Litchfield enquirer., 1841-06-03

!. September next. about Sll ,34O,OOO. X 10 The ways and means in the Treasury, and estrnS ted to accrue within the above named period, cons r of about $6940OO ofunds available on the 18th ultL l. an unlss9ed balance of Treasury notes authorized the ac. of ls4l amounting e55 o00, and estini e an aggregate of about 0OO and leaving prJ
 able deficit on the lst of September next of 845O ! In order to supply the wants of the Governmetl
 an intelligent constituency, in view ftheir best in Y rests, will, without hesitation, submit to all necesskA
 burdens. But 1t is nevertheless important so to ni
 pose them as to avoid defeating the just expectation The act of the 2d of March, lS33 commonly cass tk. compromise act, should not be altered except unde
 urgent necessities, which are not believed bis tint
 rles of reductions provided for by that law, at whct
 tune provisions made by the same law, and whiet
 then will be brought actively in aid of the mannfae
 turing interests of the Union, will not fail to produce , the most beneficial results. Under system of dis
 eliminating duties imposed for purposes ot revenue
 m unison with the provisions ot existing laws, it is lc
 be hoped that policy will, in the future be fixed
 and permanent so as to avoid those constant tlucinR
 tons which defeat the very objects they have in view. We shall thus best maintain position which, while
 it will enable the more readily to meet the advan.
 ces of other countries calculated to promote trade and commerce, will at the same time leave in our
 hands the means of reialatng with greater effect un- Just regulations.
 In intimate connection with the question of reve,,
 hue IS that which makes provision for suitable fiscal agent capable of adding increased facilities in the collection and dsbursement of the public revenues, rendering more secure their custody. and consulting true economy in the great multiplied and delicate op- eratlons ot the Treasury Department. Upon such an 1 agent depends, in an eminent degree, the establish. ment ot currency o uniform value, which IS ot so great importance to all the essential interests o socie
 y; and on the wisdom to be man Infested in its crea
 ton much depends. So intimately interwoven are
 its operations, not only with the interests of ndivldu. als, but with those of the States that may be re. garded in great degree as controlling both. Ipaper be used as the chief medium of circulation, and the power be vested in the Government of issuing i, a, pleasure either Tn the form of Treasury drafts any oiher or if banks he used the public deposorcs, with liberty to regard all surplusses from day to day as so much added to their active capital, prices exposed 10 constant fluctuations, and industry to se were suerings In the one case political consdera- Ilons' olrected to party purposes may control, while excessive cupidy may prevail in the other. The public IS thus constantly liable to impositions Ex- pansIons and contractons may ollow each other in rapid succession, the cngenderinga reckless spr- t ot adventure and speculation, which embraces States as well as individuals; the oh her causing fall aspect of afairs Stocks of all kinds rapidly decline -lndlviduals are ruined, and States embarrassed even Tn their efforts to meet with punctuality the inte rest on their debts. Such, nnhapply, is the State of
 things now existing in the United States. These ef tects may readily be traced to tke causes above re. terred to- The public revenues, on being removed from the then Bank o;he United States, nnder an or der of late President, placed in selected State banks, which, actuaed by the double motive of con ciIat!ng the GovernmeEt and augmenng their profits the greatest possible extent, enlarged exlravagant. banke to dn ,Eo oeme e.'~'
 Large dividends were declared, which, stimula- ting the cupdity of capitalists, caused rush 10 be made to the Legislatures ot the respective states for similar acts of incorporation, which, by many of the states, under temporary l.:tatuatlon were readily granted, and thus the augmentation of the circua- ting nedium consisting almost exclusively of paper, produced most fatal deusion. An illustration, de- rived from the land sales of the period alluded to, will serve best to show the effect of the whole sys ten. The average sales of the public lands, for a period of ten years prior to 1881, had not much ceeded $2,OOO 900 per annum. In lo31 they attained, in round numbers to the ,se amount Of s59 G o on h enormous 1iG S M sum of ss5oooo5o thus crow@ing into three s years purchase of the public domain. So oP parent had become tie necessity ot arrestlng tEs course of things, that the Executive department as stunned the highly questionable power of disGrimna- ting ill the funds to be used ia payment by different classes of public dcbtors-a disciialnation which was doubtless designed to correct this mos: rulnous of things by the exacton of specie in all pay mens for the public lands, but which could not at once arrest the tide which had so strongly set n.- Hence the demands for specie became unceasing, and corresponding pros;raton rapidly ensued under the necessities created With the banks 10 cultah
 their discounts, and thereby to reduce ther circula ton. recur to these things with no disposition to censure pre-existing adminisra 2ns ot the goTfern ment, but simply in exempcatio4 ot the truth oi the position which have assumed. If, then, any hscal agent which may be created shall be placed, without due restrictions, either in the hands ot the admln strators of government, those ot private lndivdu als the temptation to abuse will prove to be resist
 less. Objects of political aggrandizement may se- pidity will assai the last. Aided by the experience of the past it will be the pleasure ot Congress SO to guard and ory the public interests, in the creation of any new agent as to place them, so far as hu- man wisdom can accomplish 1t, on footing of per. feet security. Within few years past three H dli- ferent schemes have been before the country. The charter of the bank of the United States expired by it's own limitation in 1886. An effort was made to | renew it, which received the sanction ot the two Houses of Congress, but the then President oi the United States exercised his UetO power and the mea- sure was defeated. A regard to truth requires me to say that the President fully sustained Tn the course he had taken by the popular voice Ills suc cessor in the Chair ot State unqualhefiy Pronouic stitution; and not only the popular eectlon whlcn brought him into power. but the elections through much of his term, seemed clearly to indicate con currence with him in sentiment cn the part oi the people.
 | After the public moneys were withdrawn from 1 the United States Bank they were placed in depo- site with the state banks and the result of that policy has been before the country To say nSshRgd ef i f
 the @ reHtus ar may safe demnation of most of its early advocates, and It IS believed was also condemned by the popular sentl- ment The existing sub Treasury system does @ noi
 seem to stand in higher favor With the people, pu'
 has recently been condemned in manner 100 Plan
 lv indicated to admit of doubt Thus, in the shor
 neriod of eight years the popular voice may be re- garded as having successiveiy condemneo eacn ~ c
 the three schemes of finance to winch nave au.ers ed As to the first, it was introduced at umt
 fisl6) when the state banks, then comparatively ieW in number, had been forced to suspend specle pay ments by reason of the war which had prevlonsly ,,ravaileA with Great Britain. Whether II ne Cni ied States Bank Charter which expired m loii hat
 been renewed in due season, It would nave oeen ena bled to continue specie payments during the war an.
 the disastrous perlod 10 tne n ,O sav inc aas