Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1837-09-20


of banking, it is not to be expected that il
will be abandoned. The Whole matter is
now under discussion before the proper tri-
bunal-the people Of the States. Never
before has the public mind been so thor
oughly awakened to proper sense of its
Importance never has the subject, in all
its bearings, been submitted to so search
Tag an inquiry. 1t would be distrusting
the intelligence and virtue OF the people to
doubt the speedy and efficient adoption of
such measures of reform as the public good
demands. All that can rightfully be done
by the Federal Government to promote the
accomplishment OF that important object,
will, without doubt be performed.
In the mean time, it is our duty to pro-
vide all the remedies against deprecated
paper currency which the Constitution en-
ables US to afford. The Treasury De-
partment, on several former occasions, has
suggested the propriety and importance of
a uniform law concerning bankruptcies of
corporations, and other bankers.
Through the fundamentally of such
law, sautary check may doubtless be
imposed on the issues Of paper money; and
an effectual remedy gwen to the citizen in
a way at once equal in all parts of the
Union, and fully authorized by the Consti.
tuition.
The indulgence granted by Executive
authority in the payment of bonds for du-
ties, has been already mentioned. Seeing
that the immediate enforcement of these
obligations would subject a large and high.
ly respectable portion of our citizens to
great sacrifices, and believing that tenn
porary postponement could be made without
detriment to other int ests, and with in
creased certainty Of ultimate payment, |
did not hesitate TO comply with the request
that was made of me. The terms allowed
are, to the full extent, as liberal as any that
are to be found in the practice Of the Elk.
ecutive Department. 1t remains for Con-
yress TO decide whether further postpone
ment may not with propriety be allowed,
and, if SO, their Legislation upon the subject
is respectfully invited.
The report Of the Secretary ofthe Treas
ury will exhibit the condition of these debts;
the extent and effect of the present indul-
gence the probable result ofits farther ex-
tension on the state of the Treasury and
every other fact necessary to a full consid-
Grafton of the subject. Similar informa-
lion is communicated in regard to such de.
positories of the public moneys as are in
debted TO the Government, in order that
Congress may adopt the proper measures
in regard to them.
The receipts and expenditures for the
first half of the year, and an estimate OF
those for the residue, will be laid before you
by the Secretary of the Treasury. In his
report Of December last, it was estimated
that the current receipts would fall short OF
the expenditures by about three millions Of
dollars. 1t will be seen that the difference
will be much greater. This is to be attri-
buted not only to the occurrence of greater
pecuniary embarrassment in the business of
the country than those which were then
predicted, and, consequently, greater
| diminution in the revenue, but also to the
; fact that the appropriations exceeded, by
| nearly six millions, the amount which was
asked for in the estimates then submitted
, The sum necessary for the service of the
year beyond the probable receipts, and the
amount which it was intended should be
reserved in the Treasury at the commence
ment of the year, will be about six millions.
If the whole of the reserved balance be not
at once applied to the current expenditures
, but four millions be still kept in the Treas.
ury, as seems most cxpedent, for the uses
J of the mint, and to meet contingencies, the
sum needed will be ten millions.
, In making this estimate, the receipts are
calculated on the suppostion of some far
. ther extention of the indulgence granted in
the payment of bonds for duties, which will
!. affect the amount Of the revenue for the
, present year to the extent of two and half
millions.
1t is not proposedto procure the required
} amount by loans or increased taxation.--
There are now in the Treasury nine mil
lions three hundred and sixty seven thous.
and two hundred dollars, directed by the
act of the 23d of June, 1886, to be deposi.
J ted with the States i'm October next.-This
sum, if so deposited, will be subject, under
the law, to be recalled, if needed, to defray
existing appropriations and is it now evil
dent that the whole, or the principle part
of it, will be wanted for that purpose, it ap.
pears most proper that the deposit should
be withheld. Until the amount can be
collected from the banks, Treasury notes
may be temporarily issued, to be gradually
redeemed as it is received.
am aware that this course may be pro-
ductive of inconvenience to many of the
States. Relying upon the acts Of Congress
which held out to them the strong proba-
bility, if not the certainty Of receving this in
stalment they have in some instances a.
!. dopied measures with which its retention
may seriously interfere. That such con-
dition of things should have occurred, is
much 20 be regretted. 1t is not the least
among the unfortunate results of the d.sas-
tiers ofth times and it is for Congress to
; devise a fit remedy, il there be one. The
, money being indispensable to the wants of
} the Treasury, it is difficult to conceive up
on what principle ofjustice or expediency
its application to that object can be avoided.
To recall any portions of the sums already
! deposited with the States, would be more
inconvenient and less efficient. To burden
the country with increased taxation, when
there is in fact large surplus revenue,
would be unjust and unwise, to raise mon.
eys by loans under such circumstances, and
thus to commence new national debt,