. Whatever therefore may have been my opinion, originally, r.s to the propriety of convt.-nir.g f 'on;rr'-'- ' e.irly a day fro'ti tra ot

its late adjournment, I found a new and controlling inducement not to interfere with the patriotic desires of the late President, in the novelty of the situation in which I was so unexpect6dly placed. My first wish, under such circumstances, would necessarily liavo been to have called to my aid, in the administration of public alfairs, the combined wisdom of the two houses of Congress, in order to take their counsel and advice as to the best mode of extricating the Government and the country from embarrassments weighing heavily on both. I am then most happy in finding myself, so soon after my accession to the Presidency, surrounded by the immediate representatives of the States and people. No important changes having taken place in our foreign relations since the last session of Congress, it is not deemed necessary on this occasion to go into a detailed statement in regard to them. I am happy to say that I see nothing to destroy the hope of being able to preserve peace. The ratification of the treaty with Portugal has been duly exchanged between the two Governments. This Government has not been inattentive to the interests of those of our citizens who have claims on the Government of Spain founded on express treaty stipulation'', and a hope is indulged that the representations which have been made to that Government on this subject may lead, ere long, to beneficial result-. A correspondence) has taken place between the Secretary of State and the Minister of her Britannic Majesty accredited to this Government, on the subject of Alexander M'Leod's indictment and. imprisonment, copies of w hich are herew ith

communica ted to Congress. In addition to what appears from these papers, it may be proper to state that Alexander MeLood has been heard by the supremo court of the State of New ork on his motion to be discharged from imprisonment, and that the decision of that court lias not vet been pronounced. The Secretary of State has addressed tome a paper upon two subjects interesting to the commerce of the country, w hich will receive my consideration, and which I have the honor to communicate to ConSo far as it depends on the course ot this Government, our relations of good will and friendship will be seduously cultivated w ith all nations. The true American policy will be found to consist in the exercise of a spirit of justice to be manifested in the discharge of all our international obligation?, to the weakest of the family of nations, as w ell as to the most powerful. Occasional contacts of opinion may arise, but when the discussions incident to them are conducted in the language of truths and with ;t striet regard to justice, the scourge of w ar will for the most part be avoided. The time ought to be regarded as having irone by when a resort to arms is to be esteemed as the only proper arbiter of natural differences. The census recently taken shows a regularly progressive increase in our population." I'pori the breaking out of the war of the Revolution, our numbers scarcely exceeded three millions of souls; they already exceed seventeen millions, and will continue to progress in a ratio, which duplicates in a period of about 2'i years. The old States contain a territory suflicient in itself to maintain a population of additional millions, and the most populous of the new States may be even yet regarded as but partially settled, while of the new land, on this side ot the Kooky .Mountains, to say nothing of the immense region which" stretches from the base of those mountains to the mouth of the Columbia river, "about 770.000,000 of acres, ceded "ndunceded, still remain to bo brougntm to market. We hold out to the people of ,.A,intnVinn invitation to come and settle anion" us it 3 members of our rapidly ,rrnvvinrr f.Mnilv: fllltl. lor tllO bleSSUlgS w hich we offer' them, w O requite of them ro look unon our country ast their country and to unite with us in the great task of preserving our institutions, and thereby perpetuating our liberties. .No motive exists for foreign conquest. We desire but to reclaim our almost illimitable wilderness, and to introduce into their depths the lights of civilization. While we shall at all times be prepared to vindicate the national honor, our most earnest desire w ill be to maintain an unbroken peace. In presenting the foregoing view s, I can not withhold the expression of the opinion that there exists nothing m the extension of our empire over our acknowledged possessions to excite the alarm of the patriot for the safety of our institutions. The Federative system, leaving to each State the care of its domestic concerns, and devolving on the Federal Government those f general import, admits in safety of the c-reatest expansion, but, at the same time, 1 deem it proper to add. that there wm ne found to exist at all times an imperious ne cessity for restraining all the functionaries of this Government within tne range ot their respective powers, thereby preserving a just balance between the powers eranted to tins iovcrumeiu um im un served to the States and to the people. From the report of the Secretary of. the Treasury, you will perceive that the fiscal means present and accruing are msuiueient to supply the wants of the Govern ment for the current year. i m i.adii.' bi fV Treasury n the fourth d'ey of M-o cl

last, not covered by outstanding drafts, and exclusive of trust funds, is estimated at

$800,000. This includes the sum of b-15,000 deposited in the mint and its branches to procure metal for coining and m process of coinage, and w hich could not be withdrawn without inconvenience; thus leaving subject to draft in the various depositories the sum of $015,000. Ky virtue of two several acts of Congress, the Secretary of the Treasury was authorised to issue, on and after the fourth day of March last. Treasury notes to the amount of $5,413,000, making an aggregate available fund of $0,058,000' on hand. Hut thiB fund was chargeable with outstanding Treasury notes redeemable in the current year, and interest thereon, to the estimated amount of live million two hundred and eighty thousand dollar?. There is also thrown upon the Treasury the payment of a largo amount of demands accrued in whole or in part in former years, w hich will exhaust the available means of the Treasury, and leave the accruing revenue, reduced as it is in amount, burdened with debt and charged with the current expenses of the Government. The aggre gate amount ot outstanding appropriations on the fourth day of March last w as 633.-i-J0,01t 50, of which S'J 1,210.000 w ill be required during the current year, and there will also be required, for the use of the War Department, additional appro priations to the amount of two millions five hundred and eleven thousand one hundred and thirty-two dollars and ninety-eight cents, the special objects of which will be seen by reference to the report of the Secretary of War. The anticipated means of the Treasury are greatly inadequate to this demand. I lie receipts from customs tor tue last three quarters of the last year, and the first quarter of the present year, amounted to $12,100,000; the receipts for lands for the same time to $2,7 12,450; showing an average revenue from both sources of $1,230,870 per month. A gradual expansion of trade grow ing out of a restoration of confidence, together with a reduction in the expenses of collecting, and punctuality on the part of collecting offi cers, may cause an addition to the month ly receipts from customs'. Thev rue est i mated for the residue of the. year, from the fourth of March, at sl2.0(0.000; the receipts from the public lands, for the same time, are estimated at 2,500.000: an from miscellaneous sources at s 170,000: making an airsrreirrite available funds with in the year of 1 1.070.0.00; which will leae a profitable deficit of $1 1,400,132 0. lomeet this, some temporary pro vision is necessary, until the amount can be absorbed by the excess of revenues which are anticipated to accrue at no dis tant dav. There will fall due within the next three months. Treasury notes of the issues of 1810, including interest, about $2,85.(100. There is chargeable in the same period for .arrearages for taking the sixth census $201,000, and the estimated expenditures for the current service art about $S, 100,000, making the aggregate demands upon the Treasury, prior to the first of September next, about $1 1 .3 10,000. The ways and means in the Treasury, and estimated to accrue w ithin the above named neriod, consist of about $001,000 of funds available on the 2th ultimo; an unissued balance of Treasury notes, authorized by the act of 1811, amounting to $1,955,000, and estimated receipts from all resources of $3,S00,000, making an aggregate of about $0, 150,000, and leaving a probable deficit on the first of Sept. next of $1,815,000. In order to supply the w ants of the Government, an intelligent constituency, in view of their best interests, will, without hesitation, submit to all necessary burdens. But it is, nevertheless, important so to impose them as to avoid defeating the just expectations of the country, growing out of pre-existing laws. The act of March 2d, 1833, commonly called the compromise act, should not be altered except under urgent necessities, which are not believed at thij time to exist. One year on'y remains tocomplete the scries of re duction provided for by that law, at w hich time provisions made by the same law, and which then wi!J he brought actively in aid of the manufacturing interests of the Fnion, will not fail to produce the most beneficial results. Fnder a system of dis criminating duties imposed for puroosesol revenue, in unison with the provisions ot existing laws, it is to be hoped that our pol icy will, m the future, be fixed and permanent, so as to avoid those constant fluctuations which defeat the very objects they have in view. We shall thus best maintain a position which, while it will en able us more readily to meet the advances of other countries calculated to promote our trade and commerce, will at the same time leave in our ow n hands the means of retaliating with greater elfect unjust regulations. In intimate connexion with the question of revenue is that w hich makes provisions for a suitable fiscal agent, capable of adding increased facilities in the collection anil disbursement of the public revenues, rendering more secure their custody, and consulting a true economy in the great multiplied and delicate operations of the Treasury Department. Fpon such an agr m, depends, in an eminent degree, the

establishment of a currency of uniform

value, which is of so great importance to all ttie essential interests ot society; and on the w isdom to be manifested in its creation much depends. So intimately interwoven are its operations, not only with the interests of individual, but with those of the States, that it may he regarded in a great degree as controlling both. If paper be used as the chief medium of circulation, and the power be vested in the Government of issuing it at pleasure, either in the form of Treasury drafts or any other, or if banks be used as the public depositories, with Liberty to regard all surpluses from da)' to day as so much added to their active capital, prices are exposed to constant flunctuations, and industry te severe suffering. In the one case, political considerations, directed to party purposes, may control; w hile exces sive cupidity may prevail in the other. The public is thus constantly liable to imposition. Kxpansions and contractions may follow each other in rapid succession, the one engendering a reckless spirit of adventure and speculation, which embraces States as w ell as individuals; the other causing a fall in prices, and accomplishing an entire change m the aspect of affairs. Stocks of all kinds rapidly decline; individuals are ruined, and States embarrassed even in their ellbrts to meet with punctuality the interests of their debts. Such, unhappily, is the state of things now existing in the Fluted States. Tl lese ellects may readily be traced to the causes above referred to. The public revenues on being removed from the then Uank of the United States under an order of a late President, were placed in selected State Hanks, which, actuated by the double motive of conciliating the Government and augmenting' their profits to the greatest possible extent, enlarging extravagantly their discounts, thws enabling all other existing banks to do the same. Large dividends were declared; which, stimulating the cupidity of capitalists, a rush to be made to the Legh-daturcs of the respective States, for similar acts of incorporations; which, by many of the States under temporary infatuation, were readily granted, and thus the augmentation of the circulating medium, consisting almost exclusively of paper, produced a most fatal delusion. An illustration, derived from the land sales of the period alluded to will serve best to show the effect of the whole system. The average sales of the public lands, for a period of ten years pri or to 1831. had not much exceeded s2,00;),0t 0 per annum. In 1831, they attained, in round numbers, to the amount of $0,000,000. In the succeeding year of lS3r, they reached $10,000,0: 0. And the year If 30 they amounted to the enormous sum of $25,000,000. Thus crowding into the short space of three years, upwards of twenty-three years' purchase ol the public domain. So apparent had become the necessity of arresting this course of things, that the Executive department assumed the highly questionable power of discriminating in the funds to be used in payment by differ ent classes of public debtors; a discrinn nation which was doubtless designed to correct this most ruinous state of things by the exaction of specie in all payments for the public lands, but w hich could not at once arrest the tide which had so strong ly set in. Hence the demands for specie became unceasing, and corresponding prostration rapidly ensued under the ne cessaries created with the banks to curtail their discounts, and thereby to reduce their circulation. I recur to these things with no disposition to censure the pre-existing Administrations of the Government, but simply in exemplification of the truth of the po sition which I have assumed. If, then, any fiscal agent w hich may be created, shall be placed without due restrictions, either in the hands of the administrators of the Government, or those of private individuals, the tomptation to abuse will prove to be resistless. Objects of political aggrandizement may seduce the first, and the promptings of a boundless cupid ity will assail the last. Aided by the experience of the past, it will be the pleasure of Congress so to guard and fortify the public interests, in the creation of any new agent, as to place them, so far as human wisdom can accomplish it, on a footing of perfect security. Within a few years past, three different schemes have been before the country. The charter of the Bank of the United States expired by its own limitations in 1830. Ah effort was made to renew it, which received the sanction of the two Houses nf Congress, but the then President of the United States exercised his veto power, and the measure was defeated. A regard to truth requires me to say that the President was fully sustained in the course he had taken by the popular voice. His successor in the chair of State unqualifiedly pronunced his opposition to any new charter of a similn institution; and not only the popular election which brought him into power, but the elections through much of his term seemed clearly to indicate a concurrence with him in sentiment on the part of the people. After the public moneys were withdrawn from the United States ank, they were placed in deposit with the State banks, and the result of that policy has been before the country. To say nothing as to

the question whether that experiment was made under propitious or adverse circumstances, it may safely be asserted that it did receive the unqualified condemnation of its most early advocates, and it is believed was also condemned by the popular sentiment. The existing Sub-Treasury system does not seem to stand in higher favor with the people, but has recently been condemned in a manner too plainly indicated to admit of a doubt. Thus, in the short period of eight

years, the popular voice may be regarded as having successfully condemned each of the three schemes of finance to which I have adverted. As to the first, it was introduced at a time (1810) when the State banks, then comparatively few in number, had been forced to suspend spe cie payments, by reason of the war which had previously prevailed with Great Britain. Whether, if the United Siaips Hunk charter which expired in 1811 had been renewed in due season, it would have been enabled to continue specie payments during the war and the disastrous peiiod to the commerce of the country which immediately succeeded, is, to say the least, problematical; and whether the United States Hank of 1 81 G produced a restoration of specie payments, or the Bame was accomplished through the instrumen tality of other means, was a matter of some difficulty at that time to determine. Certain it is, that for the first years of the operation of that bank, its course was as disastrous as for tho greater part of its subsequent career, it became eminently successful. As to the second, the experiment was tried with a redundant Treasury, which continued to increase until it seemed to be the part of wisdom to distribute the surplus revenue among the states, w hich, operating at the same time with the specie circular, and the causes before adverted to, caused them to suspend specie payments, and involved the coun'ry in the greatest embarrassment. And, as to the third, if ca'rried through all the stages of its laansmutation, from paper 3nd specie to nothing but the precious metals, to say nothing of the insecurity of the public monejs. its injurious effects have been anticipated by the coun try in its unqualified condemnation. W hat is now to be regarded as the judgment of the American people on this whole subject, 1 have no accurate mean? of determining, but by appealing to their more immediate representatives. The late contest which terminated in ths elec tion of Gen. Harrison to the Presidency, was decided on principles well known and openlv declared; and, while the Sub Treasury received in the result the most decided condemnation, yet no other scheme of finance seemed to have been concurred in. To you, then, who have come more directly from the body of our common constituents, I submit the entire question, as best qualified to give a full exposition of their wishes and opinions. 1 shall be ready to concur with you in the adoption of such system as you may propose, reserving to myself (he ultimate power of rejecting any measure which may, in my view of it conllict, with the Constitution, or otherwise jeopard the prosperity of the country; a power which I could not part wit! even if I would, but which I will not believe any act of yours will call into requisition. I cannot avoid recurring, in connexion witli this subject, to the necessity which exists for adopting some suitable measure whereby the unlimited crca'ion of banks by the states may be corrected in future. Such result can he most readily achieved by the consent of the states, to be expressed in the form of a compact among themselves which thej' can only enter into with the consent and approbation of this Government, a consent which might, a the present emergency of the public demands, justifiably be given in advance of any action by the states as an inducement to such action upon terms well defined by act of tender. Such a measure, addressing itself to the calm re flection of the states, would find in the experience of the past, and the condition of the present, much to sustain it. And it is greatly to be doubted whether any scheme of finance, can prove for any length of time successful, while the states shall continue in the unrestrained exercise of the power of creating bank ing corporations. J his power can only bs limited by their consent. With the cdoptionof a financial agency of a satisfactory character, the hope maybe indulged that the country may once more return to a state of prosperity. Mea sures auxiliary thereto, and, in some measure inseparably connected with its success, will doubtless claim the attention of Congress. Among such, a distribution of the proceeds of the sales of the public lands, provided such distribution does not force upon Congress the necessity of imposing upon Congress heavier burdens than those contemplated by the act of 1833 would act as an efficient remedial measure y being brought directly in aid of the States. As one sincerely devoted to the task of preserving a just balance in our ystem ot Government, by ihe mainten ance of the Slates in a condition the most reeaud respectable, and in i lie full posses sion of all their power. I can no otherwise than feci desirous for thnr emancipation from the situation to which the pressure en their finances now t ufqeefs thim. And,

while I must repudiate, as a meauie. founded in error, and warning constitutional sanction, the slightest approach to an assumption by this Government of the debts of the States, yet I can see, in the distribution adverted to, much to recommend it. The compacts between the proprietor States and this Govc.nment expressly guaranty to the States all the benefit which may arise from the sales. Tho mode by which this is to be c flee ted ad dresses itself to the discretion of Congress as the trustee for the States, and its exercise, after l!?e most beneficial manner, ia restrained by nothing in the grants or in the constitution, so long as Congress t-hall consult that equality in the distribution which the compacts require. Jr. the t resent condition of some nf the States,' tho question of distribution may be regarded as substantially a question between direct and indirect taxation. If the d;stribution be not made in some form or other, tho necessity will daily become more urgent with ihe debtor Stati s f. r a resort to" an oppressive system of direct taxation, or their credit, and necessarily their power and influence, will be greatly diminished. The payment of taxes, after the most inconvenient and onpiessive mode, w ill !p

exacted in place of contributions for the most part voluntarily made, and therefore comparatively unoppressi vc. The States are emphatically the constituents of thN Government; and we should be entirely regaru.ess ot Oie ohjects held in view by ihem in the creation of this Gnvcrnmpn. if wo could be indifferent to their good. The happy effects of such a measure nnon all the States would immediately be mannested. With the debtor States it would effect the relief to a great extent, of tho citizens from a heavy burden of direct taxation which presses with severity on the laboring classes, and eminently assists in restoring the general prosperity. An immediate advance would take place in the price of tho-State securities, and the attitude of the States would become onco more, as it should ever be, lofty and erect. With States laboring under no extreme pressure from debt, the fund which they would derive from this source would enable them to improve their condition in an eminent degree. So far as this Government is concerned, appropriations to domestic objects, approaching in amount the revenue derived from the land sales, miht be abandoned, and thus a system of unequal and therefore unjust legislation would be substituted by one dispensing equ-litv to all the members of this confederacy. -1 Whether such distribution should be made directly to the State in the proceeds of the sales, or in the form of profits by virtue of the operations of any fiscal agency having those proceeds as its basii, should such measu.e be contemplated by f ti it. congress, would well deserve its consideration Xor would such disposition of the proceeds of tho sales in any manner prevent Congress from time to time passing all necessary pre-emption laws for ih,- l,P?w to of actual settlers, or from making any newarrangement as to the pri(.e nf me pUL,j(. lauds which might in future be esteemed desirable. I beg leave particularly to call ymir :,t. tcntion to the accompanying rennrt from the Secretary of War. besides the present state of the wrr which has so long alllicted the Territory of Florida, and the various other matters of interest therein referred to, you will learn fro m it ! hat the Secretary has instituted an inquiry into the abuse? which promise to developc gross cnormnies in connexion with the In. dian treaties w hich have been negotiated. as well as in the expenditures for the removal and subsistence of the Indians. He represents, also, other irregularities of a serious nature that have grown up in the practice of the Indian Department, which will require the appropriation of un wards of 2, 0.( 00 to correct, and w hich claim the immediate attention of Congress. In reflecting on the proper means of defending the country, we cannot shut our eyes to the consequences which the introduction and use of the power of steam upon the ocean are likely to produce in w ars between maratime States. Wc cannot yet sec the extent to which thb power may be applied in billigercnt operations connecting itself as it docs with recent improvements in the science of gunnerv and projectiles; but we need have no fear of being left in regard to these things, behind the most active and skilful of other nations, if the genius and entcrprize of cur fellow-citizens receive proper encouragement and direction from Government. True wisdom would, nevertheless, eeem to dictate the necessity of placing in perfect condition those fortifications which are designed for the protection of our orincipal cities and roadsteads. For the defence of our extended maratime coast, our chief reliance should be placed on our navy, aided by those inventions which are destined to recommend themselves to public adoption. Hut no time ihould be lost in placing our principal cities on the scoboard and the Jokes in a state of entiresecurity from foreign assault. Separated as we are frcrn the countries of the old world, and in much uiiaiiVcted by their policy, we are happily rflievrd from c necessity of maintaining large standing armies in time of prscc. The policy which was adopted hp Mr. Monroe, shortly after the conclusion of U;e late war w uOi