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^mSnfStk/j Mir. Monroe,• sbestly
after the coocIori'W-oflholoto war with
■Oroat Briuio, of ptaMirmjt * regularly
£.*«►#(dBdent for tbecoto-
jjfk military force, should
jt/Tot qaa arise, U founded ks
'ecdMOf «■ in true wisdom.—
mis thus made. upoa filling up
t nok sod file, which.can readily be
i po aav emereency, for tbo intro-
"■of.i» system of.discipline both
' anJ-efieieutly.. All tint is
'r - tinto of peaco ie to meiu-
Ecieitt • number of men to
x'kbrtiBcmliona, to meet any
jolingtmey, and to encounter
, ftbfkof war,.,,Our chief reli-
■ iwpi iSa pland on the miKiio^-
lordofcountiy, win tn found ready fat
jditi«ia(,ttad ot' all- taaaont to repair
With alacrity to ita defence. It will be
nngnWHa CiwpatoVl doebt not, at
It aoilable time, aa one of ita faigbeatdo-
ana to attend to .tlait complete orgaot-
Prom the year
REPORT OF TBS SECRETARY OF THE TREASURY ON THE FINANCES, Ac.
In obedience to the directions of the act of Congress of tbo 10th of May,
Mtympplenootary to their" Adto establish' the Treasury Department,** the
Secretary pf the Treasury respectfully submits the following report:
F
IjH 'S
: I <
i: "1..
. oo tbetst of January,
1840, (exclusive of amount deposited with the States, trust
fends, and indemnities, and the amount doe from banks which
failed in 1837,) was, as.^lNWi kf
of tbo Treasury, ~ ')■
The receipts -into the Treasury during the year 1840
33.663.0S3 60
Customs,
*iod of twenty one years, the
led tbe expenditures . The average
annual surplus daring that time was 811,464,226 87, (see ta
bles 1 hud 2,) making au aggregate excess of 8240,748,764 27.
Of this there was applied to the extinction of the national debt
8208,792,127 44, and then; was uhder the provisions of the
act ofthe 23d of June,183ft deposited with the States 828,-
101,644 91, and there remained on the 1st of January, J837,
in the Treasury of the United States, including the fourth in
stalment due to the State, a surplus of • 17.109,473 26
There were, also, outstanding debts due and falling due to the.
. Treasury, arising from other sources than those of the ordina
ry revenue; and which wen? paid between the lit of January,
. 1837,and 4tb of March, 1841, the amount of (see statement D) 9,124,747 00
There were, also, issued within that period, and outstanding on
March, 1841, Treasury notes to the amount of 5,646.512 40
Bond of the Bank of the United States.
Mjfffeft* mUrn and incidental sou reef,
Bank* which failed in 1837.
Treasury notes issued,
*13.499,502 17
3,292,285 68
1,774,613 80
. 383,258 23
748,629 66
6,589.547 61
. — . . b, 1937, euii-
6*4 - AfaCtfiv iba niw* 'acsbsbb adminisira-
«msf tbe ussy ,Maa had," that f*n<i has Ixsn
eaheaMsd. Jt rtSWaiiba Iba seeompasr-
««. fsiAofi uf,
.» wbish wiU
.*Sn: of July, ani
rry, i84i, making in lha whole
■ > meet three payments r" ‘
he control of the Depammrntthe
.•leaving a deficit ofi»I,966 0
— W'.bsi immediate p
bribe payment of these
r ~p into the navy a de*irab!e|
aervica, may be matored for
«**•*« Ihi Post Office De-
' Tbo expenditures in ibo same year were, for
Ci.il Hat, foreign intercourse, and miscellaneous. 35,492,030 98
Uff Apartment; - • 10866.236 46
aldopaitmoot, 0,031,088 68
Public debt, 11,082 77
Add outstanding warrants issued prior to lat Jan-
Bty, 1841, . 1,416,334 23
Treasury notes redeemed. including inter**, 4,045,802 05.
Lrawipg » baUuoo iatba-Treasury 00 let of Jammy, 1841, o<
Tbo receipts, from Iba ltt of January to the 4tb of March,
ISU, were—(cay)
m Customs, *1,£(74,836 46
...... . 336,148 66
t —eellaneous and incidental sources. 31,349 66
Banks wbich failed in 1837, 18,000 00
Treasury notes issued per act of 31st March, 1340, 1,110,611 08
Treasuty notes issued under act of 16th of Februa
ry. 1841, 673,681 32
Bond of the Bank of the United States, 17,913 00
Making, with the balance in the Treasnty, January 1, 1841,
The expenditures for the same peiiod were—
Citil list, miscellaneous, and foreign intercourse, 8043,517 14
Military department, 2,273,097 11
Nasal Department, 769,349 GO
Public debt, 3,612 70
Tteesiity notes redeemed, including interest, *647,690 09
4,212,540 07
5,199,885 10
4,627.166 64
1 spin il 4*——
, NaUGlies of that Depanacal be-
branch of the public
,to itaown reten*
fmm ib« public Treasury, or
Leaving the balance io the Treasury on the 4th of March, 1841 „ 572,718 46
The balance of appropriations outstanding on tbo 4th of March, 1841, w
(statement A)
Civil, foreign intercourse and miscellaneous,
Militaiy,
Naval,
Public debt,
Treasury notes issued prior to the 1st of January, 1841, and out
standing on the 4th of March, 1841,
Dot issued under the act pf 1840, from 1st January to the 4th of
c, March, 1841, wbich may and roost of wbich probably will, be
presented in payment of public dues duringlbe year 1841,
TatfT^II n abouy
85,237,234 28
15,991,895 15
6,910,268 69
6,387 30
Making the aggregate available means which were in tlie Trea
sury nn the 1st of January,1837, and which came into it prior
to the 4th of March, 1811, over and above the current revenue, 31,882,732 66
From which deduct the amount (less the trust funds) remaining
in the Treasury on the 4tb of March, 1841, 572,718 46
And there appears an excess of expenditure over the current re
venue of
It is proper to remark that the entries
on the books of the Register of the
Treasury do not always show the true
dates of the receipts and expenditures.
An item involved in the above statement
(table D) will serve to illnstrate this
fact. The sum of $512,136 47 was, or.
the 2d and 31st of October, 1840, paid
by the Bank of the United States on its
last bond to William Armsttong, super
intendent at Fort Gibson, by order of
the Secretary of War. Though this sum
was in fact received and expended on
those days, it did not find its way into
the office of the Register until the 4th
of March, 1841, on which day it appears
ou his books both as a receipt and an
expenditure..
Thus and to this extent, within the
lost four years, were the expenditures
poshed beyond the amount of the reve-
noe. They were made to absorb the
suiplus in the Tiessury and the
standing debts due to the United States,
so that the Treasury was, on the 4th of
March, 1841, exhausted of its means
and subject to heavy and immediate
abilities. It was already burdened with
a debt incured io time of peace, and
without any adequate resources except
the authority granted by law toaugment
that debt.
As yet no provision has been made
to reduce this debt or to check its con
stant and rapid increase. We find it,
therefore, as far as past legislation and
financial arrangements characterize it, a
permanent and increasing national debt.
The temporary expedients by which it
831,310.014 20
Making in the aggregate,
KttSr.'
r io office > oae c
no l ad nqnoail
m npoad —
■oGcilodo Io oo.
o their oodeo ia
Icto V*lea,
SBtTSBr*
IfffieMooa of lint I
Of tfaio tbeto wUI borequired for the seriiees of tbo current year, 24.210,000 00
Additional appropriations requited by the Wet Department for the year, 1841 i
Fortification* and works, of defence. 31,436,600 00
For payment of arrearages end current expenses, ’
ami taking care «f public property on roauo, hai-
_ bora,titers, 5cc. 40,199 12
For arrearages for preventing and suppressing In-
825,637 86
3,873,220 00 | JQ8 auata j ne ,j ,j 0 not a t a ll vary its
I essential character.
, I The attention of Congress is respect-
‘amnm nn inT ' led to the necessity of early
a*uo,uuo ou an j effectual measures to prevent its
further augmentation.* The obvious
remedy is to increase the revenue as far
as may be without unreasonably burden
ing commerce. and to reduce the expen
ditures within the limits of strict econo-
833,429,616 50
2,521,336 98
■ °f'.£**•' *4* in ,he •.*"*¥ notes the issues of the
under the act
Making,
The actual and estimated means under the existing laws to
meet these demands are,, via:
The available balance in the Treasury ou the 4th
Match, 1841—(Sep statement B) 646,803 12
Treasniy notee authorised under the act of 1840,
uued after the 3d of Match. 1841, 413,592 72
Treasury notea authorised by the act of 1841 to be
..iaaoed after the 4th Match, 1841, . 6,000,000 00
Beceipta from customs estimated at 12,000,000 00
Receipts from pablie. land* 2,500,000 00
Miscellaneous sources, /, 170,000 00
Leering; nnproti’ded for, of the demands for the preee’nt year,
ihe.aumof . i.,
There will alsq beiecetnble for public does in
the present yesr.^or payable in 1842, Treasury
year, tis:
ie present y
of 1841, prior, to the 4th of
M»r»h, . " 8673,681 32
Do. . do. 1840, after the 3d of Mettb, 413,592 72
Do. do. 1841, tube isseod after the 4lh Match,
end included in the estimate of ways and means, 6,000,000 00
;*>.»*»* - r.--. - -t—
t important afbirs of tbo
(Ua is ihsewksfaads>BM t
*>111.111 sf Sfiaioa as la ihe.wesas of s
12,088^15 18
4,000.000 00
i aswwsa o
ffiia ifi.tr r
■Meitasffiisslt pasa. rritk slihei
dwaawKaalMaaehaai.sliUaTiw.knt.Mnla
AsWi.ws.tfi. kswi wsaa..ihfihiU)-aak
aciS
Making an aggregate of ileU end deficit, to be presided for in
. thin,and.tipieensuing;yAtTg-of .
Vhie estimate ia fonnde4 on the assumption that all the moneys
.10 tb* public deporitmw can bo at once made enileble, and
that any sod all of tka demands upon tbo Treasury can be
satisfied, ao Jong aathdeey to a snCcicmt amount remain, in
‘ anyeTkU too dephtitariea. Bat that ia‘by no means tbo case;
wtifo tu r*KT ii m* T/tanay aotes exists, there slmold be
ateUrimea, for the coetcnicnco oftbe Treasury, atom equal
to 81,000,000 In tbo Tarions depoeitoriea snbject to draft.
When that power is expanded, tbo snm tbmild beiocressedto
not lees than • J V i. „
Which sum, added tdthaalnre, makes the estimated deficit, 816,088.215 81
t««l >t his doty to call the attention of Congress totbe
we imuedTsH demands of the pnWe semce, and the means by modi those
demands era to hoaopplied. - •
The sums which will berriqUired from the let of "Jane to the 31st of Aognst
nest no estimsted as follows, six:
Fur the payment of Treesniy notes -which will fan due within
• thattime,and the inleraatthereon;about
Balaiwq for taking 6ih rrimi.
For the orillist, miscellaneous, and foreign intercom so,
Military sendee,. . ^ . ... i
jt Kerri _
Expenses of tho extra seeriqp of Coogress,
, ■ . Making about, . ... ,..i .
The ways and mesas, in the po war oftbe Tteamty, end which
wfll prtAably accrue under existing Usra, are as follows :
± Foade »the Treeaovy (as per statement C) 8644^61 16
2. Treesniy notes eatboiiaed by . the act of 16th of
Fabroaiy,1841, i , ^ « 1^06,943 91
3. Estimated roca.pt. fnw. the customs, 3,000,000 00
Dor do. the lands, 700,000 00
Dk . do. tnMcallaneous wrarcea, 60,000 00
Making. ...... -•. Tt _e>wd.nioH toil-. ■ |. s
And leaving a dtfriit of
To which add the asm recommended to ho kept io the Treasury ‘
wnorgeneses of the pobtic serrice, .is: y •
mm? * *
82,756,900 00
294,000 00
1^09,308 37
4,591,093 00
1344,00(1 00
6.387 00
350,000 00
klfjfi* iqbfnlses ef hrniag
-rise sn sari* nrn S
■MMkrhb|i
mm ImtOs.
- Jl A. -W ii mv
he.ww r tbsr views of *be Dmttmmt ss
fcgfcgsi»^g»g*WisMsAs^ y ..i l| |t, Wt ri>e ebvve deidt,togsiher wM» the vendee of the
11,151,693 37
5,900^05 07
5^51,388 30
4,000^000 00
9,251,388 30
to the mode of
existing public
— ■Bwhtffifl—fyf
8 •■■^IsbsNl, b*« i^Mcftht vniiM wav at waved avt3 • aobee.
But as it may not comport with the
views of Congress to go into a revision
and adjustment Qf the customs so long
before the act of March 2, 1833, comes
to have its final and permanent opera
tion. the undersigned would respectfully
recommend, as a temporary: measure,
the levy of a duty of 20 per cent, ad-
valorem on allVurticles wbich are now
free pf duty, or which pay a less duty
than 20 per cent except gold and ulver,
and the articles specifically enumerated
in the 5th section of the act of March 2d,
1833.
If this measure be adopted, it is esti
mated that there will .be received into
the Treasury from customs, in the last
quarter of the present year, about 85,
300,000^kin all of the year 1842, about
822,500,000 r and in the year 1843. af
ter the final duction under the act of
March 2,1833, about 820,800,000. The
detaila of this estimate will be found ia
the accompanying paper, marked E, and
enclosures.
It is believed that, after the heavy
expenditeres required for the public
service in the present year shall have
been provided for, the. revenues which
will accrue fiom that, or a nearly proxi
mate rate of duty, will be sufficient to
defray the expenses of Government,
and leave a surplus to be annually ap
plied to the gracnal payment of the na
tional debt, leaving the proceeds oftbe
public lands to be disposed of as Con
gress shall thiok fit
The general principles on which the
final retiaion of the tariff ii tb rest are
perhaps simple and easy to be appre
hended, but the work of revisiop itself,
in tts adaptation and detail, most be a
work of tune. It should be done on
calm reflection and careful deliberation,
with s view to reconcile as far as pos
sible, the conflicting opinions, ana to
promote ell the various interests of the
whole People of tbeae United States.
And it may be important; in that adjust
ment, not only ukreciprocate-on fair
and equal principles, ftnd in a liberal
spirit, the concessions which may he ac
corded to onr commerce by foreign na
tions, but also to do^justice to onr own
citizens by meeting ink like equal spirit
any. heavy exactions upon the importa
tion of our staple productions.
Some legal provisions are slab re
quired'*o correct inequalities between
the dories upon sugar and molasses,
and ihe drawbacks upon rsfined sugar
and ram, manufactured or distilled from
foreign materials. Me relation be
tween, the duty and the drawback, was
adjusted by the acts of January 21st,
1829, and May 29th, 1830, aince which
time the duties have been diminished,
while the drawbacks remain the same.
nop-en n roe rated articles which hear a
similitude to any enumerated article
chargeable with duty shall pay the same
rate of doty with the article which it
most resembles, would save a large sum
annually to the revenue, and prevent
much annoyance and litigation between
the impotter and the officers charged
with the collection of the customs.
OF Til PUBtsIC DEBT. ’
But it ia not expected that shy modi
fication of the revenue laws win be ope
rative to supply the immediate wants of
the Treasury, and to pay the debts
which fall doe in the present and in the
suing year. A- farther loan fencers from t
sary to effect these objocta, and the only
questions that can arise are as to the
mode of procuring the loan, the charac
ter of the securities, and the assumed
duration of the debt.
It would, in the opinion of the under-
ligned, be unwise to charge upon, the
commerce or the resources of the coun
try, in any form, the burden of paying
at once, or at all hastily, the national
debt. Before that is done, measures of
restoration and relief are required—
The currency of the country should be
restored, and commerce and industry
relieved from their present state of em
barrassment and depression, and a be
nign and liberal policy on the part of
the General Government should call
forth once more the hardy industry and
active enterprise of our people, and the
vast resources of our counter. > ; /' •
If we assume the period of from five
to eight years as that in wbich this debt
cau be paid without inconvenience and
embarrassment—and the time appears
to be short enough—we have one of the
most essential elements on wbich to
form our judgment as to the best and
most convenient mode in which loan
can be kept up, and the credit of the
Governmeut sustained.
In the inception and during the pro
gressive increase of a national debt, the
issues of Treasury notes, though danger
ous and delusive, have yet their advan
tages. They need not be issued faster
than the actual wants of the Treasury
require; and the power to issue any
given sura is,'for all effective purposes
of immediate expenditure, a fund in the
Treasury available to that amount.—
But, when the debt' has acquired its
maximum and ceases to accumulate, or
when :t becomes larger than the amount
necessary to be kept on hand to meet
the current wants of the Treasury, these
advantages disappear. This mode of
loan theu becomes to the Government
what the sale in market of new promis
sory' notes, for the purpose of raising
money to takejupold promissorys notes,
is to an individual. It is the issue of
Treasury notes to take up other Treasu
ry notes year after year in succession ;
and, under those circumstances, it is
inconvenient and expensive.
But the raising of money by the issue
of Treasnry notes is objectionable, be
cause it is deceptive; by this means a
amount of new issues being involved
with the payment of the old ; while the
People, and even those who administer
the finances, may not be impressed with
the important fact that a national debt
is created or in the process of creation.
Therefore, in the opinion of the under
signed, when a national debt docs exist,
and must continue for a time.it is better
that it should be made a funded debt, ac
cording to our ancient financial usage.
It is then sheltered by no cover, and is
the subject of no delusion. It is open,
palpable, true; the eyes of the country
will be upon it, and will be able at a
glance to mark its redaction ot its in
crease ; and it is believed that a loan
for the requisite anionnt, bavins eight
years to run, but redeemable at the will
of the Government, on six months' no
tice, could be negotiated at a much less
rate of interest than Treasury notes.—
Much expense would also be saved it_
dispensing with the machinery of the
issue and payment and cancelling of
Treasury notes.
It is therefore respectfully recommen
ded that a sum sufficient to pay the debt
at present existing, and such as will
necessarily accrue in this and the ensu
ing year, be raised on loan for the time,
and on the condition above suggested.
ON KEEPING AND DISBURSING THE PUBLIC
JC0NEX8.
The nndei signed would also respect
fully invite the attention of Congress to
the present mode of keeping and dis
bursing the public moneys; and also
to the subject of the creation or employ
ment of a fiscal agent to be charged with
the performance of these and other du-
The subject is one of great im
portance, both to the Government and
to the community. Such agent or de
pository, ought to unite, in the highest
practicable degree, the safety of the pub
lic funds, and convenience and economy
in their administration; and it should,
if possible, be so selected or framed aa
to *exert a salutary influence over the
business and currency oftbe country!
The mode of keeping and disbursing
the public money, provided bf the act
of July 4,1840, will be found, on Corfu
parison with that heretofore chiefly used
by tbe Government, eminently deficient
m all i these essential reonistes: ; The
financial hirtorY of the United States;
especially for the last twelve years,
famishes abundant proof that the public
money is unsafe in the custody of indi
viduals, and that their official bonds are
no sufficient security'for its safe-keeping
and faithful application. Within the
periud above named many receiving
officers Connected with the Treasury
Department have.become defaulters to
the Government. The; aggregate loss
from that cause within that period, as
shown by the books of the Department,
amounts to $2,620,500, but a small part
of trhich will probably *'bel recovered
It is true thaf.in any
BPaaEpwl embracing^thi BBB _______
iblic money it ust, in the process istence of the late Bank the Uuited
the hands of States as the fiscal agent is flash in tbb
memory .of us sl|, .and Ss'lrfoked back to
ipd of great public
ugh other causes di<
■■
emiog’principles ..n which (JapanJed
the Bteaily adTonce of the country in
agent established by the Genetal Go
vernment; aod charged with the equal!-
of commerce, sometimes accuraulste, to
the same dangerous custody.
Not only is tho public money to the
hands of individuals moie ex posed to
loss from ordinary defalcations' than
when deproited us-jUrWaU-reguftlod
hank; lut the Government is alsolisble
to ihi tisiaitf ffre.'roibei'j. uud olher
ca&ualities ( occutriqg either deposite
or transmission from which it is entirely
protected when a, well-regulated bank,
is the depository and the fiscal ;
The present system is also, in many
respects, cumbrous and inconvenient.^—
Its tendency is to' centre the disbiirse-
mouta of the public moneys at some cif
the Eastern cities chiefly at New "Yoric.
That’ being the great commercial em-
porium of the United States, ii the
point at which funds are the mogt valu
able, and, thorefore, the most sought ';
hence those who are entitled to pay
ments out of the public Treasury claim
them there. • Itia true there is a general
discretion in the hand of the Depart
ment to refuse or grant die faverof
such payments recording to its conven
ience; but when -ihe currency is de
ranged, and the preiqipm on exchanges
is high, this discretion inyolye* discrim
ination to a .l^rge amount among credi
tors equally, entitled^ ^lt thi 1 “
a dangerous discretion, an ^
ought not to exist.,, But, under the
present system, it cannot be' avoided,
save in a few cases, witbbbt discharging
every public liability at the most favored
point. This would at once centre alt
the disbursements at a few of the East
ern cities, and involve the Treasury in
the risk and expense of transporting the
public funds from the various points of
collection to the places of disbursement
An item of less importance, but still
worthy of consideration, in settling on a
permanent and economical arrangement,
is the direct expense of the present sys
tem,' including the cost of the buildings
for the deposite of the public money;
and the salaries of the officers and their
clerks who receive and disburse it. No
portion of this risk, -inconvenience, or
expenso need to be iucurreil where a
well-regulated bank is made the fiscal
a S enl ’
But the present system is also, in the
opinion of the undesigned, injurious to
tho business and currency of the country.
Instead of permitting the credit aud tho
finances of the Government tolendtheir
indirect but efficient aid in sustaining
the credit and regulating the currency
of the country, it brings into direct hos
tility those important interests. In the
progress ofthesystem a sufficient amount
of gold and silver to supply the wauls
oftbe Treasury must be wi hdrawn from
circulation and locked up in vaults,
leaving no representative to supply its
place in the genetal circulation.
A huge amount, also, in the hands of
those who pay to- or receivo ft cm the
Treasury, is equally withdrawn fiem
general circulation, and made to flow
through those channels alone which
lead into and out of the public coffets.
The other avenues of commerce and
intercourse are* tbns deprived bftheif
heavy deht may be raised and fastened proportion of the precious metals,
permanently upon the countiy, the Within the fifty-two years during
which onr constitutional Government
has existed, we'havehad, fort wo period)
of twenty years each, a bank chartered
by Congress as a depository of the pub
lic moneys and as a fiscal agent. We
have had, also, at two intervals amount
ing to about nine years, State banks
employed for like purposes; and, du
ring the remainder oftbe time, the funds
of the Government have been kept and
the finances administered partly by the
banks and partly by individual officers
and agents. The losses sustained by
State banks, as depositories, during the
first period of their employment, exten
ding from 1*811 to 1816, agreeably to a
statement prepared by the Secretary cf
the Treasury *
republished ii
In the latter period, from 1833 to : 1837,
though no actual loss is l>elieved to hare
occurred, yet the Treasury ‘and the
country suffered inconvenience and em
barrassment from the fiscal arrangements
with those numerous and disconnected
institutions. But, during the forty yi
that the two banks of tbe United State! *ke mate, and eight ofthe^rew^look
were the depositories of the public mo- ^ ,e long boat ; the captain, tbree.«f il
safety, of the public funds, and economy
in theii administration, experience hap
demonstrated the superior utility of a
bank constituted and adopted by Con-
gress as a fiscal agent, It has also pro
ved to us that the active business oftbe
country, its currency,' its credit, its in
dustry, and its commerce,are intimately
connected with anddependent upon the
financial arrangements of the General
Government. If they be wise and
beneficent, they indirectly, bnt efficient
ly, promote thsiae great interests of tbe
People; if constant and uniform in their
action, they give to those interests con
fidence and stability, i*-
Since the removal of the r
posites from- the Bank of the Ui _
States, rin 1833, thrf-Government has.
had no permanent fiscal agent
definite financial system.. All has been
«nd chan«fc The
business of the .countiy has yiefded to
the unsteady 2miftlse/& moved forward
with irregularity; at one time stimula
ted ts excessive action, at another sunk
nito lethargy. And, in providing .for
tbe wants of the Treasury,, it is sorplj
impirtant ,t» ■look, also, to thei wants
and tbe welfare of tbe community, from
the product, of whose . industry tbe
Treasury ia supplitd., ,
And aa regards those great interests,
we find the testimony of past yens is.
no less distinct and strong in'favor of a
moneyed institution"chartered by tbe
General Government, and possessed of
its .confidence and credit. r The period
wo currency,, - r ]
In the present condition of onr coun
try, the relief to' he anticipated, from
such an instmrfibn cannot be panti3i«fce,
but • must be tbe wmk of tune* Tka
business of the country would; however,
in the opiiuonof the underraned,steadi
ly and certainly revire finder its influ
ence. -• % •
In whatever point of light tbe uft&r-
signed is able to .view this subjeci, he ?
irresistibly led td the conclusion : that
such fiscal agent, so framed as topdastm
those iroportsnt functions, i* alike
essential to the wants of the Treasury
and of the community. ' Such an mstirfi-
tioO' should lie framed with deliberation, '
for it must have high duties,to, perform,
and extensive interests "to protect and
promote; and it should 1>e granted with
care, for it will: be liable to great and
dangerous abuses. As. the fiscal agent
of the Government, and an effective -
regulator of the currency in a wide
spread community, it should 5 be steady
and uniform in its actioo,.and fixed and
stable in its character. -' *^»c
. Tbe undei signed has no doubt oftbe
pojiver ,of Congress to .create .such aa
institution., Experience has proved c its
necessity to cany, bnt other expressly
granted powers j it has been exercised
and recognised by the Legislative mild
Executive departments of the Govern
ment during four-fifths of the whole
peiioe of our national existence, and It
has received the uniform sanction of
onr highest judicial tribunal.
Yet that power has been questioned
by many wise and patriotic statesmen
whose opinions ire entitled to fcensider-
ation and ! respect; and in’a measure
like this of high political import, which;
if wisely conceived afid cordially con
curred in, most have a great and-endu
ring influence on the prosperity of the
country, it is important, as far as possible,
to obviate objections and reconcile opin
ion.., j f ,,
If such an institution can be ao, con
ceived in principle and guarded in it*
details as to remove all scruples touch
ing the question iff constitutional power,
ami thus avoid the objjcrions which
have been urged against those' hereto
fore created by Congress, it win.’ ui the
opinion of the undersigned, produce the
happiest tesults, and confer lasting and
important benefits on the conntry. ’ * '
The undersigned, therefore;'respect
fully recommends the creation of such
fiscal agent, and the repeal of the act of
Jnly 4th, 1840, providing * for the col
lection, safe-keeping, transfer; and dis*
bursement of the public revenue,* ex
cept the penal provisions thereof which
will probably require revision and modi
fication. , 7 i .■>
All which is respectfully submitted. ..
T. £\YING,
Secretary of tbe Treasury.
Treasure Department, June 2,1841.
HORRID AFFAIR AT SEA,
Lou of the Ship William Brown, from
Liverpool to Philadelphia.
■ Havre, May 10, 1841.—The Lonis
Philippe New York packet ship has this
moment arrived. Information baring
reached the town that seme shipwreck
ed seamen wet e on board,, tbe report
became general that they belonged to
the President, and the excitement was
beyond all description. On the arrival
m dock, however, a strong bqdy of the
gendarmerie vvere in waitipg, and im
mediately took into custody the mate
and eight of the cre w of the ship Wi?b
iara Brown, bound from Liverpool to
1833, and revised and Philadelphia, which was sunk by grf ice-
1837, were 81,000,676. beig in the latter part of last montkJbr
— '* as yet I cannot give you precise dates
for anything except ! that three men
were taken from tbe Crescent.' which
vessel had picked them up m-tbeirlotrir
boats. But a tile of hnfeTb^ ls *6 be
told about them. It appears, when the
vessel struck, thirty-three passengers,
. . U»rea.«fifca
crew, and eleven passengers, took to
the jolly boat; all tbe rest sank with the
yesseh Tbe bo*t* parted fa; Ap night,
borne uays after the mate and crew, de
termined (as they, say, in order to ligh
ten the boat) to tkroyr seventeen of tbo
ney and tho fiscal agonts of the Gov
ernment,no loss whatever was sustained,
nor any delay or any expense inc«rr*d
in transmitting or disbursing the public
moneys, so far as the agency of those
institutions extended. T hen, as regards
the wants of the .Treasury merely, the passengeis overboard, which they ,»C-
c. ... ... ... i. qoinfiltisbed, and some of tfio inoat’Kjw-
iid and reyoltmg scenes took plWe*j^
There WWrip two brothers ana a sister
ofo.ie f.mily; the brothers were thrown
over, and thii sister Jumped in afte^
them! One fine boy prayed foT a ’liir
minutes to say his prayers s they refu
sed; and hurled him inti this sea at -obce!
Some,clang tq the.ride,of tbe 1
priying for mercy, but their hands v
they
Crft, fi _ _
tlcep’.' One hour
the <Cresc
sared Ui'o.
The passengera remained
Crescent, the crewoniredin
result I will not fail to comiau
been hesedof." Thed.tes of the. Villa
de Lyon h.re been anticipsied.ibt tbe
ai'sesc
eenger: “ V0e .hif jras of PbiUdelriuK
her coroi —~
....
gers, nearly all Insb, with a
OndbfrockoPnsf'/fiSl
ideg.j40 min. north; 1 ^
39 minntes west, by .ecbonf.; SHie state
in her larboard bow, • and. within taro
minutes atrock another field of tcei
Tbe ship-sooir begnrio fill, and tbe
captain and crew gat eat the . bants.