The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-12-19

enactment 1T this law. The roles established in
relation Ia treasury drafts have rendered il i'm.
possible that they can ever he cunv,ried in,o ,
circulating medium. The hill. however, is de-
trc'ive IN som of its details. M appropriation
Is made by The law ior the payment, dfi the sala.
RES oi the assistant ireasnrers. or the additional
salaries "f the ireasnrers If the mint, nor fr ths
compensation of the examining agents authorized
ny the law. and whose services are so necessary.
under It's provisions. FOR the security rf the public
money. The provision for incidental expenses is
wholly inadequate; the Number of clerks also is
Insufficient To transact The public business undes
The provisions of this law and it is thunph,.
"nyh' tn be augmented from ten tn twenty-mure
ihan hive times the latter number having been &c.
qnlred To transact the same business when these
moneys were kept. transferred. and disbursed nv
The banks. M adequate security is provided by
law i"r the safety al The public money in The
hands of discussing agents; and whilst transfers
are required In be made from place To place. of
specie. no appropriation is made by this law la
pay the expenses Of these transfers, or 10 enabls
dishursins agents Ia pay The public creditors al
all tunes and places with pnnciuaIiiy and des.
patch. The powerS of this department in rela-
ton la that portiun of The public moneys which
must he paid on the other side OF the Atlantic. ar
in any foreign country, through The Medium of
agencies existing. or Ia he created there, and nv
The operation of foreign bills of exchange. are M,
sufficiently defined by law. This authority
which experience has shown to he NECESSARY n,
all times. is now rendered of The highes, import.
ance Ivy The payments and disbursements required
10 he made in so many portions Of the republic nf
Mexico. and many of them, sn distant from any
depository. The great object. IN these eases.
would not he Ia circulate paper among our ,ruops
IN Mexico, but Ia facilitate. the obtaining and
transferring specie there for circulation. thsonub
the operations of foreign exchange, on terms high
" nd 4, n fa an aA,, 80
anxious desire of this department, even for benef.
cial purposes, never TO exercise any doubtful
powers, the %proprieiy of some more clear and adj
eqnaiesprnvisiun IN this subject is submitted 10
the enlightened consideration of Congress.
In connection with the amendments proposed ,o
the bill organizing the constitutional treasury, far
The most Important would he The establishment of
a branch Of the mint of the United States at,he
CITY of New York, 10 perform. among its other
functions. the duties appertaining To a depository
OF the public money, During a period Of more
Than half a GENTRY. the mint and branch minis
nave had deposited with them about one hundred
and sixteen millions of gold and silver bullion and
coin. no portion Of which has ever been lbs, to
the government and as twu-thirds of our whole
revenue is collected al the city 0f New York. a
branch there would place beyond all hazard the
security of the public money. and a, The same time
greatly enlarge The circulation of gold and silver.
For the reasons stated in my last annual report.
foreign gold coin will moi, 10 any extent, circulate
asa currency among the people.
IL is necessary that this coin should receive the
American stamp, by recninage at our own mint.
into eagles, half and quarter eagles. in order to
enable 1t Ia pass into general circulation. When
we consider the vast amount of foreign coin that
is brought into the city of New York through the
operations of business, as well as of The custom
house there, as also by emigrants from abroad The
I Importance of converting all this at once there into
American coin can scarcely he over estimated. IF
the specie now flowing within our limits remains
in foreign coin, ii may find lis way, not into cir.
cnlatI"n, but into the vaults Of the banks. where it
might be made the basis, as often heretofore. of
bank and pa per ey pansions and if so, ruinous re-
vniSldns could not fail Ia enSue. IL is important to
all The great interests of the country. but especially
10 manufacturers, that the currency should not be
redundant or deprecated, and excessive imporlsof
foreign merchandise brought as a consequences into
the country. In conneyion with the constitution
al treasury, a branch of The mint at New York
would he most useful in converting the foreign
INTO American coin, encouraging thereby It's circu.
iati0n among the people, instead of triple and quad
ripple issies Of bank paper.
We are beginning 10 realize the benefits of the
new tariff. many imports having been warehoused
IN anticipation OF the new duties, and some already
paid. BY freer interchange of commodities, the
foreign market is opened to our agricultural pro-
dncts' our tonnage and commerce are rapidly ang-
menting, our exports enlarged and the price en-
HANGED, exchanges are ia nnr f vor, and specie is
flowing within our limits. The country was never
more prosperous. and we have never enjoyed such
large and profitable markets for all our products
| his Is not the result Of an inflated currency, but
is an actual increase Of wealth and business
whilst agriculture. ommerce, and navigation re.
leased from onerons taxes and restrictions, are thus
improved and invigorated manufacturers may he in
some cases somewhat diminished but that branch
oil Industry, now reposing more on Its OWN skill and
resources, is still prosperous and progressive. New
manufactures are being erected throughout the
country. and still yield a greater profit, in most
cases. than capital invested in other pursuits.
Commerce between nations is but an exchange
"tiheir respective products, specie liquidaling only
the occasional fucluatinQ balances, and cannul long
he maintained lu any great extent by sales for spe-
Gle only. Thus, If England opens her markets
TO our products, whilst we exclude by bivb duties
most of the fabrics she wonlJ sell in exchange,
her specie would rapidly diminish, and such a
mmer would anguish and decline. She might
sun, from necessity, %p0fchase a portion Of our pro.
ducts but a necessity, equally stern and irresisli.
ole. from exhausted means. would soon compel her
10 reduce the purchases and price, and thus dimin.
isi' The balance demanded from her In spe lie. To
maintain, Then. permanently \ profitable commerce
with England, the barriers must be broken down
nn both sidPs-heT corn laws repealed. and or
dulles reduced, so as to permit an exchange other
fabrics for Our products. With high duties on oUr
part, we could realize but little permanent adyan.
tage from The repeal Of her corn laws. Such high
duties would continue in force, as against our far
mers. the British cora laws, nearly as efTectually
as though they had never been repealed. Before
the repeal IF those laws, the advocates Of oar pro.
tecIIve pulley conceded that, if Eogland would
open her markets for our breadstufs and provis.
ions. we should receive her fabrics in EXCHANGE
Now her markets are thus opened to these pro-
ducts; and the friends Of protective tariff, aban-
donIng their former position, would still arrest by
high duties The exchange Of English fabrics for our