Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-12-12

Great Britain 10 ls41, nor the paralysis
Of credit and commerce lhroughous Eas
rope in lS46, have affected iniurioiisly
10 any considerable extent any Of the
great interests Of ihe country, or arrest
ed our onward march to greatness, wealth
and power. sl' iaflusxg ai aslihl I'D Gel
Had the disturbances In Europe not
occurred our'commerce would undouhted.
| y Have been still more to the National
wealth and public prosperity. But! not.
withstanding these disturbances the ope.
rauons OF the revenue system establish,
60 oy the tariffac Of 1876 have been so
generaiiy beneficial 70 the government
and to the business of the country, that
no change IN its provisions is demanded
by wise public policy, aad none ia rec.
! commended. - astae1a . = : -
The operations Of the Constitutional
Treasury established by the &C, Of ,ha
9th Of August, 1916, in the receipt, Gus.
iOdy. and disbursement Of the public mon
| ey, have continued to be successful. I'm.
der this systens the public finances have
been carried through foreign war. in.
! volving the necessity OF loans ard extra.
ordinary expenditures. and requiring dis
tant transfers and Disbursements, with
out embarrassment, and no loss has oc.
Cured under its provisions. Whilst it
has proved to be- safe and useful to the
government, its effects have been most
beae6osal upon the business ofihe coun.
Try. II has tended powerfully to secure
an exemption from that imitation aRdauc-
tuatiOn of the paper currency SO injuri
Gus to domestic industry. and rendering
50 uncertain the rewards of labor, and il
is believed has largely contributed to pre-.
serve the whole country from serious
| commercial revolution. and such as has
often occurred under the Bank deposite
system. In the year le47. there was a
revolution in the business Of Great Brit
\ am, Of great extent and intensity, which
wss followed by extensive failures in
that kingdom, unprecedented in number
and amount of losses. This is believed
to be the FIRST instance when such dis.
astrous bankruptcies, occurring ia coun.
try with which we have such extensive
trade or currency, we remained but little
affected in our money market, and our
business and indu try were still prosper
Gus and progressive. 80
During the present year nearly the
whole continent has been convulsed with
civil wars and revolutions, Grtended BY
numerous bankruptcies, by an unprece
denied fall in their public securities and
an almost universal paralysis Of commerce
and industry; and yet, although our trade
and prices Of our products must have been
somewhat unfavoraby affScted by these
causes, We have escaped revulsfon. oul
money market is comparatively easy, and
private credit has advanced and improved
1t is confidently believed that we have
beeR saved from these effects by The sal.
u,ary operation of the Constitutional
Treasury; il is certain that If tae "a ,OOO,.
900 of specie imported into this country
during the fiscal year ending on the 3O,h
OF June, 1917, had gone into the banks
as TO great extent il must have done, il
would, in the absence ofihis system. have
been made The basis of augmented bank
paper, and issued. probably, to an amount
| not less ,haO sixty or seventy millions of
dollars. producing. as an inevitable con
sequence of an inflated currency. extrav-
agant prices for time, aud wild specula.
| ton, which must have been followed, on
the refiIx to EHrope, the succeeding year
Ot so much OfIhat specie, by the prostra,
ton Of The business of the country The
suspension of the banks, and most exte n :
slve bankruptcies occurring, as this would
have done. at period when the country
was engaged in a foreign war, when con
siderable loans of specie were required
for disbursements, and when the banks
the fiscal iUnns of the government anC
the repositories of it's money, were sus
pended. the public credit must have sunk
and manv millions Of dollars, as was the
case during the war Of 1912, must have
been sacrificed in discOunting upon loan
aud upon the deprecated paper currency
government would have been compelled
to use.
Under the operations Of the con.ti,u
tional treasury not dollar has been los
by the depreciation of currency The
loans, required to prosecute the war will
Mexico, were negotiated by the Srcretar,
OF the treasury, above par. realizing q
large premium to the government. The
restraining effect of the system upon the
tendencies of excessive paper issue by
banks, has saved the government from
heav. losses, and thousands of our business
men from bankruptcy and ruin. The wis
dom Of the system has been tested by the
experience Of the last two years, and i,
is the dictate Of sound policy that II should
remain undisturbed. The modification.
ia some ofthe details Of this measure, in
voiving none Of its essential principles
heretofore recommended. are again pre-
scented for your favorable consideration.