Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-12-15


deposiIe OF The money in the treasury.
In The same table will be found statement OF
the public deb, OF every description, principal and
interest due by the United States, including loans,
treasury notes. &C., amounting on The Isl Decem-
Der last lo SD, 256, 494 60; vi which Sl7,1S
799 81 was contracted before the AIN March, lS4o,
leaving the whole debt incurred since that dale
81, 4G7, 694 90, embracing S320,O wv Of the Next
can treaty indemnify debt assumed by Congress
al lis last session.
Al the date OF The repeal oil the tariff of 1912
the revenue was declining. The receipts under
il into the treasury were less BY the sum OF Solo-
444 SO during The las, fiscal year terminating on
the 30th June, 1876 than the receipts during The
fiscal year ending on The Both June, lol5.
That this decline was progressive and arose
from the prohibitory character OF the specific du-
lies, is proved by the table hereto annexed mark-
ed g. from which it appears that, Tor the fiscal
year ending 3Oh june, 1874, the excess OF reve-
nue. produced by specific over all valorem duties
was S6l $50, "a, whereas; during the fiscal year
ending Both June, 1915, the al valorem exceeded
The specific duties S. 1859 81; and during the
duties S2663,534 o.. As the specific duties !"
their practical operation were becoming every
day more prohibdory, the revenue under the tarli
Of 1919 must have continued 10 sink So rapidly as
soon 10 have caused a great deficit, even IN time
of peace, and thus have required ultimately re-
sort 10 direct taxes or excuses 10 support The go
yernment.
The duties collected al the ports Of Baltimore,
Philadelphia and New York, during the first hive
DAYS of December 1916, under the new tarIn,
amounted to "a I6 SOP 81 and during The first i've
days of December, l845 under The old Iarif, 10
S2O8, 374 so. This rate oi augmentation IL is cot
supposed will continue; but thai the revenue from
~ NJ OCT y fHN
now, and in my report TO The Senate OF The 10th
July last, al S21 535 73, is for the reasons there
in stated, fully believed
Herewith are transmitted the regulations
(marked H. adopted by this department IN ooedI-
ence 10 tho provisions Of The law OF The 9TH Au-
gns last establishing the constitutional treasury
Il will be perceived, by reference to these instrnc
tons, that this department has proceeded 10 carry
into fall effect the intentions Of Congress in the
enactment OF this law. The rules established IN
relation 10 treasury drafts have rendered II I'M
possible that they can ever be converted INTO cif
culaling medium. The bill, however, is defective
10 some OF its details. No appropriation IS made
by The law for The payment OF Inc salaries OF Inc
assistant ireasufers or Inc addionai saiaries OF
the treasurers Of the mint, nor Tor The coinpensa-
ton OF The examining agents authorized by the
law, and whose services are so necessary under
ils provisions, for the security of the public Go
ney The provision Tor incidental expenses Is
wholly inadequate; The number OF clerks also IS
insufficient to transact the public business under
the provisions Of his law; and il Is thought,
ought 10 be augmented from ten 10 tTen!y-more
than five times The latter number having been re-
ou,ed to transact the same business whcn these
moneys we're kept, transferred, and disoursed by
the banks. No adequate security IS provided by
law for The safety Of The public money IN The
hands Of di,bursing agents; and whist transfers
are required TO b: made from place 10 place, oil
specie, no appropriation is made BY this iwto pay
The expenses Of these transfers, or 10 enable disour
sing agents 10 pay the public creditors AT all times
and places with punclualily and despatch. She
powers Of this depa rtment IN relation 10 that ro;
lion of the pubic moneys which mus he paid on
the other side ot The Atlantic, or IN any foreign
country, through the medium ol agencies existing,
or In be created there AM hv the operation OF iof-
eign bills oi exchange. are not sufficiently dehned
BY law. This authority which experience has
shown 10 be necessary al all lines is new rendered
OF he highest importance ty the payments and us
bursemen,s required 10 be maze in 50 many pol
tions of Inc republic OF Mexico, and many OF
them 50 distant from ans depository. Inc great
object, in these cases, would MOI be 10 circulate
paper among our troops in Mexico, but TO iac'l'
tho attaining and transferring specie there
for circulation, through The operations Of foreign
exchange, on terms highly advantageous 10 The
government. IL being The anxious ces!Te OF this
department, even Tor beneficial purposes. neveTto
exercise any doubtful powers, The propriely Of
some more clear and adequate provisions on This
subject is submitted 10 the enlightened considera
ton Of Congress.
In connection with the amendments proposedio
the bill! organiz ~ the constitutional treasury, iar
the most important wonid b. The establishment u
r ,l.T So ~
al New York, to perform, among lis oher lunc-
tons, The dates appeuaIning 10 depository OF
the public money. During period ol more than
hall century, The mint and branch minis have
had deposited with them about one hundred and
sixteen millions of gold and silver bullion and
csin, no portion of which has ever been lost 10
the Governments and as two-lhirds of our whole
revenue is collected al the CRY Of New York,
branch there would place beyond all hazard the
security OF The publi: money, and al 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 as currency among The people.
Il is necessary that this coin should receive tie
American stamp 10y recoiuage at our own mint,
into eagles, half and quarter eagles in order to
enable it 10 pass into general circulation. When |
we consider The vast amount Of foreign coin that
is brought into he city ui New York through The
operations OF business, as we'll as OF the Custom |
House there, as also by emgrants from abroad !
the Importance of converting II this al once there
into American coin can scarcely be oveT-esti- !
mated II the specie now flowing within our
limits remains in tolelSn coin, II may md It's |
way no into circulation, bul into The vaults oil The
banks, where il might b. made The basis, as often
heretofore, OF bank and paper expansions; and il
50, ruinous fevulsions could no, fail 10 ensue.-
= ic nj IN all he ~
but especially to manufacturers that the
currency should not be redundant or Deprecated |
and excessive imports Of foreign merchandise /
brought as consequence into the country. In !
with The constitutional treasury, a I
branch Of the mint al New York would be most |
useful in converting The foreign into American |
coin, encouraging thereby its circulation among !
he people, instead Of rip!e and quadIuple issues |
VI 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 al
ready paid. BY ireer interchange OF commodi-
lies. The foreign market is opened 10 our asricul-
ural products, our tonnage and commerce are |
rapidly ausmenting, oar exports enlarged and the
price enhanced, exchanges are in our favor, 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. This is not the result oi an infat-
ed currency, but il is an actual increase Of wealth
and business. Whilst agriculture, commerce
and navigation, released from onerous taxes aud
restrictions, are thus improved and invigorated, |
are not depressed. The large pro-
fits of manufacturers may be in some cases some |
what diminished bu, that tfanch of industry, /
now repo>ins more on its own skill and resources,
is still prosperous and progressive. New manu-
factories are being erected Throughout, The country,
and still yield greater profit in most cases, Than
capital invested 10 other pursuits.
Commerce between nations is but an exchange [
Of their respective products, specie Iiquidatipg .
only Inc occasional fucrualing balances and /
cannot long be maintained TO any great ex,en, (
BY SAL for specie only. Thus, iiEneland opens !
her markets TO our products, whilst we exclude .
BY high duties most 0! the fabrics she would sell
in exchange, her specie would rapidly diminish,
and such a commerce would anguish AMI de-
cline. She might still, from necessity, purchase
a portion of ouI products; bul a necessity equal.
ly stern and Irresistible, from exhausted means, |
would soon compel her 10 reduce The purchases
and price, and thus diminish the balance de-
manded from her 10 specie. To maintain, then, |