Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1838-12-13

Of the Bank of the United States, for $2,254,
S7I. The aggregate Of means from these
and other sources, with the balance on hand
on the first of January last, has been applied
TO the payment Of appropriations made by
Congress. The whole expenditure for the
year. on their account, including the redcmp-
ton Of more than eight millions of Treasury
notes, constitutes on aggregate of about
forty millions Of dollars anu will still leave
in the Treasury the balance before stated.
Nearly eight millions of dollars Of Treasu-
ry notes are 20 be paid the coming year, in
addition the ordinary appropriations for the
support of government. For both these pur-
poses, the resources Of the Treasury will
undoubtedly be sufficient If the charges up
on it are not increased beyond the annual
estimates. No excess, however, is likely TO
exist, nor Gun The postponed instalment of
the surplus revenue be deposited with the
States, nor any considerable appropriations
beyond the estimates be made, without caus-
ing deficiency in the Treasury. The
great caution. advisable at all times, Of lin
ting appropriations to the wants of the pub
lie service, is rendered necessary at present
by the prospective and rapid reduction of
the tariff; while the vigilant jealousy, evil
dently excited among the people by The oc.
currCnccs ofthe last few years. assures us that
they expect from their representatives, and
will sustain them in the exercise of the most
rigid economy. Much can be effected by
posiponns appropriations not Immediately
required for the ordinary public service, or
for any pressing emergency and much by
reducing the expenditures where the entire
and Immediate Accomplishment OF the objects
in view is not Indispensable.
When we call to mind the recent and ex.
trcmc cmbarrassments produced by eXccs-
sve issues of bank paper, aggravated by the
unforeseen withdrawal of much foreign capi.
tai, and the inevitable arrangement arising
from the distribution of the surplus revenue
among the States as required by Congress !;
and consider the heavy expenses incurred by
the removal of the Indian tribes; by the
military operations in Florida aud on ac-
count Of the unusually large appropriations
made at the last two annual sessions of Con.
gress for other objects; we have striking
evidence in the present efficient state Of
our finances, Of the abundant resources Of
the country to fulfil all its obligations. Nor
is IT less gratifying to find that the general
business of the community, deeply affected
as 1t has been, is rcvlvlng with additional
vigor chas,ened by the lessons Of the past,
and animated by the hopes of the future
by the curtailment of paper issues by
curbng the sangulne and adventurous
spirit of speculation; and by the honorable
application of all available means 10 the full
flment OF Obligations, confidence has been
restored both at home and abroad, and case
and facility secured to all the operations OF
trade.
The agency Of the government in produ-
cling these results has been as efficient MS It's
powers and means permitted. BY withhold.
ing from the States the dcpositc of the 4;I
instalmcn', ard leaving several millions at
long credits with the banks, principally in
one section Of the country, and more imrne-
dia,ely beneficial to it and, at the same
time aiding the banks and commercial com.
muntlcs in other sections, by postponlng
the payment of bonds for duties to the n.
mount of between four and five millions Of
dollars by an issue Of Treasury notes as II
means to enable the Government 10 meet
the consequences of their indulgcnclcs, but
affording, at the same time, facilities for re-
mi.lancc and exchange and by steadily
declining to employ rs general repositories
Of the public revenues, or receive the notes
of all banks which refused to redeem then
with specie; by these measures, aided by the
favorable action OF some Of the banks, anC
by the support and cooperation OF large
portion Of the community, we have witness
cd an early resumption of specie payments
in our great commercial capital, promptly
followed ~ almost every part of the United
States. This result has been alike salutary
TO the true interests ofagricultnrc, commerce
and manufactures TO public morals, respect
for the laws, and that confidence between
man and man which is so essential IN all our
social relations.
The contrast between the suspension OF
1914 and that Of 1887 is most striking. The
short duration Of the latter; the prompt re.
'stora,ion of business; TIE evident dement's
resulting from an adherence by the Govern
meut To the constitutional standard OF value
Instead Of sanctioning the suspension by the
receipt Of irrcdeemable paper; and the od'
yantnges derived from the large amount o
specir introduced into the country previous
To 1887, afford a valuable Illustration ot the
true policy of the Government IN such crl'
sis. Nor can the comparison fail TO remove
the impression that a national bank IS neces'
snry in such emergencies. Not only were
specie payments resumed without lis alG
but exchanges have also been more rapidly
restored than when IL existed thereby show
ing that private capital, enterprise, and pru'
dcnce are fully adequate to these ends. oi
all these points experience seems 10 have
confirmed the views heretofore submitted to
Congress. We have been saved the morti'
fca,ion Of seeing The dls,rcsscs of the com
nunily for the third time seized on to faster
upon the country 50 dangerous an institution
and we may also hope that the business o.
individuals will hereafter be relieved iron
tho Injurious effects of u continued ngi!atlor
Of that disturbing subject
The limited influence OF national bank lr
aver,ing arrangement IN the exchanges o.
the country, or IN compelling the Resumption
of specie payments, il now not less apparon
than its tendency to increase 'nord!nott
speculation by sudden expansions and con
fractions its disposition To create pan'c anc
embarrassment for the promotion oi us owr
designs, it's interference with politics; an,
It's far rrca,cr power for evil than for good
I either in regard To the local institutions NJ
the operations OF Government Itself. VIVA
was IN these respects but apprehension o
opiniou uhcn national bank was first cstab
. .lshcd now stands confirmed by humllic,lni
/ experience. The scenes through which We
| have passed conclusivcly prove how lit,I'
our coumcrcc, agriculture, manufactures, @
finances, require such an institution, AM
what dangers are attendant ON i,s pDwcr--i
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