Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1828-12-16

prosperity oil these three PRIMARY interests OF the STATE.
as their foundation must prove aacious shortlived
such were the cousels OF departed statesman who's,
name peculiarly lives in the records of this Depart
ment who was first placed its head; directing its
operations with forecast so luminous as still to throw
guiding light the path of his SUCCESSORS His
comprehensive genius, looking into uturty and
bracng in its survey all the interests that 90 to make
up the full strength and riches of great empire saw
the truth now in of confederation by our OWN
experience, that the protection and Increase of manu-
featuring labor tar from stopping the springs of our
commercial power, would but multiply and diffuse
them.
Enough of time has not elapsed to warrant any de-
clded Judgment upon the practical operation of the tn
riff OF 1898 There seems present for sup
posing that it will lessen expectations. IF not no
scale of duties which it has created will diminish the
foreign trade or the of the nation 1t is ma
nfesty what we send abroad that must, in the end
give the true measure OF what gre to receive from
abroad.
The moneys received into the treasury during the
last hour years amount has been already estimated
to more than ninety seven millions of dollars It be-
longs to this retrospect to state, that IN the application
OF the whole of this to the various objects of ey-
penditure designated by the laws 10 embarrassments
or delays injurious to the public service have happen
cd. All moneys have been paid at the place, whcrt.
they were required to be paid, and to the persons en-
titled TO receive them. This capacity in the Treus
ry to apply the public funds at the proper moment in v
cry part OF country of such vile extent, has becn
essentially augmented by the Bank of the United
States. The Department feels an obligation of dntv
to bear ITS testimony founded constant experience
curing the term III question, to the useful instrument
talIty oths institution i'll all the most important fiscal
operatlo OF the nation In faithful obedience 10 the
conditions OF It's charter and aided by it's branches
has afforded the necessary facilities for TRANSFERRING
the puDllc moneys from place to place, concentrating
them at the point required. In this manner all nav.
mens On account of the public debt, whether for in
teres or principal; al of PENSIONS all far
the civil lis Tor the army, for the navy, for what
ever other purpose wanted in any part of the Union,
: uprfu n1l, mat IL,
ltary, with It's branches for the public MONEYS from
Whatever sources OF revenue received aidinu too in
their collection thereby givug safety TO the
wen as proinptudc md certainty the burse,nenr
OF the pubic treasure. 1T receives the paper of t.
State Banks paid public account in the interior o
wclla as elsewhere and by placing to the credit ofthe
United States az cash. renders it available wherever
the pubic service may require. By this courso
course not enloncd by its charter it wideusthe Acid nj
business and usefulness to the State Banks Sncb
also the confidence repoBcd in the stock of the Banl
OF the United States, that serves medium of re-,
mttancc abroad IN satisfaction of debts due from ol
citizens to those of other countries which otbervis.
Woua make call upon the specie of the country for
their discharge Nor are th-e all the uses of this in
stution In ~hich the Government participates. It is
the preservation of good currency that can alone.
inpart stability to property, and prevent thoss ct,,
atoms III It's value, hurtfll alike to individual and t
national wealth. This advantage the bank has secu
req TO the community by combining within nruden.
limits lis issues ofpaper, whereby restraint has hem
imposed upon excessive imporations which are th,s
kept more within the true wants and canac;, IF 81
country. Sometimes jndicously varying its coursel
u enlarges IFS issues to relieve scarcty as under the
disastrous speculations of 1926. The Stnte RsnLs
oloWn9, or controlled by its general examna bpyo
SnaPed their policy towards the same salutary en6s
u.n3 lresh demonstrations to the TRUTH that under
the mixed jurisdiction and powers of the State and Ma
tionai systems OF governments National EanL ia tb
instrument alone by which Congress can effectively,
regulate the currency of the nation. When the Con
greSs OF the Revolution under the severext nr.s.nr
chad
North America; when the ~
'hat PERIOD predicted that would 6ecome as useful Ia
commerce fd agriculture in peace. to the Gores
Dtent during ra2-;" when the same nnhI;c offco.
speaking from arduous and enlightened eynerie,c
subsequently said, that without that Rank irnnayft
Us was nus organization, "the business Of the deDnyt
e'e't q finance could not haze been peroy7aed af
iords testimony the memory of which is conca;,oJ
10 DC not wholly irrelevant to that which is here In
tonded to be borne to the kindred but better nsftn
non OF our day The policy of Congress- Lov;no -
toiishca financial connection between the Bank of
inc onHcd states and The Government of the IInion
IL is conceived to devolve upon the officer oftbe Iot
whose post charges him with close Observance 20
Inat conncXon, to report to Congress its practcaI
ehccts l. nc benefits of remedy become of o., ,nt
apparent by recollection of the evils which c,lod G
IT, a paper currency too redundant because ,;tbot
any OASIS OF CON- or other effective check and of No
.aIue de medium OF remittance exchange beyond
the jurisdiction OF the State whence it had been is
Cd a currency that not unfrs0uentlv imnosnd -, .
TIC ireasurythe necessity ofmeetinp by eXtravoIe,,,
premiums the mere act of transferring the revenue
eoecteo al one point to defray unavoidable expep3
lures at another this is the state of things which tho
pink OF the United States has superseded In iT.
financial operations of the nntion ms in the pe,injar
TRANSACTIONS between man and man. confidence has
sacceectca 10 hstrust steadiness to fluctuations and
reasonable certainty to general confusion ond sr
me very millions Of dollars of funds not effective rs
which the Treasury for many years has beon obact
TO speak is but remnant Of the losses arising from,
tio shattered currency, which tho Bank, by a wst,
management Of its affairs has cnrcd In.cn1cl,,siar
nc mode Of its agency in large payments of the pt
ciPa Oh the debt, IS not to be overlooked. By it's mr.
engagements for them, it avoids the Inconvenience 81,
LOO great an accumulation of money in the vaults az
deposite used by the Government and of the vacuum
mat would suceeedto its too sudden distribution. r.
docs ms by anticipating the periods of payment ar
PIoacn' me disbursement of acopsderabe portion of
are to be paid off thereby enabng tlc otlnry;s, 70