Columbus Democrat., 1840-01-18

collectors and receivers during The present year.
lhe average amount ~ their hands al ans time
has not exceeded million and O half and Of the
fifteen millions received 5y the collector Of New
York alone during the presen, year. the average
| amount held by hIm, subject 10 draft during
each werk, has been less than hnlf a million.
The ease and safety 10 the operations Of the
Treasury IL keeping the public money, are pro-
NOTED by the application Of It's own drafts 10 the
public dues The objection arising from having
them too long outstanding, might be obyialed
and they yet may afford TO merchants and banks
holding them an equivalent Tor specie, aud in tha,
way greatly lessen the amount actually required
SILL less Inconvenience will Intend the REQUIRE.
ment OF specie IN purchases Of public lands Such
purchases, except when made OH speculation are
10 general, but single transactions, rarely repeat.
ed by the same person; and il is a fact that Eor
tho last year and half during which the notes
oi sound banks have been received, more Than \
moiety ofthese payments have been voluntarily
made N specie, being larger proportion than
would have been required 10 three Years under
the graduation proposed
II Is moreover principle than which none il
better settled by experience, that the suppy 6f
the precious metals will always be found ado
qua'e TO tho uses for which they arc required
ihey abound IN countries where no other cur
rency is allowed, In our own States. where email
notes are excluded, gold aud silver sppplv Their
pace When driven TO their hiding places by
oanS SUSPENSIONS, little 6rmness in the commu.
n"y soon restores them IN suflicen, quantity for
ordinary purposes. Postage aud other publc
dues have been collected in CON, without serious
Inconvenience, even IN States where depreci lated
paper currency has existed for years, and this,
with the ald Of Treasury notes for part of the
tIne' was done without interruption during the
| suspension Of 1887. At the present moment.
| the receipts and disbursements of the govern.
mcnt are made in legal currency in the largest
portion OF the Union--no one suggests depar
turc from this rule aud if can now be success
fully carried out, 1t will be surely attended with G.
ven less difficulty when bank notes are again re.
deemed in specie.
Indeed cannot think tha, serious objection
would any where be rnlScd to the receipt and pay.
mcnt Of gold and silver in all public Transactions
were II not for an apprehension that surplus in
the Treasury might withdraw large portion of
Il from circulation, und lock it up unproftabIy in
the public vaults. 1t would not, in my opinion
be difficult TO prevent such an Inconvenience from
occurring; 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 oia different state oftho Treasury
Tor at least some years to come, seem to render
1t unnecessary to dwell upon il. Congress, more.
over as have before observed, will in every
year have an opportunity to guard against il,
should the occurrence of any circumstances lead
US 10 opprchend injury from this source. View.
ing the subject in all its aspects, | cannot believe
tha, any period will be more auspicous than the
present for the adoption of all measures necessary
TO malnialn the sanctity of our own engage.
ments ard to aid in securing the community that
abundant srnpy of the precious metals which
adds so muca to their prosperity, and such in.
cleased stability 70 all their dealings.
| In country Sc commercial as ours, banks
in some form will probably always exist; but this
serves only to render j. the more incumbent on
us, Notwithstanding the dlacouragcments of the
past, to strive in our respective stations to mltl-
gate the evils they produce; to take from them
| as rapidly as the obligations Of pubic faith and
a careful consideration of the immediate interests
of the community will permit, the unjust Choir.
acter Of monopoIies to check so far as may be
practicable by prudent Legislation, those temp
tations of interest and those opportunities iol
dangerous indulgence, which beset them on ev
cry side; and to conGne them strictly to tie penor
nance oftheir paramount duty, that OF aiding The
operations of commerce, rather than consullin!
their own exclusive advantage These and othe
salutary reforms may, 1t is believed, be accom-
pllshed without the violation Of any OF inc grca
principles OF the social compac, the observance c
which is indispensable TO its existence,or intorfe,'
log in any way with the useful and profitable en-
pIoymen, Of real capital.
Institutions so framed have existed and still ex
st else whee,gvlng TO commercial intercourse a
necessary facilities, without nh4tng or depreca
ting the currency,or stimulating speculation. Thu
accomplishing their legitimate ends, they hav
gained the surest guarantee for their protoctio
and encouragement in the good will ofthe con
muniy. Among a people so Just as oLrs til
same results could not fail TO attend simila
course. The direct supervision Of the banks b,
longs, from the nature Of our Governmental tn
States, who authorize them. 1t is TO their Legi,
n lauros that tho people must mainly look for u
!. ton on that subject. But as the conduct of Il
d Federal Government in the management Of
!. revenue has also powerful though less imm
y date influence upon them, it becomes our duty
II see that proper direction is given to ii. VIII
N the keeping Of the public revenue in Il separa
70 and Independent Treasury and Of collecting
!, in gold and silver, will have salutary influence
a, the system of paper credit with W ich all ban
, arc connected and thus aid those that are sou
If and well managed, it will at the same time sen
9. bly, check such as are otherwise by at on
n. Withholding the means of extravaganza afford
pr by the public funds, and restraining them from
"a cessve issues of notes which thoy would be ct
u. slanIly called upon TO redeem.
e. am aware il has been urged that the cont
ii may be best attained aud exerted by means q
lst National Bank. The constitutional oblecl,
waich | am well known to entertain would \