Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1842-12-08


4 8 iI1s. tolzsfp. viii he Sans expenditures.
fozs5 = TsSSssaaoal, and % huRd twelve sn,Ps \
uf sad eitst-
Astr.sf system Or aeeopnizbilily Is establish
sds ~ sreal pains art taken % insure industry
II ~ Sad economy, in every Department o. 4
Z MIL Erpenmenls have been Instituted 70 test
~ kthlisy ef$varioss matetialss Parueolzrly
~ ~ iron sE4 coal, 50 es 70 prevent irand ara
in,kt&tioB.
ft Hili appear blythe rspcrtef Inc Postmaster
GSrsstsl nat The great point which. Tor several
yesrsi has been 50 mach. desired. has. during ne
casffst Il year, been folly accomplished. Inc sx-
pehdllufss OF the Deparineaa. for the eurEent
yekf, have been bfoughi within is income win
osa f}sssntae lis general usefulness There has
bess ~ INCREASE Of revenue equal 10 sI66,000
fof ri FSsr lss9 over that Of ls4l, without; as
Il 81 Ieiieted. any addition having been made 10
az sr,b.r Of letters and newspapers transmit
tsh skrungh the mails. The Pest Once laws
hase keen honestly administered, and fidelity
~ hen observed in accounting for, and paying
or III ne suSordinaies Of the Department, The
r.issaeSs which have been received. For lhe.de-
tails 81 ibe service, refer you 70 The report.
II fls,iet myself hat The exhibition thus made
eftkt cobditicn of the public administration will
stsve Is convince YOU that every proper attention
has seeb pald|to he interests Of the country by
I5pses Who have been called 10 The heads Of the
djiis fant Departments. The reduction in The
aanuaHxx penciiuEes of The Government already
accomplished, furnishes spre evidence that
esonemy u. lie application of the public moneys,
isfesafded as paramount dpty,
Al peace with all the vefld-'Ihe personal liberty
% lie citizen sacredly maintained and his rights
seemed ueder political institutions deriving all their
aiifharifv from the direct sanction OF the people
Iith Z soil Fertile almost beypnd example; ard a
country blessed with every diversity OF climate and
nrpahfsir What remains TO be ,ioasin order 70 az,
ssnet o. lappinest and prosperity Of such people,
Usder ordinary circumstances this enquiry could
readily BE answered.. The best thas probably could
be done for people inhabting such country upultl
he 70 ofsy their peace ard security in the proseeu-
lion oTrheir various pursuits, by guarding them a.
gantt invasion from without, and violence within.
1hsrest Tor the greater part, might be left 70 their
QSn energy and enterprise The chief embarrass-
Fieuss which at the moment exh bit themselves have
sfssn fran oyer-aeton and the most difficult task
With rernaiRs TO be accomplished, is that Of cor
rectine and overcoming its effects. Between the
Jears i8aS and SIS, additions we've made TO bank
sspaal and bank issues in the form Of notes design
~ for efellation, 10 extent enormously great
Jhe question seemed 10 be, not how the best cur
+ yeaey eoplG be provided, but in what manner the
geatest amount Of bank paper could be put in cir
ealalion.9 Thus a vast amount Of what MAS cflled
purposes Of money-wss thrown upon the coualry
- oyer issue which attended, necessary
pnsequenee by observation-disclosures OF the prices
q al attisles OF property, the spread Of speeuia-
I've m&5fia III over the country aud has finally end
a IN 4 general Indebtedness on the part of States
and individuals, the prcstration Of public a0d pri-
iase credit, depreciation in the market value OF
deal sud personal estate and hss left large districts
Of coubtTy Almost entirely without any circulating
/ eledium Ia view of the fact THAT, III $50, the
I hank ihaI
4 smounled 10 but sol, 37S, sos according 70 the
Treasury statements, and that an addition had been
4 made thereto Of The enormous sum of SIS, 00o,00C
u seven years. (the circulation on the first january
1857, being stated at 81 49, IS, 800 aided by the
great facilities afforded 10 obtaining loans from Eu-
4 Korean capitalists who were seized with the same
I speculative mania which pfeRaiied in the United
| Stales-aEd the large importa,;onS Of funds from
abroad, the result of stock sales and loans-nc
Etp- can he surprised al the apparent but unsub-
j ssantial stale Of prosperity which. every where
prevailed over the lan15and while little cause oil
surprise should be fen at the present prostralior
Of every Thing, ard tie ruin which has befaller
! so many Of our fel!ow-citizens in the suddeT
/ withdrawal from circulation of so large an a
/ mbunt of bank issues since ls37-exceeding a
{ is believed the amount added 10 The paper curren
Il ey Ter a similar period antecedenI 10 1887, i
leases to BE matter OF asionishment that such
7
private fortunes, or that difficulties should ex
4 ssi 10 meeting their engagements on the part o
4 The debtor States. Apart from which, II there
be taken into account the immense losses sus
\ llainsd III the dishoner Of numerous banks, II i
less matter Of surprise that insolvency SHOULD
have visited many OF our fellow-citikens, thai
20 many should have escaped the bhshilng in
II huenee Of The times.
! In the solemn conviction Of these truths an,
with an ardent desire 10 meet the pressing ne
| eessities Of the country, felt it 10 be my dut,
TO cause ia be submitted TO you, at the com
\ mencement Of your late session, the plan or 81
\ Exchequer, the whole power and duly of main
Niainibg which, in purity and vigor, as 10 b
&Aefeised BY the Representatives. Of the Peop
/ and the States, and therefore, yirtuallv BY th
People themselves. II was proposed 10 place
under The control and direction of a Treasur
| Board, 10 consist Of three Commissioners, who's
duty fFehould be 10 see that the law of its ere
alton was faithfully executed, and that the gtaa
end Of supplying paper medium Of. exchange
I st all timeS convertible into gold and silver
should be attained. The Board thus constitu
ted, was given as much permanency as could b
i imparted to il, without endaugering the or ODE
share Of responsibility which should attach /
all public agents.N In order 70 insure all the ad
Faptages Of a wSll-maturea experience, ID
Il Commissioners we're 10 hold their Offices Ia
The respective periods Of two, four, and 81
( years, thereby securing,at all times 10 the ma
4 nsgement Of The ExcRequer the services q
two men Of experience and 10 place them In
! condition 10 exercise perfect independence @
mind and action, it, was provided that their re
moyal should only take placeNfor actual incaps
city or inhdelity 70 the trust, and 10 be folloyye
BY the President with an. exposition Of In
causes of such removal, should il occur. II Wa
proposed 10 establish subordinate boards h e.
OF the STATES, under the same restrictions IN
Limitations Of the power of removal, which
Il NRh the central board, should receive. safel
keep and disburse the public moneys ;Nand /
order 10 furnish q sound paper medium or ex
change, the ExehequeF should retain Of the re
Il venues OF the Government sum not 10 exrse
! $4,000, 600 in specie 10 be set apart as reauire
II By its operations, and 10 pay the public credito
II u bis own option, either in specie or Tressur
Y, hotes, OF denominations not less than Ave, no
A exeeeding one hundred dollars, which note
should be redeemed al the several places Of il
sue, and 10 be receivable at all times and ever
llWhere IN payment of Government dues; with
restraint upon such issue Of bills that the sam
should not exceed the marimEn Of 81 5 ,DO0, 90
10 order 10 guard sgainst all the hazards inc
dent 10 fluctuations in trade, the Secretary Z
the Treasury was invested with authority /
iss9e S5,000,Q00 Of Government stock, shout
the SAINT at any sme be regarded as necessary
10 order 10 place beypnd hazard the prompirg
DECEPTION OF the bils2which might be throw
int circulations Thus in fact making lh
iss1e of 8 ,000, 900 Of Exchequer billsresi su.