404
TEXAS STATE LIBRARY
months enjoyed unexpected prosperity and peace, and that the nation at large has been kept in a state of rapid progression-indee<l, if they feel that the benefits which have flowed to the countrv. are commensurate with the expenditures of the Government, and that "they would not now be willing to recall those expenditures to the national treasury, by per- mitting the nation to relapse into the lethargy and prostration which existed on my entrance into office, then they have greater reason to regret that the amount expended has not been larger, rnther than that the administration has been too extravagant. In addition to these causes, which have inevitab1y produced an in- creased disbursement of the public funds, the unfortunate depreciation which our promissory notes have sustained within the last twelve months, has not only contributed to swell the amount, but has greatly em- barrassed the operation of the Government. That depreciation has been caused by any fault or defect of exertion in the administration, no rational mind can seriously imagine. It is owing entirely to the in- cipient condition of the country. The country that produces little and consumes much and whose imports g-reatly exceed its exports (which must necessarily be the case-with all, in their first settlements and or- ganization) is sure to experience sooner or later the embarrassment. of a depreciated paper, or the inconvenience of a sparse metalic circulating medium. No government can give mere stamped paper, the ~redit :md currency of gold. The old and wealthiest hare failed in the attempt; and how can we expect to succeed in it, whose resources, though vast by nature, are as yet but little understood, and not developed? I appre- hend that on a close examination of the evils of a depreciated currency, it will be found in a good measure attributable to ourselves, rather as individuals than as a community. Let every person who is suffering, or who fancies that he suffers, from the low price of our promissory notes, betake himself at once to some productive labor, instead of idly reposing on the hopes of future wealth which is to flow from his Sou.th-Sea Schemes, and I doubt not that he will in a twelve month time be relieved from his embarassments and at the same time deprived of a fruitful source of complaint and unjust censure against the au- thorities of the nation. If indeed the Executfre had the power to compel foreign capitalists to loan their surplus funds; or if he were endowed with the occult science of the fabled alchymist, or could touch our mountains into gold with the wand of l\Iidas, then mi.ght some plausible pretext be found for the ungenerous abuse with which he is so often visited upon this subject; but possessing no snch powers as these and ignorant of all arts of gain except the plain and honest one of useful labor, the President can suggest no remedy at present, for the existing evils of our depreciated currency, than the practice of industry, frugality & sobriety, which have seldom failed in any country to conduct to individual wealth and national prosperity. It should be borne in mind that the revolution of our parent country was achieved under a system of paper issues which never approximated to the value of ours. They however answered all the ends for which they were designed. Liberty was acquired, and a happy government established. It would seem to me more reasonable that the people of Texas should bo satisfied with similar results from our promissory notes; especially when it is remembered that the ultimate redemption
Powered by FlippingBook