The Arkansas banner., 1848-01-10


 contingencies of the 1ar with regard to tie rsye- nne; and upon the propriety Of Tstabishing war duties and adopting other measures towards keep ing the loans that may be necessary at a minimum sum. These consist ct recommendations of an ad- Yalorem duty al 2i per cent nn tea and coire; the reduction and graduation of the price of the public lands; and the extension of the pFe-empiion pisi- lege to every bona fdc settler; from all of which is estimated an annual arevebue inthe aggregate of $a 50O,0Oe. By the adoption of these measures, the loan might be reduced To S17.O00 GOO
 The subject of military contributions in Mexico IS discussed and mode of operating suggested by which the largest amoudt. t IS supposed. would be derived The present duiies are framed so ss 10 yield the largest revenues whereas he Moxiean ta- rH was in the highest degree protective and pro hibitofy. No date, however. IS accessible, from whence 10 make any satisfactory estimate; but the proposal IS to obtain, far possible supplies for ths army ih Mexico. from this somce, and to di- minish the expenditures of the national treasury in the prosecution of the war,
 IL is well recommen nded thai in contracting pub c debt. provision should, atthe time, Be made for the prompt payment of ihe interesi; sni the gradual but certain ex;insuishment of the prihci pal.
 Retrenchmen, has been effected in the means Of collecting the national reverue, to an amount of $500, GOO per annum, not by nduc!ng compensation, but by dispensing with every officer moi absol ,teIy necessary for the service
 The report advocates. in energetic tone. the reduction of the price of public lands, to settlers and cuItIyators; and anticipates from such mea sure. the rapId introduction to the Unioa, of two new States, Minnesota and tasca, in the great valley of the west
 Information is furnished in relation to the explo- ration and survey of the mineral lands on Lake Su pefior, Wisconsin and Northern Iowa.
 The legislation of the last Congress with view to the protection of soldiers and volunteers in securing their bounty lands, Is stated to be insuh- cien', and further legislation required to car out the benevolent policy indirafed
 The recommendation is renewed 10 establish ports ol entry III Oregon. extend the revenue laws. over that territory, grant donations of laIms to settlers, and school sections 10 every quarter of a township. The importance of the settlement of Oregon m view oi our commerce with Asia. added weIght 10 the recommendation An ample return to the govern nent Is anticipated from d just and iibeial policy in that quarter.
 4 number of tables are submitted exhibiting the state of the public debt and various transactions of the department From fthese il appears, that the amount of public debt liquidated in principal and interests by yearly payments from l19+ to lsi1, is S4S3, ,S00, ,ia2 5a.
 "fhs table, says the report, "is tho recorded evidence of the will and the ability of the Am rcan Union to discharge all it's obligations, the amount of debt now dSss being S45,659, $50 40a snm less than one tenth The amount of principal and interest of the public debt which have already psij- These payments were made with uniform punctu-
  riods when our population vastly less than fifth of its present numbers, and when its ability to meet its agreements was even in smaller propor tion
 'It is impossible for any American citizen to re- gard this evidence of the honor and good faith of his country, with any other feelings than those of pride and satisfaction In war and in peace, our country has maintained her honor unsullied, aud resolved. through every sacrifice of blood and trcasure that il must and shall be preseryed.'
 The report advances to the operation and effects of the constitutional treasury, which being pass age of peculiar interest we extract cutirc;
 "The constitutional treasury went into cif,,ct or. the lst Jan last; and the business of The govern ment IRder this aci, during the last II monihs, has been conducted in specie; of which, appears by table U, there was received during the last eieven months, for loans, customs, lands. and miscelane ous collections, the sum of SIS ,667 se6 is in spe- ce, and the sum of SIS 92b,5i i6 3i during the II months disbursed in specie.
 'In N York (sec table Y) during the month ol August last S3.s40. 706 IS in specie, Was received by the collector of that port, and in the last eleven months by him in specie SlS,6lS, 422 26. During the same month Of August, there was deposited (see table GG) the sum ,T9j, 120 92 with the asistani treasurer of that city and transferred from dis bursed by that officer. The receipts and disburse- ments of the government in specie, during the last eleven months, have amounted, together, to the sum of S96,S94, 403 49; and not dollar has been lost to the treasury, any injury inflicted upon any branch of commerce or business The eoHsL- tuiional treasury has been tried during prriod of war, when it WAS necessary 10 negotiate very large loans, when our expenditures were being increased, and when transfers unprecedented in amount were required to distant points for disbursement. During the last eleven months the government has received transferred, and disburse more specie than during the whole aggregate period Of fifty seven yrars pre- ceeding, since the adoption oi the constitution. To render the system sill more safe, useful, and econ omicaI to define clearly the powers of tIie de- paytment, and especially to render secure 'the public money in the hands of disbursing sgcnts,' the amendments suggested in my last annual re- port timcludiug the establishments of branch mint al New York, and which received Inc sanction oi the House of Representatives during the last 'sion are again rccomnen led 10 the favorable ecusdera- ton of Congress.
 'During tho year ending 3fth June, 1877, our imports of specie were S2f12l,2sa, (see table r j mos, of which. under former systtms, must have gone into the banks, to have been made the haSis Of issues of their paper to tho additional amopni of fifty or sixty millions of dollars. Such ali 'expan- sion, during the last spring sud summer. sccompau- jed by still higher prices and followed by greater fall and by bankruptcies in EuglaRd to extent heretofore unknown, finding our hanks and credit greatly expended. and acting aPon this expansion, would have produced reyHision here eXceeding any that has heretofore occurred in the country. general suspe nson of the banks would have pro- bably have tesulted expressing the wages oi labor and prices of property and products; affecting in- uriosly the operations and credit of the solvent, and producing extensive bankrupteies.- From this ravulsion we have been saved by the stituonai treasury, by which the specie imported, instead of being converted into bank issues has been made to circulate directly to great extent cur rency among the people, having been reeoined here during the last eleven months by the new orters of ihs department under the act of the 9th February, I7e3, and the jealous cooperation of tine able anu efficient head of he mint al Philadelphia to the un precelented extent of S20.T5S 0Is 2 and there are thousands of citik ns now solvent and prosper ous who haze been saved from ruin by the whole some operation of the eonst tutioaal treasury. The banks that so uuwisely opposed the syatem have been rescued probably, fom ano'her suspensions; stockholders, depositors, and note holders from yere losses; and the country anu goyernm ent from the ruinons effects oi depseciats paper currency. Ii the union of the government with the banks had