Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1847-12-16
Presidents vh essngr

a year, aud has proved 10 be an important auxiliary To
ihr tauil act OF lsA6, In angmeniing the revenue. aud
extending ,le commerce OF the country, Whist /, has
tended 10 enlarge commerce. il has been brnrtiriul u
our InanntactuIers.b by dlinlnlshina tarccd sales nj auction
III foreign goods at low prices, to raise the duties 10 lr ad
ssnce'l on them. and by checking fluctuations IN the mar
ket. The system, although sanctioned hy tho r>prri
ence ol u her countries. WAS entirely ntw IN the lniicd
States. and ia susceptible oil improvement IN some Of lis
pro, isions. 3ecreIal, oil the treasury, upon whom
was devolved ,4ge discretionary powers IN CARRYING his
measure into effect. has collected, and IN nnw collecting.
the practical results e the system in other countries,
where II has long been Established. aud viii report nj an
early period Of your SESSION. such further regulations sug
reslcd by the Investigation as may render II still more
eil,C' i've aud heneiie AT.
j, the act to"provide Tot the hottcr organization uf
The Treasury and tot the COLLECTION. safe keeping. and
disbursement. Of the pubic revonae.' all hanks welc dis
continued as fiscal agents t the government. aud the pa
per currency issued 10y them was no longer PERMITTED To
be received IN paymen' u public dues.
The Constitutional Treasury created by his aci went
into ~opeiatlon on the iirst al January last. Under the
system established hy II. The public moness have been
c lleci,j. safely kept. and discussed by the direct agency
OF officers nl he government IN gold aud silver. aud lraus-
iers OF large amounts hase tneu made from p pints Of col
lection 10 points oi disbursement. without loss 10 the
treasury, OF Injury OF lneoav enloneo to the Trade ol the
country.
Willie he fiscal operations of the government have
been conducted with regularity aud caso. nadcr this sys
ten, II has had a sanitary effect III checking aud proyor
lllI III iitlNr ln1IlNIl M HE lhilNT currency INsufi by
the banks which, ,,isl undar Slola rl,,t,,t4 N,,,,,,,,
A ii docs. all dues To- ,hr vo,er,n,nl Il, hr mad = ,n1J
aud silver, It's elect IL 10 restlaln excessive issues Of bauh
paper by the banks dlsproportloned 10 the specie IN their
vaults. iur the reason that they are nj all tncs liable To
lie called on by The holders of their notes for their 70
drmp,ion. in order Ia Obtain sp,c,c far The ,,y,,,n, ,flr
ties and other public dues.
Tho banks, therefore. mist keep their business with,
IN prudent limi,s, and be ALWAYS II, conditlou To mcc,
such calls n IN ,bo b,,,,j If Lo,,r c,nn,1lnI -
pend sparIe n,yn,n,s and he ib,r,l, Ii..r.I,,,j ~,
amount Of specie lmp,rted int, the / u,tcl S,n,,s dnIino
tho last f,cal war as twenty fur millions ,,e INN ltc1
and twenty one thousand two hundred md ci,l,ty nm,
dollars; of which there VA, retained IN he crnIiryf ,,,n
ty-iwo million Two hundred and seventy CIV h,rs,nl am.
hundred and seventy dollars. Had the f.rmer financial
system pr,ynil,d and IN, nnh,ic ,,a,o,s ~, III -,
deposite In banks, nearly the " hole Of Ibjs ,,,,nnI u,uLI
have eone into their vaults. mo-, to he thrown int, c,f.,..
laron ly them, but To be withheld from the h,nJs nj H.,
no3lc asa rurr,pcy. md m,d, The b,sis ,f my, ,,1 -,
nous issues Of hank paper A l,rpa rr,n,,,,on ar H.,
specie ,mI,orted has been ra,d ntn thn 'i',r,sn,v f., ,,h
he dnc.; aad aftei having been. 10 a nrcat ext,ni tsn,i,,I
n The Mint, has been paid ont to the public err dl,or. and
ronc INTO circulation as a currency an,,,., tie ,,n,ia
The amount of r1ld and SILVER cam now in cir,ul,i5iao -,
he country is larrrr Than at any c5rnor neri,1
The fnancial system established By tho constitutional
treasury has been. lhus far. cminrn,ly .nc,osgr,l IN ,n'
operations; aud commend an adhcrcn. ,o ali i,s..
srntial provisions: ard cap.ci,Iiy Ia Tim, vial ,n,,t.in,
VIII ch wholly separates the Government tr,o All c,nnc,
,al with t.alk,. and exclude, Inn, o,na, fr., all ,,,.
nue. receipts.
In some Of its details. mol involving is o5r,cr., ,,in.i
pies. til. system is dpl,c i've. and viii rc,nir. ,,u,,6c,
ION. These defects. and snch ,fne,Jno.i,s "a ,r,5arr
e. important. were set rarth IN thu last animal ,an,r 81
lie Secretary of the Vfepsnry Ihra, NM, :, ldn,.a -,
aoain recommended I, the early ,n,l f,vr,I1n ".nsiJau,
ton Of Congress.
DurIny tlro pasi yo,r. the r,i,,ra :, tho min, 81 -.
br,nches has -, c,,.,lod ,,,,,y ,nl1i,na ~ \ H. .IrT'
has cons sied chiefly IN caov,. Ting the com, of t5rei,n
c unlrios Iltu Amir ici n coin.
The largest amount of f,rrirn cnin imn,r.od L,. hoo,
received al New York; and # a branch luint wcr, ,.,,h
li.hed AT that city. all The f,,ri,, c,i, ,cca;,,.i =, ,t,,
port could at once be converted mt, our own c,n. viIh
ont the eynense risk and del,v NJ !, ,nsnorin, -"
mint for that pnrp.sr. and The amaup, ,..,p,.I n,,lJ
be lnucl, LARGER.
Experience has proved that f,rei,, rtn ,nl os,o.;
ally foreign gold coin. will mol circulate e,iersv.l, ne
a currency ulnpng the pcople. The ,mn,ia,, ,o.os,ro
of tcndiny our sneric circnl,,in, h,lh It'd I'D Ill
yer, and of ,iIosIno IT ,nonr The no,,rlc 4, nmr, T.,
effected by converting such f,rc,on cain into ,na,ioan
c,in. rencot tec reco nn,e,J,tHH, c,r,,i,oI Ia -,
annual message for the establishment nf , LrannL' =, 'na
,nint of Inc | ,itoI S,,tos., ,Ina,,.., n VI wv
An the pubIic l,nds ~ bicbb had Lo,n nrr 'N
ready for marker have hcpn nr,cI,i,,od & rsa1Ia, l "r" La
past wear. The mantitv o0prcI ,n1 :, ho m ~ ~,
sale. under procl,fn,,i,, ,ss,oJ e,,.c ,ho l., ~ . am
last. amonpts +, q l3S 591 cro MIA " "'"r,
western states and lerrlorir, in which r,h@esaon ,y" w. T.,
Will he advanced Iy ,Ln,r sn..Ir a.Ia p >, IN J.
them from market. their grn,v,I ,"J -, - a'nS
ton would b. rotatlaI uIilo n, ,,s,rIr -. l,la
sing aud mertofioos lfonf,er n,u,i,,i,n v.,ii T., 1u
E'' w ~ iA