Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-09-14

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coniended that their rece opt and payment, BY
| public efhcer, should be permitted, though
none deDy that right 90 an Individual, II it
| were, the eject would DO most injurious 90
the public, since their officer could make none
Of these arrangements TO meet or guard
| against the depreciation, which En individual
n at liberty 20 de-. Nor can Inconvenience 10
the community be alleged ~ an objection 10
such regulation. Its object and m.ti1e are
their convenience and welfare.
II. at moment Of simultaneous aud uncx-
pSetcd suspension by the banks. It adds .o'ne-
thing 10 the many cnOarrasSments Of that
proceeding, yet those ate fsr O,cfbalanee Cd by
II. direct tendency e. produce wider rirc,I-
;at,on of gold and SILVER. To- IA, rease tia safe
y II bank paper, O. Improve the general cur
rrncy, and thus 10 prevent altogether such oc-
outtcnces, and the Other aud far IT, atoT evils
that attend them.
IL may. nd, ell, q. questioned. whether IL i,
not Tor the interest ct the banks themselves
dat ti.c government should not receive their
paper Thry would 10 conducted with more
caution, aud on >uunder principles. By using
,pCcIc Ouiy IA Il. transactions. the government
"uu'd create a dcmsud for a. which would -
great extent, prevent IT. expectation. aud bN
keeping IT al circulation. naiUtsin "a broader
md safer ba,is for tie paper currency. That
iEu banks would thus bc rcnd, I'd more sp,iad
'''d the community more safe, cannot admit Of
a doubt
The going views, Il seems 10 me ,lo but
fairly cary cat thc prov ,,i,us of the FEEDER al
constitution m relation To the CURRENCY, as far
a. relates 10 the public u,cnUe. At tie time
that Instrument vas framed. there were bat
three or four banks ~ the Jult,d State; and
had the extension @, the banking system, and
the evils growing out OF a., been foreseen,
they would probably have been specially
guarded against Tie same policy which l,d
To the prohibition Of bills of credit by tie
States, would, doubtless, ia that event, have
also inierdiciod their i>suo a. a currency I'm
aay other ioTm. The constitution, however
contains no such prohibition; and since the
States haze exercised, for nearly half n CEN
tury, the power 10 regulate the business Of
banking, Il i not 10 be expected tia: 10 will
&c abandoned. Tic whole matter is row un-
Ger discussion before thc proper trihuual-thc
people uf the states. Never before ha, iLe
public mind been so thoroughly awakened TO
proper sense Of its impoT 'uuoe; never has
tie sut jet, ia all its bearings, o., en- submitted
10 - searching an inquiry. IL would be d,s-
trusting tho intelligence and virtue Of the
people to doubt the speedy aud efficient adop-
ton OF such measures Of reform as tho public
SOoc demands. All that can Tightfuliy Ice
done 10y the federal government 10 promote
the accomplishment of that importan, OF icct
will, without doubt, be performed.
In the mean time, il is our duty TO provide
oil She rcmedics against a deprecated paper
currency which the constitution enables us To
alorl The Treasury Department, on seye-
raj former occasions. his suggested the pro-
prieiy and importance of a uniform law con-
corning bankruptcies ct corporiiious aud
! OtleF hafikeFs Tbrnttr ri ia
az such law, a sal1Sry check may doubtless
he imposed on the issues Of paper money, and
an eiicciual remedy given 10 the citizen in o
way at once equal in all parts OF Tic Union,
and Iully authorised 10y the constitution
The Indulgence granted by Executive au-
thoriiy in the payment Of bonds FOR dutie, ha.
been already mentioned Seeing that the
immediate enforcement of these obligations
would subject large ard highly respectable
portion oi our citizens 90 great Sacrifices, aud
believing that temporary pOstponcncni
could DC made without deiriment 90 other IN
lsrvsi>, aud with increased certainty OF uiii-
mate payment, do dot hesitate to comply
VIA the request that was male Of me- The
terms allowed are, % the full eNtenI, as liLe-
raj - any that ate 10 be founi ia tie practice
an The Executive Department. II remains Gor
Congress TO decide whether a further post
ponen.eut may not with propriciy be allow ed
and, if 80, their legislation upon The subject is
respectfully invited.
+ The report Of the Secretary of tho TIea-
| ,ury will exhibit the condition Of these debts;
Ihc extent aud effect Of the present indulgence;
the probable result Of It's further extension OF
tue state u the Treasury, aid every other
fact necessary 10 full consideration Of the
subject. Similar information i cammunica-
| ted III regard 10 such repositories Of the pub
/ lie os "a sfe IT. a.
IN order that CongIsss may also adopt tic
proper measures Ia regard TO tLcm.
! The receipts and expenditures for the first
bali OF The year, aud an Is innate Of those Tor
| The residue, v AZ be laid before YOU by the Sc
crel'iy oi tie Treasury. IN his report Of De-
! cembcr last, II was estimated that the current
receipt, would fall short &C The expenditure,
4 10y about tdTee millions IT dollars Twill bc
/ sr'u that tlIr difference viii Do much greater.
/ Tins Is 10 he attributed not oul, Co the occur
renee ot greater pccuniITy emblTrassmcn,s
| IN The business 81 the country than those
which we're then predicted. and consequently,
greater dimiuutiUn ia Tire revenue, but also
| To the Fact that the appropriation. exceeded.
| ~ nearly SIX millions, The amount which vas
asked for ~ the estimate. then submitted 49,
The sum necessary fpr The service Of the year
/ beJonb lhe probable rec eipts, and the amount
which II was Intended should be reserved in
The Treasury st the commencement Of the
year, viii DC about siN millions n tl.e whole
u the reserved balance be not at oncc applied
20 the current expenditures, but four million.
he still kept 80 the Treasury, as seems most
oXpeaieni, for tho uses Of tie mint aud to
meet contingencies Tie sum needed will be
ten millions.
10 making this estimate. liz receipts arc
calculated on the suppositiOn Of some further
extension Of tie Indulgence granted 10 The
payment II bond, fJr duties, which will affect
The amount Of the revenue far tlro present
year % The 0Xicut Of tWO aud q bali millions. |
u - not proposed g. procure the required
amount by loans 81 increased taxation. There !
are DoN 10 TIE Treasury nine millions three
hundred and ,iNty--syen thousand two hun /
bred sId fourteen dDi'ar,, directed by the act
e The 2Jd Of June, 1856. 10 be deposited With 4
The states "a october neat TLi, sum, u ~ 4
d'l'"siitd, Will De- subject, under the Law, 70 1
De recalled. q needed 10 defray existing sp- I
p'piiallyn- aud ~ o. IS noW evident tbat thr /
whole, ~ TIC principal part Of Il, viii be- \
"abicd Tor Pet purpose. Il appears most pro- /
per that thc doTo-ite should be withheld - /
JniIi the amount can be- collected from tic 7
hark' Treasury notes n,ty be- temporarily Is. /
sued, 90 be- EfiduIIiy redeemed as q u re-. 4
coitsi