Litchfield enquirer., 1837-09-14


 the Government would create demand for il, which would io great extent, prevent its expOraiiOn, and by keeping t in circulation. mainain broader and safer basiS for the paper currency. That the banks nily more eale, cannot admit ola doubt.
 The foregoing views, it seems to me, do but fairly carry out the provisions of the Federal Constitution in relation to inc currency as far as relates the public revenue. At the time that instrument was framed, there were but three or four hanks in the United States; and had Ihe extcnsiOO 0f the banking system, and inc evils growing it. been oT eseen, they would probably have been specially guarded against. The same policy which led to the pToh'bI- ton of bills of credit by the Sates would doubtless In that event. have also inerdicled their issue as cur rency in any other form. The Constitution, hOwev- CT, contains such prohibition and sisce the States have exercised for nearly hall century the power regulate the business of hanking M IS not 10 he expected that iI will be abandoned. The whole matter under discussion beere the proper irl Lunal-the people of Ihe States. Never before mas the public mind been go thoroughly awakened to proper of it's importance; never has the s"n- iect in ali it's bearings, been submitted search ing an iDquiry. IL would be disirusting the inie' sence and virtue oi the people iO doubt the speedy and efficient adoption of such measures Oi reform as the public good demands. All that can righifuily be done by lhe Federal Government, 10 promote the complishmeni Of that important object, wil without doubi, he performed.
 In iLe mean time, it is our Cuty to provide all the remedies againsi depreciated paper currency which Ihe Constitution enables 10 afford. The Treasury Department, on several former occasions. has eug ReeIeu tIle NOpTIey Huu Ot IHW concerning bankruptcies of corporations, and other bankers. Through the iBstrOmenIality Ol such law, sautary check may doubtless be imposed on the is- poes of paper money, and an effectual remedy given tO the citizens iD way equal in all parts ot the Union, and fully authorized by the Constitution.
 The indulgence granted by Executive authority in the payment of bonds for duties, has been already me niOned. Seeing that the immediate enforcement of these obligations would subject large and highly respectable portion of citizens to great sacrifices and believing that temporary postponement could he made without detriment to other interests. and with increased certainty of ultimate payment, did hesitate comply with the request that was male of me. The terms allowed are, ,o the full extent as liberal any that be fouHd in the practice of .o decide whether a further postponemen, may not propriety he allowed, nnd fs so, their leg isaiion upon the subject is respectfully invited.
 The report of the Secretary of the Treasury will exhibit the condition of these debts the extent and effect of the present indulgence the probable result of iis further extension the state of the Treasury; and every other fact necessary o full cOnsdel atIon of the subject. Similar information Is communicated in regard 10 such Repositories of the public moneys as are indebted to the Government, in order that Con. gress may also adopt the proper measures i" regard iO them.
 The receipts and expenditures for the fret half of the year, and estimate of those for the residue, will he laid before you by the Secretary oi the reas- ury. In his report of December last it was estimat- ed that the current receipts would tall short O the expenditures by about three millions Of dollars. l; will be that the difference will he much great er This Is to bc attributed only to the occur O greater pecuniary endorsements in the b- sness of the country than those which then pre- dicied, and, consequently. greater slimnWii"n 'n the revenue, but also to the fact that the appropr'a- lions exceeded. by nearly six millions the an.ount which asked for tn the estimates then submitted The necessary for the service of the year beyond the probable receipts, and the amount which tt was intended should be reserved in the Treasury at 'he commencement of the year. will be about six millions the whole of the reserved balance be not al once applied the expenditures but four millions he still kept in the Treasury, seems mos, exped- eni, for the of the mint, and meet coDiingen- cies, the needed will be ten millions.
 ln making this estimate, the receipts are calculated the sHppOsoE O some further extension oi ihe m" diligence granted in the payment of bonds for h"tee which will affect the amount oi the revenue for tue present year the amount oi two and hall mlliionf.
 IL is not proposed tO procure the required amount by loans or increased taxation. There are now in the Treasury nine millions three hundred and slxiy- seven thousand two hundred and fourteen dollars. directed by Ihe o the 23d of Jane, l836 o be de- posted with the States in October nexi. This sun. if so deposited. wi be subject under tho law, 10 be recalled f needed, to deray existing arpr"Pria- tions; and as it is evident that the whole or the principal part of it. will he wanted for that purpose, it appears most proper that the deposite should be withheld. Un,l the amount can be collected from the banks. Treasury notes may be temporarily issued, t0 be gradually redeemed as ii is received.
 am aware that this course may be productive oi inconvenience to many of ihe States. Relying upon the of Congress which held out 10 them inc strong probability if not the certainly, ofreceivng ih's 'n- stameni, they have tn some instances adopted meas with which ia retention may seriously interfere: Tha: such condition Of things should have sccorred is much to he regretted It is not the least among
 the unfortunate results Of the disasters Oi the tunes and is for Congress 10 devise fl; remecy " 'hefe be one The money heinz indispensable to tne of the Treasury, M is difficult 10 conceive upon what prscipIe ofjustice expediency its application" 10 that object can be avoided. To recall any portions of the sums already deposited with the States, would be more inconveneni and less efficient. To b"rden
 the country with increased taxation, when there is n fact large surplus revenue would be unjust and "n- wise to raise moneys by loans under such circum- stances, and thus commence new national deDf, would scarcely be sanctioned by the American people.
 The plan proposed will be adequate lO all our hs- cal operations, during the remainder of the year. Should i he adopted, the Treasury aided by the an- pie of the eountry, will be able 10 discharge puncua.ly, every pecanary Obiigaii"n. For the in-
 ure, all that is needed will he that caution and '"r- bearance in appropriations which the dim'nu''on o' the revenue requires, and which the complete accom- plshment or great forwariness Of many expensive national undertakings renders equally cons's'e"I" ""h prudence and patriotic liberaliiy.
 The preceding suggestions and recommendatH-ons H are submitted the belief that their adoption by Con- eress will enable the Executive Department 10 con duct fiscal concerns with success, so far as tner management has been committed to It. Wnist tne objects and the means proposed to attain them are within it's constitutional powers and appropriate du- ties, they will at the same time, is hoPed by ther necessary operation, afford essential aid m the trans action of individual concerns and thus yield relief to the people large in form adapted to the nature ot our Government. Those who look to the action of this Government for specific aid to the citizen to re- Eeve embarassments arising from losses by revulsions in commerce and credit, lose sight of the ends for which it was created and the powers with which it is clothed It was established to give security to us all, in our lawful and honorable pursuits, under the lasting safeguard of frepublican institutions It was not ln- tended to confer special favors individuals or on any classes of them; to create systems ot manufactures, trade; or to engage m them enher separately or in connection with individual citizens or organized associations. If its operations were to be directed for the benefit of any class equivalent favors must, in justice be extended to the rest and