The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-12-06

J, 1919.
convenences and obviaes dangers and expense In the
transmission Of funds to discussing agents reier you
also that report tor the proposed by the Secre
tary to the revenue and particularly to that por
ton OF which relates to the subject OF the warehousng
system which earnestly urged upon Congress al It's last
session. and TO the importance OF which my OPINION has
In view OF this disordered condition ofthe currency at
the time and the high rates exchange between dee
parts Of the country, felt 1t to be incumbent ON me- 10
the consideration OF your predecessors pro-
position conflicting degree with the Constitution or
with the rights tho States and having the sanction not
detail but in principle, OF some oil tue eminent men
,yho had preceded me in the Executive Office pru-
position contemplated the issuing OF reaury notes oil
denominations not less than i've nor more IMAM one nun
bred dollars to be employed in payment oi the ouii-
cations of the Government in lieu oi gold and silver,
at the option OF the public creditor, and 10 an amount
not exceeding 49, 000 It Was proposed to make
them receivable every where and to establish at va
rious points repositories of gold and silver he held
trust Tor the redemption oil such notes 50 As to ensure
their converbility into specie NO doupt was enet-
tanned that such would nave maintained par value
with gold silver thus furnishing paper Gu iency Oh
equal the Union thereby meeting the just ex-
pecat OF the people and fulfilling the dules o laie
tai Government neither the repositories should La per-
mitted to sell purchase bills uder very hed esiic
tons together with all details was snsmted To
the wisdom OF Congress- and was regarded a. oil secondary
Importance. thought then, and tninh now t'a such a
arrangement would have been attenuedw WIZ The h"pPes
results. The whole matter oi the currency ~ouiu lave
been placed where by the Constitution a. dsShed 10
placed under the immediate supei vision anu .oho
been independent oil all corporations, ana e Sane q!
which fcsts INCREASINGLY on the specie currency ana
guards against adueratio, wouid ao Lave leHen On
the paper currency control aud uate ITS Issues anu
protect it against depreciation he saie reasons WINCH
would forbid Congress om parting Win the power over
the coinage would seem to operate with nearly equal
force in regard any substitution or the precious metals
in the form circulating medium Taper Wien suDsu'
tuts for specie constitutes STANDARD oi value b! which
the ope atoms oil society regulated anu whatsoever
Affects society 10 ali extent heay III
quite equal to the adueialon o the com MT eah
nnll lint ~
with bank Of United states apart from the iact that
bank esteemed opnoAous " the puoiic sentimeh
we'll the OF expectancy AS vi consltut"uay
appeared to me To be striking ana obvious LIE ieiie.
which hank would afford by issue oi $40 oVV,UIOo
its notes Judging iron the expei renee vi Tue Id n'
States Bank would not have occurred III less tnan een
years whereas under the proposed arrangement, 'he
relief arising from the issue vi soOooovo vi treasury
notes would nave been consummaed IN one ear Mo'
furnishing fifteenth part VI the time III WHICH
bank could have accomplished It, paper medium VI eA
change equal in amount oi the country
at par value with gold and SILVER he saving " TIE
government would have been equal to all tic interest
which has had to pay on reasu! notes oi
well as subsequent issues the eby renewing the Govern
ment and time ahordns reiie to the people
Under all responsibilities attached to the station Lie
occupy and in redemption OF pledge given o the iast
Congress at the close oil its first session. supmleo inc
suggestion its consideration at two consecutive Sea-
sions The recommendation however, met lth no iaVor
its hands While am Tree to admit that the hscess
ties OF the times have since become greatly ameioraed
and that there good reason to hope that the country
safely and rapidly emerging diicultles ana en-
barrassments which every surrounded in ls4l
yet but think that its restoration TO sound aud
healthy condition would be greatly expedited ny resort
to the expedient in a modified iorm
The operations Treasury now rest on the act oil
1899 and the resolution of 1916 those laws have been
administered prodnce great quantum OF gooo
the country their provisions are capable Oh yeiane
there had any distinct expression oil opinion going
show that public sentiment to the plan either
heretofore recommended to Congress or IN moolheu
FORM while my opinion in regard to 1t wouio 'emaln
to- yout eSpsideraton The eiovernmet a.
with the States and the people for their own psneh'
and advantage and would be snbvesive OF tue iouhoa
ton PRINCIPLES the political edlice which they nave
reared to persevere III which IN theii maui
Judgments they had either epudiated or condemned ne
will of our constituents clearly expressed should De re-
garded as the light guide footsteps the true differ
ence archca aristocratical government
a republic being that in the first the win OF the few
prevails the the many while in the last the
will of the many should be alone consulted
The report the Secretary Of War will bring you
quainted with the condition of that important branch OF
public Tho army n,"y DO regarded, in oOnse.
quence of the small number Of the file in each
| company and regiment, a little more than nucleus
around which to rally the military force OF the country IN
of and yet its services in preserving the peace
In all cases of emergency the reliance Of the coun
try is properly placed the militia Of the several States
and i may well deserve the consideration Of Congress
whether and more perfect organization might not
be introduced looking mainly to the volunteer companies
of the Union for the present and Of easy application to
| the great body Of militia in time OF war.
The expenditures Of the War Department have been
considerably reduced in the years contingencies
however may arise, which would call Tor filling up
| of the regiments with a full complement o. men, anu
make very desirable TO the corps of dragons
which by act Of the last Congress- was directed 10 be
| dissolved.
refer you the accompanying report OF the Secretary
for information in relation to the Navy oil the lnted
Staes while every effort has been and will continue 10 b
made retrench all superfutes and lop oil all excres
cences which IRON time to time may have grown up, yet
has not been regarded as wise or prudent To
any material change in annual appropriations The in.
erests which involved Of TOO important charac.
ter lead to the recommendation Of any other than be
raj policy Adequate appropriations ought to w made to
enable the Executive lit out all the SHIPS that now
of building. that require repairs for sctivs
service in the shortest possible time should any energen
CIV arise which may require it. An efficient Navy nile
is the cheapest OF public defence enlists in liz
support the feelings of pride aud confidence which bril-
liant deeds and heroic vaor have heretofore served to
| strengthen and confirm.
refer you particularly to that part OF the Secretary
Report which has reference to experiments
application osteam and in the OF
ers made under the superin distinguished vi
icers Of the navy. In addition to other manifest improve
nents in the construction OF the steam engine and app
| cation Of the motive power, which has rendered tnen
appropriate the OF ships OF war; OF hos'
ulcers has brought into use power which makes Ill,
steam ship most formidable either for attack or deienc,
| 100 strongly recommend this subject to GU
consideration and do not hesitate to express my entir
| conviction Of its great importance.
call your particular attention also TO that portion
the se,Ietarys report which has reference to the
the late Of Congress which prohibited the trans
Of any balance Of appropriation IRON other heads u
Appropriation TO that Tor building equipment and repair
he repeal OF that prohibition Will enable the department
give ed employ a large class oil workmen
who have been necessarily discharged In consequence
the want oil means TO pay them-a circumstances attenu
Cd especially this OF the year with much priva
lion and suffering
gives me great pain TO announce to YOU the loss
the steam ship he Missouri by IRE in the Bay OF Glib
raltar where she had stopped to renew her supplies
:oa on her voy age to Alexandria with Mr. Cushing til,
american Minister to China. board There is q oun,
Tor high commentator Of the officers men, ior III.
oolness and ntrepdity and perfect submission to disc
ne evinced under the most try ing circumstances sur
rounded BY raging fire, which the utmost exertons
could not subdue aud which threatened momentariy
explosions OF her well supplied magazines, the oicer
n O he mi ed nj.
Ter with aacry Nor she abandoned until the last
CLEAN Of hope Of saving her had expired s well worthy
your consideration whether the losses sustained by
officers and in this unfortunate affair." should not b.
reimbursed to them.
cannot take leave OF this painful subject without adj
verng to the aid rendered upon the OCCASION by the