Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-12-13

arising Ifa the progressive reduction 81 lie ann
and those nnrtuaaons ~ income And expenditure
to hch all Gnvefnpenfs ar' uots or less sulJeei,
and to which onf own system of finance Is peculiarly
exposed.
Anau tom tic eann cencirs al W.T. an1 othcr
e,iprncrs afeciias expenditure. II is Impossible un-
der The Gibbs and faad. of trade and speeaaions NJ
a knl> which, With tar present banking system. are
n. crr1in though mi regular as the lids thai q
revenue derived chiefly from foreign nparlations
and the sales oi land, should not vlbfste viii surh
changes. The Department Therefore. has disc harg
ed duty deemed imperative, IN utging enthe ailth-
ton of Congress, At several sessions. sumo permanent
and efficient arrangement Tor enabling the lfeasn-
~ To Iaret suIh fluctuations without nJaiy ollie
public credit
ca one occasion. permanent legislation ~ respect
To this point did taxi place. Bot that Las beea re
pelcd indefinitely postponed by the act al ocio-
Der ~ S37 and the temporary measures subsllIn'
ed having nearly ceased ihcH operation the neees-
SIT, Tor some lnrhef provision Is apparent he
fnrm seems to lie the eieu question 81 difficulty
there being. II IS aprrehend.la genctl concurrence
af views 10 favor II having somr clt ctual provision on
a subject OF sneh obsons Importance.
The Investment Of pait OF the surplus IN the
Treasury m Stale stocks. IN the manner Which for
several wears has been successfully praellsed, under
the acts OF Congress. 10 large sun heoneths 10
the Indians. - IL constitute rrovdeni fund I"
mrrt contingencies aud fluctuations, US the nodr
6rst recommended BY the department. }ni snbsil
tIff ibT ihiS pau Is ItfltIifh w 'hhEi'hFs VIM
lfec;r To, whole surplus 10 be deposited with ne
States ioi sAlkeepiuP aud enabled The Secretary oi
the Treasury recall Il. whenever needed Tor pun
he purro,cs In thcaufumn Of 1897, however, " hen
the NECESSITY oi fesof'Ipg 10 thls substitute WIS ~
view, Congress postponed ats operation, lns tad at
IT, hc pow - Ia s,ur Treasury notes fora limited pc
rod WIS granted, aud fnf adaupnal secnnly against
,ltdc,rutirs the drpuSite Of The iuutth Insiameri
with the States mas deferred ull next Jannny aud
afterwards the power 10 cell the bonds n lhr l.
Silirs Bauk Vas added. Bat both OF those powers
will soon be inopcfliIvc. aud without some further
lreislar on tins subject winch shall be 81 an clh
e,eln character aud IL available at caly day, the
preservation OF the public ialh must be endangered
Recent experience Is inll OF Ammunition "n ms
question. Since the exlingushmrut oil the ntloh-
ii debit aud especially wltnn the last tatee years,
his bcrn the policy al Congress to avoid ffee bal
anrr ~ tho Treasury Immediately available, winch, u
unemployed fot the public service, was regarded as
taken from The circulation oi the county, and ~
soinr dccrec boarded, though dcpusiied III banks
winch had made the public money the h1sts ol en-
urged operations. lhls policy, as II obslaes the
hazard attending such operations, rs well rs The III.
puia'iOn OF improper influence IN the management OF
the money. IS trraiul, the most prudent But the
+ preservation oil the pubic faith, cIlhcr under The
former p,acice oil keeping the money IN banks
o. under the proposed system Of m independent
Treasury, may oerasoaally render other feson'-
trs necessary, from the considerable 1uctu1tIous
winch are frequently occurring ~ oH receipts ard
exprudtufes ttoln wear TO ycar aud from month
10 mouth.
Thus the rec pts from the usual sources which
0etc IN is3l ahnnt twenty -one millions rose IN
,xpcctcdly N ls36 Ia forty clght millions but lei.
again as suddenly IN le37 TO onv about nineteen
millions. 50 the aggregate expenditures IN 1884
aud 1855, independent ol any payments tot trusts
or the national debit were ouly seventeen 81 eiel-
teen millions: hui fom Indian wars aud othtr eau.
scs they taurlly rose and Botwithstand.s the dim
louIi,n In receipts have Renamed since not IA,
hoiu IN ,ty millions YEARLY Aean in the month of
1anuary Ia,t tho - pendtur,s were only about one
milan e,pbt hundred thousand dollars and In
Nav last. only Two millions Two hundred aud forty
Two thousand dollars. but IN July, they suddenly
increased to over four millions five hundred thou
sand dollars, beng an excess IN y single month, ui
nearly two millions aud thnD on more than e
nonrh to sweep OIL IN Ihirtv DAYS the whole bal
anre on hand. Consequently, 1t any period, with
only \ million OF two ~ the Treasure aud the cur
rent receipts being less than two millions monthly
II Is obyuus thai the public engagements could not
all be punrtnAlly met unless some power like those
before named shall existto provide for calls 50 une
,,,al ~ lo,,,,, ,o,,inns oi ,lc Won, AZ we'll ne -,
different Years Though tl,c receipts for any one
wear NAV be equal 10 The Whole expenditures Wlihn
II even that will not remove tie difficulty, The
expcu,turrs may be required ~ larger proportions
-, liza L.. f. If al the year and the nttateI feceips
I occn, ~ tbe{.#,faG
i Unvinc ,br mower In i.suc Treasury notes during
ia2a ,Lc den,,,,,n, I,,s Lcr ,u,Ll.j by the and of
,h,t and ohio ,,e,,s J., ,., cyo,v ,nIno,,zrd en-.
oaormrrt wub nnortp,I,,y 4 pnweY of +, s1,ul,,
lnd h,s L,, n G,n,,,l IN ,tlo, cor,,,cs du,,,a ,o,o
,,,,, :, co,,.,,,. :, h., ,l,,,n,I,l -, -, -
coli, II 40 L., o,Iv , sn,,u ,ya,I.I,I II To-
:, ,h, t,,s,,,,, ~ ,.,alI,,o .,,I, ,t. .,,,I
small income " Inch IS dr~,,abe since Inc 1,seharer
=