Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1834-12-09

present condition of things be CONSIDERED VI
any practical importance. But the oaiance "
money at present on hand, as before remaIkeu,
is merely the usual and convenient amount LOT
current fiscal operations, and most of it is liza
bIe at anv moment to be Withdrawn to meet eX
istinp anproprations While the intimation OF
the Bank, resting as it probably must, on an
impression that the bonus was paid instead OF
interest on the public deposites, Is not DeheVeu
to be supported by the language or spirit OF tne
charter, which required the 6onus tor tne eA
elusive privileges and benefits conferred by TINS
act on the Bank and which ercluSire favors,
whether termed privileges or benefits, consisted
principally in the sole right of banking lor TWEEN
ty wears, and for which alone, MIR. Madison, In
his veto of 1915, and MIR. Dallas, in his letter,
Dec. "a, 1915, thought that bonus should be
paid to the Government" The latter iurther
observed, that, independent OF the bonus mere
"proposed to be exacied, there are undoubtedly
"many public advantages to be drawn from the
" establishment of a national bank, but they
" are generally of an incidental kind, and as IN
"the case of the depositeS, and distribution OF
the revenue, may be regarded in the light OF
equivalents, not for the monopoly of the char
"ter. but for the reciprocal advantages OF a rs
" cal connexion with the Government"
Ifthe reasons should ever be presented to this
Department in support of the late intlmation OF
demand for damages for the removal Of the de-
posites in a case where the bonus was Claimed
and paid on the above grounds, ana Where the
right to remove the depoSltes was expressly re-
served in the charter to the oficerren. owing them
twill then probably be in season TO enter more
fully into this cola eral question; or should the
balance in the possession OF the State BANKS,
at anv time. become much larger than current
demands existing against the Treasury, it will
if Congress do not earlier think proper 10 act
on it prospectively, nor to authorize any tenn
porary investment OF 1t, be then considered ne
cessary and proper for the Department to eXa-
mine in what cases, and under what circum-
stances on what supuSeS, and at what rate, IN
terest could equitaby he demanded, in addition
to the useful duties performed by The selected
Banks in behalf Of the Treasury On these
points, however, it is hoped that this Department
will not be understood recommending that
taxes should ever be imposed with view to
permit large surplus, any more than deli
cheney, to occur; but that, when the former UNI
expectedly and Internationally happens an in
come should be realized from it, by interest or
an investment, until, at the end of every few
years, thorough revision of the tariff would, In
the pursuit Of this policy, be made, and so gra-
duated, as during the next succeeding term, to
be likely TO correct any great irregularities,
whether excuses or deficiencies, that had hap
pened during the preceding term, and to lead to
the sale and use of any interest or investments,
which, in the mean time, had accumulated.
with the present drposite Banks, and, indeed,
with our whole existing system of finance, so
far as regards the keeping and dlShurSlnS oil Tie
public money, might here be appropriately con-
sidered Yet, without any desire to avoid, but
rather from q wish to submit that full and frank
discussion of them which their acknowledged
importance and the existing interest in them de-
mand from the fiscal department of the Govern
ment they will be postponed to ii separate sup
Elemental report, which will be confined eXcu-
sively to their consideration, and will soon be
presented to Congress.
il appears to the undersigned, that Il change
in the commencement Of the fiscal year, and OF
the time at which the annual appropriations be-
gin. W oud be a great Improvement in the finan-
cia operations of the Government. II the year
was to commence after the last day of March,
instead Of September, and the annual appro-
Driations begin from the same date. many de-
laws and embarrassmentS would be avoided
and the information on the condition OF the Ie-
ceipts and expenditures of the previous year, to
be laid before Congress each session, could be
much more full and accurate.
Upon the subject Of the new coinage of gold
and the operation of the acts Of the last session
relating to it, and the value and tender OF TO-
reign coins, this Department does not, until FUR
Their experience is had. contemplate offering
many recommendations for new legislation. A
particular suggestion, deemed proper, is that the
one uOldT 8Olu COlIl, OllSllulIy SIhoI a.'u III wv
late act, should be authorized. If found on trl-
al to be convenient as small gold coins have
been found some Of less and some of little
larger amount, in Portugal, Russia, Spain, Tur
key, and Switzerland, it does not seem to COM
port with the interest and welfare of the COM
munty to prevent here its coinage and crcula-
tion ana # not found on trial to be useful, the
gacity of self interest will soon lead to the aban
donment of its coinage, by making no demand
for it. Thus the community can in no event
sustain much, if any, injury from it; while the
facilities Of the public, by having coin Of Ell
Their metal, gold or silver, as small as one dol
lar may be greatly increased. This kind of le
gisation with a view to provide full supply and
variety of coin, instead of bills below five and
ten dollars. is particularly conducive to the Sc
curty Of the poor and middIlng classes-who,
as they own but little in, and profit but little by |
Banks, should be subjected to as small risk as
practicable by their bills.
The wealthy and commercial, for whose be-
nefit chiefly banks are instituted will then chief
ly use their bills, and suffer by them, if forged
or deprecated; while the laborng classes, and
men OF small property will by the justice and
paterna care of the Government generally |
be provided with currency of hard money, |