The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-06-09

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growing out Of pre-existing laws. The
act Of 81 March, 1888, commonly called
the compromise act, should not be alter
ed except under urgent necessities, which
IRE not believed at this time to exist. One
year only remains to complete the series
of reductions provided for by that law,
at which time provisions made by the
same law, and which then will be brought
actively in aid Of the manufacturing in
terests of the Union, will not fail to pro-
luce the most beneficial results. Under
system Of discriminating duties imposed
for purposes Of revenue, in unsion with
the provisions of existing laws, it is to be
hoped that our policy will, in future, be
fixed and permanent, SO as TO avoid those
constant fluctuations which defeat the very
objects they have in view. We shall thus
best maintain position which, while it
will enable US the more readily to meet
the advances of other countries calcnlat-
ed 10 promote our trade and commerce,
will at the same time leave in our own
hands the means OF retailing with greater
effect unjust regulations.
In intimate connection with the question
Of revenue is that which makes provision
for suitable fiscal 9agent capable OF add
ing increased facilities i'll The collection
and disbursement Of the public revenues,
rendering more secure their custody, and
consulting the true economy, in the great
multiplied and delicate operations OF the
Treasury Department. Upon such an
agent depends in an eminent degree the
establishment Of a currency of uniform
value, which is Of so great importance to
all the essential interests of society; and
on the wisdom to be manifested in It's crea-
lon much depends. So intimately inter
woven are its operations, not only with
the interests of individuals, but with those
of the States, that it may be regarded in
great degree as controlling both. If pa
pcr be used as the chief medium Of circu-
ialion, and the power be vested in the
Government of issuing it at pleasure
either in the form Of Treasury drafts or
any other, or if banks be used as the pub.
lie depositories, with liberty to regard all
surplusses from day to day as so much add
ed TO their active capital, prices, are ex'
noscd 10 constant fluctuations, and indus
try to severe sufferings. In the one case
political considerations, directed 10 party
purposes, may control, while excessive
cupidi,y may prevail in the other. The
public is thus constantly liable to imposi-
tion expansions and contractions may fol-
low each other pid succession, the one
reckless spirit Of adventure
and speculation, which embraces States as
well as individuals; the other causing,
fall in prices. and accomplishing an entire
change in the aspect of affairs. Stocks
Of all kinds rapidly decline-individuals
are ruined. and States embarrassed even
in their efforts 10 meet with punctuality the
interest on their debts. Such unhappiy,
is the state Of things now existing in me
United States. These effects may readily
be traced 10 the canses above referred to.
The public revenues, on being removed
from the then Bank Of the United States,
unJcr an order of late President, were
placed in selected Stale banks, which, ac-
tuated by the double motive Of conc,lla'
ting the Government and augmcnling their
profits to the greatest possible extent, en-
iarged extrava gantly their discounts, thus
enabling all other existing banks to do the
same. Large dividends were declared,
which, stimulating the cupidity Of capital
lists, caused rush to be made TO the Legis-
latures of the respective States for SINH
lar acts Of Incorporation, which, by many
of the States under temporary infatua-
ton, were reality granted and thus the
augmentation of the circulating medium,
consisting almost exclusively of paper
produced mos. fatal delusion. An illus
tration, derived from the land sales of the
period alluded to, will serve best to show
he'efFecl Of the whole system. The aver
age sales vf public lands, for period Of 10
years prior to 1884. had not much ex-
cecded S2,OO0,000 per annum. In 1884
they attained. in round numbers, 10 the
amount of S6,00O,OOO. In the succeed
ing year, Of 1885, they reached Sl6,OO0,-
900.
And the next year, Of 1886, they a.
mounted to the enormous sum of $25, ,OOO,-
600. Thus crowding into the short space
of three years upwards of twenty-lhree
years. purchase Of public domain. So
apparent had become the necessity of ar
resting this course of things. that the Exc
culive Department assumed the highly
! questionable power of discriminating in