The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1847-12-23

i IS believed that there are not, in he list
: Of imported articles, any which are more
properly The subject OF war duties than
tea aad coffee.
/, esumaiedlhat 5000 0o0 @oulj be
derived annually BY a moderate duly i'm.
posed m these articles.
Should Congress avail Itself Of this I'd.
diiona source Of revenue not 0uv would
The amount Of the public loan rendered
necessary By the MAR With Mexico he di.
minished to that extent, bot lie public
credit, and the pubic confidence in tie a.
blity and determination of the gosern.
ment % meet all its engagements prompt.
", would be more firmly established, md
The reduced amount Of the lem which II
may be necessary 10 negotiate could pro-
badly be obtained at cheaper rates.
Congress is, therefore, called upon to de.
lermlne whether II IS wiser 70 impose The
war duties recommended, or by emitting
10 do so, increase The pubic debt annual.
ly $4,000 600 SO long a. laaus shah be
CURED 10 prosecute the Var, and after.
words provide, in some other !oIm, 10 pay
malely 10 exlingulsh the prmclpah t. III
addition to hese duties, Congress should
graduate and reduce the ,0Ilce Of such of
The public lands as eXpe leuce has proved
will not command the puce placed upon
them by The government, an additional
income to The treasury Of between half
,imatrraGd million Of dollars, il is cs-
Should both mcasdftlved from this source
OF Congress, the amour; e. The sanction
necessary to be contracted during the 'ccHd4t.
tluuauce Of Tic war would be reduced
near 81 GOO 900. The duties rccommcn.
ded 10 be levied on tea and coffee, it -
proposed shall be limited in their duration
TO he end Of the war, and until tie public
Debt rendered necessary 10 be contracted
by 1t shall lie discharged. The amount
Of the public debt IL be contracted should
be limited to the lowest practicable sum,
snd should be exlinguisbed as early after
The conclusion Of The war as the means Of
the treasury will permit.
With this view, il is recommended that,
as soou as tue war shall be over, all the
surplus IN The treasury. not needed for oih.
er Indispensable objects, shall constitute
sinking fond and be applied to the pur.
chase ofthe funded debt, and that authority
be conferred by law for that purpose.
The act Of the 9Th Of August, ls46, ''lo
establish warehousius system, has been
10 operation more Than y year and has
proved TO be an important auxiliary to The
tatti act Of SAG, in augmcutine The rev.
enue ami extending the commerce Of HE
country. Whilst ii has tended 10 enlarge
commerce, 1t has been beneficial TO our
manufactures, by diminishing forced sales
Al auction Of foreign goods al low prices to
raise the duties 10 be advanced on them.
and by checking fluctuations in the market.
The system. although sanctioned by tie
experience OF other countries, was entire.
y new in the L. States, and is susceptible
OF Improvement IN some ol lis provisions.
The Secretary If the Treasury, upon whom
was deyolyed large Discretionary powers in
carrying this measure into effect, has col.
Iected and is colating he practical results
Of the system in other countries, Where il
has long oeen established, and will report
at an early period Of your session such fur
Their regulations suggested BY the nvesli.
cation as may render il still more effective
and beneficial,
BY The act to "proside for the better or.
ganlzation Of the Treasury, and for the
collection, safe keeping, and disbursement
Of the public revenue, all banks were dis.
continued as fiscal agents Of the Govern.
meni, and the paper currency issued by
them was no longer permitted to be receiv.
ed in payment Of public dues.
The Constitutional Treasury created bv
thrs act went into operation on the LIST of
January last, Under the system establish.
ed by it, the public moneys have been col.
ected, safely kept, and disbursed by the
direct agency Of officers Of the Govern
menl in gold and silver, and transfers OF
large amounts have been made from points
Of disbursement, without loss to the Tlea.
sury, or injury or inconvenience 10 the
trade Of the country.
While the fiscal operations of the Gov.
eminent have been conducted with regular.
lty and ease under this system, II has had
a sanitary effect in checking and prevent
~ uli ul'huN lliti4 ava VI At'N toHCI NQliNue
cy ISSUED by the banks which exist under
State charters. Requiring, as it does, all
dues to the Government to be paid IN gold
and SILVER, lis effect is 10 restrain excessive
issues Of bank paper by the banks dispro.
portioned to the specIe IN their vaults, for
the reason that they are at all times liable
to tie called on By the holders Of their
notes for their redemption, in order to OBJ.
tam specie for the payment Of duties and
other public dues. The banks, therefore,
must keep their business within prudent
limits, and be always in condition 10 meet
such calls, or run the hazard of being com.
PEELED to suspend specie payments, end be
thereby discredued. The amount of spe.
ce imported into the L. States during tho
last fiscal year was 24,l2l, 2S9; of WHICH
. there was retained 10 the country So, 276,.
. 10. Had the former financial system
prevailed, aud the public moneys been
, Dlaced ON deDoSIte IN banks, nearly tho