Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1847-12-13
.ronmont, nm additional annual increase
.s,,v of between half a million

million Of dollars. It - estimated
a"1 III bc derived from this source. Should
- rooas,,rcs receive tho sanction of Con
80 The annual amount of pubic debt
s.,.,ry TO be contracted, during tho con-
s,,nce of tho war, would DO reduced
~. n,,lions of dollars Tho duties re-
.,,ponded to b. levied on ten md coli 30
.Io,lI he limited, in their duration, to :hc
sod Of tho war. and until tho public debt
sa,dsred necessary to be contracted by il
.t.u ma discharged Tho amount Of tho
snblic deb, 10 3c contracted should be linn
I,od 70 the lowest practicable sum, and
.,oad be extingGishcd rs carly after the
conclusion Of tho war as the means OF tho
treasury will permit.
With this view II i. recomm1n Id that,
;. soo1 as the war shall DO over. the sur
ms 10 the treasury not hooded tor other
Indispensable objects, shall constitute q
sinking fund, md BE- applied to tho pur-
chase Of tho fund ID dnb.. aud that author
iy bo conferred By law for tia. purpose.
Tho act Of 9th Of August. !, 10. 10 rs
t,blsh n w1rehousIng system, has boon IN
oporation more than yo7r, and has proved
TO be an important auxiliary to the tartif
act Of $40, in nugmcnting tho rcvonac.
and extending tho commerce OF the com
try. Wbils, II has tended 10 enlarge our
commerce.. il has boon beneficial - our
manufacturers. by Diminishing forced s1lns
At auction Of foreign goods nj low prices,
IN raise tho duties TO DO advanced on them,
and by checking hIctl1lipn7 in tho mar
ket. Tho system, although sanctioned by
the exooriea &C Of other countries. was on
,irely new in the United S,dtcs, md - sus-
ceptibe of improvements IN some al It's
provisions. The Secretary of the Tons
ury, upon whom was dcvo'vcd inrgo as
cretIonary powers IN carrying thus meas
uro into oaact. is now collecting the prac-
teal results of tho system IN othor coun-
tries, where IT has long been established.
ami will report, nj an early period of your
session such further regulations. suggested
by these Investigations, as may render It
still more c.fectual and beneficial.
BY the act to provide for tho better or
yanza,ion Of tho treasury, and for tho col
lection, safe keeping. and disbursnm II; Of
tho public revenues, ali banks wcrc DIS
continued as the fiscal na.nts of tho gov
crnmnnt, and prpar currency was no l'n-
ger aiio we'd to DO received III payment Of
public dues.
Tho ondi.u.ion1l Treasury created by
this act, went INTO ~; grafton on tho fourth
of January lost. liuIar The systcm cstab-
lishcd ' IT the public nnuc,'a havo been
collected, safely kept. aud DISPERSED by
tho direct ngoncy Of the Off :crs oi the
government, III gold and silver; and tran,
fors Of largo amounts havo been mrdo from
points Of collection to the points of dis-
burscmcnts, without loss 10 tho treasury.
country.
While the fiscal ope fatdns Of the Government
have been conducted with regularity and ease,
m Ter this system, IT has had saltitury effect III
checking an undue inf ,tion of the paper curlen-
issued from the banks which EXIT unIer STATE
charters. Requiring. as Il does, all dues to the
Government, TO be pad IN gold and silver, its ef
feet - 10 restrain exclusive issues of bank paper,
dsproportioned 10 the specie in their vaults, for
The reason that they at All times liable to he
ci'iei on, by the holders Of the notes for their
redemption IN order 10 obtain specie for pay
meat of dnties, anl other rublic dues. The
banks, therefore, must keep their business within
pru irnt limits, AMI be always in conuitIon 10
meet sach calls, or run The hazard Of being com
PEELED u suspend specie payment, and be thereby
disrrcdird.
The amount Of specie imported into the United
states during tn. last fiscal wear was ( Dbl
2S9 at which there retained III the country
S2a2iGl70. Had the former financial system
prevail, H. aud the public money been placed on
deposttr ~ the hanks, nearly the whole of tins |
amount would have gone into their wants, not
10 b" thrown into circulation by them, but with
heid from the hands of the proPlr, AMI made 4
basis at new aud enormous issues OF bank paper. +
large proportion OF the specie Imported has
been paid into the Treasury for public dues; anI
after having been, to a great extent, rrcourd At
the mint. has been paid out to the public crcIi-
tors, aud gone Into circulation, as currency
among The people. The amount of gold and
SILVER coined, AMI now in circulation IN the coun-
Try. Us larger than at any former period.
The financial system established by the con-
stiu;lnnal treasury his, thus far. been cnInrHtly
successful II It's operation; and rrcomnrni an
lhercnra To all its essential provisions. ana I
recnliy to that vtttl provision which fully sepa-
rates III" government from all connection w,th .
banks, ana excludes bank paper from all revenue
received.
In some Of IT'S details, not involving its grncr-
al principles, the system Is defective. aud will re-
aairc modification These defects and such
amendments as are needed, and deemed i'm
portant. were set forth III the LAST report of the
Secretary of Treasury. Those anenI nts are
again recommended to the early and fay rabbi.
consideration Of Congress.
During the past year the coinage ut the mint
and rs branches. hls exceeded twenty millions
OF dollars. Tins has consisted chiefly in CON
verung the CONS of foreign counties into Amer
lean coins.
The largest amount Of coins imported has been
received ~ New ork, ana il branch mint were
eemed al that por, could at once be converted in
10 onr own com, without the expense. risk and
delay of transporting it to the mint for that pur-
pose. and the amount received would be much
larger
Experience has proved that foreign coin will
not circulate as extensively currency among
the people. The important measure of extend
ing our specie circulation, both Of gold and silver
and OF difusing II among the people is rtItctual-
" converting such foreign INTO American com.
all ~ go, f-tIl,.
last annual Message for the establishment of a
branch mint ct the | uitci States at New York
All Inc public lands which have been survey (.
81, ana were ready for market. have been pro-
claimed for sale during the past wear The ol.,n
iIty offered. and TO be offered Tor sale m ~ .h
issued since the lSt of January
last. amount 10 9,l3> 50 acres. Tn, prospn,;t,.
al the Western States aud Territories IN which
those lands lie, viii be enhanced BY their speedy
sale. BY withholding them from the market.
thetr growth and increase Of population would be
retarded. and thousands Of our ruterprisjur and
ner'orous fron'ier population would be de-