Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-12-29

AIlr NtfF ttIifNHtlrA ffs go NAttN-'tth tf'lr
eftrc fhc Receipts ilpm ordinary so1rcs-
5ss b,st ie DEB. doe nam tae United States
7 Us.E. o. about slgni millions, ant ilo ire,s
ury notes no;y outstanding, equal to nearly
four and a half millions. BIT during that pc
Rod, a sum not far from The first cmount has
been applied TO the discharge o,the prlnt.,,'d'
and interest Of the old funded debit so that
towards the payment Of all other expenses,
only between four and five millions, beyond
what was temporary, and what has already
been refunded or adjusted, have been receiv-
| ed from any extraneous source whatever.
Ii follows, therefore, that the current reve-
nue., notwithstanding all reductions, has been
adequate to defray both the ordinary and ex-
traordnary demands, and, after taking from
what is deposited with the States, sufficient to
eXtinguish every kind of Indebtedness created
on account of,he General Government during
the same period, to leave OIL hand the large
balance Of nearly ~ millions.
Ii is true that the available sums 10 the
Treasury, at the commencement and close of
the period in question, will probably prove
different in amount but il made equal sur
coed seventeen or eighteen millions ofdolars.
| Beside this recorded evidence OF the PROS
perity OF the country and the fiscal ability of
the general Government in those years, it is
gratifying, amid many misrepresentation con-
| corning the subject, TO reflect on anothk cir
! cumstance connected with our fnancia ope-
| rations, which has slso become a mater Of
history. 1t is this-Though destitute of a
| United States Bank as 4 fiscal agent dlring
that period, and baffled by various unreme-
died imperfsctions in the laws connected with
the finances, as we'll as embarrassed by two
suspensions Of specie payments by many Of
the state banks-oue still con;inuing-yet the
| Treasury has been able TO make its vast col
ections, transfers and payments, with pfom7-
| titude, and, in most cases, with specie or its
equivalent.
Some correct judgement can be formed Of
the extent and difficulty of these operations,
when it il Yecolected that the whole sums
which have thus been collected, without deduct
ing fractions, added to those sums which have
been paid over chiefly by another class of Of
! fcers, have exceeded the extraordinary ag-
gregate of SAGE 900, 900, and been dispersed
over a territory of nearly two millions of square
miles in extent. 1t is, moreover, ascertained
that the whole losses within the same time BY
defaults, large aud small, and in all kinds Of
offices. will probably not equal half Of one
per cent, on that amount; and however official
delinqusncies may, in soms cases, have inev-
itably been aggravated by the unprecsdent
speculasions of,hs times, and BY great revul-
sions and failures among banks and ndividu-
ais, those losses will not be one fourth so large
in proportion TO the amounts collected and
paid, az in some previous terms, when the
system under United States Bank was ir
full operation.
A few words may be proper as to the expen
ditures during the same period Though the,
were of necessity augmented by some of IN,
circumstances before mentioned, two Indian
treaties only, out Of a large number, having
already involved US in the expense OF nearly Q:
millions of dollars; yet the aggregate OF al
has been much reduced since the influence.
Of those causes and the impulses of an over
Fl owing treasury have diminished. The ex
expenditures have fallen yearly since 1887
till they are now only % and half million,
independent of any debt and trusts, and ar,
supposed to be in progress 10 a still lower a
mount.
The undersigned has earnestly urged more
rapid reduction. He has considered the grea
s"fe guard. against ton .r.i~--.;I
government, which would constantly threaten
to overshadow all State independence, anc
attract the ambition Of most Of the friends o.
Stale Rights from humber paths OF frngalt,
and principle into the dazzling vortex of high
, er patronage, honors, and emoluments. While
the stimulants to excuses shall continue Il
r lessen. nothing will be necessary TO insure
the farther success Of an economical policy
but perseverance in reirenchmenis, whereve
they are practicable without injury to the pub
, lie interests. The removals Of Indians being
mostly finished, and the chief causes Of from
= tier wars eItinguished unless new objects o
expenditure be selected, or great enlsrgmen
given TO some already existing, the whole a
mount must, Of necessity, contract hereafte
, , very rapidly.
The same result will bs farther promote,
by the deaths Of pensioners, increasing throug
: advanced age and the completion Of many pub
4 lie works, as well as by presisting in a frr
4 policy to avoid the wssieful expense Of IN
necessary foreign collisions, and 10 refrain iiol
those lavish expenditures for certain domesti
: objects, over which the jurisdiction OF the Gen
eral Government is often questionable, an
which always open the widest door 10 extra,
J. agence, favoritism, and corruption.
One OF the greatest evils TO the public SCI
: vice as well as 10 the security Of private bu
o siness, during apart Of the above period, ha
!. consisted in the fluctuations 10 which bot
have been subjected.
e With only a single year inter, ir
: without any material change in I .slf
n any whatever in the price OF the pr
We have seen the revenue from ord aa
b ees suddenly vary from nearly Fl 1lla.
8 annually 70 eighteen, and on two ac-aa'1t