The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-04

funds are drawn and disbursed, an idea may |
be formed from the fact that, OF nearly TWEEN.
" millions of dollars paid to collectors and |
received during the present year, the aver.
age amount in their hands at one time has |
not exceeded million and half; and of
the fifteen millions received by the collector
of New York alone, during tho present
year, the average amount held by him, sub
ject to draft, has been less lnan half mill
ion.
The case and safety Of the operations OF
the Treasury in keeping the public money,
are promoted by the application of its own
drafts 10 the public dues. The objection
arising from having them too long ouisand-
ing, might be obviated, and they yet made
TO afford to merchants and banks holding
them an equivalent for specie, and IN that
way greatly lessen the amount actually re-
CURED Still less Inconvenience will attend
the requirements Of specie in purchases of
public lands. Such purchases, except when
made on speculation, are, i'll general, but
single transactions, rarely repeated by the
same person; and it is fact, that for the
last year and half, during which the notes
vi SOUUN DullhS HIVE U6Gn ItC6lNGu, HiOIG
than moiety Of these payments has been
voluntarily made in specie, being larger
proportion than would have been required
in three yeas under the graduation pro-
posed
1t is moreover principle than which
none is better settled by experience, that
the supply of the precious metals will al
ways be found adequate for the uses for
which they are required. They abound in
countries where no other currencyis allowed,
In our own States, where small notes are
eXcluded,goId and silver supply their place.
When driven TO their hiding places by bank
suspensions, little tirmness in the com
munity soon restores them in a sufficient
quantity for ordinary purposes. Postage
and other public dues have been collected
in coin without serious Inconvenience, even
in States where deprecated paper curren-
cy has existed for years, aid this, with the
aid of Treasury notes for part of the time
was done without interruption during the
suspension Of 1897. At the preseut mo-
ment, the receipts and disbursements OF the
General Government: are made in legal cur
rency in the largest portion of the Union ;
no one suggests Il departure from this rule,
and if it can now be successfully carried
out, it will surely be attended with even less
difficulty when bank notes are again re-
deemed with specie.
Indeed, cannot think that serious oh.
lection would any where be raised 10 the
receipt and payment of gold and silver in
all public transactions, were it not from an
apprehension that q surplus in the Treasu
ry might Withdraw u large portion OF IL iron
circulation, and lock it up unprohtabIy l!
the public vaults II would not, in my o
pinion, be difficult 10 prevent such an in
) convenience from occurring; but the authen
tic statements whcn | have already sub
, mirted to you in regard TO the actual amour
in the public Treasury at one time durln!
the period embraced in them, and the iltlt
. probability of different state Of the Treas
5 ury for years to come, seem to render II un
necessary TO dwell upon it. Congress
I moreover, as have before observed, vii
r III every year have an opportunity to guar'
I against it, should the occurrence. OF an,
! circumstance lead US to apprchend AL injn
~ from this source. Viewing the suhIcc
in all its aspects, cannot believe that an.
. pcrod will be more luspicions ,han the pre-
/ sent for the adoption Of all measures ncces
{ sary 10 maintain the sancllty Of our own ell
. gagemenrs, and 10 aid in securing 10 Ih'
: community that abundant supply OF tn
K precious metals which aids so much to iheI
t prosperity, and gives such increased sIablI
>. ily to their dealings.
/ In a country so commercial as ours bank
. in some form will probably always exist
b. but this serves only to render it the NOR
i incumbent on US, Notwithstanding the dis
/. courage ucnis Of the past 10 strive IN on
G respective stations to mitigate the evils the.
d produce TO take from them, as rapidly u
= ihe public faith and careful consideration
C Of the immediate interests Of the commu
il nily will permit, the unjust character G
= monopolies; TO check, so far as may b
5 practicable by prudent Legislation thes
G temptations Of interest and those oppoliu
i Miles for their dangerous indulgence, whlc
= besct them on every side, and to conn
them strictly to the performance OF thel
! paramount duty, that of aiding the opera
:. lions of commerce, rather than consuItn
y their own exclusive advantage. These an
f other salutary reforms may, it is believed
S be accomplished without the violation q
i any of the great principles OF the socia