, 1841-06-19

a probable deficit of S11.4O6,132 SO. To
meet this some temporary provisions is neces
sary until the amount can be absorbed BY
the excess Of revenue which are anticipated
to accrue at no distant day.
There will fall due within the next three
months Treasury notes of the issues of 1870
including interests, about S2,850, 0OO..-
There is chargeable in the SAM period fOr
arrearages for taking the 9Th Census, S2s4,
600, and the estimated expenditures for the
current service are about S8,lO0.o0o, max
ing the aggregate demand upon theTreasury,
prlorto the LIST of September next, abou;
Sl1,340,oO0.
The ways and means in the Treasury. and
estimated to accrue within the above named
period, consist Of abount S694,0OO, Of fumes
available on the 98th ultimo, an unissued bal.
ance Of Treasury notes authorized by the
act of 184l, amounting to Sl,955,o0O, and
estimated receipts from all sources, of 49,
100000, making an aggregate of about &c.
$50, 600, and leaving a probable deficit on
the first Of September next OF S4.s45.oOO.
In order TO supply the wants Of the gov
eminent, an intelligent constituency in view
OF their best interest, will without hesitation.
submit TO all necessary burthens. But it is,
nevertheless, 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 end March, 1888 commonly
called the compromise act, should not be al
tered, except under urgent necessities, which
are not believed at this time TO exist. One
year only remains to complete the series
Of redut:ons 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 to produce the most ben
etlclal results. Under 4 system of discrimi.
mating duties, imposed for purposes OF revc-
nue., in union with the provisions of existing
laws, 1t is TO be hoped that our policy will in
the future be fixed and permanenl--so as to
avoid those constant fluctuations which defeat
the very objects they have in view. We shall
thus best maintain 4 position, which while il will
enable US the more readily to meetthe advan-
ccs OF other countries calculated 10 promote
our trade and commerce, will at the same
leave in our own hands the means Of ~retaIia-
ting, with greater effect, unjus; regulations.
In intimate connection with the question
Of revenue, is that which makes provision
for 4 suitable fiscal agent, capable CT adding
increased facilities in the collection and dis.
5ursement Of the public revenues, render
ing more secure their custody, and con-
sultIng Il true economy in the great multiplied
and delicate operations Of the Treasury De-
pertinent. Upon such an agent depends,
in an eminent degree, the establishment Of 4
currency OF uniform value, which is Of So
great Importance 10 all essential interests of
society. and on The wisdom to he manifested
in lis creation much depends. So intimate
ly interviewer are its operations not only
with the interests OF individuals, but OF
States. that II may be regarded, to a great de.
gree, as controlling both. If paper be used
rs the chief medium of circulation, and the
power be vested in the government of issu-
ing it at pleasure, either in the form Of Treas.
ury drafts or any other; or, II Banks be used
as the public deposi,aries, with liberty TO re-
gard all SURPRISES from day TO day, as So
much added to their active capital, prices are
exposed 10 constant fluctuations, and indus
try to severe suffering. In the one place
political considerations directed TO party pur-
poses NAV control, while excessive cupidity
may prevail in the other. The public is
thus constantly liable to imposition. Ex-
panSions and contractions NAV follow each
other in rapid succession-th the one engender-
ing the reckless spirit Of adventure and spec
ulation which embraces States as well rs in
dividuals-the other causing a fall in prices &
accomplishing an entire change in the aspect
of affairs. Stocks Of all sorts rapidly de-
cline, individuals, are ruined, and States en-
barrassed--even in their efforts to meet with
punctuality the interest on their debts
Such unlappily is the condition of things now
existing in the United States. These effects
may readily be traced to the causes above re-
ferred TO. The public revenues being rsmo-
we'd from the then Bank Of the U. States,
under an order OF a late President, were
placed in selected State Banks, which, actu-
ated by the double motive of concilialing
the Government and augmenting their profits
TO the greatest possible extent, enlarged ex-
t%ravagantly their discounts, thus enabling oil
other existing banks TO do the same. Large
dividends were declared, which stimulating the
of capitalists, caused a rush to be
made TO the Legislatures Of the respective
States for similar acts of Incorporation,
which by many Of the States, under a tenn
porary infatuation, were readily granted
and thus the augmentation Of the circulating