Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1847-12-15

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inc country. Whilst it has tended to enl,r,ro Go
me'ce, IL mas been beneficial to our manufactures
" u'"mshihg forced sales atueucton of f,re;u,,
GOODS al low prices. 10 raise thd0utcs to be adyanc-
od on them: aud by checking fluctuations in the
market. The system, although sanc,ionoJ b., az,
experience of other countries was cnt;rclv '':o
The United States. and is susceptible of improvo.
ment IN some of its provisions. The Secrctary or
the Treasury, upon whom was devolved LARGE die
cretioaary powers in carrying this measure into Of
iec', has collected, and is now collaiing, the prac
ucal results of the system in other countries where
has long been established and will report at an
early period of your session such further regulations
suggested by the investigation as may render it stf
more effective and beneficial
ny the act to providc for the better organization
o' he treasury and Tor the collection. safe Keeping
and disbursement Of the public revenue all b,nta
were discontinued fiscal agents of tho GOVERN
ment, and the paper currency issued by them was
no longer permitted to be received i'm uovpopt .of
public dues.
The constitutional treasury created by this act
went into operation on the first ofJanuary last I'm
der the system established by it, the public mopevs
have been collected, safely kept, and discussed by
INC direct agency of officers of the government in
gold and silver; and transfers of LARGE 3mouuts
have been made from points Of collection 10 points
OF disbursement without loss TO the treasury or in
jury or inconvenience to the trade OF the country.
While the fiscal operations of the government
n
der this system. it has had 4 salutarv effect In
checking and preventing an undue initiation of tho
paper currency Issued by the banks which exist nm,
der state charters. Requiring as it does. ali ,,nos
10 me government TO be paid in gold and silver, it's
effect is 10 restrain excessive issues of bopl w.,
by the banks dispropor,ionod to the specie in thn,
vaults, for the reason that they are at all times fla
bic TO be called by the holders of their notes far
their redemption, in order to obtain specie for tho
payment of duties and other public dues The
banks, therefore, must keep their business within
prudent limits, and be always in condition n mot
such calls, or run the hazard of being compelled to
suspend specie payments. and be thereby dscredited
me amount OF specie imported to the United States
during the last fiscal year twenty-fonr million
one hundred and twenty one thousand two hundred
ana eighty mine dollars of which there was retain
ca IN the country twenty-five million two hundred
ana seventy-sX thousand one hundred and seventy
dollars. Had the former financial system prevail
ed, ana the public moneys been placed on deposte
IN banks, nearly the whole of this amount vouId
have gone into their vaults, not TO he thrown into
circulation by them, but to be Withheld from tho
hands OF the people as currency, and made the
basis oil new and enormous issues of bank manor =
large proportion Of the specie imported has becp
paid into the treasury for public dues; and after
having been to great extent, rcconed at tho mint
mas Ocen paid out to the public creditors and pono
lnto circulation as currency among the people,
The amount of gold and silver coin now in circu
latlon IN the country is larger than at any former
period.
Tho financial system established bv tho cons,;,,,
tlonal treasury has been, thus far, emineutlv suc
cessiui In It's operations; and | recommend an nd
hcrcnce to all It's essential provisions and especially
10 mat vital provision which wholly separates the
government from ali conneXion with banks, and
excludes bank paper from all revenue receipts
IN some ofits details, not involving its general
principles the system is defective, and will require
modification. These defects, and such amendments
as are deemed important, set forth in tho last
annual report of the Secretary of the Treasury.-
'heso amendments are again recommended to the
early and favorable consideration of Congress.
Durlng the past year, the coinage at the mint
and ITS branches has exceeded twenty millions of
dollars. This has consisted chiefly in conyert;nr
inc 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
We're established at that city, all the foreign coin
received at that port could at once be converted in
10 our own coin, without the expense, risk, and de-
ray OF transporting 1t to the mint for that purpose
ana the amount recoined would be much larper-
Experience has proved that foreign coin. and es-
PecIally foreign gold coin, will not circulate extern
slseIy as currency among the people. The i'm
Portant measure of extending our specie circulation
both OF gold and silver, and of diffusng it amonG
the people, can only be effected by converting such
foreign coin INTO American coin. | repeat the re-
co'nnendation contained in my last annual message
Tor the establishment Of branch Of the mint of the
united States at the city OF New York.
All the public lands which had been SURVEYED
and were ready for market have been proclaimed
IoT sale during the past year. The quantity offer
ed and to be offered for sale, under proclamaions
issued since the first of January last amounts to
nine million one hundred and thirty eight thousand
hye hundred and thirty one acres. The prosperity
d the western States and territories in which these
lands llo will be advanced by their speedy saIe Bv
them from market, their growth and
increase of population would be retarded. while
thousands OF our enterprising and meritorious from
Ter population would be deprived of the opporiuni-
y OF securing freeholds for themselves and their
antilles But IN addition to tho general considera
IONS which rendered the early sale of these lands
proper, 1t was a leading object at this time to dc
I'VE as large sum possible from this source. and
nus diTninlsh by that amount the public loan rem
lered necessary by the existence of foreign war
Ii IS estimated that not less than ten million of a.
res OF the public lands will be surveyed and be in
condition to be proclaimed for sale during the wear
S1S.
In my last annual message | presented the raa-
ons winch, IN my Judgment, rendered il proper to
Taduae and reduce the price of such of the public
anus as nave remained unsold for long periods af-
CT they had been offered for sale at public auction
Many millions of acres of public lands lying with
the limits Of several Of the western States have
cen oFercd I'D the market, and been subject 10 sab
private entry Tor more than twenty wears. and
lrge quantities for more than thirty wears NJ the
'wes price prescribed by the existino laws and II
as oeen found that they will not command that
NC. thCy must remain uHsold and uncultivatcd
"u I'Iohn,'e period, unless the price demanded
" mem by the government shall be reduced. No
luIact0ry reason Is perceived why they should be-
"gol Held at rates above their real value. At tho
c9Gh' period an additional reason exists for adopt
. inc measure recommended When the coun-