The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1847-12-18
St, JOhnsbury, Vt, December IS, 184Z

us fiscal agents of the Government, and tho
paper currency issued by them was no longe
permitted to be received in payment ofpub
lie dues.
The Constitutional Treasury created bJ
Tins hct went into operation on the LIST ufJnn
Inry nst Under the system established by
It, The public moneys have been collected
safely Kept and disbursed by the direct agency
OF officers of the Government in gold ant
silver; aud transfers Of large amounts have
been made from points ofcolections TO points
OF disbursement, without loss to the Treasury
or INJURY or Inconvenience to the trade of the
country.
While the fiscal operations ofthe govern.
ment have been conducted with regularly
and ease, under this system,it has had Il salll.
tary effect in checking aud preventing an I'M.
due initiation ofthe paper currency issued by
the banks which exist under State charters
kequlrlngas II does, all dues 10 the govern.
mcnt to be paid in gold aud silver its effect
Is TO res tram excessive issues of bank papcl
ny the banks disproportioncd to the specie
IN ther vaults, Tor the reason that they nrc at
all times liable to be called on by the holder
Of their notes for their REDEMPTION, i'm order
to obtain specie for the payment Of duties
aud other public dues. The banksthereiorc
must keep thcir business within prudent linz.
its, and be always in condition TO meet sucl
calls, or run the hazard of being compelled
to suspend specie payments, and be there.
by discreditcd.
The amount Of specie imported into the
united states during the last fiscal year was
twenty four million one hundred and twenty
one thousand two hundred and eighty nine
dollars; Of which there was detained in the
country twenty two million two hundred and
eli thfI 4 I. 1
onty dollars. Had the former financial sys-
TEN prevailed, and the public moneys been
placed on doposte 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 hands OF
Inc people as currency, and made the basis
OF new and enormous issues of bank paper
a large proportion ofthe specie imported has
oeen paid into the treasury for public dues
ana after having been to great extent re
coined at the mint, has been paid out to the
public creditors, and gone into circulation Us
currency among the people. The amount
OF gold and silver coin now in circulation in
the country is larger than at any former Pc
rod.
The financial system established by the
constitutional treasury has been, thus fnr,em-
ihently successful in its operatons;and rec
visions, and especially TO that vital provision
which wholly separates the government from
all connection with banks,and excludes bank
paper from all revenue receipts.
In some Of its details, not involving its gen.
ernl principles, the system is detective and
VIII require modification. These defects,
and such amendments as are deemed impor-
tant, were set forth in the last annual report
OF The Secretary oftho Treasury. These a.
nendments are again recommended to the
carly and favorable consideration of Congress
During the past year, the coinage at the
mint and its branches has exceeded twenty
millions ofdollurs. This has consisted chief
~ IN converting the coins of foreign coun-
tries into American coin.
The largest amount of foreign coin impor-
ted has been received at New York; and if IL
branch mint was established Mt that city, all
the foreign coin received at that port could at
once be converted into our own coin, with
out the expense, risk, and delay of transport
hng 1t TO the mint for that purpose. and tile a.
mount rccomed would be much larger.
Experience has proved that foreign coin,
and especially foreign gold coin, will not cir
culate extensively rs currency among the
people. The important measure of extend
ing our specie circulation, both of gold and
silver, and of diflusing it among the people,
can only be effected by converting such for
eign coin into American coin. repeat the
recommendation contained in my last annl-
al message for the establishment of branch
OF the mint of the United SStales at the City
of New York.
All the public lands which had been sur
Veyed and were ready for market have been
proclaimed for sale during the past year.
The quantity offered and to be offered for
Enlp II .l,,
Irst january last, amounts TO nine million
one hundred and thirty eight thousand five
hundred and thirty one acres. The prosperi-
~ OF the western States and territories in
winch these lands lie will be advanced by
their speedy sale. BY Withholding them from
market. their growth and increase ofpupula-
ton would be retarded. while thousands of
our entorprising and mertorious frontier pop
ulation would be deprived of'thc opportuni-
ty OF securing frecholds for themselves and
their families.
Bat i'll addition to tho general considera-
tons which rendered the early sale of these
lands proper, it was Il leading object at this
liine 10 derive as large Il sum as possible from
lhIs source, and thus diminish, by that a.
mount, the public loan rendered necessary by
the existence ola foreign war.
II is estimated that no less thnn ten millions
OF acres OF the public lands will be surveyed
and be in a condition to be proclaimed for
sale during the year 1913.
In my last annual message presented the
reasons which, in myjudgment, rendered it
proper TO graduate and reduce the price of
such of the public lands as have remained
unsoid for long periods after they had been
offered for sale at public auction.
Many millions ofacres Of public lands ~
ing within the limits of several ofthe western
states have been offered in the market, and
been subject to sale at private entry for more
han 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