Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1840-01-07

lie dues The difference is only IN icrin. In
ono instance, the government is creditor for
It's dcpOsi,cs, AMI in the other for tho notes
IL holds They afford the Same opportunity
for using the public moneys, and equally lead
TO all ihe evils dependent upon Il since bank
can rs safely extend it's discounts on depos-
tic OF its notes in the hands of an officer, as on
one made 10 its own vaults. On the other
hand II would give lo the government no grea-
ter security, for. In case of failure, the claim
of The noieholder would be no better than tina,
of the deposition.
! am aware that the danger Of inconvcn-
fence 20 the public, and unreasonable press
urc upon the banks, have been urged as objeo-
lions TO requiring the payment of the revenue
in gold and silver These objections have
been greatly exaggerated. From the best es
Inmates we may safely fix the amount of spc
Gle ia the country at eighty-five millions Of
dollars, and the portion of that which would
be employed at any one time in the receipts
and disbursements OF the government, even II
the proposed change were made at once, wo'd
not, II is now, after .uller investigation brliev-
ed, exceed over four or five millions. II the
change were gradual, several years would O.
lapse before that sum would be required, with
annual opportunities in the mean time TO alter
the law, should experience prove il 10 be OPP
prcssive or announcement, The portions OF
the community on whose business the change
wok2immedlaiely operate. are comparatively
small, nor is II beleyed that is 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 offoregn man
ufacturers, who sell the goods consigned to
lpD md off
the duties out of the avals remit the rest a
broad in specie or lis equivalent. That the
amount of duties shonld, in all such cases, be
also retained in ecie, can hardly be made q
matter Of complaint. Our own importing mer-
chants, by whom the residue OF the duties is
paid are not only peculiarly interested in main
tanning sound currency which the measure
IN question will especially promote, but are,
from the nature of their dealings, best able to
know when specie will he needed, and TO pro-
cure 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 its dishurse-
ments must concentrate, they have every OPP
portunity to obtain and use them in Place of
specie, should it be for their interest or con-
venience. OF the number of these drafts and
the facilities they may afford, as well as ofthe
rapdity with which the public funds are drawn
and discussed, an idea may be formed from the
fact that, of nearly twenty millions of dol
lars paid to collectors and receivers during the
present year, the average amount in tier hands
at any time has not exceeded million and a
half; and Of the fifteen millions received by the
collector of New York alone during the pres
ent year. the average amount held by him,
subject TO draft during each week, has been
less than half a 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 arising from
having them too long outstanding, might be
obvated, and they yet made to afford to mer-
chants and ba nks holding them, an equivalent
for specie, and in that way greatly lessen the
amount actually required. Still less incon-
venence will attend the requirement of spe-
Gle in purchase of public lands. Such pur-
chases, except made on speculation, are, in
general, but single transactions, rarely repeat
ed by the same person. and it is a fact, that
for the last year and half, during which the
notes of the sound banks have b zen received,
more than moiety ofthese payments has been
voluntarily made in specie, being larger pro-
portion than would have been required in three
years under the graduation proposed
1t is moreover principle than which none
is better settled by experience, that the sup
ply of the precious metals will always be found
adequate TO the uses for which they are re-
quired. They abound in countries where no
other currency is allowed. In our own states
where small notes are excluded, gold and sill.
yer supply their place When driven to their
hiding places by bank suspensions, little
firmness in the community soon restores them
in a sufficient quantity for ordinary purposes
Postage and other public duties have been
in coin, without serious inconven-
fence even in states where deprecated paper
has existed for years, and this, with
the aid OF treasury notes for part of the time
was done without interruption during the sus-
pension OF 1887. At the present moment the
receipts and disbursements Of the government
are made in legal currency in the largest por-
ton OF the Union-no one suggests a depar-
ture from this rule and if it can now be sue
cessiully carried out, it will he surely attended
with even less difficulty when bank notes are
again redeemed in specie
Indeed ! cannot think that a serious objec-
ton would anywhere be raised to the receipt
and payment of gold and silver in all public
transactions, were ii not for an apprehension
mat surplus IN the treasury might withdraw
a large portion OF il from circulation, and lock
1t up unprofitably in the public vaults. 1t
would not, in my opinion, be difficult 10 pre-
vent such an Inconvenience from occurring
but the authentic statements which | have al
ready submitted to you in regard to the actual
amount in the Treasury at any one time dur
ing the period embraced in them, and the liz
tie probability OF a different state Of the Treas
ury for at least seven years TO come, seem to
render 1t unnecessary TO dwell upon IT, Con-
gress, moreover, as ! have before observed.
VIII IN every year have an opportunity to
guard AGAINST il. shnnld the nccnrrence Of any