Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1847-12-22

4
sed among the people, that it would be felt oPpres
svely by none, and be complained of by none. u
believed there are not in the list of imported art
cles, any which more properly the subject OF wal
duties than tea and coffee.
1t is estimated that three millions of dollars would
be derived annually by moderate duty imposed on
these articles.
Should Congress avail itself this additional source
of revenue, not only would the amount of the public
loon, rendered necessary BY the with Mexico. be
diminished to that extent but tie public credit, and
the public confidence in the ability and determination
of the government to meet all its engagements
promptly, would be more firmly established, and the
reduced amount of the loan which it NAV be neces-
sary negotiate could probably be obtained at cheap
| er rates.
Congress is, therefore, called upon to determine
whether it is wiser to impose the war duties recon-
mended, or, by emitting to 90 SO, increase the
public debt annually three millions of dollars so ozg
as loans shall be required to prosecute the war, and
afterwards provide in some other form TO pay the
semi-annual interest upon it, and ultimately to ex-
tingush the principal. IT, in addition to these du-
ties, Congress should graduate and reduce the price
OF such of the public lands experience has proved
will not command the price placed upon them by
the government, additional annual income to the
treasury of between half million of dollars, it is
tnated, would be derived from this source. Should
both measures receive the sanction of Congress, the
annual amount of public debt necessary to be con-
tracted during the continuance of the war would re-
duce nearly four million dollars. The duties recon-
mended to be levied tea and coffee, it is proposed
shall 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 to be contracted should be limited
to the lowest practicable sum- and should be extin-
guished early after the conclusion of the war as
the means of the treasury will permit
With this view, it is recommended that
the war shall be over, all the surplus the treasury
not needed for other indispensable objects, shall con-
sttute sinking fund, and be applied to the pur.
chase of the funded debt and that authority be con-
ferred by law for that purpose
The act of the 9th of Aug. 1885,, Z" to establish
warehousing systems" has been in operation more
than Year, and has proved TO be important aux
Hilary TO the tariff act OF 1916, in augmenting the re-
venue, and extending the commerce, of the coun-
try. Whilst it has tended to enlarge commerce, it
has been beneficial to manufactures, by dimin-
shing forced sales at auction of foreign goods at low
prices to raise the duties to be advanced on Them
and by checking fluctuations in the market The
system, although sanctioned by the experience of
other countries, entirely new in the U. States,
andis susceptible of improvement in some fits pro-
visions. The Secretary of the Treasury, upon whom
were devolved large discretionary powers in carrying
this measure into effect. has collected, and is
collecting the practical results of the system i'm 9TH
countries where it has long been estab shed, and
will report al early period of your session, such
farther regulations suggested by the Investigate
may render it still more effective and beneficial.
By the act to 'prov ide for the better organization
of the treasury, and for the better organization of
the treasury, and for the collection, sale, keeping
and disbursement of the public revenue, all banks
were discontinued fiscal agents the government,
and the paper currency issued by them no longer
permitted to be received in payment of dues.
The constitutional treasury created by his act went
into operation on the first of January last. Under
the system established By it. the public moneys have
been collected, safely kept, and discussed by the d.
rect agency of the government in gold and silver;
and transfers of large amounts have been made from
points of collection to points of disbursement, with
out loss to the treasury or injury or Inconvenience
to the trade of the country.
While the fiscal operations of the government
have been conducted with regularity and e, under
this SYSTEM it has had sautary effect in checking
and preventing undue initiation of the paper cur
rencv issued by the banks which exist under State
charters. Requiring as it does, all dues to the gov
eminent to be paid in gold and silver its effect is to
restrain excessive issues of bank paper by the banks
dsproporoned to the specie in their vaults, for the
reason that they at all times liable to be called
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 p'udentlims, and be al
WAYS in a condition to meet such calls, or run the
hazard of being compelled TO suspend specie pay
ments, and be thereby dscredi ed. The amount of
specie imported into the United States during the
last fiscal wear was twenty-four million one hundred
and twenty -one thousand two hundred and eighty
nine dollars; of which there was retained in the
county S22 276, 10. Had the former financial sys
fem prevailed, and the public moneys been placed
on deposit in banks, 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
-f.lxz ,,l aIatb h,
sis of new and enormous issues of bank paper. A
large proportion ofthe specie impo ted has been paid
into the treasury for public dues; and after having
been, to great extent, recoined at the mint has
been paid out to the public creditors and gone into
circulation a currency among the people. The
amount of gold and silver coin now in circulation in
the country is greater than at any former period.
The financial system, established by the con-
stitutional treasury, has been thus far eminent-
ly successful in its operations, and recommend
an adherence to all its essential provisions, and
especially to that vital provision which wholly
separates the government from all connection
with Banks. and excludes Bank paper from all
revenue receips.
In some of its details, not involving its gen.
eral principles, the system is defective, and re-
auires modification. These defects, and such
as are deemed important, were set
forth in the last annual report of the Secretary
of the Treasury. These amendments are ag-
ain recommended to the early and favorable
consideration of Congress.
Amount Of coinage-Brancu mint.
During the past year, the coinage at the mint
and its branches has exceeded twenty millions
of dollars. This has consisted chiefly in con-
verting the coins of foreign countries into A
merican 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 for
egn coin received at that port could at once be |
into our own coin, without the ex.
pense risk and delay of transporting it to the
mint for that purpose, and the amount recoined
would be much larger.
Experience has proved that foreign coin, and
especially foreign gold coin, will not circulate
extensively as a currency among the people,
The important measure OF extending our specie
circulation, both of gold and silver, among the
people, can only be affected by converting such
foreign coin into American coin. repeat the