Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1848-12-13

BILE extent any Of the great interests oi The
country, or arrested our onward march TO
greatness. wealth and power.
Had the disturbances in Europe not oc.
Cured. our commerce would undoubtedly
have been still more extended, and would
have added sill more tu the national wealth
and public prosperity. But notwIthstand-
ing these disturbances The operations oil the
revenue system established by the Tariff
| act OF l946 have been so generally bene-
fetal to the government, and the business Of
the country, that no change in lis Provis-
ions is demanded by wise public policy,
aud none is recommended.
The operations of the Constitutional
Treasury established by the Act of the 9Th
of August. 1876. in the receipt. custody.
and disbursement of the public money,
have continued to be successful. Under
this system the public finances have been
carried through foreign war. involving
the necessity OF loans and extraordinary
expenditures, and requiring distant trans
! lers and disbursements, without embarrass-
nent, and no loss has occurred of any of
the public money deposited under its pro-
visions. Whilst it has proved to be safe
and useful TO the government, its ELECTS
have been most beneficial upon the busi-
ness Of the country. L. has tended power
fully 10 secure an exemption from that in.
faton and huctuat;on oil the paper curren-
cy so injurious TO domestic industry, and
rendering so uncertain the rewards Of Ia
bor. and it is believed has largely coniribu-
| h. bo1a nfrx,
serious commercial revulsion, such as often
occurred under the Bank Deposile system.
In the year ls47 there was revulsion in
the business of Greut Britain Of great ex-
tent and intensity. which was followed by
failures in that kingdom, unprecedented
in number and amount Of losses. This is
believed TO be the first instance when such
disastrous bankruptcies, occurring in a
country with which we have such exten-
sive trade or currency, we remained but
little affected in our money market, and
our business and industry were still pros
porous and progressive.
During the present year. nearly the
whole continent has been convulsed by
civil wars and revolutions. attended by nu-
merous bankruptcies, by an unprecedented
fall in their public securities. and an al
most universal para vsis Of commerce and
industry; and yet, although our trade and
prices Of our products must have been some
what unfavorably affected by these causes.
we have escaped revulsion, our money
market is comparatively easy. and public
and private credit have advanced and i'm
proved.
1t is confidently believed that we have
been saved from these effects by the sau-
sary operation OF the Constitutional Treas
urv. 1t is certain. that if the twenty-four
millions Of specie imported into the coun-
try during the fiscal year ending. on the
3Olh Of June, ls47, had gone into the
banks, rs to great extent 1t must nave
done, it would. in the absence OF this sys-
tenn. have been made the basis OF augment
ed bank paper. and issued probably, to an
amount not less than sixty or seventy mill
ions of dollars. producing, as an inevitable
consequence of an4inhated currency, ex-
,ravagani prices foF as,me. and wild spec-
ulation. hich must have been followed on
the rehux 10 Europe. The succeeding wear
of so much of that suecie. by the prostra-
ton of the business ofthe country, the sus-
pension of the banks, and most extensive
bankruptcies occurring, as this would have
done, at period when The country was en-
gagged in foreign war; when considerable
loans Of specie were required for distant
disbursements, and when the hunks. the fis,
cal agents Of the government, and the de-
positories Of its money, were suspended.
the public credit must have sunk, and ma
nv millions of dollars, as was the case du-
ring the war Of 1912, must have been sac
| rificed in discounts upon loans. and upon
the deprecated paper currency, which the
government would have been compelled to
use.
Under the operations of the Constitution
al treasury not dollar has been lost by
the depreciation Of the currency. The
loans, required TO prosecute the war with
Mexico were negotiated by the Secretary
of the Treasury. above par, realizing a
large premium TO the government. The
restraining effect Of the system upon the ten
denotes to excessive paper issue by banks.
has saved the government from heavy loss
es. and thousands of our business men
from bankruptcy and ruin The wisdom
of the system has been tested by the ex-
perience Of the last two years. and it is
The dictate Of sound policy, that it should
remain undisturbed. The notifications
in some of the details of this measure,
involving ncne of its essential principles,
heretofore recommended. are ngain pre-
sented for your favorable consideration
/ In my message Of the 9Th OF July last.
transmitting TO Congress the ratified treaty
of peace with Mexico, recommended
The adoption Of measures for the speedy
payment of the Public Debt. In 1eitera-
ting that recommendation. l refer you TO
the considerations presented in that mes
sage. in its support. The public debt, JIM
Guiding that autorized TO be negotiated in
pursuance of existing laws, and including
Treasury notes. amounted at that time to
sixty-tive millions seven hundred and
Sc venty.eight thousand four hundred and
fifty dollars and forly-one cents.
Funded stock of the United States,
amounting TO about half amillion of dol
lars, has been purchased, as ulhorized by
law, since that period. and the public debt
thus been reduced. the details Of which,
will be presented in the Annual Repor.
of the Secretary of the Treasury.
The estimates of expenditures for the