The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-12-09

Table M exhibits the reimbursement oil treasury notes
monthly from LIST December, 1916, to the LIST December
1917, amounting TO IS o71 ,79i GO.
Table FF gives the items in detail OF the debt OF the
| United States due on the 4th March, 1913.
\ Table shows the transfers made TO New Orleans IN
specie from the LIST January, 1917 to the LIST December
1871, being $S,Gl6,5l7 80.
/ Table gives the aIsount of treasury notes paid In
for public lands during the 4h quarter of 1916, and the
lst, ID, and Sd quarters of 1917.
| Table NIX exhibits the amount of treasury notes paid
IN Tor duties from 1st December, 1916, 10 LIST December
1917, including the amount of l0l 500 paid into the
custom house in April last, at par-bemg the month IN
which the loan for $ls0oo.0oJ was negotiated; from
which Congress viii observe the gradual appreciation OF
these notes III the market and their partial discon-
tnuance for that time in revenue payments, and subse
quent renewal OF the payments OF treasury notes Tor
Table exhibits separately the monthly issue OF treas
ury notes from LIST January, lsl7 TO the 30h November
1917, inclusive, under the of July 3D. 1916, and OF
2sth january, lsl7being under the former act $2,79l,
loo and under the latter l7,762,95o and in the aggre
gate of both ss2O,557 $50.
the principal and interest of the public debt from 1871 to
lst7, both inclusive amounting in the whole to the sum
| of 1913 ,SOJ,49S 10.
This table is the recorded evidence of the will and the abil-
iy OF the American Union to discharge all It's obligations,
the amount of debt now due being 5,65965o 4Oa sum
less than tenth of the amount of principal and inter
est of the public debt which have already paid These
payments were made with uniform punctualty and CON-
msncng with heavy amounts at periods when our popu-
atlon greatly less than one NTH OF It's present num-
bers, and when IFS ability to meet Its engagements was
| even in smaller proportion
1t Impossible Tor any American citizen to regard TINS
evidence of the honor and good lah OF his country with
any other feelings than those of pride and satisfaction
In and in peace, our country has maintained her
honor unsued and resolved through every sacrifice OF
blood and treasure, that it must and shall be preserved
The constitutional treasury went into effect on the Isl
Of January last; and the business OF the government I'M
der this act during the last eleven months has been con-
ducted in specie of which appears by table u there
received during the last eleven months, Tor loans.
customs lands, and miscellaneous collections, the sum
OF S,667SS6 IS in SPECIE and the sum OF 81
during the eleven months dlSburSed
In New York (see table " during the month OF Au-
gust last 33io7o6 4S in specie was received by the col
ecor OF that port and in the last eleven months by him
in specie lS,G5,l22 DC During the same month OF Au-
gust there deposited (see table GG) the sum OF
20 % with the assistant treasurer OF that city,
aud transferred from disbursed by that officer The
receipts and disbursements OF the government In specie,
during the last eleven months, have amounted together,
the OF 500 1914 i02 40; and not dollar has been
lost to the treasury, any injury inflicted upon any
branch of commerce or business. The constitutional
treasury has been tried during period OF war, when
expenditures were being increased, and when trans
ers unprecedented in amount were required to dis
ant points for disbursement During the last ele-
months, the government has received, transferred,
and dsbursed more specie than during the whole
aggregate period of fftyse years preceding, since
the adoption of the constitution TO render the sys-
TEN still safe, useful, and economical; to define
more clearly the powers of the department, and especial
y TO render the public money in the hands
of dsbursng agents., the amendments suggested IN my
last annual report, (lncludng the establishment OF
branch mint at New York and which received the sane
ton OF the House Of during the last SEES
ton of Congress. During the year ending both june
sl7 imports of specie were 2l2s9, see table
to most of which, under former systems must have gone
into the banks TO have been made the basis of issues OF
their paper to the additional amount of fifty or sixty mil
lions of dollars. Such an expansion during the last
and followed by greater fall, and by bankruptcies in
England TO an extent heretofore unknown, finding our
banks and credit greatly expanded, and reacting upon
this expansion, would have produced revulson here
exceeding any that has heretofore occurred in the coun
try. general suspension OF the banks would probably
have resulted depressing the wages OF labor and prices
OF property and products affecting njurousy the opera
tons and credit even of the most solvent and producing
extensive bankruptcies From this revulson we have
been saved by the constitutional treasury by which the
specie imported instead Of being converted into bank is
sues has been made to circulate directly to great extent
as currency among the peope1having been reeoined
this department under the act of oh February l793 and
the Jealous corporation OF the able and efficient head OF
the mint Philadelphia. to the unprecedented extent OF
1920 sOis 70; and there are thousands of citizens
solvent and prosperous, who have been saved from
ruin by the wholesome operation OF the constitution
nj treasury The banks that unwsely opposed the
system have been rescued probably from another suspen
son their stockholders, depositors, and note holders
from losses; and the country and government
from the runous effects of deprecated paper currency
III the union OF the government with the banks had con-
tnued and their suspension and the depreciation OF their
paper occurred during the war recurring large specie as
consequences the most disastrous TO the honor and the
interests of the country must have ensucd The gov
lcrnment lS now disconnected UOnl UukS, YET It's
stock and notes par although we have been con-
strained contract heavy loans and keep larger armies
in the field than any former period But during the last
war; when the government was connected with banks,
its six per stock and treasury notes deprecated
twenty five per cent payable in bank paper twenty per
cent below par thus amounting to loss oil fortyhve
cents in every dollar upon the operations OF the govern
nent In my first annual report to Congress, on the Sd OF
December, 1885, in recommending the adoption OF the
constitutional treasury, the following observations were
made:
Nor will il be useful to establish constitutional
ury If it receive disbursc the paper of banks
" If paper Whatever form, OF from whatever source IL
issue should be introduced circulation by the
treasury, it would precisely that extent dit
minisL n means OF circulating gold and silver"
During and before the commencement of the last scs
sion of Congress- thought by many that this measure
could operate successfully during war, and that large
loans could not be negotiated If the payments were re-
auired in specie The department. however, adhered to
the recommendations of its first report, believing that the
government would be rendered stronger by the divorce,
and that if the treasury should resort to banks to negot
ate its loans supply its revenue, that both, II the war
continued, would be involved they IN the war OF
1912, in During the months OF June, Ju-
w. and August last per table N the OF 600000O
was transferred from the assistant treasurer OF New York
for necessary disbursements at New Orleans and in Mex
ico Heretofore, the public money being deposited with
the banks and loaned to their customers when such
enormous transfers were made, contraction OF the
banks with rinous losses must have ensued; but the
money of the government rs now transferred from New
York to New Oeans and scarcely affects business or the
money market, because the transactions OF the govern
ment are disconnected from those of the banks. When
the government formerly received and dsbursed only the
paper of banks, whenever revusion and numerous
bankruptcies occurred in England they universally react
ed upon our perous paper SYSTEM so as to create pres