The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-12-12

e have added still more to the nation
= wealth and public prosperity. But no
= wIthstanding these disturbances, the OPT
d ratlons of the revenue system establishe
: by the tariff act of 1916 have been s
), generally beneficial TO the government an
l. the business ofthe country, that no chang
in its provisions is demanded by wis
r public policy, and none is recommended
+ The operations of the constitution;
e treasury established by the act OF the sixt
II of August, IS46, in the receipt. custody
II and disbursement Of the public money
e have continued to be successful.
e Under this system The public finance
have been carried through foreign war
E involving the necessity of loans and ex
= traordinary expenditures, and requirin!
distant transfers and disbursements, with
out embarrassment, and no loss has occur
| red of any of the public money deposited
under its provisions. Whilst il has prov
ed to be safe and useful to the government
its effects have been most beneficial upor
the business Of the country. 1t has tend
ed powerfully to secure an exemption
from that initiation and f1uctuation of the
paper currency, so injurious to domestic
industry, and rendering so uncertain the
rewards of labor, and it is believed has
largely contributed to preserve the whole
country from serious commercial revul-
sion, such as often occurred under the
bank deposit system.
In the year ls47 there was revulsion
in the business of Great Britain of great
extent and intensity, which was followed
by failures in that kingdom unpreceden>
ted in number and amount of losses.
This is believed to be the first instance
when such disastrous bankruptcies, occur
ring in a country with which we have
such extensive commerce, produced little
or no injurious effect upon our trade or
currency. We remained but little affec-
ted in our money market. and our BUSH
ness and industry were still prosperous
and progressive.
During the present year, nearly the
whole continent of Europe has been con-
vulsed by civil war and revolutions, attend
ed by numerous bankruptcies, by an I'M
precedented fall in their public securities,
and an almost universal paralysis Of COM
merce and industry, and yet, although
our trade anG the prices Of our products
must have been somewhat unfavorably af-
fected by these causes, we have escaped
revulsion, our money market is compare
lively easy, and public and private credit
have advanced and improved.
Occurring as this would have done, at pc
Rod when the country was engaged in a for
cign war; when considerable loans of specie |
were required for distant disbursements, and |
when the banks, the fiscal agent of the govern |
nent, and the repositories Of It's money, were |
the public credit must have sunk,
and many millions of dollars, as was the case
during the war of 1912, must have been sac
rificed in discounts upon loans, and upon the |
deprecated paper currency which the govern |
ment would have been compelled to use.
Under these operations Of the constitutional |
treasury, not dollar has been lost by the de-
probation of the currency. The loans requir-
ed to prosecute the war with Mexico were ne |
gotiated by the Secretary of the Treasury a.
hove par, realizing a large premium to the
government. The restraining effect Of the
system upon the tendencies to excessive paper
lSSuCh ny DllhS HAS StNeu iuc government
from heavy losses, and thousands of our busi-
ness men from bankruptcy and ruin. The
wisdom of the system has been tested, by the |
experience of the last two years, and it is the |
dictate of sound policy that it should remain |
The notifications in some of
the details of this measure, involving none of
its essential principles, heretofore recommend
ed, are again presented for your favorable |
In my message of the sixth Of July last,
TO Congress the ratified treaty of
peace with Mexico, recommended the adop-
ton of measures for the speedy payment of
the public debt. In reiterating that recon-
mendation, / refer you to the considerations
presented in that message in its support. The
public debt, including that authorized to be
negotiated, in pursuance of existing laws, and
including treasury notes, amounted at that
time to slxty-fve million seven hundred and
seventy-eight thousand four hundred and fifty
dollars and forty-one cents.
Funded stock of the United States, amount
ing to about a half million of dollars, has
been purchased, as authorized by law, since
that period, and the public debt has been re-
duced the details of which will be presented
in the annual report of the Secretary of the
Treasury.
For the reason assigned in my last annual mes
sage, repeat the recommendation that branch
of the mint of the United States be established
at the city of New York. The importance Of
this measure is greatly increased by the acquisi-
ton of the rich mines of the precious metals in
New Mexico and California, and especially in the
latter.
repeat the recommendation heretofore m ade,
inefavor of the graduation and reduction of the
price of such public lands as have been long Of
fcred in the market, and have remained unsold,
and in favor of extending the rights of pre-emp-
ton TO the actual settlers on the unreserved as
well as the surveyed lands.
The condition and operation Of the army, and
the state of other branches of the public service
under the supervision of the War Department
are satisfactorily presented in the accompanying
report of the Secretary of War
Or the return of peace, our forces were with
drawn from Mexico, the volunteers and that por-
ton of the regulvr army engaged for the war
were disbanded. Orders have been issued for
stationing the forces of our permanent establish
ment at various positions in our extended coun-
try, where troops may be required. Owing to
the remoteness of some of these positions the de-