Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1840-01-09

4 "a. 4
ies disbursements must concentrate, they have
every opportunity to obtain and use them i'm
Pidce Oh specie, should it be for their interest
or convenience. OF the number of these
oralts' and the facilities they may afford, as
Wen as oil the rapidity with which the public
,unas are drawn and discussed, an idea NAV.
De formed from the fact that, of nearly twenty{
millions of dollars paid to collectors and re-
ceivers during the present year, the average
amount IN their hands at any one time has not
exceeded million and a half; and of the fif-
teen millions received by the collector of New
Y ork alone during the present Wear. the aver
age amount held by him, subject to draft du-
mig each week, has been less than half
million. ''''' q
=, The ease and safety of the operations of tho
Treasury in keeping the public money. are
promoted by the application of its own drafts
to the public dues. The objection arising
from having them too long outstanding, mipht
be obvlated, and they yet made to afford to
merchants and banks holding them am eouiv,-
lent tor specie, and in that way greatly les
sen the amount actually required. Still less
Inconvenience will attend the requirement of
specie In purchases of public lands. Such
Purchases except when made IN speculation,
are In general, but single transactions. rarely
repeated by the same person; and it is a fact.
lhat Tor the last year and a half, during which
the notes OF sound banks have been received.
more than molety of these payments has
been voluntarily made in specie. beinr a lar
ger proportion than would have been required
In three years under the graduation proposed
III Is moreover principle than which none
Is better settled by experience, that the sup
ply OF the precious metals will always be
found adequate to the uses for which they are
required. They abound in countries where
no other currency is allowed. In our own
states, where small notes are excluded, gold
ana silver supply their place. When driven
10 their hiding places by bank suspensions.
little hrlnness in the community soon res
torres them In a sufficient quantity for ordina-
ny purposes. Postage and other public dues
have been collected in coin, without serious
inconvenience, even III States where dep,e-
clated paper currency has existed for wears
and this, with the aid of Treasury notes for
a part ofthe time, was done without interrup-
ton during the suspension of 1897. AT the
present moment, the receipts and disburse-
inents OF the Government are made in leuaI
currency In the largest portion CT the Union
no one suggests a departure from this
rule; and II 1t can now be successfully car
RED out, II will be surely attended with even
less diihculty when bank notes are again re-
deemed in specie.
Indeed l cannot think that serious obiec.
ton would any where be raised to the recent
and payment of gold and silver in all public
transactions, were ii not from an apprehen-
sicn that q surplus in the Treasury MIGHT
Withdraw large portion of il frcIn circuIa-
ton, and lock 1t up unProftably in the pub
nc vaults. 1t would not, in my opinion. he
difficult 10 prevent such an Inconvenience
from occurring; but the authentic statements
which have already submitted to YOU in re-
gard TO the actual amount in the public Tfea-
sury at any one time during the period en-.
braced in them, and the little probability Of
a different state of the Treasury for at least
some years TO come, seem to render if unne-
ceSsaFy to dwell upon it. CONGRESS. moreo-
yer, as have before observed, will i'm every
year nave an opportunity to guard against it.
should the occurrence of any circumstances
lead US to apprehend injury from this source.
ieWing the subject In all It's aspects. / cam
not believe that any period will be more au-
spicious than the present for the adoption Of
all measures necessary to maintain the sane
uty OF our own engagements, and to aid in
securing to the community that abundant sup
ply oil the precious metals which adds so
much TO their prosperity, and gives such in
creased stability to all their dealings.
In country so commercial as ours, banks
In some form will probably always exist;
but this serves only to render it the more in
cuinbent on us, Notwithstanding the discour-
agements of the past. to strive in orr rssnec-
o.
dnce to take from them as rapidly as the
obligations OF public faith and careful con-
slderalion Of the immediate interests of the
community Will permit, the unjust character
OF monopolics: to check so far as NAV be
practicable by prudent legislation, those temp,
iatlons OF interest and those opportunities for
'heir dangerous indulgence, which beset them
On every SIDE, and to confne them strictly to
the performance of their paramount duty, that
VI alalng me operations OF commerce, rather
IMAM consulting their own exclusive adyar-
tage. These and other salutary reforms NAV,
!. IS nelieVed, be accomplished without the
VOCATION OF any Of the great principles
OF the Social compact, the observance ofwfiich
Is indispensable to its existence, or interfer-
ing In any way with the useful and profta-
Die employment Of real capital.
institutions so framed have existed and
still exist elsewhere, giving to commercial in
lercourse all necessary facilities, without in
liaung or deprecatHg the currency, or slim
dlating speculation. Thus accomplishing
their legitimate ends, they have gained the
surest guarantee fer ;heir protection and on
in the good will Of the cornrcu-
nl'y. Among people so just as ours the
same results could not fail to attend SINH
ar course. The direct supervision of tho
'ahhS belongs, from the nature Of orr Co..
'rnment, to the States who authorize them.
u Is 10 their Legislatures that the people
,ust mainly look for action on that subject.
put a9 the conduct Of the Federal Govern
neh' In the management Of it's revenue has
$50 powerful, though less immediate infu-
nee upon them, il becomes our duty to see
nat proper direction is given 20 it. While