Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1840-01-13


acceptable To creditors. aud, ut brief intervals, any
OF them left on hand returned ior specie The M
situations that issued them.
IL appears that the effect which such n oonrse
would produce IN the currency ~ large, by perman
entity Will drawing specie eher from banks OF from
cneualion would, In ordinary times. be much lfss
than many pcrsons have appreheudcd. In the col
ieenon and payment of the above twenty millions by
collectors aud receivers, HE whole amount on baud
with all OF them, NJ any one time, has seldom uk
eeeded one million aud n half
Al New OK city, where nearly two thirds Of The
customs OF the Whole Uniou are collected and
where the gross receipts this year viii exceed fifteen
millions OF dollars, the amount on hand n, nu,
one time has not averaged hall million of dollars
As an illustration oil the system OF drawing lbr
TINS money speedily, may be added, thnt tie -
mount lett al the elose Of each wrck, subject Ia
drafts, has seldom equalled Que twentieth ol a nl-
Ion
Al the recent suspension of the specie payments.
most oi the lands IN the oustou-houses were cum
posed OF bank notes, hut nearly hall OF hose IN
the land Offices consisted Of specie. Though the
mites On hand were issued by banks paying specie,
ana IN good crcd, Al the time they were taken, vet
even part them suddenly becoming incdeemable,
mas caused some Inconvenience. several pioiesis,
ana lew injurious delays, wilh both receivers mud
collectors. Al the lotmer suspensions ms spec 10 was
The only currency then allowed Ia be taken b,
receivers most OF these dfhculics were obsalcd
With them, and were confined chiefly IN tho depos-
ITO banks, aud large collectors. The great amount
oispeoe which the receivers then possessed, con
tlbuied ninch also, 10 the general relief OF the
Treasury, aud especially furnished most oppor,uoe
means Tor making legal rs we'll rs satisfactory pay
ment OF The heavy Indian nnnutrs soon At CIV ards
falling due in the West,
Some consideration were intended 10 be neNi /
presented on the permanent deficiency nppfrhetd-
ed as likely to happen IN the revenue alter ls41,
under tie operation Of the present tarill lpl the
length 10 whiol, ihs communication as alroady ex-
tended and the doubt whether Congress may deem
advisable 10 lcRslaie 50 lung before hand IN ami,
clpauon OF an event which possibly hui hni ptobn-
bly, may be avoided, have induced the Department
10 postpone, for the present. any particular remarks
topic involving considerations ol so iIneuli aud
aenatlng chaiacer.
Miscellaneous.
Some Of the leading changes which this Depal-
meut, during the las five years mas thought ptopert
urge rs motcri'l III connection with the hmners
may before closing, be snmnarily aud perhaps use
felly condensed aud presented together the con
slderaon of Congress.
They are as follows:
new orrauz,rion Of Tie Treasury Department
in such respects 10 eensute more appropriate
division Of labor u slficier accountability, aud
close, supervise, n the collection OF revenue
by officers exclusively devoted 10 1t.
An increase Of the CHECKS aud securities against
defaults in all officers. whether collecting. keeping.
discussing public money, and m)le especially by
prolibhing IT'S use Tor private purposes under se,ele
penalties.
Some proviJcnt fund, 10 be formed mhen any oe-
the Treasury, (but desigu eds raising Que b,
taxation. (which shall be employed neel eoing.n-
cles aud fluctuations instead oour beng compelled
frequently 10 resort 10 loans o. increased taxes aud
in the absence OF such fund, permanet author.
~ be given for ihe procurement OF means, when
needed, under unexpected de6eiencics. I
A reduction in the ordinary expenditures, so as Cor
several years not TO exceed seventeen OF eighteen
millions " dolaIs annually, unless, when the re-
venue is abundant the great national works, which
iDtp ed Ia ali he
haslencd and, when the revenue is smaller, be
retarded. $
The passage OF occasional pre- cmpion and grad {
uaion laws as To the public lands, under jndelous
limitations concerning tie quantity sold ia any one
case, and for the prevention Of frauds and pattlal
ties. c
To reduce the tatif, whenever the amount II re-
venue Jusllfes the measure and always fegulneils !,
provisions with paramount tegad Ia iDaBoe, ,s- ]
articles Of luxury, and encouraging
useful and necessary only Incidental objects
in tariff legislation. i
In connection with This policy Of protecting free
dom Of trade, to resist monopes and exclusive pli-
yileres, whether IN banking commerce. {
The exclusion of small banks notes lrom eircn-
laon, so rs 10 enlarge the quantity OF specie with
in the country; increase the Of II, and especially
OF gold, ior common purposes, and thus protect as
well the banks against runs or Iancs as The ibor
ing classes from losses aud precautions incident TO
every paper currency, like ours MOI founded Oh u :
specie basis as btoadas the paper itself Aud final e
ly tie RAPID cNtlngnshtneni 81 aHy national debt,
and the creation OF new one OF permanent de-
scripilon 10 peace. IL
A prominent feature in the policy which has
thus been recommended as 10 our fiscal affairs. Inns
been 10 leave TO State legislation all mltels 81
doubtful jurisdiction, well as all clearly OF do
nestle aud State character, whether connected with
The revenue or the currency, The exchanges and
commerce, or some othe exciting interests OF Tie
county less ntetmineed with the immediate lu- .
sness Of this Department. The undersigned takes
pleasure IN acknowledging that several Of Hose
measures did not originate with him
yet they have all received his earnest Official sup
porr, and lie is eraiied that steps have aredy been
taken by Congress, insuring, part the success OF
some OF them.
The rest as we'll us those. are ny lin respectfully
commended TO favorable consideration, hoping That
the scrutiny Of lobee, discussion atd reflection may
have satisfied It's members that the full adoption Of
them all would promote the durable prosperity OF
The finance and at the same lime be in harmony With
the Constitution, aud favorable most f the great
interests Of the county.
In respect 10 several remaining matters connect
ed with tho finances ard the duties dcvolyed bn tins
Department, II is proposed TO Postpone The con
slderaton OF most oi hemzio special reports TO Con
gress, aud separate communications 10 suitable
committees.
Among the latter is mss OF questions. chiefly
connected with the public lands aud the custom
house establishment. Among Tie lormer The
state OF lighthouses he progress in the Interesting
survey OF the coast The manufacture of weights and
measures the condition Of the British Provinces
and West Indies the disposition made of our do.
postes w.lh the several States and various other /
J NH nI ,,,tnp RI 2