The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1837-09-16

ceive their paper! They would be con-
Quoted with more caution, and on sounder
principles. By using specie only in It's
trsnsacions, the government would create
a demand for it, which would, 10 a great ex-
tent, prevent lis exportalion, and bv keep
ing IL in circulation, maintain broader
and safer basis for the paper currency. That
the banks would thus he rendered more
sound, and the community more safe, can
not admit Of doubt.
The foregoing views, it seems to me, do
bat fairly carry out the provisions Of the
Federal Constitution in relation TO the cur
rency, as far as relates to the public reven-
ue. At the time that instrument was fra
med, there were hut three or four banks in
: tle United States; and had the extension of
the banking system, and the evils growing
out Of it, been foreseen, they would proha-
bly, have been specu ~ guarded against.
The same policy whirh led 10 the prohl-
hilton ofbills of credit by the States, would,
doubtless, in that event, have also interdlct
ed their issue as a currency in any other
form. The Constitution, however, con-
tans no such prohibition; and since the
States have exercised, for nearly lalf a
Of banking, it is not to lie expected that Il
will be abandoned. The whole matter is
now under discussion before the proper tri-
bunaI---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 sub lect, in all is
bearings, been submitted to so searching
an inquiry. Ii would he distressing the in
telligence and virtue of the people to doubt
the speedy and efficient adoption of such
measures of reform as the public good de-
mands. All that can righGully he done ty
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 a deprecated
paper currency which the Constitution en-
ables us to afford. The Treasury Depart
gested the propriety and importance. of:
uniform law concerning bankruptcies o;
corporations, and other bankers. Through
the instrumentaity of such law, saluia-
ry check may doubtless he imposed on the
issues Of paper money and an eilecua'
remedy given to the citizen in a, way "a
once equal in all parts of the Union and
fully authorized by the constitution.
The Indulgence gained bv Executive au.
thoriiy in the payment of bonds for duties
has been already mentioned. Seeing ,ha
the immediate en!oU ement of these obliga
tions would subject a large and highly re-
spectacle portion Of our ci iZeus to grea
sacrifices, and believing that temporar'
postponement could be made without detr
ment 10 other interests, and with increased
certainty of ultimate payment, | did no
hesitate to comply with the request tha
was made olmc. The terms allowed, are
to the full extent, as liberal as anv that art
to he found in tie practice of the Executive
Department. 1t remains for Congress t,
decide whether further poslponement may
rot with propriety he allowed, and, if so
their legislation upon the subject is respect
fully invited.
The report Of the Secretary Of the Urea
sury will exhibit the condition of thes
debts; the extent and effect Of the presen
indulgence; the probable result Of its fur
ther extension on the state of the Treasu
fy, and every other fact necessary to iu'
consideration of the subject. Similar in
formation is communicated in regard to sue
repositories Of the public moneys as are in
debted TO the Government, in order lha
Congress may also adopt the proper meas
ures in regard to them.
The receipts and expenditures for tn
first half of the year, and an estimate q
those for the residue, will re laid beior
you by the Secretary of the Treasury
In his report Of December last, it was est
mated that the current receipts would ia
short Of the expenditures by abou thre
millions cf dollars. 1t will re seen tn;
the difference would lie much greater
This is TO re attributed not only to the ot
currence of greater pecuniary emharras'
nents in the business of the country tina
those which were then predicated and, cor
seqnenty, greater dimnulion in ihh rey
enue, hut al,o to the fact that the approprij
tions exceeded, by nearly six millions, tn
amount which was asked for in the est
mates then submitted. The sum necessar
for the service of the year beyond the prot
able receipts, and tie amount which it wa
intended should be reserved in the Treasur
at the commencement of the wear, will b
about six millions. Ifthe whole of the re
IL i