Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1837-01-10

ter calm perusal, aud few moments of sober re-
Election. They can ihen longer mistake the
sources oflhc pccuniary difficulties under uhch the
country is sulIerng.--.N !. Com. .lic.
PnrL4DFIIH., Nov. II. 1896.
Ny Dear Sir - proceed to the second subject
Of our couvcrsuton--thc present state of the cur
rency--which shall treat dispassionatcly as an
abstract question ofmere finance.
Our pecunary disposition seems 10 be Il strange
anomaly. When Congress adjou rned. II left the
country with abundant crops and high prices for
thcm--with every branch Of industry Furnishing -
with more specie than we ever possessed before
with all the clements Of universal prosperity. Not
one of these has undergone the slightest chtncc
yet after few months Congress win re assemble
aud find The whole country suffering intense pecun-
larry distress. The occasion orthis, and The remedy
for it, may well occupy our thoughts.
In NY judgment, the main Of il is the
Encouragement of the revenO e---uismanagemen
in two respects the mode Of executing the dis
tribuon law, aud the order requiring specie Tor the
Public Lands
Isl. The distribution law.
Ia Juy, 1896, Congress declared that the sur
plus in the Treasury on the lst OF January 1897,
should be divided among the Sfaies. That it might
be done gently possible, the payments were
TO be made, not at once on the lst Of January, bot
quarterly throughout the whole year 1897 and
as the aggregate sum to be distributed is from 3G to
40 Millions we may assume the ST payment in Jan
uary, TO be about millions. To prepare for this,
the Treasury La had ia hand Sort. -, Gnr millions
it would receive in the course of the operation
thirty or forty millions Of revenue moro-and as
there was probably money ia every State, and pay
+ mcnts to make IN every State, the operation was
so simple and easy that 1t ought not to have occa
stoned The slightest pressure; and the whole nigh,
have been accomplished wirhou, any arrangement
Of trade, and without the movement ola SINGLE
dollar in specie. That Ibis not only could be done
but has actually been done, you will fnd in the
public documents OF 1920.
In that year. the new administration Of Mr. Jack
son, anxious to appropriate every disposable dol
lar of Tie revenue TO the reduction Of the public
debt, sought and obtained the aid Of the Bank OF
I the United States. Notice was accordingly giVcr
on the 3lst OF march, 1927, that on the ls of Ju.
", the debt and interest, amounting to SIS So
462 81. woull be paid. At the period of the no
tce, the whole available means of The Treasur,
we're only six Millions scattered throughout tho
United States, and these, with the accfuing rcve
nue. in the interval were al notice Of ninety days
to be collected, TO pay nearly nine mons. s.
closely was tie government pressed. that after
paving these sums the actual balance 10 the Tfels
ufy throughout lHe mole | nNgd NtafCg,W1s Tc1u.
ccd to SlGi 800 o. The Bank, howcycr I'm.
dcrtook the arrangement, with what success mo,
be seen in the following part &c the Mcslage Of ~
Jackson to Congress, IN Dee. 90. THE payment
on accoun, of the public debt made on tho 1t o
July last was IS 7l5 462 81. II uas ojy.dcn
dei hIt tie suldoH tcifhd ra,cai Of 80 i1ygc a spr
from The banks in tchici Il rms dp,sitcd, AZ lin
ofnalsual pressure in he money narEd, might Gus
iauch iajuJ 10 The Interests dycndni On Bank ac
conimof tii9us But his erii tras ttloiy nrcrted b
an early anticipation u il 81 he Ir,oswy, 0iced D.
The judcious arrar gemeas ofihe o9iesrs NJ he bauj
NJ the United Siaffs" The respective shares o
the bank end the Treasury may be conjectu re'
from the Secre,Ary's letter ~ the ! b July, l-29
10 which he takes occasion 10 express "lle gfoa
satisfaction of the Treasury Department 30 10,
preparation Of the heavy pay meut Of Tie public deb
on the 1t iustsul-uhich has been cfe-f,i Jy man
If he prudent Grrdagemeni Of yovr B,0rd, at a Inn
qCscrere opprcssioa all he prgdie'irs employment
u n, country, without causiHg oHy seasi5c addiisl
10 he pressure or erH risiLie efcof ly5a the oriaa
~ operations eChe Nfate BaHks.'
H. then, nine millions. being almost tue last dol
lar IN the Treasury could be thus dstub1iei--two
millions ofn To foreiguerf-at time of unusus
pressure how happens D., thai, with funds coca
20 6fy millions, and SIX month";. noucc Hne mill
- lone cannot uoS be- dlstu5utec-ezcllsi,ely amonl
our osn pe1ple-at time Of gres' sbun5auec
J without hszardrg q cgnyo.slaIf The snsaer .
10 be found 10 the dsesfeui mode of conducting th
! operation. This mas be- seen by contrasting " ha
the Secretary might have done. w,,h what he la
done.
The dislflbution sw assigned n him tao dsue'
both simple and both ebsy--the d. vision of ia
fsnds among the banks, aud the dnis,on amcu.
ths Sisiss. such Il the Bsnks as may be Locale
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