The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1837-12-20
THE DIVORCE BILL NO. o.
To the Editor offhe Pennsyiranian

To the Editor Of the Pennsy sy!ranian:
In my first number of the communicn-
,ions which you have been good enough tn
publish Mt my request, traced the history
of our legislation on The subject of the pub.
lie moneys, aud showed thai what is now
called Mr. Van Buren's experiment, was
for the frs, twenty eight years of our Gov
ernment its only fiscal system. In the Sec
ord, compared that system with it's pro-
posed suhsiluies-ponling out the partic-
ulars in which they nre alike, and marking
as their only essettal difference, that under
the Execnilye plan the public moneys nre
to be absolutely set apart for the exclusive
use Of the rn,ion, while under all the rest
they nrc made to form basis fur bank dis
counts. Ny third communication exhibi-
ted tire most favorable operation If the sew
aral depusite bauk systems, and their char
ncteris,ic tendency 10 foster undue aud per-
ilous speculation, and To accumulate ex-
cessive revenues. In my fourth, ndverled
to the reaction consequent upon those ex-
cessrs, the destruction of commercial cred
! il, aud prostrn,ion of enterprise and in my
last number. Indicated more especially
the effects of that reaction on The security
of the Government funds, and on public
credit
II have been successful in explaining
my views, 1 have shown that the whole mo-
iion of the public moneys being usrfully
applicable 10 the MD Of enterprize by facili-
tnting loans, is an utter aud dangerous fal-
lacy aud thnt such m application Of them
hns heretofore frustrated, aud upon emer-
! gency mist always frustrnte the only OBJ
jccts for which they can propcrly he collec-
ted, +" the payment of the delhs and pros's-
|, ion Cor the common defcnce and general
welfare Of the United States" 1t remains
= that | should enquire what has been, and
f what probably will be, the operation Of tho
only rem,ining system.
The characteristic ofihe Presidents plan
is the separation ofihe public moneys from
all others, aud their application exclusively
to public uses. The places where they nrc
f To be deposited, the persons to have charge
of them, mud the nature Of the security 10
+ he exacicd of those persops, are mniiers of
detail To be settled by Congress. ] assume
them to be placed where they can he kept
most safely, whether in the public buildings
or in banking houses-and under whatever
guardianship may he deemed the most
wstcbfuI, whether il I've ihnt of indi,iiuni
officers or corporations. Bat wherever
placed, or by wlomever kept, they nre Ia
remain untouched until called forth by The
wants of the country. What will be the
eff.c, of such .an isolation Of the public
funds
]. In approaching this question, i may
make the preliminary remark That most oi
,l,e discussions Of the subject appear 10 me
TO assume rs the current balance III ihe
; Treasury n larger amount than II wil' ne
found to he in future, certainly much lary-
er than il will he il the principle ot the Di-
vorce Bill shall he adopted by Congress.
Commercial and land speculation have re-
c~iyrd n check in the occurrences of The
last few months; and even 1t the revenue
should still he employed 10 stimulaic them
into new excesses, II Is not prop"p'e 'na'
they will for some years pay more NV" h'e
Treasury Than the wants oi the nation WIZ
absorb. The progressive operation oi the
compromise Act of 1888, which Mt the end
+ of five wears from the present Time ~iIl
|, have reduced the highest rates OF our tnr'ii
To 20 per cent nd valoreo,, besides making
large additions to the list of goods not sub
ject to duty, will contiibu,e much !" Keep
{ down the revenue. aud II Is 40, to oc de-
, MED, tba, our experience of the dangers ns-
: tending nu overloaded Treasury, has done
3 much 10 establish rs the future policy of
: the country q jealous adaptation OF the in'-
/. mats u, the actual necessities of tho Gov
) crnnieni.
From three to SIX millions may be said to
r he The highest amount. which under wise
$ npd economical administration oil our h"'"-
: ces would cons:itate the average treasury
u balance; +; and even this, il should be re-
i men,bered, is only needed to supply oc.
@ ca.;onsI and unforeseen de6ciences, and
n ON the occurrence of DEFICIENCIES would he
g disbursed and pass into circulation. With
i q low tariff arranged on the only Just pnn-
u cipIe. that of duties proportioned 10 the val
e ue of the commodities, aud With trade ns a
= consequence no longer exposed to sudden
4 and exciting fluctuations, It is not improD,
: able that the smsI er of these nnoun's VIII
: be found sufficient. This is the balance OF
f public moneys, which alone the system, of
= sub-tressuries proposes TO withdraw from
d ordinary circulation.
q The specie in the United States has re-
: Gently bcea estimated Mt eighty millions,
y and Is probably at this moment something
: more. The bank mole currency was : bout
II one hundred and forty-iwo millions some
twenty y-four months ago. and notwi'hs's"d-
= ing the reduciious of tile last summer, may
c be fairly estimated at that sum now. u 10
. from this eighty millions of gold and silver,
!. ard ,hs or, hirdred srd forty mill'ons II