Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1828-12-18

policy of important amendments in our CONNER
cisl code; by lowering the duties upon foreign ar
ucles that Were indicated, especially teas; by
moving the shackles which bind down the mer-
chant in his trade of e-cxportation; and by
| LIBERAL extension of the wsrehousng system;
| which, with the abolition OF all transit duties,
might more and more tend TO bring the produc-
tions OF all parts of the world into pose at our
ports, thence to be distributed, and principally by
our own ships, wherever markets might invite
them. IL was believed, that, with the establish
men, OF manufactures at home, foreign commerce
Wout, ultimately expand; but il continues TO be
belie'ed, that the latter will never get t1ts full
height in the United States, unit! aided by the
laws in the ways recommended. The merchant,
IKE the manuiacturer, requires. at proper juno
lures, the helping hand OF Congress, and may suf
Ter without II. Hence, il has been The object,
II was the duty, of the Department, to invoke
Legislative favor Tor both these great interests,
der the belief that they flourish most when they
flourish together; that, in proportion both
flourish, i'll conjunction with agriculture, tho in :
variable feeder of both, is the public Treasury
most likely TO DO kept full; and that all plans of
finance that do not take the cooperating prosperi
~ OF these three primary interests of the State
their foundation, must prove fallacious or short
h'ed. Such were the counsels of departed
statesman, whose name peculiarly lives in the re-
coit:S oil this Departments who first placed at
ats head, directing its operations with forecast so
luminous as still 10 throw guiding light over the
pain oil his successors. His comprehe nsive gent
US, looking into fuurity and embracing, in its
'ey All The interests that go TO make up the full
strength and riches of a great empire, saw the
ruin, now In course OF corrobofation by our wn
experience, that the protection and increase of
manufacturing labor, far from stopping the springs
oil our commercial power, would but multiply and
difi1se them.
decided judgment upon the practical operation OF
the Tariff of 1928. There seems no present re- =
son for supposing that it will lessen expectations
II not, no scale OF duties, which it has created will
diminish the foreign trade or the revenue of the
nation IL is 'manifestly what send abroad that
must, IN the end, give the true measure Of that
are to receive from abroad
The monies received into tie Treasury during
the last four years, amount, as has been already
estimated, 10 more than nine y millions of
dollars. IL belongs 10 this retrospect TO state that
IN The application of tie whole OF this to the
various objects OF expenditure designated BY the
laws no embarrassments or delays, injurious to the
public service. have happened All monies have
been paid at the time, and at the place, where
they were required TO DO paid, and to the persons
entitled to receive them. This capacity in the
treasury 10 apply the public funds at the proper
moment, IN every part OF d 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 its testimony found
ec on constant eXp-rienca =, riug th- 10. Iuos
''cn 70 shc useful fundamentally OF this institu-
t,on all the most important fiscal operations of
the nation. In faithful obedience to the conditions
OF lis charter, and aided by its branches, it has al
iorded the necessary facilities for transferring the
public moneys from place to place, concentrating
them at the point required In this manner, all
payments on account Of the public debt, whether
for interest or principal; all on account Of pen
sons; all for the civil list, for the Army, for the
navy. or tor whatever other purpose wanted, i'll any
part oil the Union. have been punctually met
The Bank is also the depository, with lie branches
Tor the public moneys, from whatever sources OF
revenue received, aiding too in their collections:
therehy giving safety TO the keeping, well as
do & X L..
public treasure. itreceives the paper of the State
banks, paid on public account, in the interior as
wen as elsewhere; and, by placing il to the credit
oil the u States as cash, renders it available wher-
ever The public service may require. By this
course, course not enjoined by its charter, it
widens the field OF business and usefulness to the
State Banks. Such, also, is the confidence reposed
In the stock OF tbs Bank Of the u. S. that il serves
as medium OF remittance abroad, in satisfaction
OF ueDts due from our citizens to those of other
countries, which otherwise would make call up
on the specie OF the country for their discharge.
no! are these all the uses of this institution in
when the Gov eminent participates. 1t is the pre-
serVaon Of a good currency that can alone i'm
part stability TO property, and prevent those fuc
tuationS in its value, hurtful alike 20 individual
and to national wealth. This advantage the Bank
has secured to the community, by combining with
IN prudent limits its issues of paper, whereby
restraint has been imposed upon excessive impor-
tatlons, Which are thus kept within the
true wants and capacity OF the country. Some
times Uudiciously varying its course) il enarges
Its issues, 10 relieve scarcity, under the disas-
trous speculations OF 1925. The State Banks fol-
lowing, Or controlled by its general example, have
shaped their policy towards the same salutary
ends, adding fresh demonstrate to the truth
that, under the mixed jurisdiction and powers of
the State and National systems of government,
n a!ona Bank Is the instruJne mt alone by which
Congress can effectively regulate the currency OF
the nation. When the Congress of the Rey0Iu-
ion' under the severest pressure OF financial diff
Guilty, established in 1854, the Bank of North A.
merlca-when the Superintendent of Finance OF
That period predicted that il would " become as
usGta to commerce and agriculture in peace as
TO me GOUernElent during lp0y''-when the same
pubic oihcer, Speaking from arduous and en-
without that Bank, imperfect was its orgaBiza-
ton, " the business Of the Department Of Finance
c0ufu not hare been peTJOsN7ed"-t affords tes-
hmony, the memory of which is conceived to be
not wholly irrelevant 10 that which is h re in
tended 20 be borne 20 the kindred but better in
stitution OF our day. The policy Of Congress hay
ing established financial come xion between
the Bank OF the United States and the Govern
ment OF the Union, II is conceived 10 deyOIye uD-
on the oi1cer OF the latter, whose post charges him
WIN close Observance of that connection 10 re-
port 10 Congress its practical effects. The bene-
MS OF remedy become often most apparent by
recollection Of the evils which called for IT,
paper currency too redundant, because without
any basis OF coin, other effective check e. of no
value az medium OF remittance or exchange be
yond Che jurisdiction OF the State whence Il had
been E5ued-a currency that not unfreGueuuy
imposed upon the Treasury the necessity vi meet.
ing, by eXtravagant premiums, The mere act of
Transferring the revenue collected at one point IN
deiray unavoidable expenditures at another--this
IS the state OF things which the Bank of the United
States has superseded. In the financial operatons
OIL the nation, As in the pecuniaTy transactions be