Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1845-12-19

carried hrougn our ports TO Canaaa u
shown, and an extension of the system re
commended, so as to permit the exPorta
ton Of Canada goods in transit through GU
own ports to foreign countries. A reduc
ton and graduation of the price of public
lands unsaleable at present rates, in favol
of settlers and cultivators, is recommended
as one of the means of increasing the rev
enue. Il is shown that such reduction o
the price in favor of the settlers would In
crease the wages of labor.
The Secretary recommends the estab.
Iislsment of constitutional treasury, desli.
tute of power TO make loans or discounts,
DR. to issue any paper, but to be confined
exclusively to the use of gold and silver
and in connection with this, he suggests
the location OF branch Of the mint at New
York, as place of safe keeping for the
very large amount of revenue collected
there. 1t would also serve to increase the
coinage by the re-coining Of foreign gold
and silver, large quantities Of which are
brought into that city by immigrants and
otherwise, and also paid for duties and con-
shutting considerable portion of the rev.
enue. The foreign coins do not circulate
in the way of business, but if thus passed
through the mint, they would go to swell
the amount of federal coin, or constitutions
al currency in circulation, and reduce the
amount OF paper. A considerable amount
Of foreign gold coin has. during the pres
ent year, under the directions of this de.
Partment, been converted into American
gold coin; but the process would be much
more rapid if aided by the organization of
the constitutional treasury, and the estab-
lIshment of branch Of the mint at the
great commercial emporium of the Union.
With the mint and the branch minis as de-
Posltorles, the sum remaining in the hands
OF other receivers of public monies, wheth-
or OF lands or customs, would be inconsid-
cradle, and the government could be read-
ly protected from all losses of such sums
by adequate bonds, and the power, by law,
TO convict and punish as criminal all who
embezzle the public monies. 1t is believ-
ed under such system, that no defaults
would take place, and that the public mo-
mes would De safely kept and dIsbursed in
gold and silver.
The Secretary then proceeds thus: This
government is made by the constitution,
the guardian of special currency. That
currency can only be coined, and its value
regulated, by this government. 1t is one
OF the first duties TO supply such curren-
cy, by an efficient mint, and by general
regulations of the coinage; but in vain will
1t attempt to perform that duty, if. when
coin is made or regulated in value, this
government dispenses with its use, and
expels it from circulation, or drives it Out
oil the country, by substituting the paper off
banks IN all the transactions oil the govern
ment.
There is nothing which will advance so
surely the prosperity of the country, as an
adequate supply ofspecie, dfIused through
out every portion of the Union, and con-
shutting, TO great extent, the ordinary
circulation every where among the people
1t Is currency that will never break nor
fail; it will neither expand nor contract BE-
You'd The legitimate business of the coun-
try; 1t Will lead to no extravagant specula-
tons at one time, to be followed by certain
depression at another; nor will labor ever
be robbed of lis reward by the depreciation
OF such currency. There is no danger that
we shall have too much gold and silver in
actual ejaculation, or too small an amount
oil bank paper. or that any injury ever will
be inflicted upon the business of the coun-
try by dlminution Of the circulation of,
the paper of banks, and the substitution in
Its place, to that extent, of gold and silver.
Even their most ardent advocates must adj.
nit that banks are subec to periodical ex-
pansIons and contractions, and that this
evil would be increased by giving them
the funds of the government 10 loan, and
oy receiving and disbursing nothing but ,
their paper. II
1t is believed that the permanent inter- i
est OF every class Of the people will be adj
Vanced by the establishment of the consti-
mtlOnal treasury, and that the manufactu-
rers especially will derive great benefits
from It's adoption. 1t will give stability to
all their operations, and insure them, to a
great extent, against those fluctuations, ex- {
Panslons, and contractions of the currency
so PreJudicial to their interests. By guard
ing against mutations Of the currency, it
will have tendency to check periodical
excuses of foreign importations purchased {
In lactupon credit; while loans from banks. :
ordangerous engagements of.heir business. i.
and excessive issues of their paper, will be
greatly diminished. Whilst sound and c
stable currency guards the manufactures a. I
galnst excessive importations from abroad. 7