Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1845-12-11

sHideace that Il was not intended 10 he perma-
eat. anil OF the expedeucy aud necessity Of
thorough revision.
In recommending TO Congress q reduction of the
present rates of duty, and a revision and modhca-
ZION of the act of 1912, | am far from entertaining
opinions uniriendly to the manufacturers. On the
contrary, desire to see them prosperous, as far
as they can be so, without imposing unequal bur
dens other interests. The advantage under
any system of indirect taxation, even within the
revenue standard n,ust be in favor OF the manu-
featuring interest; and of this no other interest
will complain.
recommend to Congress the abolition of the
minimum principle, assumed, arbitrary and
false values, and of specific duties, and the SUBJ
Stituton in their place of cd palore duties as the
fairest and most equitable indirect tax which can
be imposed. BY the ad uaiorem principle, all az
tcles are taxed according to their cost or value,
and those which are Of inferior quality, Of small
cost bear oniy the just proportion of the tax with
those which are ot sa,erler asay or greater cost.
The articles consumed by all taxed at the
same rate. system of ad cstorer revenue du-
Ties, with proper DETERMINATIONS and proper guards
against frauds in collecting them, it is not doubt
ed, will afford ample incidental advantages to the
manufacturers and enable them to derive great
profit as can be derived from any other regular
business
Ii is believed that such system, strictly with
in the revenue standard, will place the manufactu-
ring interests a stable footing, and inure to
their permanent advantage; while it will. near
ly may be practicable, extend to all the great
interests of the country the incidental protection
which can he afforded by revenue laws
Such a system, when once firmly established,
would be permanent and not be subject TO the
constant complaints agitstionS, and changes which
must ever occur when duties not laid for rev.
enue, but for the protection merely" of favored
interest.
In the deliberations Of Congress on this subject
it is hoped that spirit of mutual concession and
compromise between conflicting interests may pre-
vail and that the result of their labors may be
crowned with the happiest consequences.
BY the Constitution of the United States it is
provided, that no money shall be drawn from the
treasury but in consequence of appropriations
made by law" public treasury was undoubted-
ly contemplated and intended TO be created, in
which the public money should be kept from the
period of collection until needed for public uses.
In the collection and disbursement of the public
money agencies have been employed by law,
except such were appointed by the Govern
ment, directly responsible it, and under its
troll.
The safe-k keeping of the public money should he
confded 10 public treasury created by law, and
under like responsibility and control. 1t not to
be imagined that the trainers Of the Constitution
could have intended that a treasury should be Gre
aed place of deposite and safe keeping of the
public money which was irresponsible TO the Co.
vernment. The first Congress under the Consti-
tuition, bv the act of the ID September. 1889 "to
establish the Treasury Department" provided for
the appointment of treasurer, and made it his
duty 10 receive and keep the moneys of the Uni
ted States" and T" al all times to submit to the
Secretary OF the Treasury and the Comptroller, or
either of them, the inspection of the moneys in his
hands"
That banks, national or state, could not have
been Intended to be used a substitute for the
treasury spoken of in the constitution, as keepers
OF the public money! is manifest from the fact, that
at that time there was no national bank, and but
three or four State banks of limited capital exist
ed In the country. Their employment as depos-
tories at first resored to- TO limited extent,
but with no avowed intention of continuing them
permanently, in place Of the treasury of the con-
stituion. When they were afterwards from time
10 time employed, ii was from motives of supposed
convenience. ss.
Our experience has shown that when banking
corporations have been the keepers of the public
money, and been thereby made in effect the treas
ury, the government can have no guaranty that it
can command the use Of its own money for public
purposes. The late Bank of the United States
proved to be faithless The State Banks which
were afterwards employed, were faithless But a
few years ago, with millions of public money in
their keeping, the Government was brought almost
10 bankruptcy, and the public credit seriously i'm
paired, because OF their inability indisposition
10 pay, on demand, 10 the public creditors, in the
only currency recognized by the Constitution
Their failure occurred in period Of peace, and
great inconvenience and loss were suffered by the
public from it. Had the country been involved in
a foreign war. that Inconvenience and loss would
have been much greater, and might have resulted
in extreme public calamity
The public money should not be mingled with
the private funds of banks or individuals, or be
used for private purposes. When it is placed in
banks for safe-keeping it is in effect loaned to
them without interest and is loaned by them upon
interest to the borrowers from them. The public
money is converted into banking capital, and is
used and loaned out for the private profit Of bank
stockholders; and when called for, (as was the
in 1877 ii may be in the pockets of the bor-
rowers from the banks, instead of being in the
public treasury contemplated by the constitution.
The trainers of the constitution could never have
intended that the money paid into the treasury
should be thus converted to private use, and placed
beyond the control of the government.
Banks which hold the public money often
tempted, 10y desire of gain, to extend their loans,
increase their circulation, and thus stimulate, if
not produce spirit of speculation and extrava-
gance, which sooner or later must result in ruin to
thousands. If the public money be not permitted