The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-09-09

deferred TO smother year. % The importers
under the existing laws entitled TO certain delays by
keeping in store the woollen goods which pay such
duties.
This circumstance in connection with the difficulty
Of collecting the funds whether longer postponed not
will sensibly increase the embauassmen,s which have
been specially pointed out and otherwise exist in pay
ing with promp,sude, and IN legal manner the large
appropriations chageabe upon the residue Of the cur
rent year.
Hence, aiier considerable deficiency in the available
means became highly probable il was deemed expedent
TO adopt any udicous and lawful to remedy it,
which was within the power OF the department. Ac-
cordngly though large quantities Of public lands were
still in market unsold, and though the receipts from this
source during the year would behgher than anticipated,
ia consequence, among other things OF construction
put on the presumption laws, admitting large class oil
settlers to entrees it was supposed that some further
tracts places much desired by the new States, might
prudeny be offered A few such have been advertised;
but sufficient tme after due notice. has not YET elapsed
to realize any thing from them.
IL the fourth nstaluent Of the dcposites with the
States be deferred and the difficulty In seasonaby trans
ferng be thus removed, yet being chiefly IN the GUS
tody Of banks not paying SPECIE II Is manifest ihat
cannot be Immediately realized in funds suitable to meet
existing appropriations II il be not deferred, some
further provision will be still more indispensable to ena
BILE the Treasury not only to place 1t with the States,
but pay all the public creditors and officers IN salts
factory MANNER until the duties now due from the mer-
banks can be collected It true that resort TO the
States for refundng portions OF the large sums already
deposited with them would also remain by law; but
under the limitations Of the act Of June, 1896, 1t would
be very slow in its operation, and II complied with,
would prove entirely insufficient to answer such an ur-
gent occasion the present During the ensuing quar-
ter the whole amount that could be legally recalled
would not exceed SIX hundred and fifty thousand dol
lars Hence II expedient, either in aid exclu
sion OF requston on the States, as may be deemed
most suitable by Congress- to provide some temporary
until enough Of the fourth instament other
in the Treasury, be rendered available to dis
charge all the public engagements. II need not be
oan increase Of taxes Of any kind as the Gene
raj Government in respect to its finances, whatever
temporary embarrassment the recent commissions in
commerce and banking may have created Is far from
having any just for dependency. II is neither
overwhelmed with National debt, destitute Of large
pecuniary hand; but entirely free from
the former. it is amply supplied with the latter as to
have in the Treasury over forty millions OF dollars, and
eight ten millions in bonds which will soon be-
come payable. But large portion being in dePosite
with the States, and the residue chiefly in banks and
the hands Of merchants, under the difficulties before
named in procuring promptly, and in legal currency,
the amounts Of money which needed, some collae-
raj aid for short period till suficiency be col
1ected appears to be udcious if not Indispensable
II is fortunate that the energies Of the country, gene
rally not parayzed its prospects clouded by any
great physical calamtes; and hence its immediate
wants can without doubt, be provided for in various
ways
One mode would be, to authorize the issue Of Trea-
sury notes. receivable for all public Dues but without
interest, These would differ from the drafts checks
in use only as the latter are given for immediate
payment, and drawn persons and banks having pub
lie money sufficient to meet them and consequently,
the holders must be exposed to the trouble and expense
of presenting them at the places where payable. Still
they nearly on par with specie In the present
deranged state Of bank paper and exchanges and in the
favorable condition Of the General Government, by its
ample resources and exemption from pecuniary abi-
ties to mpa the greatest confidence in respect to the
redemption Of such notes. it probable that they would
readily be taken at par by most of the public creditors
Especially would this be likely happen, provided they
issued in denominations low twenty, fifty,
and hundred dollars; and not in too large quanti-
ties, but used only in anticipation OF the accruing
revenue occasional emergencies, and to limited
amount.
Contrary to expectation should the department, dur
ing the present delinquency OF many OF the public debt
be exposed to such very large calls, and collect
little revenue not TO be able, by both the above
and drafts. all its engagements in satisfactory
manner would be desirable that the President should
possess contingent authority to cause Treasury notes
to be issued bearing an interest not to exceed six per
cent.
Specie could always be raised on these for the public
creditor when he preferred it. But notes bearing much
interest would be used in circulation land
If they should not would currency be troublesome
the computation Of interest," and strongly tend
exclude specie from the country it might be advisable
not TO make them receivable FIRST for any public dues
but only to resort to that measure afterwards, when it
should be found convenient for redeeming them.
In connection with the issue Of any Treasury notes,
it is believed to be wise to make ample provision for
their early and final redemption. This could be accom-
plshed by cnactng that when the money on hand in
the Treasury and MINT available for public purposes,
may exceed given amount of four or five millions, it
shall be the duty of the Secretary Of the Treasury
these notes Securing priority to any interest
TO be redeemed TO such extent the surplus may
exceed that sum, and what will probably be needed to
delray current expenses II being believed that a
duction of the tariff and suitable regulations concerning
the sales Of public land ought at proper time to be put
In force so as to prevent any large and regular accumu
la'ion in the Treasury the department would respect
fully propose, that in of any unexpected excess
beyond the above specified, 1t should merely be
invested, in temporary manner, in sale State stocks,
at their market rate, subject to be sold again whenever
the proceeds shall be wanted discharge existing APP
preparations.
An additional consideration in favor Of these measures
is, that since the payment Of the public debt which alb
sorbed any occasional surplus OF receipts, it is mposs
BILE, according to the views expressed in previous
reports from the Undersigned that, with sources of
revenue SO aucuating as ours and SO dependant
commercial prosperity, and fiscal operations should be
long continued with ease, vgor, and uniformity without
some such regulator as power to issue and redeem
Treasury notes, to invest and sell the investment Of
surpluses by any other course shall constantly he
exposed great Deficiencies excuses, with all their
attendant endorsements Ii depositlng the
with the States, subject to be recalled TO supply def
cencies, the pecunary profit to the whole Union will be
greater, while such a may involve us in a
series of vexaous demands them accompanied by
various dangers both them and the General Govern
mcut and III tho time, 1t is feared will In many
instances tend excite eScesses and evils similar to
of those under which the country suffering.
v IN The safe-keepmg cf tho Pablo Money hereafter
The arrangements for keeping the public money,
which had been successful operations for few wears
previous to the passage OF tho depoe act of 1895, be-
came partially embarrassed by carrying into effect
of It's provisions. But the enforcement OF them all,
where entirely perfected, in seasonabe progress
in May last, when the department compelled by the