replete with eagles and dimes; it was so flush, that, in the joy of his heart, he ordered the debts of the United States to be redeemed at a premium of sixteen per cent.; and he and his followers were disposed to jubilate over the singular spectacle, that, while all other institutions were failing, the Treasury of the United States was firm and resplendent in its large possession of gold.  It was deemed a rare wisdom and success, indeed, which could utter a note of triumph in the midst of so universal a cry of despair; it was deemed a rare piece of liberality, that the government should come to the aid of society in an hour of such dark distress.  The stocks of the United States, which had been originally sold at a small advance, were bought back on a very large advance; the usurers and the stock-jobbers received sixteen per cent. for what they had bought at a premium of but two or three per cent.; and an unparalleled glory shone around the easy vomitories of the Treasury.  The foresight and the sagacity of the proceeding were marvellous!  In less than a quarter by the moon, the coffers of the government were empty,—­the very clerks in its employ went about the streets borrowing money to pay their board-bills,—­and the grand-master of the vaults, Mr. Cobb, counting his fingers in despair over the vacant prospect, was compelled, in the extremity of his distress, to fill his limp sacks with paper.  Of the nineteen millions of gold which in September distended the public purse, little or nothing remained in December, while in its place were paper bills,—­founded, not upon a basis of one-third specie, but upon a basis of—­We promise to pay!  It was a sad application of the high-sounding doctrines of the Message,—­a dreadful descent for a pure hard-money government,—­and a lamentable conversion of the pompous swagger of October into the shivering collapse of January!

It may be said, that, by this pre-purchase of its own stocks, running at an interest of six per cent., the government has saved the amount of interest which would else have accrued between the time of the purchase and the time of ultimate redemption.  And this is true to some extent,—­and it would show an admirable economy, if the Treasury had had no other use for its money.  A government, like an individual, having a large balance of superfluous cash on hand, can do no better with it than to pay off its debts; but to do this, when there was every prospect of a Mormon war to raise the expenditure, little prospect of retrenchment in any branch of service, and a daily diminishing revenue at all points,—­it was purely a piece of folly, a want of ordinary forecast, to get rid of the cash in hand.  Mr. Buchanan and Mr. Cobb were guilty of this folly, and, for the sake of the poor eclat of coming to the relief of the money-market, (which was no great relief, after all,) they sacrificed the hard-money pretensions of the government, and sunk its character to the level of that of the needy “kiteflier” in Wall Street.  Their true course, in the existing condition and aspect of affairs, was to retain their capital, and to institute a most rigid economy, a most searching reduction, in every branch of the public service.  We have, however, yet to learn whether any such economy and reduction have been effected.