Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1847-12-16

latlonS suggested Dy ttie iuVestlgdliou, dS may
render it still more effective and beneficial.
By the act to provide for the better organiza-
ton of the treasury, and for the collection, safe
keeping, and disbursement of the public reven-
ue. all banks were discontinued as fiscal agents
of the government, and the paper currency is
sued by them was no longer permitted to be re-
ceived in payment Of public dues.
The constitutional treasury created by this
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 disbursed by the direct agency of officers
of the government in gold and silver; and trans
fers of large amounts have been made from
points Of collection to points of disbursement,
without loss to the treasury, or injury or incon-
venience to the trade of the country.
While the fiscal operations of the government
have been conducted with regularity and ease,
under this system, it has had salutarY effect
in checking and preventing an undue imitation
ofthe paper currency issued by the banks which
exist under State charters. Requiring, as 1t
does, all dues to the government TO be paid in
gold and silver, its effect is to restrain exces-
sive issues of bank paper by the banks, dispro-
portioned 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
redemption, in order to obtain specie for the
payment of duties and other public duties. The
banks, therefore, must keep their business with
in prudent limits, and be always in condition
to meet such calls, or run the hazard of being
compelled to suspend specie payments, and be
thereby discredited. The amount of specie i'm
ported into the United States during the last
fiscal year, was $24 I2l $50, of which there
was retained in the county $22,276,l70 Had
the former financial system prevailed, and the
public moneys been placed on deposite in banks,
nearly the whole of this amount would have
gone into their VAULTS not to be thrown into cir
culation 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
paper. A large proportion of the specie import
ed has been paid into the treasury for public
dues; and after having been, to great extent,
reeoined 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 silver coin now in circulation in the
country, is larger 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 connexon
with banks, and excludes bank paper from all
revenue receipts.
In some of its details, not involving its gen.
eral 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 ofthe Treasury These amendments
are again recommended to the early and favor
able consideration of Congress.
During the past year, the coinage at the mint
nd i.o hoe hoe
This has consisted chiefly in converting the
coins of foreign countries into American coin.
The largest amount of foreign coin imported
has been received at New York; and If a branch
mint were established at that city, all the for
eign coin received at that port could at once be
converted into our own com, 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
foreign gold coin, will not circulate
extensively as currency among the people.
The important measure of extending our specie
both of gold and silver, and OF diff.
fusing it among the people, can only be effected
by converting such foreign coin into American
coin. | repeat the recommendation contained
in my last annual message for the establishment
of a branch of the mint of the United States 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 sale, un-
der proclamatons, issued since the first of
January last amounts to $685. ,53l acres. The
prosperity of the western States and territories
in which these lands lie will be advanced by
their speedy SALE BY Withholding them from
market, their growth rnd increase of population
would be retarded, while thousands of our en-
erprising and meritorious frontier population
would be deprived of the opportunity of securing
reeholds for themselves and their families. But
n addition to the general considerations which
rendered the early sale of these lands proper, it
vas leading ing object at this time to derive
rs large sum as possible from this source.
and thus diminish, by that amount the public
oan rendered necessary by the existence Of
oreign war
1t is estimated that not less than 100000
If acres Of the public lands--wil be surveyed
md be in condition to be proclaimed for sale
Turing the year ls48.
la my last annual message presented The
eesons which, in my judgment, rendered
I proper TO graduate and reduce the price
If such of the public lands as have remained
Insold for long periods after they had been
offered for sale al public auction.
Many millions of acres Of public lands
ying within the limits of several The west
sn- States have been ofi.refed io the mafke,,