Iowa news. [volume] (Dubuque, Upper Mississippi Lead Mines, Wisconsin Territory) 1837-1841, 1837-09-23
regulation Its objec, and motive are their con-

IA regulation. Its objec, and motive arc their con-
venence ant welfare. a, s, p IL
IL at moment of simultaneous and uneSpect-
ed suspension by the banks, it adds something to
the many enlbarrassmehts of that proceeding, yet
these are far overbaanced by its direct tendency
to produce wider circulation of gold and silver:
to increase the safety of bank paper, to improve
the general Currency, and thus toprevcnt altogeth
er such occurrences and the other and far greater
evils that attend them.
1t may, indeed, be questioned, whether it is no,
for the interest of the banks themselves that the
EGovernment should not receive their paper. They
would be conducted with more caution, and on
sounder principles. BY using specie only in its
transactions. the Government would create de-
mand for it, which would, to great extent, pre-
vent its expectation, and by keeping tin circula-
ton, maintain a broader and safer basis for the
paper currency That the banks would thus be
rendered more sound, and the community more safe,
cannot admit of doubt
The foregoing views, it seems TO me, do but fair
y carry out the provisions of the Federal Constu-
ton i'll relation TO the currency, as far as re-
ates to the public revenue. AT the time that in
strument was framed, there were but three or four
banks in the United States; and had the extension
OF the banking system, and the evils glowing out of
ii, been foreseen, they would probably have been
specially guarded against. The same policy which
led to the prohibition of bills of bank credit by
the states. would doubtless, i'll that event, have al
so interdicted their issue as currency in any
other form. The Constitution, however, contains
such prohibition; and since the state has exer-
csed, for nearly half half century, the power to
regulate the business of banking, it is not to be ex-
pected that il will be abandoned. The whole
matter is now under discussion before the proper
tribunal--the people of the States. Never before
has the public mind been SO thoroughly awakened
to proper sense Of its Importance; never has the
subject in all its bearings, been submitted to So
searching an inquiry. [, would be distressing 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 OBJ
ject, will, without doub, be performed.
In the mean time, it is our duty to provide all
the remedies against deprecated paper curren-
cy which the Constitution enables us TO Afford
The Treasury Department, OH several former oc-
casions, has suggested the propfiety and impor-
lance Of uniform law concerning bankruptcies OF
corporations, and other bankers. Through the in
strumcntality of such "a law, a salutary check may
doubtless be imposed Oh the issues of paper money.
and an efectual remedy given TO the citizen in a
way at once equalin all parts of the Union, and
|
The indulgence granted by Executive authority
in the payment of the bonds for duties, has been all
ready mentioned. Seeing that the Immediate en-
! forcement of these obligations would subject a
large and highly respectable portion of our citizens
to great sacrifices, and believing that a temporary
postponement could be made without detfiment to
other interests, and with increased certainty of Ill
innate payment, did not hesitate to comply with
the request that was made of me. The terms al
l1Ou,o Il sl,~ ell A..
are TO be found in the practice of the Executive
Department. 1t remains for Congress to decide
whether further postponement may not with pro-
priety be allowed, and, if so, their legislation up
| OH the subject is respectfully invited.
The report of the Secretary of the Treasury
will exhibit the cont:..ton of these debts; the ex-
tent and effect OF the present indulgence; the
probable result of its further extension the
OF the Treasury and every other fact necessary to
fell consideration of the subject. Similar infor-
maton is communicated in regard to such deposit
tories of the public moneys nre indebted TO the
Government, in order that Congress may also 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 resi-
due, will be laid before you by the Secretary of
the Treasury. III his report of December last.
it was estimated that the current receipts would
fall short of the expenditures by about three mil
lions of dollars. 1t will be seen that the differ
ence will be much greater. This to be attributed
not only to the occurrence of greater pecunary
embarrassments in the business of the country than
t.ose which were then predicted, and consequent
ly, greater diminution in the revenue but aso
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 il was in
tended should be reserved in the Treasury n, the
commencement of the year. will be about six mil
lions If the whole of the reserved be not at once
applied to the current expenditures but four mil
lions be still kept in the Treasury, as seems most
expedent, for the uses of the mint, and to meet
contingencies, the needed will be ten millions.
In making this estimate, the receipts are calcu-
lated on the supposition of some further extension
of the Indulgence granted in the paymen, of bonds
for duties, which viii affect the amount of the rev
ens for the present year to the extent of two and
half millions.
Its notproposed to procure the required amount
by loans or increased taxation. There are now
in the Treasury 1885,, PA, directed by the act of
the 23d of June, 1886, to be deposited with the
States in October next. This sum, if SO deposited
will be subject, under the law, 10 be recalled, if
needed to deiray existing appropriations; and, as
ii is now evident that the whole, or the principal
part of it, will be wanted for that purpose, il an
pears most proper that the deposte should be with
held. 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 productive
of inconvenience to many Of the States Relvi,o
upon the acts of Congress which held out to them
the strong probability if not the certainty, of re-
ceiving this instament, they have in some instan-
ccs adopted measures with which its retention NAV
seriously interfere. That such condition Of
things should have occurred is much TO be regret
ted. It is not the least among the unfortunate re-
suits of the disastrous tines and il is for Congress
to devise fit remedy, if there be orc. The mo-
ney being indispensable to the wants of the Treas
ury, it is difficult TO conceive upon what principle