Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-12-14

proper attention has been paid to the interests
of the country by those who have been called
10 the heads of the different Departments.
The reduction in the annual expenditures OF
the Government already accomplished, fur
nishes a sure evidence that economy in the ap
plication of the public moneys, is regarded as
a paramount duty.
Atpeace with all the world-the personal
liberty of the citizens sacredly maintained, and
his rights secured under political institutions
deriving all their authority from the direct
sanction of the people-with soil fertile al
most beyond example; and country blessed
with every diversity OF climate and produc-
ton, what remains to be done in order to ad-
vance the happ ness and prosperity of such a
peoplel Under ordinary circumstances this
enquiry could readily be answered. The best
that probably could be done for people m
habiting such a country. would be to tortlfy
their peace aud 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 enter
prise. The chief embarrassments which at
the moment exhibit themselves. have arisen
from over action; and the most difficult task
which remains to be accomplished, is that of
correcting and overcoming its effects. Be-
tween the year 1885 and 1888, additions were
made TO bank capital and bank issues, in the
form of notes designed for circulation, to an
extent enormously great The question SEEM
ed to be, not how the best currency could be
provided, but in wha' manner the greatest
amount of bank paper could be put in circu-
lation. Thus vast amount of what was cal
led monev-since, for the time being, 1t an
swered the purposes Of n6oney-was thrown
upon the country; an over issue which was at
tended, as Il necessary consequence, by an ex-
travagant increase OF the prices OF all articles
of properly, the spread of speculative mania
all over the country, and has finally ended in
general indebtedness on the part of States and
individuals, the nrostration of public and pri-
vate credit, depr citation IN the market value
Of real and personal estate, and has left large
districts of country almost entirely without any
circulating medium. In view of the fact that,
in 1880, the whole bank note circulation with
in the United States amounted 20 but SOL ,323.
9o8, according TO the Treasury statements
and that an addition had been made thereto of
the enormous sum of SS8, 600, COO in z years.
(the circulation on the frs, January, 1887, be-
ing stated at STAG, l85, ,S90,) aided by the great
faciltics afforded in obtaining loans from Eu-
rupeau capitalists. who were seized with the
same speculative mania which prevailed in
the United States-Snd the large imporrations
and lusnS-no one can DC surprised at the ap
parent but unsubstantial state of prosperity
which every where prevailed over the land;
;ni while little cause OF surprise should be felt
at the present prostration OF every thing, and
the ruin which has befallen so many Of our
fe.loW citizens in the sudden withdrawal from
Circulation of SO large an amount of bank is
sizes, since l8S7-exceedng, as is believed,
th: amount added 20 the paper currency for
81 altar period antecedent to 1887, it ceases to
be matter of astonishment that such exten>
si'e sbipwreck should have been made of pri-
Nore fortunes, or that difficulties should exist
IN meeting their engagements on the part OF
Ihe debtor States.-Apart from which, if there
be taken into account the immense losses sus-
tanned ir the dishonor of numerous banks, it is
les. matter ofsurprise that insolvency should
have visited many of our fellow citizens, than
thar ST. many should have escaped the blight
iiig iBfnences of the times.
Ia the solemn conviction of these truths
AM with an ardent desire to meet the pressing
n,trs>iivs of the country, I felt it to be my du-
" 20 CsuSc TO be submitted to you, at The COM
uenccment OF your late session, the plan of an
ENchrquer,the whole power and duty of MAIN
tanning which, iRpurIty and vigor, was to lie
cArrcIsed by the Representatives of the peo.
pie nnd the States, and, therefore, virtually
b. th. people themselves. 1t was proposed to
pace il under the control and direction of
1IrasLry Board, to consist of three Commits
sin,rrs, whose duty it should be to see that
the law of its creation was faithfully executed,
and that the great end of supplying paper
ne,.ium of exchange at all times convertible
iptn gold and silver, should be attained-The
BaId thus constituted, was given as much
prrmauency as could be impaired to it, with
tut endangering the proper share of RESPONSE
biiI,y which should attach to all public agents
In rider TO ensure all the advantages of
~,li-mzlured experience, the Commissioners
Nt-e TO hold their Offices FOR the respective
periods Of two, four and six years, thereby Sc
tu'ing a; all times in the management of the
Exch, quer. the services Of two men oi expert
t"oe; aud to place them in a condition to ex-
trcise perfect independence Of miEd and ac-
,ian,it was provided that their removal should
tilt take place for actual incapacity or inf
csiHy to the trust, and TO be followed by the
President with an e. position of the causes of
such removal, should il occur. II was propo.
srd to establish subordinate boards in each of
The States, under the same restrictions and linn
stations Of the power of removal, which with
the central board, should receive, safely keep,
and disburse the public moneys; and in order
to furnish SQUAD paper medium of exchange,
the Exchequer should retain of the revenues
al the Government sum not to exceed SIS, ,0o0,.
Coo In specie, to be SET apart AS required by