The Yazoo Whig and political register. (Yazoo City, Miss.) 1840-1842, 1841-07-16

Ofth Secretary of the Treasury of the
Finances.
(CONCLunEn.l
OF THE PUBLIC DEBT.

out u 10 HOI eApeCleu lnat any modlhcauOn
of the revenue laws will be operative to sup
Iply the immediate wants of the Treasury,
and to pay the debts which fall due in the
present and in the ensuing year. A further
loan is necessary to effect these objects, and
the only questions that can arise are as to
the mode of procuring the loan, the charac-
ter Of the securities, and the assumed dura-
ton of the debt
| 1t would, in the opinion of the undersign-
ed. be unwise to charge upon the commerce
or the resources Of the country, in any form,
the burden of paying at once, or at all
hastily, the national debt. Before that is
done, measures Of restoration and relief
are required. The currency of the
country should be restored, and commerce
and industry relieved from their present
state of embarrassment and depression, and
benign and liberal policy on the part of
the General Government should call forth
once more the hardy industry and active en-
terprise oc our people, and the vast resour-
ces of our country.
If we assume the period of from five TO
eight years as that in which this debt can be
paid without inconvenience and embarass-
ment-and the time appears to be short e.
nough-we have one of the most essential
elements on which to form our judgment as
to the best and most convenient mode in
which the loan can be kept up, and the
credit of the Government sustained.
In the inception and during the progress
sive increase Of national debt, the issues
of Treasury notes, though dangerous and de-
lusive, have their advantages. They need
not be issued faster than the actual wants OF
the Treasury require; and the power to is
sue any given sum is, for all effective pur
poses of immediate expenditure, fund in
the Treasury available to that amount. But
when the debt has acquired its maximum
and ceases to accumulate, or when it be-
comes larger than the amount necessary Il
be kept on hand to meet the current wants
of the Treasury, these advantages disappear
This mode of loan then becomes 10 thu
Government what the sale in market of new
promissory notes is to an individual. It'll
the issue of Treasury notes TO take up othe
Treasury notes, year after year, in success
sion; and, under those circumstances, is in
convenient and expensive
But the raising of money by the issue o
, L
is deceptive; by this means a heavy deb
4 NAV be raised and fastened permanently up
s on the country, the amount of new issue
c being involved with the payment of the old
h while the People, and even those who ad
1t minister the finances, may not be impresse
IS with the important fact that national deb
IS is created or in the process of creation.
d Therefore, in the opinion of the under
st signed, when national debt does exist, an
n must continue for a time. it is better that
ID should be funded debt, according to OF
N ancient financial usage. 1t is then shelte
l. ed by no cover, and is tine subject of no dc
is uson.N 1t is open, palpable, true; the eye
ID of the country will be upon it, and will
p able at glance to mark its reduction or i
W increase; and it is believed that loan f
m the requisite amount, having eight years
if run, but redeemable at the will of the Go
Sc eminent, on six months notice, conld
"a negotiated at much less rate of intere
y, than Treasury notes. Much expense wou
TO also be saved in dispensing with the mach
nd merry of the issue and payment and canoe
e ling of Treasury notes.
DIS 1t is therefore respectfully recommend
ar that a sum sufficient to pay the debt at pre-
is ent existing, and such as will necessari
I'm accrue in this and the ensuing year, be T;
he sed on a loan for the time, and on the CO
er- dltiOn above suggested.
ON KEEPING AND Discussing THE PUBL
We MONEYS.
I'LL The undersigned would also respectful
i'm, invite the attention Of Congress to the D
sent mode OF keeping and discussing I
public moneys; and also to the subject
zen the creation or employment of fiscal age
,ia to be charged with the performance of the
70 and other duties. The subject is one
the great importance, both to the Governm,
ark and to the community. Such agent or
new pository ought to unite, in the highest pr
tcable degree, the safety Of the put
ave funds, and convenience and economy
I. their administration; and it should, if DO!
nm. BILE, be so selected or framed as to exel
salutary influence over the business 9
cb- currency of the country.
The mode Of keeping and discussing
public money, provided by the act of JUL
1910, will be found. on comparison "
- that heretofore chiefly used by the Cove
ment, eminenty deficient in all these ess
tial requisites. The financial history of