The Madisonian., 1840-01-01

/ large sums thus becom payable IN mass, and
forthwith from the Treasury, when most Of me mem
/ bers ol Congress- al tue time OF making ihe appro-
1 priation> expect that the burden VIII ne sp'ead
somewhat equally over the whole oi Inc ensuing
/ year.
| Why then, should not a constant safeguard, or
some permanent remedy under such regulatiueS,
| b. prov dgdl The omission 10 do lhiS can hardly
be considered The true check on exlrayagant expen-'
dure as that check would seem TO consist rather IN
! fufbearance 10 make unnecessary appropriations
than in a refusal 10 provide ample means lor paying
! with promptude under all probable contingencies,
what has already been appropriated ana has thus
received The deliberate sanction ol Congress. lhe
national pride les, ihln lis honor ana credit APP
pears 10 be concerned, 10 adopting some measure on
This subject stable, efficient creditabe 10 Tree lnstl-
tuiionS, and possessing paramount influence 10 pre-
serve uaSpoiIed The public faith,
The States now possess, separately quite rs deep
an interest 10 such an arrangement as lhe ueneIal
Government since blow on the credit OF The latter
would, like an elecGic shock be tell through The
whole OF them, and inevitably depreciaIe si more
their immense amount OF stocks
II is hoped that an actual failure TO furnish means
to make prompt payment under all contingencies,
and thus producing the very violation OF good faith
much 10 be deprecated, will not be necessary 10
awaken us guardians TO he urgent Importance OF
some such remedial provision; a measure without
which, in the shape OF an investment, or large ba-
lance on hand orauihority bven 10 postpone certain
classes OF appropriation, when the revenue proves
insufficient Tor The whole or some power 10 borrow
money or issue, on interest when necessary, drafts or
exchequer bills, financial system in any enlighi
eneG country has been or can be- long administered
with safety and honor.
la our system The provision on this subject was
very unifurn aud permanent ill The exlihguSh-
menI OF the national debt in 1885 Previous 10 that
time large balance beyond the expenses fur ordi-
nary purposes generally Collected being Kept
hand Til near the close Of the year, 50 10 assist
in any contingency, was then, If not thus wanted,
applied towards the payment OF the debt.
Ater that tune, tie first resort, in the event OF
fluctuations, temporary, and consisted of tie
cidental and unexpected accumulation which inmc-
diately followed. When parts of that accumula-
ton were expended, and the residue divided
among The States, instead OF being invested aud held
10 meet deicie0ces The recall o H. as fast needed
Tor the LATER purpose, was still sanctioned by Con-
gress, and constituted The lext permanent remedy
But Ihis power OF recall was afterwards taken from
The Treasury Department, and, instead OF il, The
payment OF one insalment was postponed, and
very limited authority given to issue reasury notes
ior aid in any contingency hat authority also ex-
pred in June last, and while in force, contained re-
quSilionS Immediately 10 receive those notes in pay
mentS when offered, and al The same time preventing
The reissue oil them, which proved to be exceedingly
incunvenlent and haZardous-whieh have already
rendered two additional acts OF Congress necessary
and which, in moncyed crisis Ike the present. not
only endansers all fiscal operations, but would have
stopped some OF the most important Of them, II not
obvialed in a degree by seasonable arrangements,
made IN the anticipation OF difficulty.
The Department. therefore, is now without any
resort temporary or permanent in case OF material
deficiencies and considering all the circumstances
b tore mentioned, with The dangerous liability in law
10 have the whole outstanding Treasury notes paid
in al any moment for public dues, without power
remaining 10 issue others in their stead, considering
also the present revuSionS in the commercial world,
which affects 50 serious the receipStrum both dnes
aud lands; cons dering the disasters which are be-
falling The banks and rendering our collected funds
in some cases wholly unavailable, and The advances
necessary 10 be made for the large payments OF
pensions, and Treasury notes falling due in March,
the earliest attention 10 new legislation on this sub
Itct seems highly prudent, if not Indispensable or
the efectual security oi The public credit.
10 Be eonciudcd