Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1840-01-03

millions. II the change were gradual, sew
eral years would elapse before that sum
would be- required, with annual opportunities
in the mean time TO alter the law, should ex-
perience prove il to be oppressive or incon-
venient The portions OF the community on
whose business the change would immediate.
ly operate, are comparatively small, nor is it
believed that its effect would be in the least
unjust or injurious to them.
In the payment Of Duties which constitute
by far the greater portion of the revenue, a
very large proportion is derived from foreign
commission houses and agents Of foreign
manufacturers, who sell The goods consign-
ed to them, generally. at auction. and after
paying the duties out OF the avails, remit the
rest abroad in specie or It's equivalent. That
the amount OF duties should, in such cases, be
also retained in specie,can hardly be q matter
Of complaint. Our own importing merchants,
by whom the residue OF the duties is paid,
are not only peculiarly interested in main
tanning sound currency, which the meas.
ure in question will especially promote, but
are, from the nature of their dealings, best
able TO know when specie will be needed,
and to procure it with the least difficulty or
sacrifice. Residing too, almost universally
IN places where the revenue is received, and
where the drafts used by the Government for
It's disbursements must concentrate, they
have every opportunity 10 obtain and use
them in place of specie. should i, be for their
interest or convenience OF the number of
these drafts and the facilities they may afford
as well as ofthe rapidity with which the pub
lie funds are drawn and disbursed, an idea
may be formed from the fact that. OF nearly
twenty millions Of dollars paid 10 collectors
and receivers during the present year. the
average amount in their hands al any one
time has not exceeded a million and half
and Of the fifteen millions received by the
collector OF New York alone during the
present year, the average amount held by
him, subject to draft during each week, has
been less than halt million.
The ease and safety Of the operations Of
The Treasury in keeping the public money.
are promoted by the application OF its own
drafts TO the public dues The objection ari-
sing from having them too long outstanding,
might be obviated, and they yet made to az
ford to merchants and banks holding them M
equivalent for specie. and in that way greatly
lessen the amount actually required Still
less Inconvenience will attend the require
ment ofspecie in purchases Of public lands.
Such purchases, except when made on spec
ulation, are, in general, bat single transact.
ions, rarely repeated by the same person and
It is fact, that the last year aud half,
during which the notes of sound banks have
been received, more than moiety of these
has been voluntarily made in specie,
being larger proportion than would have
been required IN three years under the grad.
uation proposed.
Itis moreover principle than which none
is better settled by experience, that the sup.
ply of the precious metals will always be
found adequate 10 the uses for which they are
required. They abound in countries whore
no other currency is allowed. In our own
States, where small notes are excluded. gold
and silver supply their place. When driven
to their hiding places by bank suspensions. a
little hrmness in the community soon res,o-
res them in a sufficient quantity for ordinary
purposes Postage and other public dues
have been collected in coin without serious
Inconvenience. even in states where depre-
ciated paper currency has existed for years,
and this with the aid Of Treasury notes for
a part Of the time. was done without iterrupt.
ion during the suspension Of 1887. AT the
present moment the receipts and disburse-
ments OF the Government are made in legal
currency in the largest portion ofthe Union
mo one suggests departure from this rule,
and il il can now be successfully carried out,
il will be surely attended with even less diff.
Guilty when bank notes are redeemed in spe-
Gle. ls.is ~ ia8ta.ieiuai sas .
Indeed cannot think that serious objec-
lion would any where be raised to the receipt
and payment Of gold and silver in all public
were il not from an apprehen-
sion that a surplus in the Treasury might
large portion Oft from circulation
& lock il upunpro6tnbly in the public vaults
II would not, in my oponion. be difficult to
prevent such an Inconvenience from occur
ring; but the authentic statements which /
have already submitted to you in regard to
The actual amount in the public Treasury at
any one time during the period embraced in
them. and the little probability Of different
state ofthe Treasury for al least some yeats
10 come. seem TO render ii unnecessary TO
dwell upon it. Congress, moreover, as |
have observed, will in every year have an
10 guard against il should the oc-
currence OF any circumstances lead us 10 ap-
prehehd injury from this source, Viewing
the subject IN all its aspects, cannot believe
that any period will be- more suspicious than
the preseps for the adoption OF oil measures
necessary TO maintain the sanctity ofour own
engagements, and to aid in securing to the
that abundant sunnlv of the nrs