Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1841-06-09

The ways and means in the Treasury.
and estimated to accrue within the above
named period, consist of about S694,000,
of funds available on the 28th ultimo; an
unissued balance of Treasury notes au-
thorized by the act of 184l, amounting to
Sl955, 600, and estimated receipts from
all sources, of 90, 100000. making al ag-
qregate of about S6,45O, 900, and leaving |
a probable deficit on the LIST OF September
next of S4.s50,00O 1913.
In order TO supply the wants of the
Government an intelligent constituency,
in view of their best interests, will, with
out hesitation, submit to all necessary
burdens. But it is nevertheless important
so to impose them as to avoid defeating
THE lust expectations of the country, grow
ling out of pre-existing laws. The act OF
THE I'd March, 1888, commonly called the
compromise act, should not be altered ex-
cept under urgent necessities, which are
| not believed at this time to exist One
wear more only remains to complete the
series of reductions provided by that law.
at which time provisions made by the
same law, and which then will be brought
actively in aid of the manufacturing inter-
ests Of the Union, will not fail to produce
the most beneficial results. Under sys-
tenn of discriminating duties imposed for
purposes OF revenue, in unison with the
provisions of existing laws, il is to be hop
ed that our policy will, in the future, be
fixed and permanent, so as to avoid those
constant fluctuations which defeat the We
ry objects they have in view. We shall
4 thus best maintain position which, while
it enables US the more readily to meet the
. advances of other countries calculated to
, promote our trade and commerce, will at
the same time leave in our own hands the
means of retallating with greater effect
} unjust regulations.
/ In intimate connexion with the question
| of revenue is that which makes provision
: for a suitable fiscal agent capable of adj
E ding increased facilities in the collection
E and disbursement of the public revenues,
: rendering more secure the custody, and
e consulting true economy in the great
e multiplied and delicate operations of the
!, Treasury Department. Upon such an
e agent depends in an eminent degree, the
S establishment of a currency of uniform
i value, which is of so great importance tc
e all the essential interests of society; and
, on the wisdom to be manifested in its Gre
IS alton much depends. So intimatel y inter
: woven are its operations, not only with
the interests of individuals, but with those
e Of the stltes that it may be regarded in
Il a great degree as controlling both. Il
1t paper be used as the chief medium of cir.
It culation, and the power Re vested ia the
e Government of issuing it at pleasure, Ell
t, Their in the form of Treasury drafts or any
( other, or if banks be used as the public
! repositories. with liberty TO- regard al
70 surplusses from day TO day as so much
10 added to their active capital, prices are ex
IS posed to constant fluctuations, and industry
l. to severe suffering. In the one case, pc
y litical considerations, directed 10 party
t. purposes, may control, while excessive
Of cupidity may prevail in the other. Tn
E., public is thus constantly liable to imposi
to ton. Expansions and contractions may
h follow each other in rapid succession. thl
y one engendering a reckless spiri; of ad
lie venture and speculation, which embrace
States as we'll as individuals the othe
t. causing fall in prices, and accomplish
in ing an entire change in the aspect of al
10 fairs Stocks of all kinds rapidly declin
20 individuals are ruined. and States EN-
- barrassed even in their efforts 10 meet will
y punctuallty the interest on their debts
Is Such, unhappily, is the state of things nov
n xisting in the United States. These eff
e fees may readily be traced to the cause:
a rod fo ho uas
y on being removed from the then Bank o
ID the United States, under an order of late
l. President, were placed In selected State
t. Banks, which, actuated by the double mo
y tive of conciliating the Government and
Ct augmeuting their profits to the creates
g possible extent, enlarged extrava gantly
De their discounts, thus enabling all othe
+ existing banks to do the same. Larg,
4 dividends were declared, which, slimuIat
ID ing the eupidity of capitalists. caused
Y rush to be made to the Legislatures of tht
lie respective States for similar acts of incor
y poration, which, by many of the States
Of under temporary infatuation, were read
lily granted. and thus the augmentation @
y the circulating medium, consisting almos
: exclusively ofpaper, produced most ia
St tai delusion. An illustration, derive,
e from the land sales of the period allude
d 10, will serve best 10 show the effect of to
n whole system. The average sales of tn
n public lands, for period of ten years pri
|, or to 1884, had not much exceeded 81,
l. 100000 per annum. In 1884 they al
N tanned, Ia round numbers, to the amour
n OF S6,000,000. In the succeeding year O
/ 1885, they reached $16,0oo,000, Anc
y the next year, of 1886, they amounted
is IN The enormous stm If Cox 000 000