Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-09

cxtcnded scaboerd,
Is calculated excite particular Whatever tends
tn add its efficiency without enaing char
the Treasury, is well worthy Of serious
sderaton Ii will be that while appropriation
cecding by than million the appropriations Of the
year. asked by the Secretary that in this
proposed be included Si00000 for the purchase Of
clothing which. when expended will be annually
mbursed by the sale Of the clothes and will thus
perpetual fund.- without any appropriations the
ec TIE this may also he added S50, coo, asked 10
the arrcaragcs OF years. and 25OOOO i'm order
to maintain competent squadron the OF Africa;
all Of which, when deducted. will reduce the expenditures
nearly within the limits OF those OF the While,
however the expenditures will thus remain very nearly the
of the year. proposed add greatly
the operations the marno lieu of only twenty
five ships in commission, and hut little in the of build
ing, TO keep with the expenditure fortyonc vessels
ahoat, and 10 build twelve ships OF a small class
strict system of accountability is established, and
great pains taken ensure industry fidelity and eco.
nomy in every department of duty. Experiments have
neen instituted TO test the quality Of various materials par
ucuay "copper" iron, and COAL TO prevent fraud and
imposition.
II will appear by the report of the Postmaster General
that the great point which, for sevea years. has been
much desired, has within the current year been fully
compshed. The expenditures of the Department for the
year have been brought within its income without
lessenng its general usefulness There has been in
of equal S66000 for the year 1912
that of ISL without is believed. any addition having
been made the number of letters and newspapers trans
miici through the mails The Post Office laws have been
administered, aud fidelity has been observed in
counting for and paving by the subornaies OF the
Department, the moneys which have been received For
the details OF the service | refer YOU the report.
la,ter myself that the exhibition thus made of the
don of the public administration will to convince
YOU that every proper attention has been paid the late
OF the country by those who have been called the
heads OF the different Departments The reduction in the
annual expenditures OF the Government already accomp
shed furnishes evidence that economy in the app
cation OF the public moneys Is regarded paramount
duty
At peace with all the world-;he personal liberty of the
citizen sscredy mantncd and his rights secured under po-
cll institutions deriving all their authority from the direct
sanction of the People-with soil fertile almost beyond
example, and country blessed with every diversity OF eli
mate and production what remains be done i'll order
advance the happiness and prosperity of such Pco-
pel Under ordinary circumstances this inquiry could
Oily be answered The best that probably could be done
for specple inhabng such country would be forny
their peace and security IN the prosecution of their
various pursuits, by guarding them against invasion
from without and violence from within. The rest for
the greater part, might be left to their own energy
and enterprise. The chief embarrassments which the
exhibit themselves have arisen overacon and
the most difficult task which remains 20 be accomplished
that OF correcting and overcoming effects Bstween the
year 1893 and 1898 additions made bank capital and
bank issues the form OF designed for circulation,
extent enormously great The question seemed To be- not
how tie best currency could be provided but what
the Of bank paper could be i'll ccua
iJu Thus Of what called mOney-snce,
Tor the time being i answered the purpose OF moneywas
thrown upon the country oveTsaue which attended.
necessary consequence by OF the
prices OF all articles OF property the spread OF speculative
nanis all the country, and has finally ended in
raj indebtedness the part OF and indi viduais,
the prostraon public and private credit depreciation in
the market value OF real and personal estate and has eft
large districts OF country almost entirely without any cEcu
aling medium In view the fact that 1880 the whole
bank circulation within the United States amounted
but S6l $685. according the Treasury statements, and
that sddon had been made thereto Of the
OF SsS00aG0O in years. he circulation on the LIST
January 1887 being stated Sli9 ISIS, s91 aided by the
geatacies afforded in obtaining loans European
ptai>is, who seized with the speculative
which prevailed in the United taesand the large importa-
OF funds from abroad, the result of stock sales and
oansno be surprised the apparent but unsub
siana state OF prosperity which where prevailed
the land; and while little OF surprise should be felt
the present protraon Of every thing, and the ruin which
has beiaen many IF icllowcitzens in the sudden
withdrawal from circulation of large Of bank
Issues since lS31-cNceedng, s believed, the amount
added the paper currency for similar period anecedt
TO lS3-it 10 be OF nsionshneBt that such
extensive shpw reck should have been made of private for
that difficulties should exis, in meeting their
gagements the part OF the debtor Saies Apart from
which, ii there be taken into account the immense Losses
sustained IN the dishonor OF banks, il is less
matter OF surprise that insolvency should have visited
OF icowcitizcns than TINT many should have escaped
the blighting influence of the times
In the solemn conviction these truths and with
dent desire 10 meet the pressing necessities OF the country,
felt 10 be nv duty To he submitted you, the
of your late the plan Exchequc
the whole and duty ofmainainng which, npury and
ygor was 10 he exercised 10y the Representatives of the
People and the States and therefore virtually by the People
Themselves. IL proposed place IL under the
and direction of Treasury Board, consist OF three COM
missioner, whose duty should be that the law ofit-
creation faithfully executed, and that the great end of
supplying paper medium eXchange oil times
De o gold ana SILVER, should be attained The board mus
constituted was gwen ~ much permnnency could be I'M
parted 10 without endangcrng the proper share OF response
bIy which should attach all public In order
all the advantages wematured experience the
commissioners hold their offices for the respectvepe-
RODS o. wo four and years. thereby securing all times
IN the management OF the Exchoquer the services of
Of experience; and, place them in condition ex-
ercsc perfect independence OF mind and action, pro-
'ded that their removal should only Take place for actual
incapscy niideiity the trust, and be followed by
the President with exposition Of the OF such
val, should 1t proposed to establish subOrdi-
nate boards in each Of the States under the restrictions
and limitations Of the power OF removal, which, with the
central board should receive safely keep aud disbur-e the
INN OF exchange the Excheguer should of the
nues OF the Govt exceed $1,000 900 in specie
TO bc set apart rcquredby operations and pay the
public creditor at his option either specie Treasury
notes Of denominations not less than five exceeding
1dred dollars, which should be redeemed the
several places Of sue, and be receivable at all times and
every where iu payment Of Government ducs, with q
stfant upon suc issue Of bills that the should
coed the morinnai Of Sj0O0,0O0. In order to guard
against oil the hazards incident fluctuations trade the
Secretary OF the Treasury inycs ted with authority
issue SJ,DDODOO Of Government stock should the Same at
any time be regarded necessary, IN order to place
beyond hazard the prompt redemption II the bills
which might be thrown into crcuoton; thus in fact
making the issue Of ij0OOOOO Of Exchequcr bills rest
substantially on Sl0,00o,00J and keeping in circulation
than and one-ha dollar for every dollar
IN specie When To this II added that the bills not
only every where receivable Government dues but that
the Government itself would be bound for their ultimate
redemption, rational doubt exist that the paper
which the Exchequer would furnish would readily enter
into general circulation, and be maintained all times at
above par with gold and silver thereby realizing the
great want Of the age ond fulfilling the wishes Of the Poo
pie. In order rcmburo tie Governments the expenses
Of the pan proposed 10 inyest the Exchequer with
ihe limited authority 10 deal In bills Of exchange Cunlcss
prohibited by the State in which agency might be situa.
- nd ret an fair