Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1847-12-18

nous u ootoveo mat thefo 10 not IN the
liz, Of imported articles any which are moro
properly the subjects Of the war duties. 1t 10
estimated thet 9300OO0O would be derived
annually from tax imposed on these articles
Should Congress avail itself Of this addition
al source Of revenue not only would the amour,
Of public loans render it necessary by the war
with Mexico be diminished TO that extent, bu.
the public credit and the public confidence in
tho ability and determination Of the govern-
ment to meet all its engagements promptly,
would be more permanently established, and
the reduced amount Of the loans which tt may
be necessary to negotiate could be obtained at
cheaper rates.
Congress is, therefore, called upon to de-.
termine whether il is wiser to impose the war
duties or by emitting to do so, increase the
public deb, annually $3,ooo,OO0, so long as
loans shall be required 10 prosecute the war,
and Afterwards provide. in some other form, to
pay the semi. annual interest upon it, and ul,i-
unately 10 extingush the principal. If, in ad.
di,ion TO those duties, Congress could graduate
and reduce the price Of such Of the public lands
a. experience has proved will not command
the price placed upon them by government, an
additional annual increase to the treasury Of
between half million and million Of dollars,
il is estimated, would be derived from this
sOuiCos NHOulu UUtu ui0dSuICS ISCCNo tHo
sanction Of Congress, the annual amount Of
public debt necessary 10 be contracted during
the continuance Of the war, would be reduced
millions Of dollars. The duties recommend
ed to be levied on tea aud coffee, should be
limited in their duration TO the end Of the war
and until the public debt rendered necessary
to be contracted by it shall be discharged
The amount Of the public debt 10 be contracted
should be limited to the lowest practicable sum,
and should be extingushed as early after the
conclusion Of the war, as the means Of the
treasury will permit.
With this view, it is recommended that as
soon as the war be over the surplus in The
treasury not needed for other indi spensable
objects, constitute sinking fund to be applied
TO the purchase Of the funded debt, and that
authority be conferred by law for that purpose.
The act of.he 9Th Of August, ls46, to esiab-
lish q warehousng system, has been in opera
ton more than a year, and has proved to DO all
important auxiliary to the tariff act Of 1916, in
augmenting the revenue and extending the
commerce Of the country. Whilst ii has tend
ed 10 enlarge our commerce it has been benef-
cial 10 our manu- fractures by diminishing forced
sales al auction Of foreign goods at low prices,
10 cause the duties 10 be advanced on them. and
by checking fuctuaton in the market. The
system, although sanctioned by the expert nee
OF other countries, was entrsly new ia the U.
States, and is susceptible Of improvements in
some Of It's provisions. The Secretary Of the
treasury, upon whom was devolved large dis
crelionary powers in carrying this measure in
10 effect, is now collecting the practical results
OF the system in other countries, where i has
long been established, and will report at an
early period OF your session such further regu-
lations, suggested by those investigations, as
may render it still more effective and benef-
rial.
BY the act to provide for the better or.
ganizaton Of the treasury and for the col.
lection, safe keeping, and disbursement
Of the public revenues, all banks were dis
continued as the fiscal agents OF the govern.
ment, and paper currency was no longer al
lowed to be received in payment Of public
iues.
The Constitutional Treasury, created by
this act, went into operation on the 4th Of
January last. Under the system establish
ed by it, the public monies have been col.
lected, safely kept, and disbursed by The
direc, agency of the officers Of the govern.
meat, in gold and silver; and transfers oil
large amounts have been made from points
OF collection TO The points Of disbursement
without loss TO the treasury or inconven
fence to the traffic Of the country.
While the fiscal operations of the govern.
ment have been conducted with regularity
and ease, under the system, it has had sal
utary effect in checking an undue imitation
OF the paper currency issued from the banks
which exist under state charters. Requir
ing as it does, all dues to the government to
be paid in gold and silver, its effects is to
restrain excessive issues OF bank paper, dis
proportiOned to the specie in their vaults
for the reason that they are at all times liza
bic TO be called on by holders Of the notes
for their redemption, iD order to obtain spe.
Gle for payment Of duties and other public
dues. The banks therefore, must keep
their business within prudent limits, and be
always in a condition 70 meet such calls, OF
run the hazard Of being compelled to sus
pend specie payments, and be thereby dis
credited.
The amount OF specie imported into the
' United States, during the last fiscal year
was $25, l2l $3.50, Of which there was re-
tanned in the country Se2,276,l7O. Had
the former financial system prevailed, and
.he public money been placed on deposit in
banks, nearly the whole of the amount
would have gone into their vaults, not to be
thrown into circulation by them, but with
held from the hands OF the people, and made
basis OF new and enormous issues OF bank
paper. A large proportion of the specie
imported has been paid into tho treasury
for public dues, and after having beer 10 q