The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1848-01-04


amount Of the loans which it may be nsccs
, ery 10 hegSiale; could be obtained at cheap
Or rates. t.t.r
: Congress is therefore called upon TO de
; iermne, whether il is wiser 10 impose The
war duties, or by emitting TO do so, increase
, the public debt annually three millions o.
dollars, so long as the loans shall be required
. to prosecute the war;-and afterwards pro.
vide, in soine other form, 10 pay the semi
! annual interest upon il; aad ultimately TO ex
. tingush the principal: If in addition t,
: those dnIies, Congress could graduate anc
: reduce the price of such puLlic lands as
! experience has proved will net command the
$ price placed upon them by the gessromeni,
Z an additional annual increase 10 the treasury
Y ogbelween BALI million and mi llion o
dollars, it IS estimated would be derived
frem this source. Should both measures
receive tho sanction of Congress, the annual
; amount Of public debt necessary TO be con-
I acted, during the continuance Of the war,
wonld be reduced four millions Of dollars.
The duties recommended 10 be levied OH
ten and coffee should be limited, in their du-
ration, TO The end of the war, and until this
public debt rendered necessary 10 be con-
uacled by it shall be discharged. The
amount Of the public debt TO be contracted
should be Limited TO the lowest practicable
sum, and should be extinguished as carly af-
ter the conclusion Of the war as tho means
of the treasury will permit.
With this view il is recommended that,
as soon as the war shall be over, the surplus
! in the treasury not needed for either indiR-
pensabls objects, shall constitute sinking
fund, aud he applied 10 tic puschuse Of the
funded dsbtj and that Authority be conferred
by law for that purpose.
BY the act 10 provide for The better organ
izaion Of the treasury, and for the collec-
ton. safe keeping and disbursement Of the
public revenues, all banks were discont inu-
cd as The fiscal agents Of the government,
and paper currency was no longer allowed
to be received in paymen, Of public dues.
The Conatitutienal Treasury created by
this act, went into operation ON the 4th Of
Janua'y last. Under the system established
by il, the pnbllc moneys have been collect
ed, safely kept, and disbursed by the direct
agency; of the officers Of The govern men,, in
gold and silver, and transfers o. large amounts
have been madefrom points of collection to
the points Of disbursements. without loss to
The treasury or Inconvenience to the traffic
of the country.
While the fiscal operations Of the COVE rn
ment have been conducted with regularity
aud ease, under this system, it had ssluta-
ry effect i'll checking an undue imitation OF
the paper currcncyj issued from The banks
which exist under State charters. Requir-
ing, as it does, all duos to ths Government,
10 be paid in gold and silver, its effect is 10
restrain exclusive issues Of bank paper, dis.
proportioned 10 the specie in their vaults,
lsr The reason that they are al all times ia-
bic TO called %, by the holders of the notes
! for their redemption in oIder to obtain sp.-
Gle for the payment Of duties, and other pub
lie dues. The banks therefore, must keep
their business within prudent limits, and be
always in condition 10 meet such calls, or
run Tho hazard of being compelled TO sus-
pend specie payment, aul be thereby dis
credited.
The ammount ofspeeie imported into The
United States during the last fiscal year was
S25, ,l2l $50; OF which there WAS retained
IN the country $22,276,l76. Had the for
mer financial systom prevailed; and the pub
lie money been placed on dsposto in banks,
nearly the whole OF this amount would have
gone into their vaults; not to be thrown into
circulation by them, but Withheld from the
hands of the people, aud made the basis of
new and enormous issues of bank paper
A large propoilon Of tho specie imported
has been paid into the treasury for public
dues; and after having bssn, to great ex-
tent, recoined al the mint, has besn paid
to the public creditors, and gone iRo circu-
lation, as currency amsng the people
The amount of gold and silver coined, and
now in circulation in The country, is larger
than al any former period.
The financial system established by the
constitutional treasury has thus far, been
emnenlly successful IN its operation; and
recommend all adherence to all its essen
tia provisions, and especially to that vital
provision which fully separates the govern
ment from all connections with banks, and
excludes bank paper from ali revenue re-
ceived.
In some of its details not involving its
general principles, The system is oefechvs,
and will require modification. These do.
fscts, and such amendments as are needed,
and are deemed important wee set forth in
the last report Of the Secretary ef,hs Troas-
ury. Those amendments are again recon-
meuded TO tho early and favorable eonsid-
grafton Of Congress.
During the past year, the coinage at 'he
mini, and lis branches, has exceeded twsn-
ty milliens of dollars This has consisted
chiefly in converting the coins Of foreign ma
iions iute American coins.
The largest amonnt of foreign coins i'm
.,ul ho. Laa, r.caived nj New York. and