Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-09-08

was framed, there were but three or four
banks in the United States; and had
the extension of the banking system, g.
the evils growing ont of it, been fore
seen, they would probably have been spc-
cally guarded against. The same poll
cy which led TO the prohibition of bills
of credit by the States, would, doubt
less, in that event, have also interdicted
their issue as a currency in any other
form. The Constitution, however, con-
talns no such prohibition; and since the
States have exercised, for nearly half
century, the power TO regulate the bus-
ness of banking, it is not to be expect
ed that it will be abandoned. The whole
matter is now under discussion before
the proper tribunal the people of the
States. Never before has the public
mind been so thoroughly awakened to Il
proper sense of its importance never
has the subject in all its bearings, been
submitted to so searching an inquiry. 1t
would be distressing the intelligence and
virtue of the people to doubt the speedy
and efficient adoption of such measures
of reform as the public good demands.
All that can rightlully be done by the
Federal Government to promote the &C
complishmcnt Of that important object,
will, without doubt, be performed.
In the mean time, it is our duty to pro-
vide all the remedies against depreci-
atcd paper currency which the Constitu-
ton enables us to afford. The Treasu-
ry Department, on several former occa-
sions, has suggested the propriety and
importance of a uniform law concerning
bankruptcies of corporations, and others.
Through the instrumentalty of such a
law, a salutary check may doubtless be
imposed on the issues of paper money
and an ellcctual remedy given to the CT.
tzen in IA way at once equal in all parts
of the Union, and fully authorized by
the Constitution.
The indulgence granted by Executive
authority in the payment of bonds fol
duties, has been already mentioned
Seeing that the immediate enforcement
of these obligations would subject
large and highly respectable portion o
our citizens to great sacrifices, and be
ieving that temporary postponemen
could be made without detriment to 9th
err interests, and with increased certain
ty of ultimate payment, | did not hest
. tate to comply with the request that wa
made of me. The terms already arc, Il
the fall extent, as liberal as any that ar,
to be found in the practice of the Exc
cutlvc Department. 1t remains for Con
gress to decide whether further post
, poncment may not with propriety be al
lowed, and, if so, their legislation upo
the subject is respectfully invited.
The report of the Secretary Of tn
Treasury will exhibit the condition Q
t these debts; the extent and effect of tn
present indulgence; the probable resul
: of its further extension on the state c
S the Treasury and every other fact nc
:. ccssary to full consideration of tn
subject. Similar information is COMMIT
a nicated in regard to such repositories {
: the public moneys as are indebted to tn
Government, in order that Congress ma
# also adopt the proper measures in regar
G to them.
Y The recei pts and expenditures for tn
5 first half of the year, and an estimate {
Y those for the residue, will be laid beiol
e you by the Secretary of the Treasur
n In his report of December last. it wa
estimated that the current ..receip
II would fall short of the expenditures /
If about three millions of dollars. 1t wi
e be seen that the difference will be niue
l. greater. This is to be attributed ~
c only to the occurrence OF greater pecl
o MARY embarrassment in the business
l. the country than those which were the
/, predicted, and, consequently, create
s dlmlnutlon III the revenue, but also
= the fact that the appropriations exceed
Il ed, by nearly six millions, the amour
1t which was asked for in the estimate
d then submitted. The sum necessary t,
1t the service Of the year beyond the pr
f. bable receipts, and the amount which
D was intended should be reserved in Il
&c Treasury at the commencement of II
d year, will be about six millions. If II
j. whole of the reserved balance be not
4 once applied to the current cxpenditur
9 but four millions be still kept in Il
n. Treasury, as seems most eXpedent, t
n the uses of the mint, and to meet co
tingencies, the sum needed will be It
id millions.
it 1t Is not proposed to procure the requir
:. amount by loans or increased taxation.
20 There are now N the Treasury nine IN
-, hons three hundred and sixty seven tho
y sand two hundred dollars. directed by t
4 n