Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1841-06-05

742,45O-showing an average. revenue from both
sources of Sl,236S70 per month. A gradual expan-
non of trade, growing out of restoration of conf
dentc together with reduction in the expenses OF
collecting and punclualy the par, Of the cocc-
ting officers, may cause an addition 10 the monthly
receipts from the customs. They are estimated for
the residue Of the year from the 4h day of March at
$4,000, 000-the receipts from the public lands for the
same time are estimated at 81, 500, 000and from mis-
ccllaneous sources at si7o0O0-makng an aggre-
gate Of available fund within the year of S14670-
000-which will leave probable deficit of 81 AGO.,
1872 SO. To meet this some temporary provision is
necessary, until the amount can he absorbed by the
excess OF revenues which are anticipated TO at
no distant day.
There will fall due within the next three months,
Treasury notes Of the issues Of 1870, Including inter-
est, about s2S500CO There is chargeale in the
same period for arrcarages for taking the sixth census
1894 ,000-and the estimated expenditures for the
current service about So, 100000 making the ag
grcgaio demands upon the Treasury, prior TO the Isl
Of September next about 81 10000.
The ways and means in the Treasury, and estima-
tel TO within the above named PERIOD consist
of about S694,000, Of funds available on the 2Sth u-
timo-an unissued balance Of Treasury notes author
zed by the act of 1S4l amounting TO Sl,955 600, and
estimated receipts from all sources of S3,S00O0O ma
king an aggregate OF about Sc 100000, and leaving a
prohae dehci, on the LIST ot September next Of ST.,
$4,000.
In order 10 supply the wants of the Government,
an intelligent constituency, in view of their best in
tcrests, will, without hesitation, submit 10 all necessa
nv burdens. But il is nevertheless important SO TO
impose them rs 10 avoid defeating the just expecta-
tons OF the coun,ry,growng ont ofpreexstino laws.
The act of 81 of March, 1888 commonly called the
compromise act, should not lie altered except under
urgent necessities which are not believed al this time
to exist
One year only remains to complete the Sc
ries of reductions provided for in that law, at
which time provisions made by the same law,
and which will then be brought actively in aid
of the manufacturing interests of the Union,
,,il1 matt foil IN prp1uco th, hon ri,l
suits. Under system of discriminating duties
imposed for the purposes of revenue, in unison
with the provisions of existing laws, it is to be
hoped that our policy will, in the future, be
fixed and permanent, as to avoid those con-
slant fluctuations which defeat the very objects
they have in view. We shall thus best main
tain position which, while it will enable us the
more readily to meet the advances of other coun-
tries calculated to promote our trade and COM
merce, will at the same time leave in our own
hands the means Of retaatng with greater cf-
feet unjust regulations.
In intimate connection with the question of revenue
is that which makes provision for a suitable fiscal
agent capable Of adding increased facilities for the DIS
bursemen and collection of the public revenues,
dering more secure their custody, and consulting
true economy in the great multiplied and delicate OPP
eratlons of the Treasury Department. Upon such an
agent depends in eminent degree the establishment
OF a currency OF uniform value which is of great
Importance to all the essential interests of society;
and on the wisdom to be manifested in its creation
much depends. So Intimately interviewer are its OPP
erutions noionly with the interests of individuals but
with those of the states, that it may be regarded in
great degree as controlling both If paper be used as
the chief medium of circulation, ana the power be YES
ted 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 public depositorie, with liberty
regard all surplusses from day day as SO much
added to their active capital, prices are exposed to
ing. In the one case political considerations, direc-
ted to party purposes, may CONTROL while excessive
cupdlty prevails in the other The public is thus
stantly liable to imposition. Expansions and con-
fractions may tn s follow each other in rapid success
sion the engendering reckless spirit of specula
ton, which embraces states rs well as individuals ::
the o,hekcausng fall in prices, and accomplishing
an entire change in the aspect of aars-stocks Of all
kinds rapidly dccllne-ndlvduas ruined, and
states embarrassed even in their efforts to with
punctuaiy the interest on their debts. Such unhap-
ply, is the state OF things now existing in the United
states.
These effects may readily be traced to the causes alb
ove referred To. The public revenues, on being re-
movcdirom the then Bank of the United States, I'M
der order OF late President were placed n scec-
ted State banks, which actuacd by the double motive
profits TO the greatest possible extent enlarged ex-
travaeantly their discounts, thus enabling all other
existing banks TO do the same. Large dividends
were declared, which, stimulating the cupdity Of
,"Iss Of the rc.recve States f,r SIMILAR acs Of
rnrn,ion. which NV many nf ,be states urJnr ,
tcmnornrv nfn,n1,inn were readily GRANTED and
,hns The nnomennton If The Circulating neJ;r,n con-
s;s,;nr ,Imos, eyclns,volv oSnoner nrndmcod n ,ns
fatal d,lusion An illustration drriycJ from, lana
sales Of the ncrod alluded TO- viii serve hest ~ show
the effect of the whole system The average sales
of the public lands for period of ten wears prior ,c
1884. had not much excec 'el 81 600 600 per annlm
| In 1884 they attained. in round numbers. TO IN,
amount of ST. 600 600. In the succeeding wear O
| 1885 they reached SIS, 100000 And the next wear
o! 1876. thew amounted to the enormous sum of S25;
OOOOOO Thus crowtlng into the short space of thre
wears UPWARDS Of twenty three years purchase of tn
public domain
So ,unorcn, had bccomc the necessity or ,rrestin
,b;s cnrsc If Times ,bnt ,hc ryecut;ye J,n,rtmnn
,.suncd rho bi"hjv ons,omnbc mower If dscr;n,in
,,;nn in the fund.- !, he rscj in nnvmcn, h., d;,I.rnm
class ofmh;r i hiors"o di.crim;ma,nn ,ybrb ,yn
d"mh,l dcs"ned ~ corrcc, his n"s, r"nnms .,,,
Of ,n,,. bv 10 cY,c,;on ocsnoco;r ali na,nnns e.
;'; Inds hn, , h;h nould no, nrrns iho Ia ,h;o
had co .,ronrv So, in boncc ,ho Jomonds G'r snene
.md rr,nsnd;na nros,r,,;or r,nii omsund rndo
,ho no',.s,os cr",i"d ,,,h ,o bants ~ cnr,an ,bo
.nmun,s anJ her,h, " roJmc. ho;r crc,;a ,''
$50 -, ,hoso hive yah nn dsnns;,;o ~, ons,,,
.o w. Observation-Disclosures os ,t ro,,axn ~ w.
~ az , w., =,
! SiliiPiN vi uu'u VI llc posltIo