Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-05-12

Abundant streams Of revenue gashsd sk ks touohsd Ii
dead corpse OF the public credit and Ii sprang upaa Id
was hardly more sudden perfect than the fnanca
system OF the United States burst forth from the
ception OF Alexander Hamilton"
| We have been induced to recur to these princi
Piles, embodied in the early legislation of the coun
try, by the perusal of pamphlet on the present
public debt of the United States, in which it is the
object OF the writer to demonstrate the advantages
Of the Hamltonian system, as compared with that
which has grown up under the legislation of the
last Congress, called to raise loans which, by their
magnitude, would seem to demand the greatest
guards and guarantees to preserve the public ere.
dit. The writer, who, we may say, is warm per-
sonal and political friend Of the present distin-
guished Secretary of the Treasury, signalzes what
he coneeves to be the defects of our present system
as compared with that of Hamilton, in the follow
ing terms
We have thus, support of the wisdom and efficacy
OF TINS system the sanction of the Fathers of the Cou
try but we have that which is CONFERENCE.-The re-
sus experience IN this country, OF perfect system,
ana OF Others OF an imperfect one What ID the plan Of
the sinking fund.- established by the fifth section of an
act authorizing the issue Of United States notes and for
the redemption or funding thereof and for the
nostng debt OF the United States passed February 2
1887 This act declares that all duties on imported
goods shall be paid in CON- in payable on demand
&c; and the coin paid shall be set apart as
special fund and applied folk VS.: first to the payment
IN CON- OF the interest the bonds and notes of the Uni
ted second to the purchase payment of one Der
cenum OF the entire debt of the United States to be made
within each fiscal year after st July 1862 which is to be
set apart sinking fund.- and the interest Of which shall
In like manner be applied to the purchase payment of
the public debt thu Secretary of the Treasury shall
from time to time direct
This system wants the security of pernanence In
the appropriation of the duties does not declare so much
OF the fund set apart necessary that purpose is to
Dc applied specifically to the payment of the interest and
one per centum of the then existing debt and it does not
declare that the duties imported goods then fixed or
Others OF equal value shall continue until the debts shall
Dc paid not appointed to manage and
control the funds thus set apart The funds are not vested
IN the Secretary Of the Treasury in such officers IN
for the payment of the interest and principal Of such
l,bts.
This plan affords other or better security to the
creditor for the payment of his interest or to the people
Tor the progressive payment of the principal of the debts
than they had by the law which authorized the debts to be
contracted Whenever Congress passes law authorizing
loan 10 be made or bonds notes be issued by the
Secretary OF the Treasury the faith Of the nation IT, by
DUE and for the payment of the principal according the
terms OF the loan or the tenor of the bonds ANY
pledge OF the public faith adds nothing to the implied
pledge The present funding system gives pledge that
the duties on imported goods shall be- paid in coin, and
that the coin paid shall be set apart as special fund
and applied as above. 1t does no more. Whereas the
true American system makes the revenue
permanent and carries to the credit of the
ers, To be held by them in trust to be applied &c and
mus gives It the character OF private property and
TINS arrangement part of the contract with the creditor
VINO makes the loan or receives the bond"