Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1835-11-26

problem is solved; the public debt is paid off,
and there actually exists a large surplus. In
the language Of Mr.. Jefferson, then, ".Shal, It
lie unproductive in the public vaults? Shall
the revenue he reduced? Or shall il not rath-
er be appropriated 10 the improvemen of
roads, canals, rivers, educstion, aud other
great foundations Of prosperity and union?"
These are great questions which cannot be
more plaiuly and comprchersveIy stated tlinn
~ The very words oi the sage ofMoniicellO him
self, addressed to Congress in anticipation of
of state Of things similar to the present
(w IN h, however. did not arrive as soon as he
then expected They are questions to which
we hope Congress will respond in such n
manner ms betits sagacious legislators for the
welfare Off great, oDterprising, and grow
ing nation.
The great amount Of this surplus Of money,
which is or ought to be in the treasury, will
necessarily give rise to other interesting qnes-
tions of financial nature. Where as this
surplus treasure? In whose hands? Who
has the use of this money of the people?-
What do they who enjoy the use of it, pay
for the use of it? What security do they
give for its being forthcoming when il is want
ed? j. IL safe where ii is? Or is any portion
of il already To he added to the unavailable
funds" which have been stereotyped in the
annual report Of the Treasury tor tho last
fifteen or twenty years? These are matters
which must and will be- inquired into. and the
inquiry into which will really be the .'search-
in operation" idealized in the first inaugural
Of our present chief magistrate.
Is the public money now safely and ex-
peditiously transferred by The deposlte banks
from quarter of the Union to the other,
without expense to the government, or to
those who are entitled TO receive il? l. the
surpl : revenue now distributed as formerly
it was by the Bank of the United States and
its branches. land yet ought to be) so that it
may serve in the place of capital to be dis
counted upon where most wanted? Or does
it remain in masses where collected, for the
benefit of favored few? In other words. do
the deposlte banks in Pittsburg, Louisville,
or Nashville, discount any the more freely
because ofthe accumulation of fsurplus money
in the deposite banks in New York? These
are some of many questions, the answers to
which will enable the people to pronounce
upon the wisdom 10 say nothing of the le9al-
ty) of the transfer of the public deposites from
the bank of the United States TO n host of
other banks, in the vaults of which it Is not
certain that the money is safe, and in which
1t 's certain that it yields no profit to the
country
We are, as our readers probably under
stand, of the opinion that the finances of the
United States cannot be managed, without
certain loss, through the agency of the state
banks, and that, even with the loss, they can
not long he managed at all without the agen-
cy OF bank of the United States. We be-
llcve, moreover, that such hank is indispen-
sable to the preservation of a currency of
equal value throughout the United States,
such as Is already disappearing, and after the
fourth Of March next will cease to exist, ey-
cept IN the memory of what was. We do not
expect congress, however, nor the intelli-
gence which presides over the administration
of the executive departments, and which con-
trolls and directs them ALL to arrive at the
same conclusion with us, until after n severe
experiment, which is TO he endured at great
cost to the government, and to the great innl-
nv of many thousands OF honest individuals.
The same view which we take of this subject
viii, we think it likely, be taken by the body
of those members of congress who agree with
us upon The subject Of national bank. We.
incline to believe, therefore, that the question
Of national bank, Of any sort, will not be
seriously moved at the approaching sessions;
or, if moved, that it will only be TO be de-
tcated, originate where it NAV. We speak
of the coming session, be it observed. As to.
what may happen at the session following
the next, we say nothing.
Before we lay down the pen, however, let
rs advert to one topic, the discuss on Of which,
we know, is anticipated in some quarters with
paio ana apprehension, but which we are
satisfied will form 30 part ot the deliberations
of the present congress. We mean the abo-
IIton or slave question. We do not say that
petitions may not be presented, as heretofore,
asking Of congress To abolish slavery within
the district of Columbus; or that they may
not, as heretofore be made loop to hang
speech or two upon. But, rs heretofore, they
he laid on the table, or therwise disposed
VI so as not 10 interfere with the deliberations
If congress. In any other shape than that OF
hese petitions. it is not at all likely that that
question will be suffered to enter the halls of
congress.
The above We copy from the Inielli-
yen Ger Of Thursday. The Intelligencer
# Saturday, concludes the subject as
ollows:-
The question Of the surplus revenue alone,
onnected AS 1t is with all the relations of the
government, will furnish abundant employ
1ent and scope for the intelligence and pat
o'lsm OF the new congress. The amount of
IT'S surplus, which, it is now said, will, on the
st of January next come to more than t,cen-
, millions Of collars, almost exceeds belief.
ut even this is not the whole amount of the
Irplus means OF the treasury; for there is, IN /
EDITION to the surplus revenue, the stock be- !
nging to the government IN the bank OF the I
nIted States, amounting To seven millions
dollars, swelling the dsposable means of
10 government to twen,y-seven or twenty
ght millions of dollars. j.
The revenue OF the government, out Of the
of which the surplus has arisen, is