Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1847-12-16
CONCLUDED from. 4th page. J

OOtdIueu al CIcdpcI IdtcS.
Congress is. therefore, called upon
TO determine whether it is wiser to i'm
pose the war duties recommended, or
by emitting to do so, increase the pub
lie debt annually three millions of dol
lars, so long as loans shall be required
to prosecute the war, and afterwards
provide, in some Other form, to pay the
semi-annuai interest upon il, and ulil-
mately to ex'inguish the principal. If,
in addition to these duties, Congress
should graduate and reduce the price
Of such Of the public lands as expert
ence has proved viii not command the
price placed upon them BY the govern
ment, an additional annual income TO
the treasury Of between half million
and million Of dollars, it is estimated,
would be derived from this source
Should both measures receive the sane
ton of Congress, the annual amount of
public debt necessary to be contracted
during the continuance of the war wo'd
be reduced near four millions of dollars.
The duties recommended to be levied
on 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 practi-
cable sum, and should be extinguished
as early after the concussion of he war
as the means of the treasury will permit.
With this view, it is recommended
that, as soon as the war shall be over,
all the surplus in The treasury, not nee
ded for other indispensable objects.
shall constitute sinking fund, and be
applld to the purchase of the funded
debt, and that authority be conferred by
law for that purpose.
The act of the 9Th of Aug. 1916, "to
establish warehousing SYSTEM" has
been in operation more than a year, land
has proved to be an important auxila-
ny to the tariff of 1916, in augmenting
the revenue and extending the COM
merce of the country. Whilst it has
tended to enlarge comm cree, it has
been beneficial to our manufactu-
rers, by diminishing 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, atho' sane
toned by the experience of other coun-
tries, was entirely new in the U. States,
and is susceptible of improvement in
some of its provisions. The Secretary
Of the Treasury, upon whom was de-
volved large discretionary powers in
carrying this measure into effect, has
collected, and is now collating, the
practical results Of the system in other
countries, where it has long been esta-
Li:,L~.l. ----I----:u .~-4-.+~ ~~-'y pc
Rod of your session, such further regu-
lations suggested by the investigation,
as may render it still more efficient and
beneficial.
BY the act "to provide for the bet
ter organization of the treasury, and for
the collection, safe-keeping, and dis
bursement of the public revenue" all
banks were discontinued as fiscal ag-
ents of the government, and the paper
currency issued by them was no longer
permitted to be received in payment of
public dues.
The constitutional treasury created
by this act went into operation the first
of January last. Under the system es.
tabIished by it, the public moneys have
been collected, safely kept, and disbur-
sed by the direct agency of officers Of
the government in gold and silver;-
and transfers Of large amounts have
been made from points of collection to
points of disbursement, without loss 10
the treasury, or injury or Inconvenience
to the country.
While the fiscal operations of the
government have been conducted with
regularity and ease, under this system,
it has had a salu:ary effect in checking
and preventing an undue initiation of
the paper currency issued BY the banks
which exist under State charters
Requiring, as il does. slI dues TO the
government TO be paid in gold and sill
yer, its effect is to restrain excessive
issues Of bank paper by the banks dis
proportionetI to the specie in !heir
vaults, for the reason that hey are at
all times liable to be called on by the
holders their notes for their relemp
ton, in order TO, obtain specie for the
payment of duties and other public
dues. The banks, therefore, must keep
their business within prudent limits, anG
be always in a condition to meet such
calls, or run the hazard Of being com
PEELED to suspend specie payments, and
be thereby discredi'ed. The amount
OF specie imported into the u. S. dur
ing the las, fiscal year was $24, l2l ,2S9;
of which there was retainedin thecoun-
try 300 C7H 11n LIox1tI.o forrpor e.