The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-06-05

will ne received into the Treasury from customs, in
the last quarter of the present year. about IS 800 600
In all ofthe year 1912 about $22 10000 and in the
year lS43, AFTER the final reduction under the Of
March 2, 1885, about 800, 100000. The details OF
this estimate will be found in the accompanying paper
marked (E. and enclosures
Il is believed that after the heavy expenditures re-
quiled for the public service in the present year shall
have been provided for that the revenues which will
from that, nearly proximaie rate of duty
will be sufficient to detray the expenses of govern
ment, and leave surplus TO be annually applied TO The
gradual payment of the national debt, leaving the
proceeds of the public lands TO be dlsposed Of Con-
gress shall think fit
The general principles on which the final revision
of the Tariff is rest are perhaps simple and easy
10 be apprehended but the work of revision ITSELF in
its adaptation and detail must be work of time. 1t
should be done on calm reflection and careful delbe-
ration, with view 10 reconcile, far possible the
conflicting opinions and TO promote all the various in
tere.is Of the whole People of these United States.
And Il may be important, in that adjustment not only
TO recprocate on fair and equal principles and in
liberal spirit the concessions which may be accorded to
our by foreign nations, but also, to do JUS
tce to our citizens by meeting in like equal
spirit any heavy exactions prohibitions which TO
reign nations may think fit to impose upon the iupor-
tation OF our staple productions.
Some legal provisions are, also, required TO correct
equalities between the duties upon sugar and mo-
asses and the drawbacks upon refined sugar and rum,
manu- featured distilled from foreign materials. The
iusted by the acts OF January 2lst, 1929, and May
Both, 1880. Since which time the duties have been
d Unfinished while the Draw backs remain the same
And a provision of law declaring that all nonenu-
meraied articles which bear a smiliude TO any emu
merated article chargeable with duty shall pay the
same rate of duty with the article which u most re-
sembles, would save large sum annually TO the eve-
nue., and prevent much annoyance and litigation be
tween the importer and the officers charged With the
collection OF the customs.
m. In
But il is not expected that any modification Of the
revenue laws will be operative to supply the immed-
ale wants of the Treasury, and TO pay the debts
which fall due in the present and IN the enru ng year
further loan necessary to effect those Objects and
The only questions that arise, are as to the mode
of procuring the loan the character OF the securities
and the assumed duration of the debt
II would in the opinion of the undersigned, be I'M
wise charge upon the or the resources OF
the country, in any form, the burden OF paying at
once, at all hastily, the national debt Before that
done measures of restoration and relief are required
The currency of the country should be restored and
commerce and industry relieved from their pfesent
state of embarrassment and depression, and ienign
and liberal policy the part OF the General Go"ern
ment should call forth once more the hardy industry
and active enterprise of people and the vast re-
sources OF our country
Ii we assume the period of from five TO eight years
that in which this debt be paid without Incon
venence and Mt and the time appears to
be short enough, have of the most essential
elements which to form judgment as TO the
best and most convenient mode in which the loan can
be kept up and the credit Of the government sustained
la The inception and during the progressive increase
of national debt the issues OF Treasury notes though
dangerous and deiusive, have yet their advantages-
They need not be issued faster than the actual wants
Of the Treasury require and power to issue any g.
sum, Isl for all effective purposes OF immediate ex
pendlture a fund in the Treasury available to that
amount But when the debt has acquired its maxi
mum and ceases to accumulate, or, when IT becomes
larger than the amount necessary to be kept on hand
the current wants of the Treasury, these ad
vantages 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 promlssory notes. Is to an individual II
the issue Of Treasury notes to take up other Irea-
sury notes year after year in succession, and, under
Observation-Disclosures II Is inconvenent and nslve
But the raising of money by the issue of Treasury
notes is Objectionable because is deceptive BY this
heavy debt may be raised and fastened perma-
nenty upon the country the amount OF new issues be-
ing 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, that
national debt s created in the process OF creation
Therefore, in the opinion of the undersigned,
when national debt does exist, and must con-
tnue for time, il is better that it should he
made funded debt, according to our ancient
financial usage II is then sheltered by no CO.
yer and is the subject Of no delusion IT IS
Open palpable true. The eyes of the country will be
upon it, and will be able to mark glance its rcduc
ton its And it is believed, that loan for
the requisite amount having eight years to rum but
redeemabe at the will ofthe Government on six months
notice could be negotiated at much less rate of inter
est than Treasury notes. Much expense would also,
be saved in dispensing with the machinery of the is
and payment and canceing Of Treasury notes
IL is therefore, respectfully recommended that sum
sufficient to pay the debt at present existing and such
will necessarily in this and the ensuing year,
be raised loan, for the time, and on the condition
above suggested
On Keeping and Disbursing The Public
Moneys.
The undersigned would also, respectfully invite the
attention of Congress to the present mode OF keeping
and dsbursing the public moneys, and, also, to the
subject OF the creation employment OF fiscal agent
be charged with the performance OF these and other
duties.
The subject is Of great Importance, both TO the
government and 10 the community. Such agent or
depository ought unite in the highest practicable de-
gree the safety Of the public funds and convenience
and economy their administration and II should, II
possible be selected framed, to exert sautary
influence the business and currency Of the coun-
try. -
The mode of keeping and disbursing the public
money provided by the act of July 18th, 1910, Will be
found comparison with that heretofore chiefly used
by the Government emnently deficient IN all these
essential requisites. The financial history Of the
United States especially for the last twelve years fur
nishes abundant proof that the public money is unsafe
IN the custody oilnd,duas and that their ocih bonds
sufficient security for lis safe keeping and faithful
application. Within the period above named many
receiving officers connected with the Treasury De
partmcnt have become dcftulters to the Government
The aggregate loss from that cause, within that period
shown by the books Of the Department. amounts 10
- 900, 500 20, hut small part OF which will proba
bly, be recovered from their bonds II is true, that IN
any system which can be adopted, some part OF the
public money must, in the process of collection, pass
through he hands of individuals, and lie subject TO
their Publications; but the Of July 4th 1910, ex
tends and continues the risk beg ond The periodoi col
lection, and II subjects large masses, which, IN the
fluctuations Of commerce, sometimes uiate, TO
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