Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1847-12-11


1t isestmated that three millions OF dollars would
be derived annually by moderate duty imposed OH
these articles.
Should Congress avail itself ofhis additional source
OF revenue, not only would the amount of the public
loan rendered necessary by the war with Mexico be
diminished to that extent, but the public credit and
the public confidence in the ability and determination
o the government to meet all its engagements prompt
ly, would be firmly established, and the reduced
amount otthc loan which it may be necessary TO ne
gotate could probably be obtained at cheaper rates.
Congress is, therefore, called upon to determine
whether ii is wiser to impose the war duties recon-
mended or, by emitting TO do increase the public
debt annually three million Of dollars so long as loans
shall be required to prosecute the war and afterwards
provide. in some other form, to pay the seml-annual
Interest upon IT, and ultimately to exnguish the prn
cipal.
If, in addition to these duties Congress should grad
Uate and reduce the price OF such OF the public lands
experience has proved will not command the price
placed upon them by the government, an additional
annual income to the treasury OF between half mill
ion and million OF dollars, il is estimated, would be
derived from this source.
Should both measures receive the sanction of Con-
grcss the annual amount OF public debt necessary be
contracted during the continuance OF the war would
be reduced near four millions OF dollars. The duties
recommended to he levied and coffee, il is pro-
is,srd shall be limited in thch duration to the end of
war, and until the public debt rendered necessary
To h. contracted by It shall be discharged. The
amount OF the public debt to be contracted should be
limited TO the lowest practicable sum- and should be
-xtngushed early after the conclusion OF the war
~ the means OF the treasury will permit
With this view, II is recommended that "a soon a.
the war shall be over all the surplus in the treasury
Itp needed tor other Indispensable objects, shall
siitute sinking fund, and be applied to the purchase
II the funded debt, and that authority be conferred by
Jaw for that purpose.
The act OF the 9th of August. 1916, to establish
warchousng system has been in operation more than
year, and mas proved to be an important auxiliary
the tariff act OF 1876 i'll augmenng the revenue, and
extending the commerce OF the country Whilst it
tn lu-L
our manufactures, by diminishing forced sales at
auction OF foreign goods low prices raise the du
ties to be advanced OH them, and by checking luctua
,.nns in the market.
The system, although sanctioned by the experience
at other countries, was entirely to the U. States
mud ls susceptible OF Improvement in some offs pro-
Visions The Secretary OF the Treasury, upo \Ghom
devolved large discretionary powers in Frying
this measure into effect, has collected, and is cot
lntng, the practical results OF the system >her
countries, where it has long been established, Rvll
report at an early period OF your session sue ger
regulations, suggested by the investigation ay
render it still more effective.
by the act to provide tor the better organi
the treasury, and tor the collection, safe keepi
disbursement OF the public revenue" all ban
discontinued as fiscal agents ct government,
paper currency issued by them no longer
I'd to be received III payment OF public dues.
The constitutional treasury created by this
MO operation on the first OF January last. |lic
system established 10y 1t, the public moneys en-
collected. solely for, and disbursed by th |ect
siYer and Transfers of large amounts have ID lade
from points OF collection to points OF disbu nent
without loss to the treasury, or injury or IN lyen-
fence to the trade OF the country.
While the fiscal operations OF the government have
been conducted with regularity and ease, under this
SYSTEM II has had salutary effect in checking and
preventing an undue imitation OF the paper currency
issued by the banks which exist under State char
ieis.
Requiring as it does, all dues to our government
TO be paid IN gold and silver, It's effect is To restrain
excessive issue OF bank paper by tie banks dspropor
toned TO the specie in their vaults Tor the reason
that they are at all times liable TO be callcd on bv
,nc holders OF their notes for their redemption, in o.
der to Obtain specie Tor the payment OF duties and 9TH
"rpubc debts.
The banks therefore, keep their business with
in prudent limits, and be always in condition to meet
such calls, or run the hazard OF hciug compelled 10
suspend specie payments and be thereby dscrcdited.
The amount OF specie imported into the u. States
daring the fiscal year was twenty four million one
hundred and twenty one thousand two hundred and
eighty one dollars, OF which there was retained in the
country twenty two million two hundred and seventy
-lN thousand one hundred and seventy dollars
Had the former financial system prevailed and the
public moneys been placed on depos.te in banks, 4
urarly the whole OF this amount would have gone in
10 their vaults, not 10 be thrown into circulation by
hel, but to be withheld from hc hands of the people
as a currency, and made the basis OF new and cmor-
NOUS issues of bank paper.
y large proportion Of the specie imported has been
pnId into tie treasury Tor pubic dues and after hav-
mg been, TO great extent, reconed at the mint has
been paid ont 10 the public creditors, aud gone into
circulation us currency among the people The
amount OF gold aud silver coin now in circulation IN
the country is larger than at any former period.
Inc hlancai system established by the consiitu-
tional treasury has been, thus lar emHenIiy
ul in It's operations and recommend an adherence
10 all It's essential provs and especially that vital
provisions which wholly separates the government
from all connexon with banks, and excludes bank
paper from all revenue receipts.
In some OF lis details not involving its general prn-
clpcs the system is detective, aud will require modi-
cation. These defects, and such amendments as are
emed imp r.an set,orh IN the last annual report
OF the Secretary oil 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