The Democratic pioneer. [volume] (Upper Sandusky, Ohio) 1845-1853, 1848-12-29

oankruptcies occurring IN country with
which we have such extensive trade, or
currency that we remained but little af- |
fected and our business and industry we're
st'l' prosperous and progressive. |
During the present year, nearly the
whole continent OF Europe has been con.
vulsed by civil war and revolutions. at !
tended by numerous bankrup cies, by an
almost universal paralysis of commerce
and ihids'ry, and yet, although our trade
and the prices of our products must have
been somewhat unfavorably affected by
these causes, we have escaped the revul
sion, our money market is comparativel,
easy, aud pubic and private credit have
advanced aud improved.
1t is confidently believed that we have
been saved from their effect by the salu-
tary operations of the Constitutional
Treasury. 1t is certain that, if the
$2ls 600 of specie imported into the
country during the fiscal year ending on
the SEN OF June, l847, had gone into he
banks, as to great extent it must have
doEe, II would, in the absence Of this sys.
TEN, have been made the basis of aug.
mented bank paper issues, probably TO
an amount not less than 60 10 $7O, 900 0O0
producing, as an Inevitable consequence
of an IDf4led currency, extravagant pris
ces tor ume, and wild speculation,
which must have been followed, on the
rehux to Europe the succeeding year, OF
50 much Of that specie, by the prostra-
lion OF the business of the country, the
suspension OF the banks, and most exten-
sive bankruptcies. Occurring, as this
would have done, at period when con
siderable loans Of specie were required
for distant disbursements, and when the
banks, the fiscal agents of the government
and the repositories Of its moneys, were
suspended, the public credit must have
sunk, and many millious of dollars, as
was the casesin the war of 1912, must
have been sacrificed IN discounts upon
loans, and upon tho deprecated paper
currency which government would have
been compelled to use.
Under the operation Of the Consliiu
tonal Treasury. not a dollar has been
lost by 2tisss sspseeiafion ostho currency
Tho loans required to prosecute the " ar
wlth Mexico were negotiated by the
Secretary of the Treasury above par, re-
alzing large premium 10 the GOV ern
ment. The restraining effect Of the sys
TEN upon the tendencies to excessive pa
per issues by the banks has saved the
government from heavy losses, and thou,
sands Of our business men from rupt.
cy and RUIN. The system has been ties ed
by the experience Of the last two years,
and 1t is the dictate of sound policy that
II should remain undisturbed. The mod :
i6cations Of some of the details of this
measure, involving none of its essential
principles heretofore recommend ed, are
agan presented for your favorable con-
sderatloD.
ln my message of the 9th Of July last,
transmitting TO Congress the ratified
treaty of peace with Mexico, | recon.
mended the adoption of measures for the
speedy payment of the public debt. In
reiterating that recommendation, | re-
Ter you TO the Consideration present. led
10 the message in its support. The pub
lie debt including that aut uthorzed to be
negotia ed in pursuance Of existing laws,
and including Treasury notes, amounted
at that time to 500. .77S 450 Al.
Funded stock of the United States a.
lars, has been purchased as authorized
by law, since that period, and the public
debt has been reduced, the details of
which VIII be presented ID the annual
report of the Secretary of the Treasury.
The estimate of expenditures for The
next fiscal year submitted By the Secre.
tary of the Treasury, ii is believed, will
be ample for all necessary purposes. IL
the appropriations made by Congress
shall not exceed the amount estimated,
the means in The treasury will be sutii-
clent TO deiray all the expenses of the
government, to pay off the next install,
ment OF 8, ,300e Geo to Mexico, which will
fall due on tue Sotb of May next; and
still a considerable surplus will remsia
which should be applied TO the fur
lher purchase OF the public stock, and re
duction of the debt. Should enlarged
| appropriations be made, the necessary
conse quence will be tospostPone the pay
menl OF the debt. Though our debt is
small as compared with that Of most 9TH
er nations IN the world, IL is our true pol
icy, aud in harmony with the genus Of
our institutions, that we should preseni
10 the world the rare spectacle of a grea
republic, possessing vast resources OF
wealth, wholly exempt from public in
debteduess, would add still more TO our