Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-06-10

lu iHliHialc ConlckiOn Wtn tlle uleS
tlon oi revenue, Is that which ~ krs pro
Isl"n tor suitable fiscal ageul capabi
II adding increased facilities ~ The col
'ec'ion aud disbursement uf the publi
revenues, rendering mole securc ihei
cuso Iy, aud consulting IL tru' ec0Lom
IN HE great multiplied and delicate opera
tons o. the Treasury Departments =
Upon sich IN agent depend, IN an en-.
nen, degree The establishment ut cui
rcacy oi uHitorm value, winch Is of 81
-reat importance To all The essential IN
toIcsls oi society (; ana Oh the Wisdom I,
DC m,.nllcstcd la lis creation much de
pend. 81 intimately interwovci are i;
'pcialioas, Tot onl with The Interests u
Individuals but with those of The State,
,ila! IL may be regarded in great de
gree as conlrolln,, both.
Ii paper ue used as the chief medium
OF circulation, and the power be vcsic'
IN the Government Of issuing it at pleas
ure, either IN the iurn Of reasury draft
It any other, or i! banks be used as b,
public dcposEoiics, with liberty to rcgart
'II snrplussco from day day as So murl
'dded I" their active capital, prices al,
Exposed to Constant fluctuations, AID in
dusiry To severe suffering. la the on,
case. political considerations, directed IL
party purposes, may conttol, while eX
ccssvc cupiditv may Ircvaii IN The other.
The pubic Is thus constantly Liable "a
imposition.
Expansions and contractio,s may fol
low each oherin rapid succcssl.n, the
one cngendrrng reckless .pilit Of ad-
venture and speculation, which cnlbraces
states as weli rs individuals tn other
causing fail III price, ana acconpl shing
IN entire change ia The aspect oi affairs.
Stocks OF all k'nds rapidly dcclIne--indi
vIdnals are ruined. and Safes cnlbarrass.
ed even IA tiie:r,lf ,rls 10 meet with punc
tualny the interests of lhcir debts. Sucl,
nnhappiIy, Is the sia,c Of ,tlngS now eX.
is'mg IN the United States These cii'c,s
may readily be traced to the causes
above referred 10. The public revenues,
on being removed from the .hcn Ba.k vi
the United States. under an order of Il
late President, were placed il selected
Stale banks, which, actuatcd by the
double motive Of conclliating the Gov
ernmcAt aud augmenl'ng their rroiiIs 10
the greatest possible extent enlargei j
exiravagantly .hc'r discounts, thus cna-
blng all other existing banks lo do The
same.
Large dividends ere declared, which,
stimulating The cupduy OF capitalists,
! auscd ii rush to be made to The L"gls
Ialuros of the respective S;atos { slu,i-
lay acts Of incorporation, winch, 10y ma.
~ OF the States I'm 'er IL temporary iniat
ldu,a, were readily granted, and thus
he augme It .tlon OF the circulating me.
hun', consisting almost exclusively of
mpcr, produced a most fatal dcluslon. -
An illustration deiNed from the laua
sales oi The period alluded To, Will serve
,est 10 show the effect Of the whoic
system. The average sal:s Of the pub
ic lands. Tor Il period of ten yeus prnr
- 1894, had not much eXcccLcI 81,
100000 per annum. In lS..4 they a.
alncd, in round numbers 10 the aunoui,
II $GD00,0OO. In the succeeding yral
II 1885 tmey re,chVd l6,0OO,C0U. Ald
he next year. Of 1896, they amounted
he enormous sum Of ) !o,OUO,OOO. Thus
row ding into the space ol three years
ipwards of twenty three years purchase
,t ,he public domain.
So apparent had become the necessity
Ii arrestng this course OF U,ngs, tha
he Executive department assumed the
'ghly questionable power of d.scrnnIna.
ing IN the iuads to be used in payme"t
y different classes OF public debtors II
discrimination which was doubtless dc
igncd TO correct this most ruinGus state
/ thmgs by the cXaction Cf specie III alI
aymenls for The public lands, but which
oIld not at once arrest the tide which
ad SO strongly sci in. Hence the de-
lands for specie became unceasing, aud
corresponding prosirat,un rapidly ensucd
nder the necessities created with the
anks ID curlall their discounts, and
lrreby to reduce their circulation. | i
,cur 10 these things with no disposition
} ccnsure prc-cxIsllng admin ,'ra'ions
t the Government, but simply in exom
LITIGATION OF the truth Of the posilion
'hich have assumed.
IL, thea, any fiscal agent hich may be
reatcd, snail be Laced, without dae re.
rictons, either IN tine hands Of the ad
,lnistralo of the Government or those
private individuals, The temptation ofI|
busa will prove 10 be resIsllcss. Objects
I political agsrandlzemcu, may s.uucc
&c ir't. and The promplInss Of II bound
IS cu ldIty Will assaii the last. Aided
y the experience Of The past, it will b.
IL pleasure Of Congress so TO guard and
r,lfy the public interests, in the creation
any new agent, as 10 place them, so
r a. human Wisdom can accomplish it,
J footing of perfect security. Within
few years past three different schemes
I've been before the country.
The charter ot the Bank of the United ,
aIes expired by lis own limitation Ia
$50. An effort was made to renew j. Il
h,ch received the sanction of the two
ouscs ofConsress. bu, The then Prcsi
mt OF the u. St,lus exercised lis veto
'HCr aud the measure was Geicitcd A ,
gard 10 truth requires inc 1, say that III
Z President was fully sustained IN tn. In