Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-06-02

aud thirty two dollars and ninety eight cents, the
special objects Of which will he 10y reference to
the report Of the SccrctlTy ofNVar.
The anticipate me ans of the Treasury are great
~ inadequate To this demand The receipts from
customs for the last three quarters Of the last year
and the FIRST quarter Of the present year, amounted
~ si2, 1901 600; the receipts for lands for the same
time to Sl,7i2, i5O; showing an average revenue
from both sources Of Sl.fJ6, $40 per month.
gradual expansion Of trade growing out ola resto-
ration Of confidence, to ether with reduction IN
the expenses OF collecting officers, may cause an I'D
dilion To the monthly receipts IRON the customs.
They are estimated for the rel Tue OF the year,
from the fourth Of March, at si2 100000; the
ceipts from the public lands Tor the simc time
estimated at 81, $4,000: and f'om miscellaneous
sources at st70 0cO; making aggregate OF avail.
able fund within the ,year OF SlI.G7O,00O; which
will leave probable deficit OF ,i06, i32 9S. To
meet this some temporary provision is necessary,
until the amount cnh be absorbed by the excess OF
revenues which anticipated to accrue 1t dis
| tant day.
There will fall due within the mex, three months
Treasury notes of the issues of 1870 including in.
| terest, about 81 $50 900. There Is chirgeabla i'm
the period for arrcaragcs for taking the sixth
census S29i, 900; and the estimated expenditures
for the current service about as, 100, 600 max
Ing the aggregate demands upon the Treasury, pr.
to tho first Of September next, about gil, TO-,
| 900.
| The ways and means in the Treasury, and est
mated to accrue within the above named period, con-
sist of about 500 900, of funds available on the
2Sth ulimo; uniSsued balance Of Treasury note,
authorized by the net of 1911, amounting To 81, =
955, 900, and estimated receipts from all sources of
Sj,SOO,UOO, making an aggregate OF about 81, f5O,-
600, aud leaving probable deficit the LIST Of Sep
TENDER next of Si,si5,O0O..
| In order TO supply the wants of the Government,
an intelligent constituency, IN view Of their best in
tercsts WILL without hesitation, submit To all neces-
sary burdens. But il is nevertheless important so
to impose them as to avoid defeating the Just eIpec
taiionS OF the county, growing out OF prc-exIst.
ing laws. The act OF the 2d March, 1883 com.
monty called the compromise net, should not be al.
tered except under urgent necessities, which are not
believed at this time 10 exist. One year only re.
mains To complete the series OF reductions provided
for 10y that law, at which time provisions made by
| the same law, and which then will be brought ac.
lively IN aid of the manufacturing interests OF the
| Union, will not fail Ia produce the beneficial
results. Under system of discriminating duties
imposed fJr purposes of revenue, in unison with the
provisions OF existing laws 1t is to be hoped that
our policy will, in the future be hxcd and permanent
soi as 10 avoid those constant fluctuations which
defeat the very objects they have IN view. wC
shall thus best maiGtain position which, while II
will enable MS the more readily te meet the udvan.
| ces OF other countries calculated To promote our
trade and comme'cc, will at the same time leave in
our own hands the means OF retaliatng with greater
effect unjust regulations.
In Intimate c0hneYon with the question OF Tevc-
nue. Is that which makes provision for n suitable
fiscal agent capable OF adding increased facilities IN
the collection and disbursement Of the public rcye-
| nuCS, rendering more their custody and CON
| Sultng true economy in the great multiplied and
| delicate operations Of the Treasury Department
| Upon such agent depends, in eminent decree
the establishment of currency of uniform value
which Is Of so great importance all the essential
interests OF society; and on the wisdom 10 be mani
tested IN its creation much depends. So Intimately
nterwoyen nte ITS operations, not only with the in.
tcreSts of Individuals but with those of the States
| That 1t may he regarded IN great degree as con-
trolling both. Ii paper he used rs the chief me-
dunn Of circulation, and the power l.. vested in the
iovornment OF issuing IT at pleasure, either in the
form OF Treasury drafts any other or II banks
! he used as the public Repositories, with Liberty Ia
regard all surplusses from day 10 day, as so much
added To their active capital, prices are exposed 10
constant fluctuations, md industry severe suffer-
ing. In the one case, political considerations di
rected To piry purposes, may control, while eIces.
sive cupIdity may prevail IN the other. The pub.
lac is thus constantly liable To imposition. ExpAn-
SONS and cOntractIons may follow each Other in
| rapid succession, the engcnJering Il reckless
spirit of advcntUre and speculation, which embraces
States as well rs individuals; the other causing
fall in prices, and accomplishing: an entire change
IN the aspect Of affairs. Stocks Of all kinds rapd
decline individuals are ruined, aud States embar.
raised even IN their efforts 10 meet with pUncullty
the interest on their debts. Such, hlpry is the
| state OF things now existing in the United States
These effects may readily he traced TO the causes
above referred TO- The public revenues on bein.
removed from the then Bank OF the United States
under order Of late President, were placed
IN selected State banks, which, actuatcd by the
double motive ct conciliLing the Government and
ausmcn.ns their profits TO tae greatest possible ex
tent, enlarged eNtravIgant!y their discounts, thus
enabling all other existing banks TO 10 the same.
Large dividends were declared, which Stimulating
the cupidity ofcaptIstS, caused rush 10 be M idc
10 the Legislature OF the respective States for similar
acts OF incorporation WHICH, 10y many lihe States,
under temporary nidtuItiOu, were readily grant
! ed, and thus the augmentation of tie circulating
! medium, consisting almost exclusively of paper,
produced n most fatal GclusOn. An illustration
derived from the land sales ofthc period alluded TO-
will Se,vc best TO show the effect of the whole Sys.
! TEN. The average sales OF the public lnnis Tor :.
| period OF ten years PRIOR u 1881, had not much
| exceeded 50 100000 per annum. In 1881 they at
tanned, in round numbers TO the amount ofS6 COO,
600. In the succeeding year of 1885 they reached
Sl6,OO9OOO. And the next year, Of 1886, they a.
mounted TO the enormous SUN Of S25,0OO,00O. Thus
crowdng into the short space ofthee years upwards
| oftwcn'y-three years purchase of the public domain
| So apparent had become the necessity ofurrestina
this course OF things that the Executive Department
| assumed the highly questionable power OF dscrim.
mating III thc funds TO be used in payment by differ
ont classes OF public debOrs-a discrimination which
was doubtless designed to correct this most ruin
Gus state Of things 10y the oxaclon OF specie in u
payments Tor the public lands, but which could moi
at once arrest the tide which had strongly set IN
Hence the demands for specie became unceasing
and corresponding prostraIion rapid ensucd undel
the necessities created with the banks To curiaii then
dis cunts, and thereby To- reduce their circulation
| recur TO these things with no disposition 10 cen
sure pre- existing administrations Oflho Government
but simply IN eTemplicaton Of the truth of the no
siton which have assumed. H. then, any fsca
| agent which may ba created shall he placed. with
out due restrictions either IN the hands of the nd
minstriIorS Of the Government, OF those of nrynt,
individuals the temptation TO abuse will prove 10 b,
resistless. Objects Of political ACKNOWLEDGMENT ma,
! seducc the first and the promptIngs Of boundcS
cupidity will assa the last Aided by the expert
ence Of the past il will he the pleasure Of Congress
so TO guard and lortily the public interests i'm tht
creation ct any new agent, as to place them, so Gu
! as human wisdom can accomplish II, on footing o
perfect security. Within lew years past, thrc,
different schemes have been before the country
The chatter Of the Bank Of the United States E
pircd by its own limt,uons in 1886. An effort wal
made To renew it, which received the sanction O
Tho two Houses OF Congress, but the then PresIen
Of the United States exercised his veto power. nm,
the measure was defeated. regard 20 truth re-
quIrcs me TO say that the President was fully s,ls
TUNED IN tho course he had taken by the popuio
voice. His successor in the Char Of State urGuali
fedly pronounced his opposition TO tny new cinrtc
OF similar institutions; and not only the pnnula
election which brought him INFO power bat the cleo
lions through much oi his term, seemed clearly Il
indicate concurrence with him in scnlimcn, on th,
part OF the people. AlteT the public moneys wcri
Withdrawn from the United States Bank they wcr,
placed IN deposo with the Stale Banks and The re-
suit OF that policy has been before the country f.,
say nothing to the qucs ION whether that oyne,,
mCn' WIS made under pfuptous OF adverse rircuu,