The Democratic pioneer. [volume] (Upper Sandusky, Ohio) 1845-1853, 1847-12-24

made from points of collection to points of
disbursement, without loss to the treasury, or
injury or inconvenience to the trade Of the
country.
Whilst the fiscal operations Of the gov
ernment have been conducted with regu-
larity and ease, under this system, II has
bad salutary efe ect 10 checking and pres
venting an undue infation Of the paper
currency issued by the banks which exist
under State charters. Requiring, as it
does, all dues to the government to be
paid 10 gold and silver, its effect is to re
strain excessive issues Of bank paper by
the banks disproportioned to the specie
in their vaults, for the reason that they
are at all times liable TO be called on by
the holders Of their notes for their red emp
ton, 10 order 10 obtain specie for the
payment OF duties and other public dues.
| The banks, therefore, must keep their
business within prudent limits, and be all
run the hazard of being compelled to sus-
pend specie payments, and be thereby dis
credited. The amount Of specie import
ed into the United States during the last
Gsoal year was twenly-four million one
hundred and twenty-one thousand two
hundred and eighty-nine dollars; ofwhich
there was retained in the country twenty
two million Two hundred and seventy six
thousand one hundred and seventy dollars.
Had the former financial system prevail.
ed and the public moneys been placed on
deposte in banks, nearly the whole of this
amount would have gone into their vaults +,
not 10 be thrown into circulation by Them,
but to be withheld from the hands Of the
people as currency, and made the basis
Of new and enormous issues of bank pa
per. A larger proportion of the specie
imported 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 as a currency among
the people. The amount of gold and sill
yer coin now in circulation in the country
is larger than at any former period.
The financial system established by the
constitutional treasury has been, thus far,
eminently successful IN its operations; and
| recommend and adherence to all its es-
sental provisions, an especially to that
vital provision which wholly separates the
government from all connexion with
banks, and excludes bank paper from all
revenue receipts.
In some of its details, not involving its
general principles, the system is defective.
and will require modification. These
defects, 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 lis branches has exceeded TWEEN
ty millions Of dollars. This has consisted
Cuieuf III ChuFeTtlHR tHe Coiuo VI
countries into American coin.
The largest amount offoreign coin i'm
ported has been received at New York;
and ifa branch mint were established al
that city, allthe foreign coin received 4
that port could at once be converted into
our own coin, without the expense risk,
and delay of transporting it to the mint
for that purpose, and the amount recoin
ed would be much larger.
Experiences has proved that foreign
coin, and especially foreign gold coin,
will not circulate extensively as a cur
repcy among the people. The important
measure of extending our specie circula
ton, both OF gold and silver, and of diff
fusing II among the people, can only be
effectedby converting such foreign coin
into American coin. Irepeat the recon-
mendation containedin my last annual
message for the establishment of a branch
the mint of theUnited States at the city
of New York.
All the public lands which had been
rveyed and were ready for market have
been proclaimed for sale during the past
year. The quantity offered and to be Of
fered for sale, under proclamations issned
since the first Of January last, amounts to
nine million one hundred and thirty eight
thousand FIVE hundred and thirty-one a.
cres. The prosperity Of the western
States and Territories in which these
lands lie will be advanced by their speedy
sale. BY Withholding them form market,
their growth and increase of population
would be retarded. while thousands of our
enterprising and meritorious frontier pops
ulaiion would be deprived Of the oppor-
tunity of securing feeholds for themselves
and their families. But in addition to the
general considerations which rendered
the early sale of these lands proper, il is
leading object at this time TO derive as