The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1847-12-14
them was no longer permitted to be re-
ceived in payment of public dues.

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 estab-
Iished by it, the public moneys have been
collected, safely kept, and disbursed by the
direct agency of officers the government
in gold and silver and transfers of large
amounts have been made from points of
collection to points of disbursements with
out loss to the treasury, or injury or in
convenience to the trade of the country.
While the fiscal operations of the gov
eminent have been conducted with regu-
larity and ease, under this system, it has
had saIutary effect in checking and pre-
venting an undue initiation of the paper
currency issued by the banks which exist
under State charters, requiring. as it does,
all dues to the government to be paid in
gold and silver, its effect is TO restrain ex-
cessive issues of bank paper by the banks
disproportioned to the specie in their vaults
for the reason that they are at all times,
liable to bacaIed on by the holders of
their notes for their redemption, in order
to obtain specie for the payment of duties
and other public dues. The banks there
fore, must keep their business within pru-
dent limits, and be always i'll a condition
to meet such calls, or run the hazard of be-
ing compelled to suspend specie payments,
and be thereby discredited.
The amount of specie imported iuto the
U. States during the last fiscal year was
twenty-four millions one hundred aud twen-
ty-one thousand two hundred and eighty
nine dollars of which there were retained
IN tine country twenty-five millions two
hundred and seventy-six thousand one hun
bred and seventy dollars-lIad the for
mer financial system prevailed, aud the
public moneys been placed OH deposite in
banks, nearly the whole of this amount
would have gone into their vaults, not to
be thrown into circulation by them, but
to be withhold from the hands of the peo-
pie as currency, and made the basis OF
new and enormous issues of bank paper.
A large proportion of the specie impor-
ted has been paid into The treasury for
public dues; and after having been, to a
great extent, recoined at the mint has
been paid out TO the public creditors, and
gone into circulation as currency among
the people. The amount of gold and sill
yer coin now III circulation in the country
is larger than any at former period.
The financial system established by the
constitutional treasury has been, thus far,
eminently successful in is operations and
l recomend an adherence to all its essen
tial provisions. and especially to that vital
provision which wholly separates the gov
eminent from all connection with banks,
and excludes bank paper from all revenue
receipts,
In some of its details, not involving its
general principles, the system is defective,
and will require modification. These de-
fects, and such amendments as are deemed
important, were set fourth in the last an
nual report of the Secretary of the Treas,
ury These amendments are again re.
commended to the early and favorable con-
sideration of Congress.
During the past year, the Coinage at the
mint and its branches has exceeded $40
900, 900. This has consisted chiefly in
converting the coins Of foreign countrie:
into American coin.
The largest amount Of foreign coin i'm.
ported has been received at New York
and if branch mint were established al
that city, all the foreign coin received al
that port could at once be converted into
our. own coin, without the expense, risk
and delay of transporting it to the mini
for that purpose, and the amour, recoinec
would be much larger.
Experience has proved that foreign coin
and especially foreign gold coin, will no
circulate extensively as a currency among
the people.-The important measure of ex
tending our specie circulation, both of golC
and silver, and of diffusing it amcng tn,
people, can only be effected by converting
such foreign coin into American coin.
repeat the recommendation contained il
my last annual message for the establish
ment ola branch of the mint of the Uni
ted States i'll the city of New York.
All the public lands which had beer
surveyed and were ready for market have
been proclaimed for sale during the pas
year. The quantity offered and to be of
cred for sale, under proclamations issueG
since the first of Jan. last, amounts to Q
600, l3l acres. The prosperity of the
Western States and territories in which
these lands lie will be advanced by theil
speedy sale. By Withholding them from
market, their growth and increase of pop
ulation would be retarded. while thousand:
of our enterprising and meritorious from
tier population would be deprived of the
opportunity of securing freholds for them
selves and their families. But in add
ton to the general CONSIDERATIONS which
rendered the early sale of these lands prop
er, it was leading object al this time to
derive as large sum as possible from hi:
source, and thus diminish, by that amount
the public loan rendered necessary bv the
existence of foreign war.
1t is estimated that not less than ter
millions of acres of the pnbiic lands vii