Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1847-12-17

I'd raise the duties 10 be advanced on them and by
j checking fluctuations in the market The system,
although sanctioned by the experience OF other cOun-
tries was entirely new in the United States and is
susceptible Of Improvements in some oi lis proyls-
ions. The Secretary of the Treasury, upon whom
was teyoyed large discretionary powers IN carrying
this measure into effect has collected and is now col
lectng the practical results of the system in other
countries where it has long been established, andwll
report al am early period Of your session such larth
Cr regulations, suggested By the investigation, as
may render il still more effective and beneficial. by
the Act 70 provide for the better organization OF
the Treasury, and for the collection, sale-keeping
and disbursement Of the Public Revenue" AL banks
discontuu d as fiscal agents OF the Government,
and the paper currency issued by them no long
. er permitted to be received in payment Of public
dues.
The Constitutional Treasury, created hy this act,
went into operation the lst day of January last.
Under the ~ m established by il, the public mon
4 cys have been collected, safely kept and dsbursed
by the direct agency of officers Of the Government
in gold and silver, and transfers of large amounts
have been made from points of collection to points
OF disbursement, without loss 10 the Treasury or in
jury or Inconvenience TO the traffic orthe country.
While the fiscal operations of the Government
have been conducted with regularity and care under
this system, il has had salutarv effect in checking
iency, issued from the banks which exist under State
charters. Requiring as it does all dues to the Gov
ernment to be paid in gold and silver its effect is to
restrain excessive issues Of bank paper by the banks
dsproportloned TO the specie in in their vaults for
the reason that they at all times to be called on
by the holders Of their notes for their redemption
in order to obtain specie for the payment of duties
and other public dues. The banks, therefore must
keep their business within prudent lmits-and be al
ways in condition to meet such calls or run the
hazard Of being compelled to suspend specie pay
mcnls, and be thereby discrcditcd.
The amount of specie imported into the United
States during the last fiscal year was % l2I 2S9 dol
lars of which there retained in the country o.
276,l7O dollars. Had the former financial system
prevailed and the public moneys been placed on de-
post in bank, nearly the whole of this amount would
have gone into their vaults not to be thrown into
circulation by them but to be withheld from the hands
of the people as a currency, and made the basis of
new and enormous issues Of bank paper. A la ge
proportion of the specie imported has been paid into
the Treasury for public Dues and after having been
to great extent received at the mint has been paid
out to the public creditors and gone into circulation
as a rrency among the people.
The amount Of gold and silver coin now in circu-
lation in the country is larger than at any former
period.
The financial system established by the Constitu-
tional Treasury has been, thus far eminently sue
cess'u, in its operations, and recommend an adhe-
renee TO all its essential provisions, and espcciayto
/ that vital provision which wholly separates the Gov
crnment from all ConneXion with banks and excludes
bank paper from all revenue received.
In some Of its details, not involving its general
principles, the system is defective, and will require
modification These delecjs, and such amendments
as are deemed important were set forth in the last
annual report of the Secretary Of the Treasury
| These amendments are again recommended to the
early and favorable consideration of Congress.
During the past year, the coinage at the mint and
its branches has exceeded twenty millions of dollars
This has consisted chiefly in converting the coins of
foreign countries into American coin.
The largest amount of foreign coin imported has
been received at New York, and if branch mint
were established at that city, all the foreign coin at
=, that port could at be converted into our own
cOn without the expense, risk and delay of trans
porting it to the mint for that purpose, and the a.
mount received would be much larger
Experience has proved thrt foreign coin, and espe-
ciaIy foreign gold coin, will not circulate extensive
Iy as a currency among the people.
The important measures Of extending our specie
circulation, both of gold and silver, and Of diflusng
it among the people, can only be effected by con-
verting such foreign coin into American coin re-
peat the recommendation, contained in my last an
nuol message, for the establishment Of branch OF
the Mint OF the United States at New York.
All the public lands which hadbeen surveyed and
were ready for market have been proclaimed for sale
, during the past year. The quantity offered and to
be offered for sale, under procamatons issued since
the lst Of January last amounts to 9,3S,53l acres
The prosperity OF the States and the territories in
which these lands lie, will be advanced by their
) speedy sale. BY Withholding them from market
their growth and increase of population would be
tarded, while thousands Of our encrprisng and mcr-
ltorious frontier population would be deprived of the
opportunity OF securing recholds for themselves and
their families. But in addition to the general con-
sderations which rendered the ready sales of these
lands proper, it was leading object at this time to
derive as large a sum as possible from this source
and thus diminish by that amount, the public loan
rendered necessary by the existence Of Foreign
War.
1t is estimated that not less than ten millions Of
acres of the public lands will be surveyed and be in
condition to be proclaimed for sale during the year
, 1913.
In my last annual message presented the reasons
which, in my Judgment, rendered it proper to gradu-
ate and reduce the price OF such Of the public lands
as have remained unsod tor long periods after they
had been offered for sale at public auction
; MANY millions of acres of public lands lying with
in the limits of several of the Western States have
offered in the market and been subject to sale at pri
vate entry for more than twenty years, and large
quantities for more than thirty years. at the lowest
price prescribed by the existing laws, and it has been
found that they will not command that price. They
must remain unsold and uncutvated for an indefinite
period, unless the price demanded for them by the
Government be reduced.
No satisfactory easonis perceived why they should
be longer held at rates above their real value. AT
the present period, an additional reason exists or
adopting the measure recommended. When the
country is engaged in foreign war, and we must ne
cessury resort to loans it would seem to be the die
tate of wisdom that we should avail ourselves of all
our resources, and thus limit the amount OF the pub
: lie in ebtedness to the least possible sum.
| recommend that the existing laws on the subject
of pre-empton rights be amended and modified 50 a'