Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1840-01-03


and their stockholders throughout the
Union 10 use their eXcrtions for the N
crease of taxation and The nccUmu alton o.
a snrpIus revenue and while an excuse
Is afforded, the means are furnished tor
those excessive issues, which lead to cx
'rovagant trading and speculation, and nrc
The forerunnors of a vast debt abroad aud
suspension of the banks at bone.
i Impressed. therefore. MS | am, with the
proprle'y OF the funds Of the Government
) beng withdrawn from The private use Of
either banks or individuals, and The public
money KEEP, by duly appointed agents. aud
believing, as do. that such also is tho
judgment which discussion, reflection, and
experience have produced on the public
mind, leave the subject with you. 1t Is.
al oil events, essential to the interests OF
the community and the business of the
government, that a decision should be
made.
Most OF the arguments that d'suade Us
from employing banks, in The custody and
: disbursement of The public money, apply
with cqnal force to the receipt of their
notes for public dues. The difference is
; only in form. In one instance, The gov
eminent is creditor for its dcposites, and
: IN the olh5r, for the notes it holds. They
, afford the same opportunity for using the
; public moneys, and equally lead to all the
5 evils attendant upon It, since a bank can
as safely extend It's discounts on q deposit
2 Of its notes in The hands of public officer
q as on one made in its own vaults. On The
G other hand, it would give to the govern.
8 NETT no greater security. for. IN case Of
II failure, The claim Of The note holder would
n be no better than that of a depositor.
; am aware that the danger of inconve
e nience to the public. and unreasonable
v pressure upon sound banks. have been urg.
. ed as objections to requiring the payment
v Of The revenue in gold and silver. These
: objections have been greatly exaggerated.
. From The hest estimate, we may safely fix
V the amount of specie in the country a,
n eighty five millions Of dollars and the por
g ton of that whlch would be employed at
o any time in he receipts and Disbursements
q of the government. even If the proposed
: change we're made at once, would not. it
b is now, after fuller Investigation, believed,
exceed four or five Nllnons. 1.-THE change
n were gradual, several years would elapse
I before thBt sum would be required. with
u annual opportunities, IN the mean time, to
alter the law, should experience prove it to
, be oppressive or inconvenent. The por
:. tons Of The community on whose business
e the change would IMMEDIATE y operate, are
t comparatively small. nor Is it behaved that
Q IT'S fl CTS wouid be in the least unjust or
> INJURIOUS to them,
. In the payment Of duties. which con.
$ s'i'ute by Tar the gtea'er portion Of the
revenue, very large proportion is derived
e 'rom 'ore'gn commission houses and agents
:. OF foreign manufacturers who sell the
v goods Consigned 10 them generally st
= AUCTION, and after paying the duties
p ont OF the avaIls. remit the rest abroad
i IN specie or lis equivalent. That the
. amount OF duties should IN such cases. be
retained in specie, can hardly he made
: matter Of compliant. Oar own Importing
wcrchnr'c, by whom the rr-,dp1 az III
duties is pad, are not only peculiarly IN
teres'e ed IN mpnla,nlng sound cnrrcncy.
which the measure IN question will cspe
clally promote bu, are. from he natnre Of
their dealings, best able to know when
, specie will be needed, and 10 procure /,
, wrh be least difficulty or sacrifice. Resi-.
/, ding, too, almost universally IN places
p the drafts used by the government or
. h @ disbursements must conceutra'e:
they have every opportunity 10 obtain atd
use hem IN ace IT specie, should 1t b,
. tor their interest or convenience or To.
4 number of hese drafts, Ond the facllitrp.
+ they may afford a well as Of the rapldi,y
' Wih which the pubic funds are drawn ard
r d'sbrr-ed. al idea may b. drawn from the
u fact TINT OF nearly twenty millions Of dol
: lars paid to collectors and receivers during
. The present year, the average amount N
'heN handS a. any one time. has nat OK.
4 Gee dpd million aud half and Of the ff
p torn millions received by the Collector of
V New York alone dnring The present year.
the average amount held by him subject
10 draft during each week, have been less
:, than half million.
g The ease and aiety Of the operations OF
q the treasury IN Keeping the public money,
ere promoted by the application of us own
drafts to the public dues. The objection
= Arising from having them too long out.
II standing. might be obvated, and they
made TO afford the merchants and banks
holding them, an equivalent for specie, and
>. in that way greatly lessen the amount &C.
:, 'ually required. Slll less Inconvenience
:. wll attend the requirement of specie IN
/. purchases OF public lands. Such purchas.
- eS. except when made on speculation, are
;. ~ general but single transactions, rarely
10 repeated by the same person; and it is 0
- fact, that for the last year and hall, du.
, ring VIII oh the notes Of sound banks have
=, been received, more han moiery OF hese
70 payments has been voluntarily made in
specie, beng a larger proportion than
would have been required in three years
~ under the graduation proposed.
Is II is moreover principle than which
?, none Is better set,lec by experience, that
~ he supply OF The precious metals will al.
n ways be hund adequate to the uses fo'
Of which they are required. They abound