The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-08

Il will appear by the report Of the Postmaster Ge-
neral that the great point which, for several years
has been SO much desired, has during the current
year been fully accomplished The expenditures of
the Department, for tho current year have been
brought within ITS income without lessening lis gene
raj usefulness. There has been an increase Of re-
venue equal TO slb6OO0 for the year 1912 over that
of lo4l, without, as II IS believed any addition hay-
ing been made to the number Of letters and newspa-
pers transmitted through the mails The Post Office
laws have been honestly administered, and fidelity
has been observed IN accounting for and paying over
by the subordnates Of the Department the money,
which have been received For the details of the
service, refer you 10 the report.
Halter myself that the exhibition thus made Of
the condition Of the public administration will serve
to convince you that every proper attention has been
paid 10 the interests Of the country by those who
have been called to the heads of the different Depart
ments The reduction in the annual expenditures of
the Government already accomplished furnishes a
sure evidence that economy in the application of the
public moneys, IS regarded as paramount duty,
Al peace with all the world-the personal liberty
of the citizen sacredly maintained and his rights Sc
cured under political institutions deriving all their
authority from the direct sanction Of the people
with soil fertile almost beyond example and a
country blessed with every diversity Of climate and
production, what remains to be done in order 20 ad
vance the happiness and prosperity Of such people
Under ordinary circumstances this enquiry could
readily be answered. The best that probably could
be done for people inhabiting such country would
ton of their various pursuits, by guarding them
against invasion from without, and violence from
within. The rest Tor the greater part might be left
TO their own energy and enterprise. The chief en-
barrassments which at the moment exhibit them
selves, have arisen from oyer-acton and the most
difficult task which remains TO be ACCOMPLISHED IL
that OF correcting and overcoming its effects Be
tween the years 1888 and 1888 additions were made
to bank capital and bank issues, in the form of nos
designed for circulation, 10 an extent enormously
question seemed IN he ho,vt ho kae,
currency could be provided but in what manner the
greatest amount OF bank paper could be put in cir
cuation mus vast amount of what was called
mohey-since, Tor The time being it answered the
purposes OF money-was thrown upon the country
an over issue which was attended as n necessary
consequence, by an exavagan Increase Of the prices
Of all articles of property the spread of specula-
tive mani' all over The country, and has finally end
ed in general Indebtedness the part of States
and individuals, the prostraton Of public and private
credit, depreciation in the market value Of real
and personal estate, anil has lefi large districts
OF country almost entirely without any circulating
medium. In view of the fact that in 1890
the whole bank note circulation within the Unit
ted States amounted TO but S6l 1923 1898 accord
! ing 10 the Treasury statements, and that an addition
had been made thereto of the enormous sum of SSS-
100000 in years, (he circulation on the first
January, 1887, beng stated at SAC 1876 500 aided
by the great facilities afforded obtaining loans from
European capitalists, who seized with the same
| speculative mania which prevailed in the u ni,el
States-and the large importatons of funds from
abroad, the sult of stock sales and oan--no one
can he surprised at the apparent but unsubsiantia
state OF prosperity which every where pre-, allied over
the land and while little of surprise should be
elt at The pres nj pr strailon of every thing and the
ruin which has befacn so many of our i, How. ciij-
zens in the sudden withdrawal from circulation OF So
large an amount of bank is ues since IS37-exceed-
ing, as is believed the amount added to the paper
currency Tor similar period anleceJent To 1887 il
ceases to be matter of aston shment that such cxen
5 supwreck have
fortunes, or that difficulties should exist in meeino
Their engagements on the part of the debtor States
Apart from which, If there be taken into account the
immense losses sustained in the dlshonor of numerous
banks, 1t Is less matter of surprise that insolvency
should have visited many Of our ieIlow-ciizens thnn
that SO many should have escaped the blghting innu-
ences of The times
i In the solemn conviction of these truths and with
an ardent desne 10 meet the pressing necessities of
The country | felt it TO be NV duty 10 ceuse IN he
Submitted 10 you, at the commencement of youf late
session, the plan of an Exchequer the whole mower
and duty OF maintaining which in purity ana ,gor
was to he exercised by the Representative Of the
Pc pie and of the States, and therefore virtually by
The People themselves 1t was proposed to rlace Il
under the control and direction of a Treasury Board
TO consist OF three Commissioners, whose duty it
should be to that the law of its creation was
faithfully executed and that the great en- of suppy-
ing paper medium of exchange, at all times con
verub.e INTO gold and silver should be attaincd.--
| he Beard thus constituted, given rs much per
"aH'h'y as couu De Impaired 10 IT. without endan-
gerng The proper share of respor sihy which should
attach To all public agents In order to insure nil the
Advantages of a wemaured exI erience the Com
nssioners were TO hold tLer Offices foi the re pee
I'VE Peiloos OF Two, hour and six years, thereby
'uflng NJ all times In the management of the Exchc-
Lquer the services of two men OF experience and 10
place them IN condition To exercise perfect ind,-
penuehce OF mind and action, il provided that
the'r removal should only take place for actual
incapacHy or infide!ry TO the trust and To he G,i-
81, n,
causes oil such removal should it occur Ii ms pro-
posed TO establish subordinate boards in eocb Of Tho
STATES under Tue same restrictions and limitations of
the power OF removal which, wi h the central hoard
snouu receive safely keep, and dsburse the public
moneys; and IN order TO furnish sound pauer m,-
dunn of exchange, the Exchequer should retain Of
me revenues Of the Government a sum no. TO OK
eeed - COO IN specie to be set apart as reonred
by lis operations, and pay the ubc creditor at
MS own option, lher specie or Treasury notes of
denominations not less than FIVE nor exceeding one
hundred dollars, which notes should be redeem, a n,
tue several places OF ISSUE and TO be receivable at all
thes ana every where in payment of Government
uues; win restraint npon such issue of bills that
tAe saine should not exceed the marimun of 49,
ooou In order TO guard against all ha bt zars
dent to fucua'ions IN trade The Secretary of rhe
reasury was invested with authority TO issue So
ouVooo OF Government stock, SHE u,d the same at
any TIME be regarded as necessary in order to place
oeYonu hazard The prompt redemption of the bills
winch might be thrown into circulation. Thus in
iact making the issue of Si5 600 600 of ESch quer
OILS, rest substantially SO 900 900 and keeping
IN circulation never moro than and one half d. l.
lars Inr every dollar in specie. When to this it il
added that the bills not only every where receiya
bic IN Government dues but that the Government IL
self would be bound for their ultimate redemption no
rational doubt exist that the paper wh h the Ex-
chequer would furnish, would readily enter into gen
crai clrcuaton and be maintained al all times at or
above par with gold and silver thereby realizing the
great want Of the age, and fulfilling the wishes Of the
People In order to reimburse the Government the
expenses of the plan, it proposed TO invest the
EXchequer with the limited authority to deal in bills Of
exchange, unless prohibited by the State in which an