Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-12-13

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| It may be further observed, that, should any d-
minution take place in tho estimated revenue, or
should the expenditure exceed tho estimated
/ amount, the deficiency which either event might
produce in the Of the Treasury applicable to
the debt, would be supplied by the amount reserved
in this estimate, for the unsatsfcd balances of APP
preparations. For, although that sum constitutes
a'legal charge the Treasury, to be met as occa-
| sion requires, yet in any estimate of present
means, it may be considered rather a nominal
| than real charge.
1t will be thus perceived that the Government
has the means, Improperly employed, of imbursing
the whole of the public debt, by purchase or other
wise, on or before the Sd of March, 1883.
| The moral influence which such example
would necessarily produce throughout the world, in
! removing appre hcnsion and inspiring conf
denee in our free institutions, cannot be question
ed. Seventeen years ago, the country emerged
| from an expensive war, encountered with debt
| of more than hundred and twenty seven mil
lions, and in u comparatively defenceless state In
this short period, it has promptly repealed all the
direct and Internal taxes which were imposed dur
ing abe war, relying mainly upon revenue derived
from imports, and sales of the public domain
From these sources, besides providing for the gen.
eral expenditure, the frontier has been extensively
fortified the naval and maritime recources strength
encd, part of he debt of gratitude the survivors
fthc Revolutionary War discharged. We have
moreover, contributed large share to the general
improvement, added to the extent of the Union by
the purchase of the valuable Territory of Florida
and finally acquired the means of extn gushing the
heavy debt incurred in sustaining the late wa, and
all that remained of the debt of the Revolution
The anxious hope with which the people have
looked forward to this period, not less than the
present state OF the public mind and the real in
terests OF the community at large, recommend the
prompt application of these means TO that great
object if it can be done consistently with Il proper
regard for other important considerations.
vi these means, as has already been shewn, the
shares owned by the Government in the Bank of
the United States are an indispensable part and,
hiatt a. H..
period contemplated 1t will be necessary to effect
sale of them, for not less than eight millions
of dollars.
The stock created by the United States for their
subscription TO the Bank, having been actually paid
previously TO the LIST of July last, their interest in
that institution has ceased to be nominal merely,
and the shares form part of the fiscal resources
applicable TO the public demands.
The objects connected with the early reimburse
ncnt OF the public debt, more important than
the interest OF the Government stock
holder; and 1t is, therefore, respectfully
mended TO Congress to authorize the sale of those
shares for sum not less than IS 100000.
A sale Of so large amount in the public mar
Rot could not be expected TO produce than tho
par value; and, if attempted under circumstances
calculated to shake public confidence in the stabili-
~ OIL the institution, would IN al probability, prove
wholly abortive- For these reasons, it is deemed
| advisable to effect sale to the Bank itself-a
measure believed to be practicable on terms salts
factory both to the United States, and that nsttu-
| ton.
| In submitting this proposition TO the wisdom of
Congress, it is not intended that s adoption should
| be founded on any pledge for the renewal of the
charter of the Bank; considering, however, the
connection OF the proposition with the Bank, and
viewing the whole subject n necessary part of
the plans for the improvement and mana cement of
the revenue and for the support of public credit,
the undersigned feels it his duty to accompany it
with n frank expression of his opinions
The act or Congress to establish the Treasury
Department. makes it the duty of the Secretary of
the Treasury to digest and prepare plans for the
support OF public credit, and for the Improvement
and management of the revenue. The duties en-
joined, as well by this act, as by the subsequent
one of the 10th of May, lS00 requiring the Secre-
Itary " to digest, prepare, and lay before Congress-
at the commencement of every session, a report on
the subject of finance, containing estimates of the
public revenue, and public expenditures, and plans
| Tor improving or increasing the revenues, from
time to time for the purpose of giving information
to Congress, in adopting modes for raising the mo.
ney requisite TO meet the public expenditures" have
oeen supposed to include not merely the application
OF thcEesources of the Government; but the whole
subject OF the currency and the means of preserv
| ing its soundness
On this supposition, tho first Secretary of the
treasury, III his memorable reports of January and
december, lfJO, recommended Il National Bank
as IAN institution of primary Importance to the
hhahces and OF the greatest utility in the operations
connected with the support of public credit" and
various communications since made 20 Congress-
shew tnat the same views we're entertained oftheir
duties by others who have succeeded him in the De-
partment.
The performance of the duties thus enioiped nv
law upon the Secretary Of the Treasury IMPLIES
however no commitment of any other Department
CT the Government, each being left free to act ac-
cording TO the mode pointed out by the Constitution
The important charge confided TO the Treasury
department, and on which the operations Of the
Government essentially depend. in tho improve
meht and management of the Revenue, and the
support OF public credit and of TRANSFERRING the
public funds TO all parts of the United States i'm
Per!onsly requires from the Government all the IA
cihtIes which 1T may consitutionally provide for
these objects, and especially for reguiatinp and pro
serving u sound currency.
AS early as May, 1871, the Congress of the Uni
ted States, convened under the articles Of Confed
Grafton, approved the plan of National Bank. sub
i mrted to their consideration by Mr. Morriss then
Eoupcrtendent OF the Finances and, on the 31st of
december OF the same year, "from n conviction of
tine support which tho finances ofthe Uutod States
would receive from the establishment Of National
sank passed an ordinance Incorporating such an
institution under the name and style of 'sTbo Pres
Iiacat, Directors, aud Company ofthe Bank of North
| America" The aid afforded by that institution
was acknowledged to have been Of essential conso
quence during the remaining period Of the war
and ITS utility subsequent to the peace of little less
| Importance.
The authority &c the present Government 70
create an institution for the same purposes cannot
nC lCSs cicdT' II has, moreover. the sanction If
inc Lkccnt!ye, Legislative and Judicial autbori-
TIES, and OF majority Of the People of the limited
nta,cS' from the organization Of the Government
20 INC PrcSe"t lime II public opinion cannot be
considered The uiaiblc cxpOunder it is atpono ic
n mn nm Nal gtr a q