The People's press, and anti-masonic Democrat. [volume] (Middlebury, Vt.) 1836-1838, 1837-09-12

yernment to promote the accomplishment of
that important object, will, without doubt be
performed.
In the mean time, it is our duty to provide all
the remedies against deprecated paper cur
rency which the constitution enables us to af-
ford. The Treasury Department on several
former occasions has suggested the propriety
ano importance of uniform law concerning
bankruptcies of corporation, and other bankers.
Through the fundamentally of such a law,
salutary check may doubtless be imposed on
the issues of paper money, and an effectual REM
edy given to the citizens in a way at once
equal in all parts of the union, and fully author
lied by the constitution.
The indulgence granted by Executive au-
thority in the payment of bonds for duties, has
been already mentioned Seeing that the i'm
mediate enforcement of these obligations would
subject large and highly respectable portion
of our citizens to great sacrifices, and believing
that a temporary postponement could be made
without detriment to other interests, and with
increased certainty of ultimate payment, did
not hesitate to comply with the request that was
made of me. The terms allowed, are, to the
full extent as liberal as any that are to be found
in the practice of the Executive Department.
1t remains for congress to decide whether fur
allowed, and if so their Legislation is respect
fully 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 its further extension on the
state Treasury and every other fact necessary
to full consideration OF the subject. Similar
information is communicated in regard to such
depositors the public moneys as are 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 residue will be laid before you by the Sec
rotary of the Treasury. In his report of De-
cember last it was estimated that the current
receipts would fall short of the expenditures by
about three millions of dollars. 1t will be seen
that the difference will be much greater This
is to be attributed not only to the occurrence of
greater pecuniary embarrassments in the bust
ness of the country than those which were then
predicted, and consequently, greatly diminu-
ton in the revenue, but also to the fact that the
appropriations exceeded, by nearly six millions,
the amount which was asked for in the esti-
mate submitted.
The sum necessary for the service of the
|
mount which 1t was intended should be reserv-
ed in the Treasury at the commencement of
the year, will be about six millions
1.-THE whole Of the reserved balances be not
at once applied to the current expenditures, but
four millions be still kept in the Treasury, as
seems most expedient, for the uses of the MINT
and to meet contingencies, the sum needed will
be ten millions.
In making this estimate the receipts are cal
cuated on the supposition of some further ex-
4.eaS1 II - et int 7-c N me ~.
ment oil bonds for duties, which will affect the
| the amount OF the revenue for the present wear
TO inc extent OF two and half millions.
II Is not proposed to procure the required n.
mount by loans or increased taxation There
are now In the Treasury nine millions three
/ hundred and sIxty-seyen thousand two hundred
and fourteen dollars, directed by the act of the
25a OF June, 1886, to be deposited with the
states IN October next. This sum, if so demo-
sited, Will be subject under the law, to be re-
called II needed to defray existing appropria.
tions; and as 1t is now evident that the whoe.or
the principle part Of it will be wanted for that
purpose, 1t appears most proper that the demo.
site should be withheld. Until the amount can
be collected from the banks, Treasury notes
may be temporarily issued, to be gradually re.
deemed as it is received
am aware that this course NAV be productive
OF inconvenience to many of the States. RELYING
upon The acts of Congress which held oul 10
tnem the strong probability if not the certainty
OF receiving this instalment, they have in some
instances adopted measures withw its reten
ton may seriously interfere That such condi
uon oil things should have occurred is much to
De regretted 1t is not the least among the unfor
tunat' results OF the disasters of the times and il
Is lor congress TO devise fit remedy, if there be
one. The money being indispensable to the
wants OF the Treasury it is difficult to conceive
upon what principle of Justice or expediency its
appreciation to that object can be avoided. To
recall any portions of the sums already deposited
win the States. would be more inconvenient and
less ef1clent. TO burden the Country with in
creased taxation, when there is in fact a large
surplus revenue, would be unjust and unwise to
raise moneys by loans under such circumstances
anu mus commence national debt would
scarcely De sancti ned by the American peopIe
Inc plan proposed will be adequate to all our
nScaI operations during the remainder of the wear
Should 1t be adopted the Treasury, aided by the
ample resources of the country will be able tn
discharge punctually, every pecuniary OBLIGATION
For the future, all that is needed will he tbat
cautlon and forbearance in appropriations which
the ammunition OF the revenue requires and which
the complete accomplishment or great forward
ness oil many expensive national UNDERTAKINGS
renders equally consistent with prudence and nat
riotic liberality. P'''
Ihe preceding suggestions and recommended