Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1836-06-13
POLITICAL.
Fran The Farmers Register FOR May.
SURPLUS REVENUE.


SURPLUS REVENUE.
There is no subject Which AT present seems To
command larger share of the public attention than
that of oui surplus revenue. The immense moral
and political influence which an Overlooking trca-
sury i, likely 10 exert throughout the whole extent
vi our widespread territory, i a matter "' 100
valuable and striking nature 10 escape the public
view The consequences OF tins character are re-
all, alarming and calculated 10 inspire the patriot
with serious apprchcnsions Tor the continuance OF
tia, virtue AMI political integrity IN our people,
which Montcsquieu has bat too truly asscIiedto be
the vital principle of republlcansm l have not
taken up my pen however, 10 Po"rtfay these elects
Others far ADLER than myself, with all the power oil
their clouuence 10 sustain them, have forced the
public mind into a contemplation OF the subject un-
der this particular aspect. Besides, an agricultural
journal is not, perhaps the proper receptacle for
discussion, ol this character.
There is one view, however Of this important
subleci (uf puhlico economical character which
seems as vet 10 have made serious impression
on the public, though certainly think OF the high
est moment. 1t is tbs: that a large surplus rcre-
nue. must necessarily keep the mhoh MONETARY sgs.
TEN Of our country ia a constantly unsteady and
deranged condition and M's, too, in spite tran
Of all the efforts II gortrnment 70 prerem a.
The modus optrondi is easily explained, Every
one "a, all acquainted with the complicated con-
Germs of trade, knows The vast Importance Of the
currency TO the harmony of all its operations, and
al the same time, the extreme scn,tircne,s OF tins
important portion of the capital TO every thing
which affects either its quantity or the velocity of
its circulation. Ofall the parts OF the currency,
none is more important than the money. This is
peculiarly important general mcasurrr OF va
lue throughout the country. Now, tina, which in
Iinin hos al oil
remaining the same, must necessarily raise or de-
press prices, and continuance of sucl vacilaton
as this, throws the country into the utmost contu
sion and disorder, and seriously dcranges all the
operations of trade.
Our surplus revenue does, and must incrifabiy
continue, TO produce such disorder and vacillation
US have Just spoken OF. Mr. Gaatn, somo year,
ago, estimated the money IN actual circulation in
our country at about Sl20,OO0,0OO Now, sup
pose our surplus revenue to be- sac, OOO, 900, and
Of course liable TO be collected IN money. Here,
then, have the government, in possession ct one
third Of all the money in the country. Suppose
the government should suddenly collect the whole
OF this revenue, and lock il up, II You please, IN
the strong boxes Of the treasury, what would be
the consequence Why, one-t third of the money
is suddenly distracted from the circulation, and
the consequence would be a pressure in the
quake. Destroy onc-third of the corn, wheat, or
meat, now in use, we all know what would be the
dreadful result. This abstraction OF the currenc,
is precisely equivalent TO a destruction of one
third of the money of the country AS long as i, is
withheld from the circulation. How would this
pressure be relieved BY gradual importation of
specie from abroad and by gradual extension vi
bank issues, until The deficit occa>ioned by the alb
stracton of SAC, 100000, supplied, and the ira
ding community were again IN possession OF SID
1000, the sum necessary Tor the functions of
circulation Suppose, now, the government should
determine 10 dishursc the money, no matter in
what manner, which has been for time with
drawn, what would be the effect 7 You would then
have the money frhe country suddenly raised 10
4l6O, O0O. OOO-S40,0 00,000 beyond the usual a.
mount The effect of this would be, a sudden ell
ovation of prices, soon followed by rage for spec
ulation, finally TO be cured by large and cxirava-
CANT importalions from abroad, which would crc-
ate money balance against US, and drain US Of
specie, and force a system of curtaIlmen, on the
entire banking system throughout the country. In
the mean time, the accumulation OF another
surplus would force the country through the
same melancholy routine Of grinding pressure and
bloaied prosperity, equally hostile to pure and
sound state OF morals, and to steady and constant
accumulation of wealth. But have said this ef-
feet would be produced by large surplus revenue,
IN spite even of all the efforts Of government 10
Ineventit In our county, the revenue is demo.
sited IN certain banks chosen for the purpose and
where The revenue annually collected is annually
dsbursed, there is no danger of a pressure from
this cause, because the deposi,es of the govern
ment are made and withdrawn with some deprec
OF regular and the d-posi,e banks can easily
conform their operations to those of the govern
ment without any detrimen, to the public Blu,
when surplus revenue Of $40, OOO, 900 Is depo-
s'ed in certain number Of banks, the case is FAR.
very far different The expenditure Of such re-.
venue IS very uncertain event. 1t may be de-
nanded oil the banks Tomorrow, OF j, may not be
Tor years. To-day, Congress is not in session, and
there is no danger of All appropriation. The con-
sequence will be. that the depos,e banks will en-
large their issues, and food the country with pa