Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-06-19

time the DUTIES nave been diminished while tht
drawbacks remain the same. And provision O
law declaring that all non enumerated article:
which bear simili,u6e any enumerated M
tcle chargeabe with duty shall pay the same
rate of duty with the article which i, mos, resem
b'es, would save q large sum annually to the rev
enue, and prevent much annoyance and litiga ton
between the importer and the officers charged
/ with the collection of The customs.
Ofthe Public Debt.
Bat it IS not expected that any modification Of
The revenue laws will be operative 10 supply the
immediate wants oil the Treasury, and TO paw the
debts which fall due in .he present and in the en-
suing year. A further loan Is necessary TO effec Il
these objects, and the only questions tha, can l.
rise to the mode of procuring the loan the
character Of the securities, and the assumed dura
/ ton of the debt
1t would, in the opinion'of the undersigned be
unwlse 10 charge upon the commerce or the re-
sources OF the country, in any form, the burden
of paying al once. or at all hastily, The national
debt Before that IS done, measures Of res,ora-
ton and relief are required. The currency Of the
country should be restored, and commerce and
industry relieved from their present state Of en-
barrassment and depression, and a benign and lib-
eral policy on the part of the General Govern
ment should call fort once more the ha rdy indus
try and active enterprise of our people, and the
vast resources Of our country.
If we assume the period Of from FIVE TO eight
wears as that in which this debt be paid with
out inconvenience aud embarrassment-and the
time appears 10 be short enough-wel have one
of the most essential elements which 10 form
our Judgment TO the best and most convenient
mode in which the loan can DO kept up, and the
cred. Of the Government sustained.
In the inception and during the progressive in
crease Of a national debt, the issues Of Treasury
notes, though dangerous and eelusive, have yet
their advantages. They need not be issued fas- /
Ter than the actual wants of the Treasury require
and the power issue any given is, for ell +
effective purposes OF Immediate expenditure /
fund in the Treasury available to lha, amount I
But when the debt has acquired It's maximum and /
ceases 10 accumulate, when il becomes larger
Than the amour: necessary to be kept on hand 10
me ct the current wants of the Treasury, these
advantages disappear. This mode of loan then
becomes to the Government what the sale in mar
ket of promissory notes, for the purpose of
raising money TO take up old promissory notes,
IS to an individual 1t is the issue of Treasury
notes to take up other Treasury notes year after
:es. it is nconv eni e6t and o2pshenfe "-"-'"'" -"
Bat the raising of money by the issue of Treas
Try is obectIona ble because Ii is deceptive;
~ this means heavy debt may be raised and
astened permanently upon the country, tho a.
mount of new issues being involv ed with the paw
nent of the old; while the People, and ev en- those
Who administer the finances may not be impress
ed with the important fact that national debt is
reated or in the process OF creation.
Therefore, in the opinion Of the undersigned
When a na,onaI debt does exist, and must con-
inne for time, 1t is better that II should be
made funded debt, according to ancient f.
anciai usage. 1t IS then sheltered by no cover,
nd is the subject Of no deluslon. 1t is open,
aipabe, true; tho eyes Of the country will be .
pom ii, and viii be able at glance TO mark its
eduction or its increase; and 1t is believed that
loan Cor the requisite amount, having eight '
ears to run, but redeenable at the will of the
ioy ern monf, SIX months notice, could be ne Q
oiiated much less rate OF interest than Trea-
urv notes. Much expense would also be saved
, dispensing with the machinery of the issue and
avnent and caucelling Of Treasury notes.
Il is therefore respectfully recommended that ;,
sum suliicicn. to pay the debt present exist
~, and such az Will necessarily accrue in this !"
nd the eusuing year, be raised on loan for the
me, and on the condition above suggested. !.
IN keeping and disbursine the public moneys. :
Tho undersigned would also respectfully in
tie the attention of Congress 10 the present {
ode of keeping and disbursing the public mon
vs.: and also to the subject OF the creation :"
nployment Of fiscal agent TO be charged with =
10 performance Of these and other duties. The
ibiect is Of great importance, both to the :
o yernment and TO the community. Such agent
depository ought to unite in the highes, prac Il
ca ole degree. the safety OF the public funds. and
,nvenience and economy in their administration;
I'D i, should, if possible, be selected or framed
, to exert a sautary influence over The business
I'd currency of the country. :
The Inede of keeping and disbursing the pubic
oney. provided by the act of July 4, ls4o, will =
found on comparison with that here tofore chiefly
;ed by the government, emInentiy deficient IN r
| these essential requisites The financial his =
re- of the United States especially for The last -
eive wears, furnishes abundant proof that the .
lblic money is unsafe IN the custody OF indlvId-
lis and that their official bonds no sufficient
curity for its safe keeping and faithful appca- u
on Within the period above named many re- a
Giving officers connected with The Treasury De
,rtment have become defaulters 10 the Govern o.
en, The aggregate loss from that cause with "
tina, period, shown BIZ the books OF the De q
,rtment, amounts 10 $3.50, 800, but a SINAI! -
art of which will probably DO recovered from !.
,er bonds 1t is true that, in any system which u
m be adopted. some part of the public money :,
us,, in the process of collection, pass through
,e hands Of individuals, and be subject to theif -