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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.