Litchfield enquirer., 1840-01-02

WCAA us OA tAO toFuAhhy WsAA WbbSAA hAAO ke-S~~~ funds are drawn and disbursed, an idea may be formed from the fact that, of nearly twen- ty millions of dollars paid to collectors and receivers during the present year, the ave- rage amount in their hands at any time has not exceeded 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 draf1 during each week, has been less than T The ease and safety of the operations of inc Treasury in keeping the public money, are promoted by the application ot its own drafts to the public dues. The objection arl- sing from having them too long outstanding
 miSht be obviated, and they yet.Inade to a1- ford to merchants and banks holding them' an equivalent for specie, and m that way greatly lessen the amount actually required Still less inconvenience Will attend the re- nuirement of specie in purchase of public lands Such purchases, except when made on speculation, arc, in general, but single transactions, rarely repeated by the same nerson and it is fact, that for the last year and half, during which the notes ot the sound banks have been received, more than a noietv of those payments has been Volun- tarily made in specie, being larger proper- tinn than would have been required in three wears under the gradation proposed.
 Ii is moreover principle than which none is hetter settled by experience, that the sup nlv of the precious metals will always be fonnd adequate to the uses for which they are required. They abound in countries where no other currency is sallowed. In our own States, where sInall notes are excluded, gold and silver supply their place. When driven to their hiding places by oank sus- pensions, a little firmness m the community
 soon restores them in sufficient quant'ty TOT ordinary purposes. Postage and other pup
 lie dues have been collected in com, without serious inconvenience, even m States where a depreciated paper currency has existed Tor
 wears, and this, with the aid of treasury notes for part of the time, was done without inter- ruption during tho suspension of 1857. At the present moment, the receipts and dis
 bursements of the Government are made ln
 legal currency in the largest portion ol the
 Union-no one suggests departure lfon' this rule and if it can now be successfully
 carried out, it will be surely attended with
 even less difficulty when bank notes are again redeemed in specie.
 Indeed I cannot think that single objec-
 ton would any where be raised to the receipt
 and payment of gold and silver in all pub-
 lie transactions, were it not for an apprehen-
 sion that a surplus in the Treasury might
 withdraw large portion of 1t from rcuia-
 ton, and lock it mp unprofitably in the puo-
 lie vaults. It would not, in my opinion, be difficult to prevent such an inconvenience from occurring but the authentic state
 ments which l have already submitted to you in regard to the actual amount ]" ;,,;a public Treasury at any one time during the period embraced in them, and the little pro- hah ahil;f,, ofa Aiffcrnnf ctn nf the 'FrPaSlrV for at least seven years to come, seem to rem der it unnecessary to dwell upon 1t. Con- gress, moreover, as have before observed, will in every year have an opportunity to guard against 1t, should the occurrence of any circumstance lead US to apprehend inju- ry from this source. Viewing the subject in all its aspects, cannot believe that any period will be more suspicious than the pre- sent for the adoption of all measures neces- sary to maintain the sanctity of our own en- gagetnents, and to aid in securing to the community that abundant supply of the pre- cious metals which adds so much to their prosperity, and gives such Increased stabili- ty to all their dealings.
 In country so commercial as ours banks in some form will probably always exist i; Out this serves only to render it the more in- 'cumbent on us, notwithstanding the discour- 'agements of the past, to strive in our respec- tive stations to mitigate the evils they pro- duce; to take from them as rapidly as the obligations of public faith and careful consideration of the immediate interests of the community will permit, the unjust char actcr of monopoiies to check so far as may be practicable by prudent legislation, those temptations of interest and those opportuni- mites for their dangerous indulgence, which beset them on every side, and to confne them strictly to the performance of their par amount duty. that of aiding the operations of commerce, rather than consulting their own exclusive advantage. These and other sal utary reforms may, it is believed. be accom- plished without the violation of any of the great principles of the social compact, the observance of which is indispensable to it's existence, or interfering in any way with the useful and profitable employment of real capital. 1
 Institutions so framed have existed and still exist elsewhere giving to commercial inter- course all necessary facilities, without infia- ting or depreciating the currency, or stimu- lating speculation. Thus accomplishing their legitimate ends, they have gained the surest guarantee for their protection and en- in the good will of the commu- nity. Among a people so just as ours, the same results could not fail to attend n similar course. The direct supervision of the banks belong, from the nature of our Government, to the States who authorize them. It is to their Legislatures that the people must main- ly look for action on that subject. But as the conduct of the Federal Government in the management of it's revenue has also a powerful though less immediate influence upon them, it becomes our duty to see that proper direction is given to it. While the keeping of the public revenue in n separate and Independent Treasury. and the collect ing it in gold and silver, will have salutary on the system of paper credit with which all banks are connected, and thus aid those that are sound and we'll managed,a will