The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-08

sd.r sss .sAsss sss s psese orsiit eos %: sasii'
ana ience IN the ability and dsserEDstion OF tins 60
v.rnmsut 20 meet all tie snTassmeot9 promptly would
hs more ormly established, and the reduced amount o.
the las which IL be- necessary to negotiate couo
nrohsbIy be obtained at cheaper rates
Congress Is. therefore called upon TO determins
h.tber it 10 wiser to impose the duties
sd or by omttinq t. do so increase the public debt
annusy three millions OF dollars 50 long 40 loans snai
BIZ required tn prosecute the war ana
vide IN oher form tn nay the sem annual
upon g. and ultimately to extiogush the prinnlps ~
In addtoa to these duties Congress- should
and reduce the price OF such OF the public lqds AZ ex
nsreno. has proved M command the price pacsd
upon them by the government an additional annual
,ion M dollars II Is estimated would be derived from
this source should both measures receive the sanc-
top OF Congress the annual amount OF public debt me-
va IN he contracted during the continuance Of tn
war would be reduosd four millions or dollars Inc
duties recommended to he levied on yea ana cpnss ~
nronossd shall be limited In their duration 10 the emo OF
the war and until the public debt rendered necessary
to be contracted by 1t shall be DISCHARGED The amount
OF the public debt to be contracted should DC
the lowest practicable sum- and should be extngusnsd
as early after the conclusion Of the war a. the
the Treasury will permit. .o .
the war shall be over all the surplus In toe sreasuty
needed for other Indispensable objects sns Sonss
the debit and authority be conferred oy law
for that pu pose: 49,. a..xuI
varshous,ns system has been 10 operation more than
wear aud has proved to be important auxiliary TO
the tariff act Of 1916 In susmsnug the 5essnHs ana
tended co enlarge 1t has been beneficial to
our diminishing forced sales at auction
Of foreign goods at low prices to raise the duties TO ne
advanced on them aud by checking fluctuations in the
market The system, although sanctioned by the sxpe
States and e. susceptible OF in some Of It's
provisions The Secretary Of the Treasury upon whom
dsvoved large discretionary powers In carrying this
into effect has collected and Is now collsting
the practical results OF the system In other countries
where t has long been and will report at an
early period session such further regulations sug
sestd by tb. investigation may render It still more
effective and beneficial
By the act to provide the better organization of
the treasury aud for the collection safe keeping and
disbursement of the public revenue" all banks were
discontinued dsca agents Of the and the
paper currency issued by them longer permitted
to b. received in payment of public dues
The constitutional treasury created by this act went
Into operation the rst OF January last Under the
sy.tem established by it. the public moneys have been
collected safely kept and dsbursed by the direct agan
ey of officers Of the government in geld and silver and
transfers OF large amounts have been made from points
Of collection to points Of disbursement without loss to
thu or injury or inconvenience to the trade of
While the fiscal operations of the government have
been conducted with regularity and ease, under this
system, 1t has had sautary effect In checking and pre-,
venting undue naaton of the paper currency issued
by the banks which exist under state charters. Re-
curing 1t Does all dues to the government to be paid
Ia Id and silver its effect is to restrain excessive
issues OF bank BIZ the banks disproportioned to
the specie in their vaults for the that they at
all time liable to be called on by the holders Of their
notes for their In order to obtain specie for
the payment Of duties aud other public dues The
banks Therefore must keep their business within
dent limits and BIZ always In condition to meet such
calls, the hazard Of being compelled to suspend
specie and be thereby dscreded The amount
of specie imported into the United States during the
fiscal year was twenty-four million hundred and
twenty thousand hundred and eighty nine dol
lars Of which there retained In the country twenty
two million two hundred and seventy-six thousand
one hundred and seventy dollars. Had the former
financial System prevailed and the public moneys been
placed deposte in banks nearly the whole of this
amount would have into their vaults, not to be
thrown uto circulation by them, but to be withheld
from tbs hands OF the people as currency and made
large proportion Of the specie imported has been paid
into the treasury for public dues and after having
paid to the public creditors and gone into circua
ton as currency among the people Ths amount Of
gold and silver coin in circulation In the country
larger than at any former period.
The financial system established by the constitutions
treasury has been, thus far einently successful In It.
operations and recommend An adherence to all Its Q.
provisions and especially to that vital proyisio
whish wholly separates the government from all cor
nexion with banks and excludes bank paper from all
venue receipts
In Of details not involving It's general primo
PIES the system is defective, and will require modi6o
cd important set forth In the last annual report
the Secretary Of the Treasury These amendments sr
again recommended to the early and favorable consids
ration Of Congress
During the past year. the coinage at the mint and Il
branches has exceeded twenty millions of dollars Thi
has consisted chiefly in converting the coins Of foreg
countries into American coin.
The largest amount Of foreign ooia imported has bee
received At New York: and II branch mint ess
bhed at that city all the foreign coin received at tina
port could at be converted into coin with
out the expense risk and delay Of transporting 1t to tn
mint for that purpose and the amount receined wou
be much larger.
Experience has proved that foreign coin, and espe
oiay foreign gold coin, will not circulate extensively
currency among the people. The important measur
Of extending our specie circulation both Of gold
and ID o6 Sas ,n,s tn. only
coin. repeat the recommendation contained In N
last annual message for the establishment of branc
Of the mint of the United States at the city New Yorl
Ali the public lands which had been surveyed an
we're ready for market have been proclaimed for sa
offered for sale under proclsmations issued since Il
hrst Of January last, amounts to nine million one hui
drsd and eight thousand aSs hundred and thirt
territories in which these lands lie will advanced
their speedy sale. By withholding them from msrke
their growth aud increase Of population would be r.
tsrdsd, while Thousands Of snterprisiDg and
torous frontr population would be deprived of the
porunity Of securing feehods for themselves and the
families But in addition to the general consideration
which rendered the early sale of these lands proper
was leading object at this time to derive as large
sum as possible from this source and thus diminish b.
that amount the public loan rendered necessary b
the existence Of . foreign war.
IL Ii estimated that less than ten millions of acre
Of the public lands viii be surveyed and be in condi
ton to be proclaimed for sale during the year ls4s
In my last annual message presented the reason
which, In Judgment render red II proper to gradual
and reduce the price Of such of the public lands as hav
remained unsod for long periods after they had
fsrsd Tor sale at public auction.
Many millions OF acres OF public lands lying within tn
limits Of several of the western States have been ofere
In the msrket and been subject to sale private
FOR more than twenty years and large quantities TO
more than thirty at the lowest price
the existing laws and it has been found that they vii
not command that price They must remain unsold an
uncuvated for an indefinite period unless the pric
demanded for them by the shall be reduced
No sstsfsctory reason 10 perceived why they should
longer held ut rates above their real value At the pre-
snt period additional reason exists for adopting t.
msasursrecom When the country is engage
In foreign war and must necessarily resort to los
would seem to BIZ the dictate OF wisdom that shout
avail ourselves OF all and thus limit tn
amount Of the public Indebtedness to the lowest posi-
biz sum.
recommend that the existing laws on the subject O
prescription rights be amended and modified, so as :
operate progressively and to embrace all who may
tie upon the public lands and make improvements upo
them before they surveyed, well as afterwards
all cases whore suoh settlements may be made after tn
indian title shall have been extinguished
IL the right OF presumption be thus extended, Il wi
emhracs lsr2a and maritoraua aaas Of eitixan.