Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1848-12-29
PUBLIC DOCUMENTS.
ophrr ot the secretary IF the Treasury

collection of duties in specie would operate as q
Eheck, not upon The issues, but upon the over
issues of their banks; gentle and most useful
check, restraining their oser issues, and mitiga
ting NOT preventing those revulsions which
are surl 10 ensue when The. business OF the
banks, am, as a consequence, that OF the coun-
try, is undbly extended. Credit is useful and
mos, abundant only when il is based upon capt.
tai and specie, and a legitimate business and
commerce. But when j, is stretched beyond
those limits, it necessarily produces revusions,
disastrous not only To The parties involved, bu;
to the commerce aud business of the whole
country 1t is this fatal tendency TO ovcr-s-
sues, and the too great and dangerous extension
Of their business, which consti,ute the greatest
objection TO our banking SYSTEM and those
banks which are based on a sound capital, and
= desire 10 conduct their business advantageous
To themselves aud 10 the country, ought to re I
loice that such others as would transcend these
limits, are checked and restrained by the de-
mand for coin created by the specIe-receIVing
and specie-circulaing constitutional treasury
During The wear lS47, when more than twenty
four millions of specie were brought into the
country, and to great extent paid IN for duties
and loans to the Government, had this coin gone
Into the banks as under the old State-bank depo
site system to q great extent it must, and have
been made the basis OF an inflated currency far
exceeding that OF 1886, il would Bave been in'low.
ed, upon the sudden fall Of the price oi our
breads uils and staples and the turn oi exchange
ant flow Of specie OUT Of the country, by TeVu!'
sion more disastrous han ,ha of 1857. IDc
fall would have been lfoin greater inhatiDn
10 lower depression, he neusi!y oi lne disas-
Ter being augmented by The loans and expenses
OF foreign war b. The drain OF specie y sustain
immense armies ia foreign countries DY Nepfeci-
a,icn OF government, loans and be tall .! the gov
ernmeDt credit The public credit ond,r thai
system being nsepaIably connected win iha, Vi!
the banks as lis cerosi pres the governments nav
ing ~ sre ie I'D depending upon their paper,
its crs,i mus, h We fallen with that oi the banks,
as ha pp.p,d IN 1887 and during the war OF 1872,
and loans pr specis (Which were indispensabie)
could only have been obtained as they were du.
ring TIA; war, al fuInous discounts amounting
10 millions OF dollars per annum. lnsead oil
these sacrifices, the public credit was maintained
throughout ne war, and lis stocks sold Tor high
premiums ins,edi Z rpinous discounts
A system which mas operated SO benehciaily
both in war aud ~ peace, must IN The main,
be wise and salu,ar,; bu II would be still more
so, If the amendments heretofore recommended
ny his department were adopted, especially a
regards the securities ior disbursements (wi,h-
ishmenl oil a branch mint at New York. as a
most important auxiliary With these amend
menls, affecting none of the principles e tue
bill, and especially IL specie. receiving and spe
cic-circuating clauses. 1t would so commend il
self to the whole country, and prove so benef
cial to its industry, commerce, and business: as
to become our settled policy, uDdisturbed by
complaint or opposition from any quarter
ADncxet will be lound IA ble- fmaIked u aGG
W communicating, in compliance witt. The 22d
section ui tie act III the % OF January, lS4I,
;he Information required by that ac as regard,
me issue, redemption, purchase and reissue oi
treasury noes. Statement w shows the pay
menis into The treasury on account OF The loan oi
ls4s. Statement X shows The amount II specie
paid into the treasury from all sources from The
Isl OF January. IS47, 10 the 3lsI October lS4S
amoDntiog To Ss9l, 4S4 S23 IS, and the dsbuise
ments IN specie during the same period amonn-
inc 10 -92 l42 5l2 80, making an aggregate our
ing tha, period OF tecelp's and disbursements, IL
Specie, OF Sls3, 49,, 1886 "a.
Under the act oil the 3lsl Of March last au;ho-
rizlns loan Tor sum not exceeding sixteen mil
lion OF dollars, lhs department on the Eth Of
Anil last, and ioE sky days thereafter aGvei-
Used the proposals as per copy hereualo anneSet
(marked 81 This advertisement was published
for Sky days, not only in the several newspa
pers in this city, bur alsa The panerS publishing
the laws as authorized in each of the States and,
with view 10 more extensive circulation, in
each of the daily papers OF The principal citie.
the Union The proposals were also mace snown
to our ministers and consuls in The principal c.
ties OF Great Britain and the continent, where
ever il was believed the premium might BE- en-
HANGED and bids extended by their effJrs. The
notice was not inserted in the newspapers Until
rhe l7tb April, because, by The Sd section Of tee
ACT. Ii was declared that the advertisement should
be published no, more Than sixty days, or less THAI
twenty days from the time Of the frs, insertion oil
me said advertise ment n or two newspapers IN
,he city Of Washington" H. then, upon The day
that the la passed. or the day succeeding tha
LOAD had been advertised, The time for opening
The oropn:als nus, have terminated by he last u
Nav or ITS II June. The department, however
upon In. .nformati0n before II, felt persuaded
that the treaty IL peace which hal been approved
oy the senate, would BE- ratified BY Mexico, bat
that, in all probability, the intelligence OF The "a
tjfica,,o, cou NOT reach here by the las; OF May
or The Is, oi Jane bur that il would be received
before the middle OF June; and, consequently,
that ii the advertisement were Immediately in
serted, and the proposals opened by The last OF
Nav or the Is, of June, The government, in the
absence OF the news Of The ratification OF The trea-
" by Mexico, would necessarily sell the loan
upon much less advantageous terms and al a
probable sacrifice of several hundred thousand
dollars OF premium 10 the government. Under
these circumstances, The department assumed The
responsibility OF delaying the Advertisement, IN
iii the Eth OF April, allowing the longest periol
from that da'c authorized bv iaw Tor opening the
proposals namely the II h II lare; some .'ay,
before whicn period, WA conf ~ tatt cftlcia,
inteicenc. OF the ratification by Aterico I'll the
treaty. would be received here. The result jusli-
Tn. sallI y hT
ratification OF n Dc.y was "ot received here By
the last Ut May vi Ist et June; nor, in TACT, unil
lew DAYS before the l1th OF Jane, when il was
immediately made known officially Ivy telegram
and otherwise; and the government received he
full benefit in negotiating the loan, OF the uIi-
versai knowi-ts. II The final ratification ot lie
treaty OF peace win Mexico. Upon the l7.h oi
June, al the appointed hour, The sea were bro
ken, and the bris opened, by 'he Chief clerk OF ln'
department, in my presence, aud that Of he t,d-
ders, and the puolic, the bios recorded, and the
loan awarded, OF course, to the hiehes: bidders
The total amount bill, together with the names
OF the successful and unsuccessful bidders, vii!
be found in the statement hereto annexed, mark
ed NJ
The whole premium obtained, i Will b. per
ceived, was S4S7, l65 66. which was the mors
extraordinary, inasmu N as, on fs ereace Ia he
ptices-current j, will b. found thal he eGufr
sale or the sixteen millions OF STOCK 10 stag c
day exceeded the rate 4. which III government
six per c.oi twenty years stock, exclusive OF iu-
ter, s. ana brokerage was then selling IN small
sums IA ne market.
II beng made by law the duty 4 IT,, d"par,-
,nect to Aevoe It's attention to TN. SUPPORT OF
PUBLIC CREDIT as well as 10 TIE improvement
anil management; 81 The rer.nue, u : ef pes to
remark mat ihis sovernmen. has paid P.nctuaiiy
al all times The public deb, III Il. maturity, aS
vel! as the accsning in'e,est, ocvef su>pend,ps
Tor moment OF time ias discharge OF either
when due. Such has been The attachment, OF the
American people 10 this The government oil their
choice-such their regard Tor honor and good
iaih-that, however severe the trial or sacrifice,
they have lquidated as they fell due all the debls
Of he Union.
A table certified by the Register OF the Trea-
sury is hereto annexed, (marked NJ showing
our population from 1870 70 The present period. Of
every year; our debt; our receipts from loaas and
treasury noes; oot revenue each year, exclusive