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

fed and every relief as TO the currency which seemed
eQs BY the receipt Of debenture certificates and Irea-
ury drafts for duties were permitted IN mitigation Of
he existing embaHassments.
Having IN this, done all that sound and liberal ex-
rcise of the discretion Of the department appeared either
o Justify or require intention exists nor would nbe
proper in the present state Of the Treasury to grant any
ndulgences beyond those already authorized, without
be express direction Of Congress.
Some further facts which may be useful TO aid its
members in coming correct conclusion on this sub
ect are that the amount OF bonds which have already
been postponed to the LIST OF October is about $780,
DOO and by that date will il is presumed, be increased
10 $4.00O.OOO.
II Congress permit no longer postponement. the re-
cep for the year win probably be increased BY the IN
dulgences already granted, they have been allowed
generally, on additional security, and always on IN
terest
But as suits and delays in collection will still occur
though 10 less extent than in the first stages Of the
pressure it is expected that not two-thds oil the
postponed before the close Of this month can be
collected during the current year.
Thebends already put in suit since the middle OF May
amount TO $1,000, 900. But If Congress extend the
postponement till next January. as was originally re-
quested by Of the parties or for one year. re-
Gently requested by the Chamber OF Commerce OF Now
York. IF 81 the receipts for the present year will pro-
badly be thereby lessened from four to FIVE millions
Should Congress, however, adopt an intermediate
course as an act Of benevoence, but OF addi
tona relief which appears reasonable, under the extra
ordinary mercantile distresses Of the times, and more
safe to the Government in respect TO eventual colec-
tons might sanction delay not TO exceed altogether
six months beyond the original period Of payment, in
any particular II is computed that this would d.
mnish the receipts during the present year, about two
and half millions Of dollars but il granted on the
usual terms, would increase the receipts next year, IN
greater proportion, by the interest accrung. well as
BY the fuller collections which would probably De made
in greater number Of cases.
The opinion Of the department on these various pro-
positions is that, considering merely present imam
cal necessities no further posponenen can be regard
cd expedient though other respects as fuly
detailed in the recent letter from the Chamber Of Com
merce IF 3 the last delay mentioned might be found
unsuitable, and beneficial But if law be passed
extending credit the bonds supposed that in any
correct view of the subject, its provisions need not be
continued in force beyond the period when the worst e
fccts Of the pressure viii be likely to have ceased and
when all imports could by further extension Of the
warehouse system, be advantageonsly made payable IN
cash, at the time the goods wanted for immediate
consumption
The extension Of that system is therefore, respect
fully recommended to the consideration Of Congress, in
connection with the present subject, 1t might intro
duce great improvement in the collection OF i'm
posts the substitution Of cash for credit in the coec
ton Of revenue from the sales of public lands would
certainly increase the security ease and prompttade OF
the operation would dispense entirely with the trouble
and risk in the payment of debenures work favoraby
to the manufacturing interests and at the same Time
facilitate trade in foreign articles, well exone
rate the merchant from many embarassments IN regard
to suretes and guarantees.
ILL., Obstacles in The ,cdy Of ansferrin the last install
mem of Deposiies TO the States.
Early legsa,on has likewise become necessary, either
to withhold postpone for reasonable period, the
fourth nstament Of deposites with the States fur
nsh such aid may be necessary to complete them in
satisfactory manner.
BY the general suspension OF specie payments, and
the consequent necessity under the deposte act to dis
continue most Of the public repositories, the transfers
from the banks in the west and southwest to the
board which necessary place much of the money
in position to be conveniently lodged with the States
in October, have in several instances been defeated
They had, in Of the former instruments, been
ordered seasonaby though general rule, only where
rendered proper IN consequence OF great accumulation
Of public funds in unfavorabe situation, account
Of the Of trade and exchanges, be paid directly
TO the respective States. But, in the troubled condi-
ton Of the money market they had been nuriousy
FASTENED to the time of payment, and consequently,
falling due the course OF the summer and early in
autumn, wo-thrds Of the whole amount Of these
funds still hand have been detained in the aud
southwest where they had unusually augmented from
the large sales Of public lands. Hence if the last de-
poste with the States in this position Of the money,
be attempted the orders directing must, in many
cases. be made places remote, and very nconvenent
to some Of the receiving States, account Of the
favorable balance of trade, or the rates of exchange
and must be met If at all in a currency unacceptable
and greatly deprecated Transfers Of portions Of the
July nsalinent could not from the cause, be eff
eced in the precise mode intended, from the banks
most desirable though much of it had reached the ap
propate points, to render the operation easy before the
suspension Of specie payments In all cases in which
they not offered be paid in currency satisfacto
TO the States, their agents requested to return
the orders of transfer till Congress could make new and
suitable provisions the subject (See form Of letter
and postscript TO States, e.
But this request has not always been complied with
About l65575 of that instalment has yet been
receiped for by the States to the Treasury the
ders returned. On the contrary, the United States
Ban chartered by the State Of Pennsyly has lately
become the purchaser of several Of these ORDERS though
not given for any debt. hnt merely directing transfer
from one public depository to another. This institution
has demanded of the hanks which they drawn that
payment should be made to her in specie and on their
falling to do So has caused the orders to be protested
Under these circumstances, and the deposes with
the States to be made oil what in the Treasury
and consequently in the banks, the st of January
last 1t for Congress to decide whether payment shall
be made Of any of those orders in mode and currency
different from the Of the third ilistament of depo-
sites with the States
Another for withholding or postponng the
October deposltes for legal provision to aid IN
completing them, is, that equal the revenue
sites, had before they PAYABLE been expressly ap-
propr.ated by Congress to other objects When look
ing the rapid decrease in receipts to the expect
cd deficiency in the of the year. and the great
amount of outstanding appropriations which, at the close
OF 1t, will he left unpaid much of that whole usalment
seems likely to be needed early day BY either of
tho FIRST two measures tho money could according TO
it's original destination he applied the necessary wants
OF the General Government, as il can be drawn
from the banks in legal funds In that way so desira-
Die an object would also he accomplished, without the
expense and delay of the money being first paid over to
the States, and then subjected to early recall On
the other hand several OF the States might the present
posture OF their affairs. experience considerable neon
vcnicncc, either by receiving or by soon refundng
large portion OF Its amount and many of the hanks
which hold II might he able satisfactorily to pay it
TO the States than to the Treasury But though the
Illnci Of ,n,icL Il. u