Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1847-12-16
GREEN MOUNTAIN FREEMAN.

tces any which are more properly the subject of duties
than tea and coffee. -.
If is estimated that three millions of dollars would be der
vedannuay by modercte duty imposed on these articles
should Congress avail itself Of this additional source of
rcvenue not only would the amount of the public loan
dered necessary by the with Mexico be diminished to
Nat ovtent hut he public credit and the public confidence
the ability and determination of the government to meet all
u.s. nmoint Of he loan watch It may necessary to
negotiate could probably be obtained at cheaper rates
Congress therefore called upon TO determine whether it
i, 10 onr,o the war duties recommended, or, by omit
ting to do So increase the public debt annually three million
of dollars long 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 eXngush the
principal ~ c.,t, ..,
and reduce price of such of the public lands as expert
encc Inns moved wi command the price placed upon them
by the government additional annual income to the treas
uIy of between half million and million of dollars, it is
estimated, would be derived from this source.
Shuu both the sanction Of Congress the
annual amount of public bt necessary to be contracted dun
ing the Of the war would be reduc near four
million Of dollars The duties recommended TO be levied on
and coffee, it proposed sal be I'm Tea IN the duration
to the end of the war; and until the public debt rendered
cesary contracted by it shall be discharged The
mount of the public debt to be contracted should be mltedto
the practicable and should be eXtngus ed us ear
y after the conclusion of the war us he means OF the easu
ny will permit
With this view It is recommended that the
sl be over all the surplus the treasury, not needed for
other indispensable objects, shall constitute sinking fund.-
applied the purchase of the funded debt and The au
thory be conferred by law for that purpose.
The Of the sixth of August, 1916, establish ware
bonsnq system has been in operation more year. and
has moved be important auxiliary the tariff act of'46
in nugmenting the revenue and extending the commerce of
to counrv Whilst il has tended to enlaqe commerce has
beneficial to manufactures, by diminishing forced
se of foreign goods at low prices, TO raise the
duties to be advanced them, and by checking fluctuations
in the market.
The SYSTEM although sanctioned by experience of 9TH
orcounos entirely in the United States and is
Euscppble of improyemen in of provisions The
Secrcpry Of the Treasury upon whom devOlved large
Discretionary powers in carrying this into effect has
collected and is collecting the practical results of the
system countries where has long been estabshed
and will report at an ea period of your session such further
regulations suggested by the investigation may render it
still more effective.
BY the provide for the better argnnza,ion of the
treasury and for the collection safe keeping and dbue
of the public revenues" all banSs were discontinued az
fiscal agents of the governments and the paper currency su
by them longer permitted to be received puymcn;
of public dues.
The constitutional treasury created by this act went into
operation the first Of January last Under the system es
tbishcd by it, the public moneys have been collected solely
for and discussed by the direct agency of the officers OF the
government gold and siyerj aud transfers oflage amounts
have been made from points OF collection to points OF dis
bursemont without loss the Treasury injury mcOnye
nience TO the trade of the country.
be the fiscal operalions the government have been
conducted with regularity aud ease under this system, thas
bad sautay effect in checking and preventing undue in
aon of the paper currency issued by the banks which exist
under State chaers. Requiring, as 1t does all dues to our
government TO be paid in gold and silver effect is
strain excessive issues of bank pap by the banks dopor
toned the specie in their vaults o the that they
at all times liable 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 pru
run hazard of being compelled to suspend specie pay
mcnts and be thereby discredcd
The Of specie imported into the United states dur
lug fiscal year twenytour million hundred and
twentyonc thousand hundred and eghtyone dollars, of
which there retained in the county Twenty-Five million
wo hundred and sevensX thousand one hundred aud seven
ty dollars.
Had the former financial system prevailed and the public
moneys been placed deposte in hanks nearly the whole OF
this amount would have into their vaults not 10 be
thrown into circulation by hem but to be withheld from the
han OF the people as currency ana made inc oasis oil new
anil enormous issues Of bank paper.
large proportion Of the specie imported has oeGn para IN