The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-12-11

in our ability TO sustain those burdens.
| This country is not, like most others, stationary,
either in is fiscal wants or It's fiscal means, but exhi-
bits more clearly every year the interesting development
of the wants and means of manhood, compared with
| those of infancy.
Besides the increased demands on the Treasury be-
fore mentioned, there has sprung up lighthouse es-
Enlistment. exceeding in extent that Of any OF the
powets in Europe with plan OF river and harbor i'm
provemeHs, Of constructing national roads, hospitals,
mns forts, arsensls, amorles navy yards, docks and
various public ed6ccs, in degree suited TO our
present growth and necessities
On the other hand, corresponding changes, equally
great in resources, have fortunately occurred. and
which last, whenever required by the public wants,
have been displayed with great facility, evinced IN
the increase u our annual revenues from five to TWEEN
~ and thirty millions Of dollars. Those resources
have enabled not only to discharge all the augment
| ed current expenditures, but to defray from one to
two hundred millions Of national debt Incurred IN de-
fence OF liberties extinguish the Indian title 10 the
greater part Of several States extend the
boundaries Of civilization and christianity and make
liberal deposte with oil the States Of surplus in our
income, exceeding twenty eight millions OF dollars
Hence the various officers, institutions. and depart
ments, appropriate for administering the whole OF these
affairs, and in fine for executing the laws OF the Gene
raj Government IN respect to sixteen instead Of four
millions Of people not much Just topics Of COM
plant, of admonition increased caution in regl-
atlng establishments and expenditures necessarily so
much enlarged u is certain that some Of them, how
ever laudable in their origin, be judciousy re-
dnced as the advanced progress or completion OF the
business and works to which they relate, may
ton the measure This would be sound economy and
IT'S reasonabeness should be duly appreciated by those
who consume well as those who pay tho public re-
venue,
In the midst Of the fiscal operations much greater
in amount, and extended a territory much
wider, be insensble tho further fact that
they open avenue, which cannot be too closely
guarded, to. various excuses in expenses otherwise
useful. and to numerous incidental charges, which
though not dishonest, may, on scrutiny, be found neil
Their necessary nor useful All these will demand un-
firing watchfuness, their accumulation must pre-
vent those reductions, which 1t is believed the public
service can IN many cases bear without injury which
compou with the economical principles always to be
cherished in Republican forms Of Government which
the frugal and vuous habits of the great mass Of our
population demand and which deemed essential to
avoid embarrassment In the present and approaching
condition Of the public income
The system Of internal improvements is, for in
stance voluntary, but very expensive, and the growth
almost entirely Of the las, thirteen years So is
large part of lighthouse establishment and forli
cations.
Does not true wisdom require reductions and post
ponements IN appropriations towards these objects,
at least till the revenue Of the country shall again
clearly indicate the safety and convenience of pushing
them with more vigor!
In the prospective state Of the finances, ought not
numerous donations local projects which have of late
years been SO common, to be likewise forebone
Our pension grants, which in great degree gra-
tuous, exceed IN expense annually what was the whole
yearly cost Of the General Government, independent Of
the public debt fiom 1898 to 1899. However gene
rons, therefore, and grateful and often just, may have
been the feelings which led to their increase in times
oil great and INCREASING revenue, does not prudence
teach Us TO exercise caution in making further addi-
tions to them while the tariff is undergoing gradual
reduction
These suggestions might be extended to other mat.
tiers of similar character; but enough has been spe-
CITED TO attract attention the subject generally The
amount of receipts and expenditures depending the
laws and the condition Of the country and this
department. the latter only recommend measures
which appear suitable in relation to them Having
done this on the present subject, cheeruy leaves the
adoption rejection where it properly belongs, their
superior wisdom and experience Of Congress.
VII. ON THE KIND CURRENCY RECEIVED FOR THE
PUBLIC DUES, AND THE RESUMPTION OF sPEcIE PAY
MENTs BY THE BANKS. ,..
The two circulars annexed contain all the nstruc-
tions which have been issued by this department,
corning the currency receivable for public Dues since
the passage of the resolution of Congress that sub
Ject IN May last, and the act Of July s. 1898. Previ-
ously the notes Of specepayng banks well as spc-
Gle and Treasury notes. permitted TO be taken Tor
duties, but only the last two for lands. great part
of the actual receipts, however for both duties anu
lands was IN specie and Treasury notes Since those
instructions gwen than half OF the receipts
for duties has consisted of notes Of spece.paying
banks. Most OF those for lands continue to be AS be-
fore.
The kind Of currency that should be taken for the
public dues has, heretofore been fully discussed by
this Department, and the views then presented
main unchanged 1t is not proposed at this time, to
large on any former suggestions.
But what currency it is the most proper to encour-
age for private well public purposes is topic in
tmatev connected with the recent resumption of specie
payments.
Both these matters have Of late highly important
bearing on our financial operations aud the striking
contrast between the state Of the country in and
Its condition IN 1887 recovering from the suspen-
sion of specie payments which occurred in those years.
furnishes instructive lesson the subjects before
mentioned, as TO justify and require few details in
counexion with them
AT the former period there were only abe ut SEVEN
teen millions Of specie in the United States, whether
IN banks or in active circulation. This sum would
rage but two dollars to each individual Of popula-
ton at that time. Small bills were receivable in al
most every State and by the General Government,
| Such being the amount OF specie aud the condition Of
the currency, the Government felt compelled to
quesce in the mpolltic well unjust, reception Of
deprecated paper Of all kinds for public dues and the
suspension OF specie payments, always calamltous
however short, protracted nearly three years 1t
was then terminated only by great personal sacrifices
by numerous nsolvencies and. many have supposed
by the cooperation Of National Bank which its
friends established under the belief Of its utility If not
necessity, to effect the accomplishment Of that object
But, in 1887, the condition Of the currency had be-
come materially changed. There were about eighty
millions Of specie in the country, equal five dollars
per head Of our population, or than double the
former average.
II had been thus increased, principally, by the. firm
and perseverlng policy Of the General Government, dn-
ring the last four years, to discourage the Of small
notes, and introduce gold more extensively into the
currency
In this state of things the public officers at de-