Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-06-09

Treasury notes authorised by the act Of l84l /,
amounting TO 81 1856, 900, and estimated re-
ceipts from all sources, of SO 500 900, makir. @
an aggregate of about $6,450 900, and lea'1ng
profitable deficit on the lst of September next
of S4,S45, 900.
In order TO supply the wants of tie Govern
ment, an intelligent constituency, in view of
their hest interests, will, without hesitation,
submit d all necessary burdens. Blu, it is nev-
ertheess important so to impose them as to
avoid defeating the just expectations of the
country, growing out of pre-existing laws.-The
act of the ID March, 1888, commonly called
the compromise act, should not be altered except
under urgent necessities, which are not believed
at this time to exist. One year only remains
10 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 interests
of The Union, will not fail 10 produce the most
beneficial results. Under a system of discrim
mating duties imposed for purposes Of revenue,
IN unison with the provisions OF existing laws,
II Is 10 be hoped that our policy WILL in the flu
ture, be fixed and permanent, so as 10 avoid
those constant fluctuations which defeat the
very objects they have in view. We shall thus
best maintain 4 position which, while it will
enable us the more readily 10 meet the advances
OF other countries calculated 10 promote our
trade and commerce, will at the same time leave
in our own hands the means of reialiaung with
greater effect unjust regulations.
In intimate connexion with the question of
revenue is that which makes provision for a
suitable fiscal agent capable Of adding increased
facilities in the collection and disbursement of
the public revenues, rendering more secure
their custody, and consulting true economy
in the great multiplied and delicate operations
OF the Treasury epartment-Upon such an
agent depends, in an eminent degree, the es-
tabshment of a currency of uniform value,
which is of so great importance 10 all the essen
Iial interests of society; and on the wisdom TO
be manifested in its creation much depends.
So ultimately lnterwoven are its operations, not
only with the interests of individuals, but with
those of the States, that it may be regarded in
a great degree az controlling both. lfpaper be
used as the chief medium of circulation, and
the power be vested in the Government of Is
suing it at pleasure, either in the form of Treas
ury drafts or any other, or if banks be used as
the public repositories, with liberty TO regard
all surplusses from day to day so much ad-
ded 10 their active capital, prices are exposed
to constant fluctuations, and industry TO severe
suffering. In the one case, political consider
ations, directed TO party purposes may control,
while excessive cupdiiy may prevail in the
other. The public is thus constantly liable to
imposition. Expansions and contractions may
follow each other in rapid succession, the one
engendering reckless spirit of adventure and
speculation, which embraces States as we'll as
md b,ols fhar fol in
and accomplishing an entire change in the as
pect of affairs. Stocks of all kinds rapidly de-
cline-individuals are ruined, and States en-
barrassed even in their efforts 10 meet with
punctualily the interest on their debts Such,
unhapPily, is the state Of things now existing
in the United States. These effects may read
lily be traced 10 the causes above referred to.
The public revenues, on being removed from
the then Bank of the United States, under an
order of late President, were placed in select
ed Stale banks, which actuated by the double
motive of conciliatng the Government, and aug
menting their profits TO the greatest possible ex-
tent, enlarged extravagantly their discounts,
thus enabling all other existing banks TO do the
same.-Large dividends were declared, which,
stimulating the cupidity ofthe capitalists caused
q rush 10 be made 10 the Legislatures of the re-
specilve States for similar acts Of incorporation,
which, by many Of the States, under tempo
rary infatuation, were readily granted, and thus
the augmentation Of the circulating medium,
consisting almost exclusively of paper, pro-
duced a most fatal delusion. An illustration,
derived from the land sales of the period allu.
ded 10, will serve best 10 show the effect of the
whole system. The average sales of the pub
lie lands, for period of ten years prior 10 1884,
had not much exceeded 81, 600, 900 per annum.
In 1894 they attained, in round numbers, 10 the
amount of So, 100000. In the succeeding year
of 1885 they reached sl6,Ooo,OOO And the
next year of 1886, they amounted TO the enor-
nous sum Of S25 100000. Thus crowding in
TO the short space of three years upwards Of
twenty-hree years purchase Of The public do
main. So apparent had become the necessity
Of aresting this course OF things, that the Ex-
ecutire department assumed the highly ques-
uonsble power Of discriminating in the funds
10 be used in payment by different classes Of
public debtors-a discrimination which was
doubtless designed 10 correct this most runous