Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1841-06-21
MONTPELIER, JUNE Fl, 1871.

required for the public service in the present year
shall have been provided for the revenues which
will accrue from that, or n nearly proximate rate
Of duty, will be sufficient to defrny the expenses
OF Government and leave surplus to be annual
~ applied TO the gradual payment of the national
debt, leaving the proceeds Of the public lands to
be disposed of as Congress shall think fit.
The general principles which the final re-
vision OF the tariff is to rest are perhaps simple
and easy to be apprehended, but the work of re-
vision it,elf, and its adaptation and DETAIL must bc
work of time. Ii should be done on calm re-
hection AMI careful delberaion, with view to
reconcile as far possible, the conflicting opin-
lons aud to promote all The various interests Of
the whole People Of he United States. Aud it
may bo important, in that adjustment, not only to
reciprocate on fair and equal principles, and in a
liberal spirit, the concessions which may be nc
corded TO our commerce by foreign nations, but
also to do justice TO our own citizens Ivy meeting
III like equal spirit any heavy emotions or pro-
ilihltions whirh loieign nations mny think fit to
impose upon the importation of our staple pro-
ductions.
Some legal provisions also required to cor
rect inequalities between the duties upon sugar
aud molnsscs and drawbacks upon refnetl sugar
nnd rum, manufactured or distilled from foreign
materials. The relation between the duty and
the drawback was adjusted by the acts of Janua-
ry 2lst, 1922, and May 29th, 1880, since which
time the duties have been diminished, while the
drawbacks remain The same. A provision of law
declaring that all non enumerated articles which
bear sinIllitudc TO any enumerated article charge
able with duty shall pay The same rate of duty
with the article which it most resembles, would
save large sum annually 10 the revenue and pre-
vent much annoyance end litigation between the
importer aud the officers charged with the cocc-
ton OF the customs.
OF he Public DeH
But it is not expected that any modification Of
the In will hp IN S,nt,lv bn
lmlne diate wants of the Treasury and to pay the
debts which fall due in the present and in the en-
suing year. 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 cha
racter OF the securities, and the assumed duration
Of the debt.
1t would, in the opinion of the undersigned.
be unwise 10 charge upon the commerce or the re-
sources OF the county, 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 coun-
try should he restored, and commerce and indus
try relieved from their present state of cnbarrnss-
mtht aud depression, and benign and liberal pol
icy on the part of the General Government
Should call forth once more the hardy industry
ana active enterprise OF our people, and the vast
resources of he county.
II we assume The period of from five to eight
years DIS that in which this debt can be paid with
out Inconvenience and embarrassment and the
time appears TO be short enougI--we have one
OF the most essential elements on which to form
our Judgment as TO the best and most convenient
mode III which the loan can he kept up, and the
credit OF the Government sustained
In the inception and during the progressive in
crease of national debt the issues of Treasury
notes, though dangerous and delusive, have yet
their advantages. They need not be issued faster
than the actual wants of the Treasury require :;
aud he power to issue any given sum is, for all
effective purposes of immediate expenditure, n
fund in the Treasury available to that amount.
But, when the debt has acquired its maximum
and ceases to accumulate, or when il becomes
larger Than The amount necessary 10 he kept on
hand TO meet the current wants Of the Treasury
these advantages disappear. This mode of loan
then becomes TO the Government what the sale in
market of new promissory notes, for the purpose
OF raising money to take up old proinissory notes,
is to an individual 1t is The issue Of Treasury
notes 10 take up other Treasury notes year alter
yenr in succession; and under these circumstances,
1t is announcement and expensive.
But the ruising money by The issue of Treasury
notes is Objectionable, because it is deceptive by
this means heavy debt may he raised and fas-
tened permanently upon the country, The amount
OF new issues being involved with the payment of
the old; while the People, and even those who
administer the finances, may not be impressed
with The important fact TINT national debt IS
created or in process of creation.
Therefore, ii is The opinion of the undersigned,
when national debt does exist, aud must contin.
ne for tlme il is better that il should I've made
funded debt, according to our ancient financial
usage. II is then sheltered 10y 10 cover, and is
the subject of no delusion. Ii is open palpable
true the eyes of the country will be upon it, aud
will he able at glance to mark its reduction or
its increase; and is believed that loan for the
requisite nnount, having eight years to run, but
redeem able at The will of tho Government, on six
months notice, could be negotiated at much less
rate OF interest than Treasury notes. Much eX-
pense would also be saved in dispensing with the
machinery of the issue and payment and cancel
ling Of Treasury notes.
IL Is therefore respectfully recommended that
sum sufficient 10 pay The debt AT present existing,
and such as will necessarily accrue in this and The
ensuing year, he raised on loan for the time, and
OH the condition above suggested.
On keeping and discussing The public money.
The undersigned would also respectfully invite
the attention of Congress 10 the present mode of
keeping ard disbursing the public moneys and al
so 10 the subject of The creation employment of
n fiscal agent 10 lie charged with the performance
of these and other duties The subject is one OF
great importance, both to the Government aud TO
the community. Such agent or depository ought
I" unite, in The highest practicable degree, tie
safety of the public funds, and convenience aud
economy III their administration ; aud il should, il
pos lie, lie selected framed ns To exert sal
uHry Influence over the business and Currency Of
the country.
The mode of keeping and discussing The pub
lie money, provided by The act of July A, 1910
viii he found, on comparison with lhnt1ereIoiore
ch'ily used by the Government, cminently def.
cienl IN all these essential requisites. The fnun-
caI history OF the United States, especially for The
last twelve years, furnishes abundant proof tina;
the public money is unsafe in The custody of in
dvdualS aud that their official bonds are no sui
fcient security for its safe keeping and faithful
application. Within The period above named ma
ny receiving officers connected with the Treasury
Department have become delaulters TO The Gov
eminent The aggregate loss from that cnuse
Department, amounts to $2620,5OO, but small
part of which will probably, be recovered from
their bonds. Il is true thu. i'm any sNslem which