Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-02-15
VOLUME 5. NUMBER .se.

its direct provisions, for the collection.
bookkeeping, and disbursement of tbs
public revenues, by officers appointed, aud
penalty and otherwise bound for that pur.
pose, should commend it tosthe especial
favor ofthe friends of State rights and re-.
publican virtue. But hear, again. what
the Secretary oftbe Treasury (Mr. Walk.
er) says of the operation of. the consfilu-
ttional treasury: g. Asr
| "The receipts and disbursements Of the
government in specie, during the last
eleven months, have amounted, together,
to the sum of $96, S94 .4O2 40 and moi Z s
dollar has been lost TO the treasury, nor i
any injury inflicted upon any branch of !
hcommerce or business. The consiitu-:
tional treasury has been tried during 4
period of war, when il was necessary to !,
negotiate very large loans. when. cur ex -
expenditures were being increased, and
when transfers unprecedented in amour,
were required to distant points for dis-s,
bursement. During the last eleven months,
the government has received, transferred,
and disbursed more specie than during
the whole aggregate period Of fifty seven
years preceding, since the adoption Of the
constitution. y 4sb ~ 8; $50 .@ss
ies* During the year ending 30ih
June. lS47, our imports Of specie were
/ $24 .l2l. 269, see table It, )most ofvhieh,
under former systems, must have gone
into the banks, to have been made the
basis OF issues of their paper to the addi-
ttienai amount of fifty or sixty millions Of
4 dollars. Such an expansion. during the !
4 last spring and summer, accompanied by
still higher prices, and followed BY q
i greater fall, and by bankruptcies in Eng.
land TO an extent heretofore unknown, :
finding our banks and credit greatiyex-
I banded, and reacting upon this expansion, ,
would have produced reVulsion here ex.
! ceeding any that has heretofore occurred
in the country. A general suspension of
the banks would probably have resulted g
depressing ,he wages of labor and prices
/ ofProperty and products; affecting inlufi.
cuslythe operations and credit even of the .
most solvent, and producing extensive
bankruptcies. From this revulsion we
have been saved by the constitutional
3 treasury, by which the specie imported,
instead Of being converted into bank is.
sues. has been made TO circulate directly
to great extent as currency among the :
people-haying been recoined here dur
4 ing the last eleven months by the new
orders of this department under the act Of
9th February, 1893, and the jealous CO.
!: operation of the able and efficient head of
the mint at Philadelphia. to the unprece-a
deuted extent of S2O.75s.O4e IL; and 3
Ie &c
solvent and prosperous, who have been F,
saved from ruin by the wholesome opera :
ton Of the constitutional treasury. The
banks that SO unwisely opposed the esys.
tenn have been rescued, probably. from
another suspension; their stockholders,
depositors, and note-holders from severe
losses; and the country and government
from the ruiaous effects of deprecated
PAPER currency. If the union of the gov
eminent with the banks had continued,
and their suspension and the depreciation
of their paper occurred during the war.
requiring large specie disbursements,
which suspended banks could not furnish.
!. consequences the most disastrous to the
honor and the interests of the country
must have ensued. The government is
now disconnected from banks, and yet its
stock and notes are at par, although we
have been constrained to contract heavy
loans, and to keep larger armies in the
field than al any former period. But dur.
ing the last war, when the government
was connected with, banks, its six per
cent. stock and treasury notss were de.
preciated twenty five per cent, payable
IN bank paper twenty per cent. below par;
thus amounting to e loss offorty FIVE cents
in every dollar upon the operations of the
government Now.
for the first limo in our history, although
failures in England Of the most unprece-
dented magnitude have occurred. inclu.
ding banks and bankers, yet our banks &
credit are sound and stable, and the bust
ness of the country is still prosperous and
progressive" ~ -....
This quoiation, Mr. Chairman. closes
my hasty and. ! fear,very imperfect sketch
OF the internal or domestic policy of Mr..
! Folks administration--ny vind!cation OF
the model President-!he man who has
conducted one of the most brilliant wars
of any age--who has effected the greatest
State reforms OF modern titnes-who, I'm.
ambitious and uaesplring, rose upon the
, spontaneous sufrages Of his countrymen
, to the highest civil station on earth, in
t which he stands forth the faithful reflex
of their sentiments and opinions, and the
admired representative of great nation.
Yes, sir, all this, and more, has been
achieved under the auspices of Mr.. Folks
& administration; upon which we, his friends.
tender you bis opponents the issues offered
4 by great principles. VIII you meet these
issues 1--WE challenge you to meet them. ,
/ If you are still for a national bank, q res y