The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1838-04-19

thorized them to be issued bearing six per cent IN
ierest. The Secretary began by issuing them with
interest at flco per cent per annum. As ifihat
too much, and made them loo valuable he reduced
the interest to The rate Of one mill per annum Then,
he raised the interest 10 fire per cent at which rate
they have continued al discount for specie of from
two TO four per cent. and the other day declined a
quarter per cent in New York in one day, in face
Of the arrival from abroad, Of million and half Of
dollars in specie Now within day or two | learn
the remnant unissued to carry with them six per
cent?
Financial policy as well as justice to the public
creditors, in my opinion, demanded that The extent
TO which the law permitted should at first have been
adopted. Every note issued should have been with
interest at the rate of s per CENT Even at that rate
experience has shown, they would not command
specie.
Amer The manner, which the facts have given
prove the fiscal affairs Of the Government 10 have
been conducted by the Treasury Department. we
have been told BY the Secretary in his last report
that g The undersigned feeling deep -coarietion
that He fiscal affairs Of he Government cannot here,
aer, under any system bemanaged ,cih sucA facility
and rigor as he public srpiee requires, riM-
out adopting Sreral legal provisions heretofore re-
Tie attention Of Congress once more to fae Of
them" Ancr doing which, the Secretary concludes,
IN giR not, hen, be q matter Of surprise that The
undersigned feeling daily and most sensi6iy the diff
enlics as rcH great responsibility Of conducting
HE concerns Of The Treasury ieitlout the adoption
Of these measures should press them upon the earliest
consideration Of Congress fcih an earaestaess and
perseverance that might not otherwise appear jstifa-
bk"
II appears somewhat remarkable that with the
administration OF the public finances from the foun-
daton Of the Government, under the present system,
by all those who have been placed at the head Of that
Department, among whom were Gallatn, Dallas,
and Crawford, all distinguished for their eminent
financial Abilities it should have been reserved for
the present head TO have discovered that without
alteration of that system ii is impossible 10 manage
the fiscal affairs of the Government, with such IA
caity and rigor as the public erriee requires"
1t may be pertinent to inquire with which rests the
fault the or the system?
Never, since the formation of the Government,
probably, has its financial department been in such
miserably embarrassed and perfectly exhausted
state as it must be before ten days expires. Il can
be resuscitaed only BY making loans. II is proposed
already to borrow ten millions and maintain that
Ten millions more De borrowed 10 meet tat-
mated appropriations for this year alone The Gre
dit of the Federal Government is at this time below
that of many of the individual State Governments.
Foreign and domestic commerce stands paralyzed
The revenues derived from foreign imports are al
most dried up; and the embarrassmenls of the Go
vernment and the country daily augmenting and
becoming more aggravated. In this state of things
the of restoring prosperity to the country and
replenishing the empty Golfers of the Treasury ne
yer existed in greater abundance in the country
The want of confidence in men and measures has
locked them up and will keep them until there is
change
The midday sunshine was never clearer to my
view, than it is to my mind, that with such man as
Crawford or Cheves, at the head Of the fnan-
cial department of the Government administering it
upon the principles they both practiced and the
other still advocates, that in sixty days there
after the whole country would wear new aspect.
Confidence would be revived, banks would resume
specie payments, commerce would again return to
its natural channels, and prosperity would gladden.
the hearts of the people.
Until some great change does take place, as well
in the present financial policy of that department
Of those who conduct ii, it must be manifest to all
rejecting minds that neither prosperity can be re-
stored nor confidence revived. i. f..
...... ...... ...E. NECKER