Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-12-30
The Treasury Report.


have already given the financial tables From these
the Secretary shows that, if the is continued I'M
TIL the first Of July next, there will be wanted in aid
of the ordinary receipts of the treasury the of
SIS 729, ia II; for which resort must necessarily
be had to loans. This amount, how ever may be re-
duced S4,5OOcOO; by resort to the following means
OF revenue which the Secretary recommends =
First from duty tea aud coffee of % per cent ad
Udl0reH 50 900 900 per annum from the reduction and
graduation in the price of Public Lands 81 900 900 per
annum; and from the extenIion Of the presumption prvi
lege 10 every bona de settler unsurveyed lands
whenever the Indian title may be exnguIshed, $500 900
per annum Should these measures be adopted by Con-
the loan might be reduced a exceeding
at the most $l7,OOO,OOO
In fixing this sum, no deduction is made for the
collection of military contributions in Mexico. The
amount of these depend upon many contingencies,
that the Secretary unable to make any correct est
mate of them. Those recently levied upon the ex-
ports of specie must, he thinks, produce at least
S50O.O0O. The more thoroughly the country is in
vested and the safer the roads into the interior
made, the greater will this revenue become; and
while present estimates be made of it, doubt
entertained that will be large, and augmeatng from
time to time.
The expenses of collecting our own revenue-will,
by the recently adopted, be largely reduced
during the current year. The saving is estimated at
S5OO,OOO per annum, which will be accomplished,
not by reducing wages, or reasonable compensation,
but by dispensing with every officer agent not ab-
the expenses Of the revenue mariDe-and by introdu
cling a more rigid and perfect system of accounta-
bity.
TEA AND CoFFEE-The Secretary recommends the
levy of duty of twenty-five per cent dd raloreH up
on tea and coffee, a of reducing the loans,
and protecting the credit of the government
The PUBLIC LANns.-The policy Of reducing the
price of the public lands favor of actual settlers
and cultvatos, and removing the present onerous
strictons upon the presumption laws. is earnestly
commended Sales at the reduced prices it is thought
would be confined to settlers and cultvators In limit
ed quantities. sufficient for farms and plantations and
the presumption privilege extended TO every bona d
settler, and embrace all lands whether surveyed or
unsurveyed. to which the Indian title may be extin-
guished. The lands remaining subject to entry, at
private sale, the first Of December, amounted to
152 l0l 00l acres and the unsurveyed lands to which
the Indian title has been extingushed to 81 O4S PA
Bounty LANDs.-Allusion is made 10 the advantage
that has been taken of the necessities of the returned
volunteers, by purchasing their certificates at made
quate prices 1t is recommended that Congress pro-
hlblt, by law, the assignment or purchase OF these
warrants, until the location of the land and issue Of
the patent The right of pre-empon has been grant,
ed to the soldiers entitled such warrants but denied
to the assignees Land officers have been instructed
that they must not purchase these land warrants,
any other script; become agents for the deposit,
sale or exchange of them.
TERRITORY OF OREGON-The establishment of ports
of eGtry in Oregon, and the extension there of
revenue laws, is recommended; also that donations of
farms be made emigrants to, and settlers in, that
TerrItOry,-and the grant of school section in the
centre of every quarter of township.
THE CONSTITUTIONAL TREAsURY.-This measure
has been operation the first of January last
During this period of eleven months, the receipts of
specie into the treasury have been S4S 666 1886 49,
and the disbursements S4S, 226 SIG 81 making an
aggregate of 500, 1874 493 49,-apd not dollar has
hppn lOSf In no nfiI
any branch of commerce or business. In connect
ion with this matter, the Secretary remarks:
The constitutional treasury has been tried during peri
cd of when IL necessary negotiate very large
loans, when expenditures being increased, and
when transfers. Unprecedented in amount required
distant points for disbursement During the last eleven
months the government has received transferred and dis
bursed specie than during the whole aggregate peri
cd of hyseven years preceding since the adoption OF the
constitution.
During the year ending 30h June s47 imports of
specie S24, 10 2s9 of which, under former sys
tens, have gone into the banks have been made
the basis of issues of their paper the additional
of ffty sixty millions Of dollars. Such expansion
during the last spring and summer, accompanied by still
higher prices, and followed by greater fall and by bank
Tuptcies in England, heretofore unknown
finding banks and credit greatly expanded and re-
acting upon this expansion would have produced rcvu
here exceeding any that has heretofore occurred
the country. general suspension Of the banks would
probably have resulted depressing the of labor and
operations and credit Of the solvent and produc
ing extensive bankruptcies From this revulsion we have
been saved by the constitutional treasury, by which the
specie imported instead Of being converted bank is
sues has been made to circulate directly. great extent
currency among the people, having been reconed here
during the last eleven months by the orders of this
department under the act Of 9th February l793 and the
jealous cooperation Of the able and efficient head Of the
mint at Philadelphia, the unprecedented extent of
S2O,75s and there thousands of citizens
solvent and prosperous, who have been saved from
ruin by the wholesome operation of the constitutional
treasury The banks that unwisey opposed the sys
tem have been rescued probably from another suspension
their stockholders depostors and notehodes from
loses, and the country and from the runous
effects of deprecated paper currency If the union Of
The government with the banks had continued and their
suspension and the depreciation OF their paper occurred
during the war; requiring large specie disbursements
which suspended banks could furnish, consequences
the disastrous the and the the
country must have ensued The government dis
connected from banks and yet its stock and
par although have been constrained 10 contract heavy
losns and keep larger armies in the field than any
former period But during the last when the govern
connected with banks its six per cent, stock
and treasury deprecated tweny6 per cent?
payable in bank paper twenty per cent below par thus
amounting to oss Of forty five cents every dollar, upon
the operations of the government
Nothing is injurious oil classes, but especially
to manufacturers, than the expansions contracons
and fluctuations Of the bank paper system, vibrating with
every considerable change of the public money he'd by
them repositories This perlous and seductive bank
paper system opens temporarily and beyond the wants Of
the county, market here for foreign imports, in
charge for EXPORTS but for credit the redemption Of which
drains the country of It's specie, contracts the paper
rsncy forces sacrifice. the sale of domestic fabrics
and dPresses the industry of the whole country. Domes
tic manufacturers require for their permanent and
ful operation the of specie checking vibrations
nhs0ns Of the paper system combining imports TO the