Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-10-17
A RETROS ECT.

some fresh evidence of the distressing embarrass-
ment which the Government experiences in carry
ing on the public business under the Locoioco sys-
tenn of finance, we cannot but look back to that
period Of our history which just preceded the ad-
vent of Jacksonsm, of experiments, and the sys-
tenn of discarding the tried for the unknown and
visionary; that period of our history in which the
Government was administered with economy regu-
larlty, and probity when the public credit was
untarnshed; when Government securities, instead of
being hawked about the country for buyers, were
eagerly sought; when the public funds were every
where available and every where safe; when the
Secretary of the Treasury, unembarrassed by Sub
treasures or Subtreasurers, could, as if by the
wand of enchantment, cause TO be transmitted TO
the most distant points, instantly, by single
word without risk, and without the cost of a
penny, any amount of millions which the public
service might require; we cannot, we say but
look back to this halcyon era of our history, the
Federal era the Union would call it, and contrast
it with the present distracted condition of affairs
in which Democratic experiments have nearly
brought the whole Governmental machine to stand
still. This contrast between the past and present
has been brought more forcibly TO mind at this mo-
ment by finding in the number of the Bankers
Magazine for the present month some extracts from
one of Mr., Secretary RusHs annual Reports to
Congress during the Administration of Mr. ADAMS,
and which, for the sake of the lesson that they
read to our rulers respecting their Free-Trade and
Subtreasury systems, we place in our columns.
While they may be new to many of our younger
readers, the sound doctrines that they inculcate
will refresh many to whom they are not strange.
Ertracts from the Report Of The Hon. Rchard Rush, 10
Congress- December g. 1928.
The increased consumption of foreign articles in the United
States during the last four years, compared with the four
that preceded, may is believed, be ascribed in ncon-
siderable degree, the advances which home labor has been
Making various ways the country since 1924. The
creation and subdivision of home labor bring wealth
this country they have other countries and with
it increased ability to buy articles of all kinds The
ports from this Department within these four years. have
specly but earnestly urged upon Congress the xpedency
fostering manufacturing labor under the conviction deeply
entertained that in lis is largely be found the true
groundwork of financial power 1t will ultimately unfold
the of providing for the public wants, when
war, other external events be controlled may abdge
foreign How difficult it has been heretofore OBJ
any efficient supplies OF from of internal
industry and wealth. when such vicssudes have happened
the financial history of the country in times past sufficiently
makes known, impartng admonon for the future The De-
partment has less srenuousy ncncaed the policy of
portant amendments commercial code, by lowering the
duties upon foreign articles that indicated especially
teas by removing the shackes which bind down the mer-
chant in his trade of reexpoaon and by liberal
of the warehousng system which, with the abolition of all
transit duties might and tend TO bring the poduc
tons Of all parts of the world into depose ports thence
to be distributed, and principally by Ships wherever
markets might invite them It believed that with the
establishment of manufactures home, foreign commerce
would ultimately expand but be believed that
The latter will get to its full height in the United States
until aided by the laws IN the ways recommended The
chant. Ike The 'aqn4aet'ver requires, al proper juncves
the helping hand Of Congress, and may suffer oitom IT,
Hence has been The object as cas The duty, Of tie De
pqrtme, to inroke Legislature faror FIR both these great in
trests, under the behefha they aouri&t most nhen they
flourish together that in proportion both flourish, in
junction with agriculture Che nvariabe feeder of both is
the public treasury likely to be kept full and that all
plans of finance that do not take the cooperating prosperity
Of these three primary interests OF the State their ounda
ton, prove fallacious shortved. Such the
counses of departed statesman whose peculiarly lives
in the records of this Department who first placed
head directing its operations with forecast luminous as
still to throw guiding light the path Of his
His comprehensive genius looking into fuury, and embra
cling in its survey all the interests that go make up the full
strength and riches of great empire the TRUTH in
OF confederation Ivy experience that the pro-
lection and increase of manufacturing labor far from stopping
the springs Of commercial power would but multiply and
dfiuse them.
All moneys have been paid at the time and at the place
where they required be paid and to the persons en
tied TO receive them This capacity the treasury apply
the public funds at the proper moment every part of
try of such wide extent has been essentially augmented by
the Bank of the United States The Department feels OBJ
legation of duty to bear its testimony founded
perlence during the term in question, the useful instrument
tally OF this institution, all the most mporan fiscal OPERA
tons Of the nation. In faithful obedience the conditions
Of its chatter and aided by its branches afforded the ne
cessa facilities for transferring the public moneys from place
place, concentrating them the point required In this
all payments account Of the public debt whether
for interest principal account Of pensions all for the
civil list for the army for the navy for whatever other pu
poses wanted any part Of the Union have been puncuay
met The bank also the depository, with its branches for
the public moneys from whatever Of received
aiding, too, their collection, thereby giving safety the
keeping, well prompudG and certainty the dsburse
ment of the public II receives the paper of the
State banks paid public in the INTERIOR well as
elsewhere and by placing the credit the United States
cash. renders available wherever the public service may
require BY this enjolned by charter
1t wdens the field of business and usefulness the State
banks Such Also the confidence reposed in the stock o
the Bank OF the United States that medium OF
remittance abroad satisfaction debts due from our cit
to those OF other countries which otherwise would make
call upon the speceof the country for their discharge Nor
are these all the Of this institution which the Govern
ment participates II is the preservation of good currency
that alone mpar stability 10 property and prevent those
fluctuations in its value, huul alike individual and TO ma
ona wealth This advantage the bank has secured to the
community by combining within prudent limits is issues Of
paper whereby restraint has been imposed upon excessive
impoations, which thus kept within the wants
and capacity Of the country Sometimes (udiciousIy vary
ing its course enages its issues to relieve scarcity un
der the disastrous spcculatons of 1925 The State banks
following controlled by general example have shaped
their policy towards the sautary ends adding fresh de-
monstraons the truth that under the mixed jurisdiction