Daily Richmond Whig. [volume] (Richmond, Va.) 1828-1831, 1828-12-16

ment; who first placed ut its head; directing It's
operations with forecast luminous still to throw
n guiding light over the path of his His
comprehensive genius looking into futurity, and
bracing in its survey oil the interests that go ruak
up the full strength and riches Of great empire.
the truth in Of confederation by our owl,
experience, that the protection and increase of manu-,
featuring labor, far from stopping the springs of OFT
commercial power, would but multiply and difirsn
them.
Enough Of time has not elapsed TO warnnt INV do
cidcd Judgment upon the practical operation Of the tn
riff OF 1898. There proscnt for sup
posing that it will l,SSSm expectations. If not, no
scale OF duties which II hus created will diminish the
foreign trade or the revenue of the nation. IL il
nlics;ly what scnd abroad that must, in the cnd
give the true measure of what to receive from
abroad.
The moneys received into the treasury during the
last four years, amount has been already estimated,
to more thnn ninety seven millions OF doars II b,-
longs to this ret respect to state that the application
OF tue whole OF this the various objects of en-
pcnditure designated by the laws, ADVERTISEMENTS
or delays injurious to the public service have happen
cd. All moneys have been paid Mt abe place, where
they were required to b, paid. and 20 the persons CO.
titled To receive them. This capacity in the Trcui
to apply the public funds the proper moment ev-
cry part OF n country of such wide extent has been
essentially augmented by the Bank of the United
States The Department feels an obligation OF duty
10 bear It's testimony. founded constant xparicncr
during the term in question: to the useful nstrumcn
tally ofths institution in all the important fiscal
operations ot the nation. In faithful obedience 10 the
conditions of its charter, and aided by its branches ID
has afforded tho necessary facilities for transferring
tire pubic moneys from place to place. cuncentratinT
them at the point required. In this manner ell paw,
mcns on account of the public debt, whether for In
forest or principal; all account of PENSIONS all far
the civil lis for the army for the navy, Cor what
ever Other purpose wanted III any part of the Union
have been purctuav The Bank is Glso the depns
itary with its branches for tho public ruoneys from
Whatever sources OF revenue received aiding too On
their collection thereby giving safety the keeping Ms
Vpl tf,l,. a..
OF the public treasure. IL receives the papcr of I'M.
State Banks paid public account in the interior a
well elsewhere and by placing 10 the credit of the
hitcd 1tntcs a. cash. renders II .4aiiabe whcrevce
the public service may require. BY this coursp n
course not cnoncd by its charter i wilcsthe field OF
business ond usefulness 10 the State Banks Such
also the confidence reposcd in the stock of the Ban,
oi tho United States, that il us medium OF re-.
mtance abroad in satisfaction of debts due from our
citizens 10 those of other countries which otbervis,.
would make call upon the specie of the country for
their discharge Nor nre tlCSe all the uses Of this In
sttuticn III w!lch the government participates Il il;
Tho preservation OF good currency that cnu alonc
lnpart stability TO property, aud prevent those urrn
atoms in its value hurtu alike to individual and IN
national wealth. This advantage the bank has ss,,r.
red to the community by combining within pruden,
limits s issues OF paper Yhcrcby restraint has been
Imposed upon excessive importations which re thug
kept more within tho true wants and capacity of tr-
country. Sometimes (jndc;ously varying its couyscl
enargcs its issues 10 relieve scarcity, as under thu,
following, or controlled by ts general example have
SDaped their policy towards the saIDe sllutary cn1y
AIDING fresh demonstrations TO the truth that, undar
inc mixed jurisdiction and powers Of the State and Ma
tional systems o; government National Bank rs thu
instrument alone by which Congress can effectively
regulate the currency of the nation When the Con.
gross of the Revelation, under the sevcrest press,nre
OF financial difficulty, established, IL l78l the Bank OF
north Aucrica when the Superintendent of Pinsuce OF
that period, predicted thait would 5erole as -S.Ih
commerce. Gi'd agriculture IN snrc az to iie (occru
meat daring rGs:" when the Same public officer
speaking from an arduons and enlightened cxporeRcr
subsequently said, that without that Bank iuIperfcct
os was lts organization, "tke business u the dcDx,i
9ent ~ n1'e covid not haze bcc performed" il nfs
lords ic'himo-y the memory of which IL copceiycd
10 90 not wholly irrelevant to that which is hero in
tonded to be borne 10 the kindred but better nstitr
ton Of our day. Phe policy of Congress havno cs
tahlishcd financial cUanexion between the Punk a,
the United States ord the Government Of tle Union
IL conceived To dcvo'e upon the officer ofthe latter
whose post charges him with n close Observance a;
tGat connoSion to report to Congress its pro teal
cdects T5e benefits Of remedy become oien mos
apparent byn recollection Of tho evils which called fer
H q PapcT currency too redundant because ~ Eout
any basis of COW or other effective check and of nor
value medium Of remittance or cxchange bo,onJ
The Jurisdiction of the State whence it had been iss,,
"a, currency that not unffcqurntly imposed upon
INC treasury the Necessity ofmecting by cxtravafunt
prcmums Tie mere act Of transferring tho rrvenuS
collected ut point 20 defTay unayoidablc exnsoJ
ur"s Mt cnothcr; this is the state Of things which tb
Bank of the United States has superseded In Tin,
financial operations Of the nation, Us in tho pccniarV-
transactions between and man, confidence h..
succeeded to nlstrust; stcadiness fluctuations anti
reasonable certainty to general confusion and risk
fhc very millions OF dollars Of funds not cii1.t;ve ms
wnich inc rcasury Tor many years has been obliged
10 IS put remnant OF the losses arising from
tho shattered currency, which the Bank, by n wise
management Of its affairs has cured. In concpsrn,
nc mode OF its agency in large payments of tho pri
c'aI OF inc debt, Is not to be overlooked BY its or
rangomens for them, it avoids tho Inconvenience Of
100 great an accumulation of money in the vaults of
depoSiio usod by tho Government, and Of the yacirn
that would succccdo it9 too sudden distribution II
docs this by anticipating the periods Of pavmen, m
prolch, tho disbursement of considerable porion of
stock in tho form Of discounts in favor of thoo ,yI,
arc !" be paid OIL thereby enabling them otherwise ~
employ their capital as opportunities may offer bc1rr
haod' in TINS manner heavy payments Of the della
arr N effect made gradually, nscad of tho wI,olc
mass being thrown at once upon the money market
Which might produce injurious shocks. SOprudcn'iy
IN a and nLhnr rcnncrta hntra thn Rnnl nd fhc