Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1831-12-15

II NAV be further observed, mat shohid any
dimlnution take place in the estimated r~eYenue,
or should the expenditure exceed the estlmatea
amount, the deficiency which either event m'Snt
produce IN the means Of the Treasury applicable
to the debt, would be supplied by the amount
reserved in this estimate for the unsausted
balances of appropriations. For although that
sum constitutes a legal charge Oh the treasury
to be met as occasion requires, yet, IN any est,
mate of present means, 1t may be cohs'aeFeu
rather as a nominal than a real charge.
1t will be thus perceived that the Government
has the means, if properly employed, OF reimo'rs'
ing the whole Of the public debt,oy purchase VI
otherwise, on or before the Sd OF March 1850
The moral influence which such an example
would necessarily produce throughout the world'
in removing apprehension and inspiring nc" con'
fdencp in our free Institutions, cannot be ques-
toned. Seventeen years ago the country emerg-
ed from an expensive war, ncumbered win d
debt Of more than one hundred and twenty-seven
millions, and in a comparatively defenceless state.
In this short period it has promptly repealed all
the direct and internal taxes which were 'npos-
ed during the war,-relying mainly upon reve-
nue. derived from imports aud sales OF the puDilc
domain. From these sources, besides providing
for the general expenditure. the frontier has been
extensively fortified, the naval and maritime re-
sources strengthened, aud part OF the deDt OF
gratitude to the survivors Of the revolutionary
war discharged. We have moreover, contr1bnt-
ed a large share to the general improvement, add.
ed TO the extent Of the Union by the purchase OF
the valuable Territory of Florida, and finally &C.
auired the means Of extinsuishing the heavy debt
incurred in sustaining the late war. and all that
remained of the debt of the revolution.
The anxious hope with which the people have
looked forward to this period. hot 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
a proper regard for other important considera-
tons.
Of 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. that for the reimbursement OF the debt with
in the period contemplated. it will be necessary
to effect a sale of them for 4 sum not less than
eight millions of dollars.
The stock created by the United States Tor
their subscription to the Bank, having been &C.
tualIy paid previously to the 1st OF July last
their interest in that institution has ceased to be
nominal merely, and the shares form a part OF
the fiscal resources applicable to the public de.
mands.
The objects connected with the early reimburse
ment of the public debt are more important than
the interest of the Government as 4 mere stock
holder; and it is therefore respectfully recon-
mended to Congress to authorize the sale OF those
shares for a sum not less than 8,00O,O 600 OF dol
lars.
A sale of so large an amount in the public mar
ket, could net be expected to produce more than
the par value; and if attempted under clrcuIn-
stances calculated to shake public confidence IN
the stability of the institution, would, in all pro-
liability, prove wholly abortive. For these rea-
sons, it is deemed advisable to effecta sale to the
Bank itself,-a measure believed TO be practicable
on terms satisfactory both to the United States
and that institution.
In submitting this proposition to the wisdom OF
Congress, it IS not intended that its adoption
| should be founded Oh any pledge for the renewal
of the charter of the Bank. Considering, how
ever, the connection of the proposition with the
bank, and viewing the whole subject as a necessa-
ry part of the plans for the improvement and ma
nagement of the revenue and for the support OF
public credit, the undersigned feels 1t his duty to
accompany it with a frank expression Of his OPT
Mons.
The act of Congress to establish the Treasury
department makes it the duty Of the Secretary
| OF the treasury 10 digest anu prepare p'ahs tut
the support Of public credit aud for the improve
ment and management of the revenue. The du-
ties enjoined, as well by this act, as by the sub
segment one of the 10th Of May 1900, recurring
the Secretary s'to digest, prepare andlay Lelore
! Congress. at the commencement of every session.
a report on the subject of finance, containing es-
Inmates Of the public revenue and public expen'
ditures, and plans for improving or increasing the
revenues, from time to time, for the purpose OF
giving information to Congress in adopting modes
for raising the money requisite to meet the pub.
lie expenditure" have been supposed to include
not merely the application of the resources OF
the government but the whole subject Of the cur
rency and the means Of preserving its soundess.
On this supposition, the first Secretary of the
Treasury, in his memorable reports of January
and December, 1890, recommended a national
bank as "an institution of primary importance
to the finances. and Of the greatest utility 10 the
operations connected with the support of public
credit;'' and various communications since made
to Congress shew that the same views were en-.
tertalned Of their duties by others who have sue
ceeded him in the Department.
The performance of the duties thus enjoined by