Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1828-12-13
ANNUAL REPORT
OTtae Secretary ollie Treasury,
ONTHE STATE OF TIE FINANCES

U t0e secretary W tNc q SSoS"St
ONTHE STATE OF THE FINANCES.
Conciuded
The money, received into the Treasury du-
ring the last four years, amount, as has oeeh
already estimated, to more than ninety seven
millions Of dollars. II belongs to this retros>
nee, to state, that, In the application oil The
whole of this sur, 10 the various objects Of ex-
nendi,ure designated by the laws, no embarrass-
men,s or DELAYS injurious to the pubic service
have happered All moneys have been pad al
The time. and a, the place, where they were re-
uuired 10 be paid, and TO the persons entitled 10
receive them. This capacity IN the treasury
20 apply the public funds at the proper mos
mtnt in every part of country o. sueb wioe
extent. has been essentially augmented by the
Rank of the United States. The Department;
feels an oblls alton Of duty TO bear its tesilmo-
nv. founded on constant experience during me
Term in question, to the useful instrumcntalIy
of this institution in all the most important MS
cal operauors Of the nation. 10 iaith'ul one
dience 20 the conditions OF It's charter, and 'ld
ed BY its branches, il has afforded me heee'sa'
w fscili,ies Tor transferring The pubic moneys
from place to place, concentrating the'h al 'he
noint reouirec. In his manner, all payments
On sccount of the public deb,, whether for III
,errst or principal; all on account oil PENSIONS
all Cor the civil list; for the army tor The navy,
~, for whatever other purpose wanted IN any
mar, Of the Union, have been punctuaiiy
met. The Bank is also the deposi.arv, win It's
branches. for the public moneys from whatever
sources oSresenue received, aiding, 100 in their
collection; thereby giving safely 10 he keeping
rs wen rs prompitude and Certainty 10 Inc
disborsemsn, of the public treasure. II receives
the paper of ,heaState Banks paid on public &c.
conn, in The Interior, as well as elsewhere, and
bv olacine i, TO ,he credit of the United States
as cash. renders il available whereverthe pub
bic service may require. BY this course,
course not enjoined by its charter, 1t widens
sbs Sd q ne ank 81 Che United States, that
il serves as medium Of remittance abroad in
satisfaction Of debts due from our citizens 10
those OF o, her countries, which otherwise would
make call upon the specie Of the country for
their discharge. Nor are these all the uses Of
this institution in which the Government par
ticipates. IT is the preservation OF good cur
rency that Gao alone impart stability to proper
", and pte,ent those fluctuations in its value,
hurtful alike 10 individual and TO national
wealth. This advantage the Bank has secured
to the community by combining within prudent
limits its issues Of paper, whereby a restrain,
has heen imposed upon excessive impor,ations,
which are thu, kept more within the true warts
ciously varying its couIse) ii enlarges lis is
sues, 10 relieve scarcity, under the disastrous
speCulations of 1925. The S'ate Banks follows
imp, or controlled by It's general example, have
shaped their policy towards the same saluiaiy
ends adding fresh demonstrations to the truth,
that, under the mixed jurisdiction aud powers
Of The STATE aud National systems of govern
ment, National Bank is The instrument aooe
by which Congress oau effectively regulate the
currency Of he nation. When the Congress #
the Revolution, under the sevsrest pressure OF
financial difficulty, established, in l78i, the
Bank of North America; when the Superinien>
dant Of Finance Of thai period, predicted thai
il would, become as useful TO commerce and
asric ulture in pt ace, as to the Government d.
ring war;" WI the same pubic officer, speak
ing from an arduous and enlightened expert
enoe, sub,rqsen,ly said, tina, without that
Bahk, imperfect as was its organization, "ihe
business Of he department, oil finance could not
have been performed" il affords testimony,
the memory Of which is conceived 20 be not
wholly irrelevant 10 that which is here intend
ed TO be borne 10 the kindred but better insti>
tuition OF our day. The policy Of Congress hav-
ing established financial connexiOn between
the Bank Of the United States and the Govern.
ment OF the Union, il is conceived to devolve
upon the officer OF the latter, whose post char
ges him with q close observance Of that COR
nexion, to report 10 Congress its practical ef.
fects. The benefits Of remedy become often
mos, apparent by a recollection OF the evils
which called for it, A paper currency, TOO re-
dundant, because without any basis Of coin, or
other effective check, and Of no value as a me-
dunn of remittance or exchange beyond the ju>
risdiction Of the State whence il had been ssu.
&c, currency that not unfrequen,ly imposed
L.. Hro. f x,oFx,1 k,,
exi.avsgant premiums, the mere act Of trans.
fsrr;ug The revenue collected at one point to
deiray unavoidable expenditures at another; this
is the state Of things which the Bank Of the u
nlted States has superseded. In the financial
operations of the nation, as in the pecuniary
transactions between man and man, confidence
has succeeded 10 tistrus,; steadiness to huc,ua>
lion, and reasonable certainty 10 general con-
fusion and risk. The very million OF dol.