Washington telegraph., 1847-12-29

the public revenue, hli hanks were dlscon.
linued as fiscal agents oil the government,
aud the paper currency issued by them was
no longer perm | ell To be received in pay.
menl a public dlns.
The constitutional treasury created by
this act went intn operation on the hrsl of
January list, Under the system establish.
ed li #, the public moneys have heen col.
l'ciel safely kapl, and dIshnrsed llY the d..
rrel agency al officers Of the government
in gold and silver; aud transfers al large
amounts have teen maie Gom prints Of
collection In painls o disbursement without
liss II lhr uraaA, ur injury, or nnonrrn.
icnre n The lfale ui The eaunlit.
Nhil5 the IDEAL operations OF The gov
enman have been conducted with regular.
ny aud ease, und this system, il has had
salulafy ciiret in checking aud prevent.
ing IN undue imitation ol the paper enrren.
cy issnfd by the banks which exist under
State charters. Requiring, as il does, nll
dues Ia the government Ia he pail In gnd
uni siItrf. H. ellsrl is Ia restrain etcr..
siyc issurs ofblnh paper by lhr hanks dis
prupafIinncd Ia the specie in their vaults,
lnr the tras III thai ihry are Al all Iinrs n.
able ln br rallied nn hI the holders ui lhrif
np'es inr their felrmp'ion in order n nbiaiu
sp'eir lat The p1tmrnl Of ilnlics and o,hef
pul,.ie durs. The lanks, therefore. murt
keen their business within prudent limits,
aud he always IN condition To meet such
calls, af run thr hazard u heing compelled
To suspend specie paJmrnls, and be hereby
dlsefediled. Thu amount Of specie impor.
ted iuin The uniled slAirs during the last
fiscal year va. twrBly.luur million one
hundred and lwrniy, ono thousand two hun.
dreI aud eighty niue dollars; uf which
there was retained in the county twenty.
tWo million iWn hunied aud seventy SIX
thousand unc hunirrd and seventy dollars.
Had tue iormef linaurial sfs'rm prevailed.
and tie pnhle manrN, hsfu PLACED uu ,lr.
post IN banks, nearly lha whole ammint
would have gune into lheif vaults, not tn he
lhruWn n,o circulation bY them, hut In he
withheld from the banis II the people asa
currency. aud make lhe ha,- ut gew AID
rnounnn, Issues nl bank pnp"r / hrge
pfnpnHinn nj lie specie Impaired bas brrn
paid iuln the treasury luf public dass; anl
alter having been, to gfeal rtlrai. ieeoin.
ed At The mint, has besn paid out 10 the
public erediinfs ant .ghr mo ci=eulaiinn
a. eufwnry amons tie prore. The
amaunl al god aa1 silver rnin nov IN cir
eu,aiIun in the eaan y is larg"r Than al any
iormrf peJiul.
Tie financial system established By tie rfnsii-
iulanal treasury la thus lar hasn cmusally sue.
orssiul IN il operation, aud recommend an aI-
hef4aas 10 a ls Hszzal'a nfHFIsiunr, aud sHJ,sri.
ally "a thai vital provision winch fully sapsr,'r-
ths tiassnamsHl tom oil eaBassiaa with banks.
aud ezeudFs baak PaP-f fun all fatFalra ~
uc.ysd
In sams ol Us dsllils, not involving ilz general
principles, the SYSTEM detective. aBd VII fHq,sr.
modification The defects aud such ameui.
menIs are needed aud are deemed important.
were sci lodh ia The last port Of the Secretary
Of the Treasury. Iarsy afr aglia :. recommended
to the eany aul itsofabls cons lralisa OF Con.
gress.
Daring the pisl year tho oaiu,ge n ihe mint
aid is branches has rScrtdrd lwcniy ni.lons uf
dollars; tbs has consisted IA converting the CON.
Of lorega countries into American coins.
The largest amount Of foreign coins imported
has been received At New York, aud, II branch
.nini were established at that city. a., the current
con received at that port would at once be eon-
verled into our own coin, wi,h11i the expense.
NIX, aud Irlayol Transporting il 10 tho mlnt Tor
that purpose, aud the amount received would BE-
much larger
E,penenee has proved that foreign coin wilt
not circulate hs extensively rs ihr currency among
the people. The important measure Of c1lrndiug
ftftr istf a I.s.ffs nj ss.IN
aud Of difiusing anon. the people. s cil;ctuil.
" converting such foreign into Am.rsln coiu--
repeat the recommendation contained In my last
message, Tor the establishment of a branch miut
Of the United States At New York.
All the public lands which have been surveyed
aud were ready for market, have been proelnim.
ed for sale dunng the past year. The quantity
offered, and to be OH rcd fof sale under he PROF.
lamations issued since lsl ol Jaiaiafy, amount Ia
g,l3-,53l acres Tho property Of The Western
States aud Territories IL which those lhud, lr
will be uuhanccd by their speedy sale. by with.
holding them from the market, the growth aud
increase Of population would be retarded, and thou
sands Of our cnterprisng and mentonOus frontier
population would be deprived Of the opportunity
Of securing ircchods Tor themselves aud families
But IN addition to the general Consideration
which renders the rpady snlc Of these lands prop.
per- u is leading object al This time To rcalrc as
large a sum hs possible from this source, nnd thus
diminish, by that amount, the pub ic loan render
ed necessary by the eKsencs Of foreign war
II Is estimated that not less than ten laliona or ~
acres Of the public Land will be surveyed aud
be ina condition to be proclaimed lor salc during
the year 1915.
In my last annual message, presented the
reasons which, IN my Judgment, rendered it prop
er TO graduate aud reduce the price Of such Of tho
public lands as have remained unsod for a long
period after they have been offered for sale at
public auction.
Many millions Of acres Of public land lying with
IN the limits Of several Of the Western States,
have been Offered ia the market, and been sub
lect TO sale at private entry loT more than tgen-
ty years, aud large quantities for more than thir-
" yenrs, at the lowest price prescribed by the
existing laws, and as il has been found thai thew
lNIl moi unInuIIIlL Al. 1.-rn il.... .u.I