Staunton spectator. [volume] (Staunton, Va.) 182?-183?, 1831-12-23
u. S. TREASURY REpORT.


ing SIG, lS9, 2SG 81 as disbursements fo
the public debt, $50, 1867, 20l "a; leav-
ing in the Treasury on the lst of Janua-
ry, $3,04I75l 37-The sshole amount
Of me Public Debt OF the United States.
will then be $2f, 322, go IS.-He esti-
mates the receipts of the next year at
80, zoe ,OO0-which, after deducting all
other expenses, Of little more than thir-
teen millions, will leave $IG,734,79.
|94 applicable to the public debt.
lie makes statement to show how
the whole debt may be discharged 'ibe-
lore the termination of the present Con-
gress (3d March, IS33.") In order to
effect which, he proposes TO sell out the
Z millions of stock owned in the II. S.
Bank, which he puts down as worth at
least s., 0G0, 900.
Mr.. MLane gives his opinion of the
United States Bank, as follows:
. 1t is not intended to assert that the
Bank of the United States, as at present
organized, is perfect, or that the essen
tlal objects of such an institution might
not be attained by means of an entirely
new one, organized upon proper princi-
pies, and with sulutary Limitations. 1T
must be admitted, however, that The
good management of the present Bank,
the accommodation it has given the, Gov.
eminent, and the practica! benefits it has
rendered the communicative il
may or may not have accomplished all
that was expected from it-and the adj
vantages Gifts present condition, are cir
cumstances in its favor, entitled to great
weight, and give it strong claims upon
/ the consideration Of Congress, in any
future legislation upon the subject.
ITO these may be added the know
ledge the present Bank has acquired of
the business and wants Of the various
portions OF this extensive country. which. (
beng the result of time and experience,
Is an advantage it mustnecessarily possess
over any new institution.
at is to be observed, moreover. that
the facilities of capital actually afforded
by the present institution to the agricul-
tural, commercial, and manufacturing in |
dustry OF all parts Of the Union could I
not be withdrawn even by transferring
them TO another institution, without
severe shock to each Of those interests.
ana 10 the relations of society general
ly."
lie estimates the necessary expenses
(thc debt being paid oil) at I3 millions
and halt-but he proposes to set aside, |
Tor some other additional expences that
he enumerates, the sum of IL millions. |
so as to make an annual revenue Of IS
OOO, 500 adequate TO the demand He
proposes to raise this sum by imports on
~. As to the public lands, he proposes
to sell them on moderate terms to the
States IN which they leland to divide
the proceeds among the States of the I'm
ION. (He seems TO deprecate, for the
strongest reasons, any other surplus for
distribution. I'm bringing down the
tariff OF duties 10 the NECESSARY point he
goes much at large into the subject
w should not do him justice by max
ing hasty sketch. The following par
agraph gives the nearest approximation
TO tins sketch that VIC can make at pre-
sent:
considering the amount Of labor and
capital employed in manufactures of the
greatest Importance to the country, and
winch have already contributed so essen !
TALLY to our defence and safety, and to
the general prosperity, it could not be
expected that they should be suddenly
abandoned. Regarding at the same
time, the diversity Of interests resulting
from the peculiar situation Of the u. S. !
the manufacturing interest itself should !
be content with a moderate and gradual
protection, rather than by extreme rnea. /
surcs TO endauger the public tranquility !
The indispensable necessity ofthc aid of
the General Government orthosc objects
OF acknowledged national concern
more especially the improvement of the /
rivers and harbors, which are the great
highways of the peope-aud 10 which
the means Of the several States are bofb
inadequate and inapplicable, could not
be withheld without opposition TO the
opinions OF majority Of the people. and
the interests OF many portions Of the TN
ION. ltisa t the same time admitted that
this aid should be moderately conferred.
and with proper Difference to opinions oil
an opposite character. And il cannot be /
doubted that too extensive an exercise
oil the powers of the General Govern
ment over these objects would ultimately
subyertthe constitutional sovereignty off
the States. it must be acknowledged
that the Just medium or all these subjects
IS difficult Of attainment; but, in the de-
ff. -