Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-12-15


Tn" supply of The nr, would ic inor,
abundanily aud certainly lurl isl,.d whom 4
b. draws srnn the rnrr~i>r aud ne luGns
trv "f the proprletor, iksn ucdes ,hc rresen
system
The tccommr ndaiipn ot the Secretary II
regard to The improvements of the WrslrrI
wnlers and certain prnm,nrni harbors nn ih'
lnkes, mort, aud | rmbi M, viii receive
yonr serious aucnliur. The great inpor
,ance uf these subjects io the prosperity u
the extensive t"gina referred I" and Tie
srcnrry Ut the whole country ~ tine w war
rnnno, escape observation, The 'o.srs uI
life and property whrh annually occnr IL
The navigation uf thn N,s.,s-,ppi alone, he
cause ri the dangerous uh-,mc,,ons in M,
river nuke imd demand upon Conyrcs-
fnr The ndop,ion uf ,hcicnt measures ior
,hrir fc'nnvnh
II wiz appear by me rrprrt of The Post
master Srnrtal ,hn The great point which
Tor several years has hren so much desired
has, Jnrinr itr current year been fully ac.
tpmphshsd, The expenditures Of the Dc-
pnrlmrm, for the currcn, year have beer
hr,ught within lis income without Icksrninc
ns general usefulness. There has becn AZ
increase Of revenue equal TO 81 $1,000 ior
III" year 1872 over iha, Of fe4i, without. n
~ Is believed, any addition having been made
10 the nnnber Of lrucrs and newspapers
transmitted ihrongh The mails. The Post
Office laws have bccn honestly administered
Hnd ff|clny has been observed III accounting
TOR, and paying over by the subordinaics o,
The Department, the moneys which have been
received. For the details Of the service,
refer you To the report.
! hatter myself that the exhibition thus
made Of The condition Of The pnblic admins
iraiion will serve 10 convince you that every
proper attention has been paid 10 the interests
"i The cnun,ry by those who have beer called
I" The heads of The different DcparlDrnis.-
The reduction IN the annual expenditures OF
IN" Government already accomplished, fur.
nishcs sure evidence that economy IN tho
application Of The public moneys, is regarded
"a paramount duty
At peace with all the world, the personal
liberty of The citizens sacrcdly maintained.
aud his rights secured under political insiItu.
iions deriving nl their authority from the
direct sanction of the p"uplc--with n soil fer
tile almost beyond example aud country
blessed with every diversity of climate and
production. wha, rrIunIns To be done in order
I" advance Tho happiness and prosperity of
such people? Under ordinary circumstan.
r"s This inquiry could readily bc answered.
The hes, that probably could be done for n
people inhnbi,ing such a country, would be
io hrtIfy their peace and security in the
prosecution of their various pursuits bv
guarding them agains; Invasion from without,
aud violence from within. Tho rest, Tor the
great ter part, nigh, be Jeff 10 their own cner-
gv aud enterprise. The chief cmbnrrass-
mcnis which NJ the moment exhibit them.
s'Iv"s have arisen from over-ncilon; and the
most difficult task which remains 10 be ac.
r"mplish"d. is that "f correcting aud over
cunning us effects. Between the wears IS3}
ard lS:}S additions were made 10 bank cap
ital aud bank issues, IN the form Of notes
designed for circulation, To an extent enor
mnu,ly great.
The question seemed To bc, not how the
best currency could be provided but in what
mannrr The greatest nmonni oi bank paper
could be- put IN circnlHiinn Thus a vast
ariuunt ot what was called money-sircc,
TOR the tine being. u answered the purposes
ut money-waS thrown upon The country an /
over issue which was attended as necessary
consequence. by an exiravngant increase oi
The prices of all articles Of property the I
spread of speculative mania al! over the .
country. and has finally ended ~ n general
ind'' ''bl, du"ss on the part of States and in.
dvdnnls the prnslra,ion of public and private
credit, depreciation IN the market valGe ni /
real and personal estate, ana has left large .
districts of country almost entirely without .
any circulating medium. IN view of the fact \
That. IN 1870, the whole bank note crcula-
ion within the United States amounted to
but S6l ,:'2} S)S. according to the Treasury
and that an addition had hecu +,
made thereto, of the enormous sum Of SSS,.
300 900 IN seven wears. (ihe circulation on
"a" first January, 1887, being stated OF l46-
iSSBi0l aided by The great facilities afforded
~ ubIgjning loans from European capitalists, |
who we're sc IZcd with the same speculative
mania Which prevailed IN the United States
and ibe lpyge lmDortailons of funds from
abroad tic result uf stock sales aud loans
no on" eau be- surprised at the apparent, but
unsubslanilal state Of prosperity which every
where prevailed over the land; and while .
little cause Of surprise should he felt nj the
present pros,railon of every thing. and the .
ruln which has bptallCn so many of our fellow .
cilIzeDs in The Sudden Withdrawal from cur
cuiai,on pf so large an amount OF bank issues,
since lS:H exceeding, as Is believed the
arnonnt added TO The paper currency for a
similar period anicccdrnt to IsaI. II censrs
10 be u matter uf astonlshmenl that such cy
ienslve shlpwrCck should have been of private
fortunes, or TINT dItiicDlIes should exist in
meeting their engagements on the part Of the .
d. biur States.
Apart from which, If there be taken into H
pccnunt the immense losscss sustained IN the ,
4 a,si,ouor oi humorous banks, It is less n mat
ter Of surprise that Insolvency should have
visited many Of our fellow citizens, than that
no many should have escaped the blghlng
Influences of The times. Il
In the solemn CONVICTION Of these truths,
aud With an ardent desire to meet the prCs- I
sing necessities of the country, felt II To be
my duty TO cause to be submitted To you. at
the CONNIE ncement OF your late session, the /
plan Of an Exchequer, the whole power aud
duty Of maintolnlng which, in purity and
vipor, Yrs to BE- exercised by the Represen-
lalivcs OF ibe People aud the States, and,
virtually by the People themselves.
II was proposed to place 1t under the control
B nd direction of Treasury Board, to consist
VI three commissioners, whose duty II should
be To see that the law OF its creation was
faithfully executed, and that the great end
II supplying paper medium o: exchange, at
III tunes convertible into gold and silver,
hoult be attained. The Board thus con-
ithuied, ~ss giy"n rs much permaDency as {
.ouli he Impnued io II, without endangerlng {