f t F it t: " 1 -fe
w , i f ,t i - i r ' - , a v
UNION. THE CONSTITUTION AND THE LAWS THE GUARDIANS OF OUR LIBERTY
Vol. XXI.
Til I II D A V, Jl.K SI, - 1841,
Io. 1078.'
Report of the Sccrclary of the Treasury on Ihe,
Finances, &C.
. ----- - .. i
la obedient to the directions of the act of Congress of the lOih of Slay, 1800,!
rippli-mentaiy to the Act to establish the Treasury Department," the Secretary of
the Treasury retpecuuay suomus roe following report;
. Or the Puhlie Rettnut and Expenditure: .
The receipts and expenditure for the year 1810 were as follows:
Tho available balance ta the Treasury on the 1st of January, 1810,
(exclusive of amount deposited viih the States, trust funds, and in
demnities, and the amount due from banks which failed in 1837.)
was, as appears by the book of the Register of the Treasury, $3,603,083 60
5 The receipts into the Treasury during the year 1810. were, from .
Custom', - - - - - 13,439,502 17
Lands, - . - ... . . . '8,292,283 58
Don J of Ihe Bank of the United States, ' . . 1,774,313 80
MicIIaneous and incidental sources, . . ' 283,838 23
Banks which failed io 1837, - 118.629 55
Treason notes issued, . . . v 5,589,517 51
t - - -Kara!
service?' - "',.".
Public debt, ' - . . .
Expenses of ihe extra session of Congic,
-25.187,738 81
Making, -
The expenditures in the same year were, for
Civil list, foreign intercourse, ana miscellaneous.
Military department,
Naval department, . -Public
debt,
AdJ outstanding warrants issued prior to 1st Jan.l8il,
Treasury notes redeemed, including interest, .
28,830,620 41
5,402,030 98
10,800,230 45
0,031.083 88
11.982 77
1,416.334 28
4,015,802 03
-27,803,475 41
Leaving a balance in the Treasury on the 1st January, 181 1, of
The receipts from the 1st Jan. to the 4 th March, 1811, were (say)
887,345 03
From Customs,
Land, -
Miscellaneous and incidental aourres,
Banks which failed in 1837. .
Treasury notes issued per act of 31st March 1840,
Treasury notes issued under act of 1 5th Feb. 1 84 1 ,
Bond of the Bank of the United States,
1,074333 40
386.148 50
31,319 63
18,000 00
1,110,611 08
673,681 32
17,913 00
4,212,540 07
Making, with the balance in the Treasury, January 1, 1811,
The expenditures for the same period were
Civil list, miscellaneous, and foreign intercourse,
Military department, ...
val department,
Public debt, . . ...... .
Treasury notes redeemed, including interest,
5,199,883 10
013.317 14
2,273,037 11
759,319 60
3,012 70
rm .son no.
4,627,100 04
L?avlng the balance in the Treasury on the 4th of March, 18 11, 572,718 40
The balances of appropriations outstanding on the 4th of March;
1811. were Statement A.V
Civil, foreign Intercourse, and miscellaneous, - ......... 5,237,231 29
Military. . - - - - 15,991,803 15
Natal, - .... 6,910,263JJ9
Treasury notes issued prior to the 1st of January, 1811, and out-
aUndingonthedthofMarch, 1811, - - - 3,873,220 00
Dj. issued under the act of 1840, from 1st of January to the 4th of
March, 1811. which may, and most of which probably will, be pre-
ecnted in payment of public dues during the year 1811,
lateral estimated at about
Making in the aggregate
Mai in about.
The ways and means in the power of. the Treasurr. and which will
probably accrue ondcr existing laws, are as follows:
I. Funds in the Treasury fas per statement C.i $614,331 10
2. Treasary notes authorised by art of Feb. 15, 1811, 1,505,913 91
. tsuinatea receipts from the customs, -
uo. do. the lands, -
Do. do. miscellaneous sources,
Making ' " .
11,151,693 37
3,000,000 00
700,000 00
50,000 00
. 5,900,303 07
And leaving a deficit of-- . -
To which add the sum recommended to be Lvot in the Treasurr to
meet any emergencies of the public Kroceiz. - -
5,23U83 33
f . Making an aggregate of . . . 0,251,383 30
In another cart of this nancr the views of the Dcnartment as to the mode of nro-
viding for the above deficit, together with the reidue of the existing public "debt?
will be presented. : - ; . '
From the year 1818 to 1837, a period of twenty-one yean, the rtre-
nuea constantly exceeded the expenditures- ihe average annual
surplus during that time was $11,481,228 87, se tablet 1 and 2.)
making an aggregate excess of $210,713,761 27. Of this there
was applied to the extinction of die national debt $208,792,1 27 4 1,
and there was under the provisions of the act of the 23d of June t
1836, deposited with the states, $23,101,614 91, and there remain
ed on the 1st of January, 1837, in the Treasury of the U. States,
including the 4th instalment due to tho states, a surplus of 17.109.473 SO
There were, also, outstanding debt due and falling due to the Trea
sury, arising irom omcr sources man those ol the ordinary revenue,
and which were paid between the 1st of January, 1637, and the 4th
of March, 1311, the amount of I see statement u - . 9.124.747 00
There were also issued within that pcried, and outstanding on the 4th
or March, IS II, Treasury notes to the amount of - - 5,613,512 40
Making the aggregate available means which were in the Treasury
on me ist oi January, 18J7, ana wbiclt came into tt prior to the
4 di of March, 1 84 1 . over and above the current revenue. . - 3 1 .882.732 60
r rom which deduct the amount (less the trust fands) remaining in tho
treasury on the th ot 3larcn, isii, - .......
And there appears an excess of expenditure over the current revenue
of. . . - - . w . . . $31,310,020
1,110,611 03
30o;ooo 00
33,129,010 50
Of this there will be required for the service of the current year 2 1,210,000 00
Additional appropriations required by the War Department for tho
year 1811, viz.
Fortifications and works of defence, - 1,133,500 00
For annamcntt of fortificatNHis and ordnance stores, 220,000 00
For payment of arrearages and current expenses, and tak
ing care of public property on road?, harbora, rivers, &c. 40,199 12
For arrcaragos for preventing and suppressing Indian hos- ,
tilitics, - . osa,oo pu
2,521,335 99
Making
The actual and estimated means under the existing laws to meet these
demands are, viz:
The available balance in the Treasury on the 4 th March,
1811, (See Statement B.) - 610,803 12
Treasury notes authorized under the act of 1810, issued
after the 3d of March, 1811, " 413,592 7
Treasury notes authorized by the act of 18 II, to bo issu
ed after the 4th of March, 1811, 5,000,000 00
Receipts from customs estimated at - 12,000,000 00
Reccints from nublic lands. - ' 2,500,000 00
Miscellaneous sources. 170,000 00
- - - v
20,731,336 08
20,730,395 81
Leaving unprovided for, of ihe demands for the present year, the sum of 6,000,9 11 14
There will also be receivable for public dues in the present year, or
payable iu 1812, Treasury notes the issues of the present year, viz.
Issued under the act of 1841, prior to the 4th of March, $073,681 32
Do. do. 1810, after the 3d of March, ,413,592 72
Do. do. l811,tobeissuedaftcr4thMarch,
and included in tho estimate of ways and means, 5,000,000 00
Making an aggregate of debt and deficit, to be provided for m this and
he ensuing year, of - - , . 12088-Ia 18
This estimate is founded on the assumption that all the moneys in the
public depositories can be made at once available, and that any and
all of the demands upon the Treasury can be satisfied, so long as
money to a sufficient amount remains in any or all the depositories.
But that is by no means the ease; white the pow$r lo tssue Treasu
ry notct exists, there should bo at all times, for the convenience of
the Treasury, a sum equal to $1,000,000 in the various dcposito
.in Wbpn that nowcr is expended, the sum
itn s....ri nnt less than . - 4,000,000 00
It is prorir to remark tint ihe entries
on the books of the Krgisier cf the Trsa j
rury do notalwsys show the troe dates j
of the recti pis and expenditures. An '
item involted in the sbove state mtnt (ttble
0) will tertt tt illnttrste this fct' Th
sum of $312,138 47 was, on the 2d and
31st of October. 1810, paid by lb Bank
of ihe Uaited Sia'es on its last bond to
William Armalrong, superintendent at
Fort Gibson, by order of ths Sscrtlary of
Wsr. Though this sum was in faot re
ceived and ipenJed on thM diva. U
did not fand us way in id the oflit of ihe
Register until the 4'h of Marsh, 1811. on
which day it appears on his iouks both
as a receipt and an expenditure!
Thus and-to this extent, within the
last four ytitt, were the expenditures
nuahed beyond the amount of the retrnue.
They war made to abeorb the urrlu h
the Treasury and die outstanding debis
due to the Jailed Slates, so that the
Ttcasury wa.onihc4thof Mrrh, 1841,
exhauited of its means and subject to
heaw and immediate liabilities. It was
already burdened with a debt incurred in
lime of pears, and without any adequate
resources except the authority granted ny
law to augment thai debt.
As yet no provision has bean made to'
reduce this debt or tn check its constant
and rapid increase. Wa find il, therefore,
as fsr as pat legifUtion and financial
arrangement characterize it, a permanent
and increasing national debt. Ths tem
porary expedient by which it haa been
sustained do not at all vary its essential
charaeter.
The attention of Congress it reipfct
foily invited to the necessity ef early and
effectual meaaures lo prevent itt further
augmentation. The obvioua remedy it lo
increase the reveuue as far aa my be
without unreaaonably burdeuing com
merce, and to tedaee ths expenditures
within the limits of strict economy.
Hut as il may not comport with the
views of Congreat to into a revision
and adjustment of the customs so long
before the act of March 2, 1833, comes
to have its final and permanent operation,
the undersigned would respectfully re
commrnd, as a temporary measure, the
levy of a duty of 20 per sent, ad valorem
on all articles which are now free) of duty,
or which pay a less duty than 20 per cent,
except gold and silver, and the articles
specifically enumerated in ihe5th seciion
or the act ol March 2d. 1833. .
If this measure be adopted, it is esti
mated that there will be received into the
Treasury frpm customs, in the lisl quar
ter of the present year, about S3. 300.000;
in all of the year 1842 about 22,500,
000: and in the year 1843, after the final
reduction under the act of March 2, 1833,
about $30,800,000. The details of this
estimate w ill be found in the accompany
adaptation and detail, must be a work of
time. It should be dons on calm rente
tion and eareful deliberation, with s view
to reconcile, as Lr as possible, the eon-
flitu.ig opinion, and to promote all the
vaitoua interests of ihe whole People of
these UnnsJ Statee. And it may bs im
porttnt, in that aljostment, not only to
reciprocals on fair snd equal principle!,
and in a liberal spirit, ihe concessions
which may be aceorJed to our commerce
by .foreign nations, but alto to do justice
1344,000 00 1'eaaetlo acetic ulate, or whea it becomes
6,337 00 j larger than the amount secretary to be
350,000 00 kept on iaal to meet ths carreat wants
of the Tretaury, lhee aJauU(tt disap
pear. .Tt.ia mods of lota then become
to the Government what ibe sals in star
let of new promissory notes, for the pur
noes of raising ntoeey to take up old
promissory Bote, ie to ea tdiideL. Il
is ths issue of Treasury rmWs to taks p
ether Treasury note year sfter year is
eueerttion: sad. under those stream-
stance, it is inconvenient and ripeasits.
Bui ihs raiting of money by ths ittae
of Treatary note t bjetwnbl, be
cause it is dcrepu; by this means s
4,000,000 00 heavy dtbt may bs ra ted and fattened
peraiaaemly epon tbs country, ibe aosoaat
of new ioe being involved witn the
payment of the old; while ths Peopls. sad
ssa those who administer tbs fiaaacss,
mty ant bs impressed with the important
fact il at a national debt it treated or ia ths
process of rreation.
Therefore, in the opinion of ths soder
sitrned. when s national drbt ssiet. and
tnusi continue for a urns, it is better that
it should be made s funded debt, accord
ing lo ocr ancient financial usage. It is
thee sheltered by no eer. an J ia ths
sabject of no delusion. It is open, pal 1
pable, true; ths eye of ths eoeniry will
be upon it, and will be able at a glance to
mark its redaction or its increase; and it
is believed that a loan for the requisite
amouat, having eight years to run, oni
redeemable at ihe will of the UO'Srowsnt,
on six montha notice, sould be negotiated
at a much lets 1 rats of interest than
Treasury notes. Much expense would
alto bs saved ia ditrensiae wiih'ihe
machinery of ths issue and payment aad
cancelling of Treasury note.
It ia therefore rrtpectiutly recommend
ed that a sum sufficient to pay the debt
at i-reaenl existing, sad such as wilt ne-
cetmily accrue in this and jhs ensuing
year, bs raised on loan for ths urns snd
on the condition above tuggrstsd.
On K'eejnng and DUburting the Pullie
Montyt.
The undersigned would alto respectful
ly invite the attention of Congret s to the
present mJo of keeping and disbursing
the publ.c moneys; and also to the tub
jeclof the creation or imployment of a
fiscal agent ti bs charged with the per;
572,718 40
r -'"" TtTtt'JecT
wiihoet diarharginf every ptb'i liaLslity
at iba evett tavarrd r-iit. .This weld ,
at ear ccsue all the dbrerot at :
few of the Etecn Cities; and isval ths
Trratvry ia the tik . ad etpeae of
trantpatung the phbheund from the s ,
rieae potnta of eoUecuoa to the place 1 1
dubwreepeni.' . .,.,
An item of lets ieaportaare, bat euH
worthy ol eoaaideratioa. is tenlieg on a
permaoeat and economical arraagearn', r
it the d it vet st peats of ths prevent syt ;
tern, isclodisg the cost of tits beddings .
for ths deposits of lis pablie. money, sad
the salaries of ths officer and tarir clerks .
who receive and ditbuiae U. NotoftUn
of tide riak, iaeeaveaience, ot expea.s
ased to bs incurred where a well-irgiut .
ed bank is made the fiscal sgeat. , .
Bet the preeeat eytteta t alto, ia tnt
opinion of the anderstgned, iftjsrioss.t
tus businets snd corrtney ol ths eeaauy.
Instead of permitting tbs credit snd ths
finances of ths geyei amsat ta lead their
indirect but edietent aid ia avtiaiaiag tha t
credit and regelating the curreary f the
couauy, iibnngsiaio direet hneiility thote
important iiilerest.' Ia ihe progress af
ihs eytiest a eblficirai amwuatAf gold aad
silver to supply lbs wants af ths Treat?
ry mat bs withdrawn hem circulatien
and locked up in vault, leaving no rep
retentative to supply its place in ths ga
nrral eirculatioa. tv . u
A largs amount, alto, la ths hands of
thosa who pay to or receive from 'the :
Tretaury, is equally withdraw from go
arl circulation, and mad to flow tbrosgh. -'
thote channels alone which lead into and
oat ol the pwblis coffers. . The aher ave-
nuss ol commerce aad intercourse are
thaa deprived f their proportion of tha
prrciout metals. . ; .
Within ih tlfiy-two years during
which our eonslutiontl Government has
exitttd, ws have bad, for tare perioda of
teoty yearaeach.-a bank ebarUred by
Congress at a depository of the pablio
moneys and sssfivsal ageaU Wa hava
bad, also, at two intervals, amounting to
about nins yeara, ttats banks employed
for like purpoet: and during the remain
der of ths time, ths funds oi ihs Govern
ment have bern kept and ihe finances ad
ivt.:v . i ,. i .u. too estimated deficit. $16,088,215 18 ing paper, marked E. and encloaures.
..mwii ..ui, auuea , jlJf beiietej that. fier the heavy ex
prndituret required for the public tervice
! in ths present yetr shall have been pro
I vided for. the revenuet which will accrue
from that, or a nearly proximate rate of
n.. .u-.. j et- t,;. A,t in mil the attention of Congress to the more
immediate demands of the public service, and the means by which those demands
are to be supplied. , -
The sums which will be required from the 1st of June to the 31st or
August next are estimated as follows, viz:
For the payment of Treasury notes which will fall due within that
time, and the interest thereon, about - - $2'I0W2 S5
Balance for taking the 6th census, - '..
For the civil list, miscellaneous, and foreign intercourse, - 1,303 ,308 J7
Military service, - - . . - - - 4,591,098 00
a a -a t-
!. t? .J;iM fAt lha Mtmnnt Al TrftRUff no f I fOlll III"!
nn inn uem rapoiiuiw .... ... - . i
aa k.iiL J i fill .iaa.i ahfiiti tOU.flUU Ol iramurT munsj wmciiwrcnic".,
" a i. . J L..t r.. tvhirh thai warrinlJ WsSfcl
r..nl Atiealiasntl tltirtlitr VI. BIS irtjrinu. u ua. iui " -
i v'a v-j v
Thia Stem,
vary n ths 41
t lh Departmanf nn areount
at atucd until auUaeient period.
equal spirit any heavy eiactiona or pro-
hibiiiont which foreign nations may think
fit to impose opin the importation of our
staple product on
Some legM provitionttr alto required
lo correct inequalities between th duties
upon sugar snd molasses, and the draw
btkt upon rrfined tugr and rum,' man
ufactured or ditld!d from foreign mate
rials. Tlse rtlttinn between the duty and
the drawback was adjusted by the acts of
January 21st, 1829. and Mav 29di, 1830,
since which time the duties have been
duniniahed, while ths drawback remain
the tame. And a provision of law declar
ing that all non ennmerated articlet which
bear a aimilitude to any enumerated article
chargeable with duty shall pay the aame
rate of duty with the article which it most
resembles, would tsve a large turn annu
ally to the revenue, and prevent much
annoyance and litigation between the
importer and the oflieeri charged with
the collection of the custom.
Of the Public Debt.
But it is not expected that any modifi
cation of the revenue laws will be oper
ative to supply the immediate warns of
the Tretaury, and lo pay the debts which
fall due in Ihe present and in thn ensuing
year. A further loan is necessary to ef
fect these object!, and ihe only questiont
that can ansa are as to the mode of pro
curing tbs loan, the character of the
curities, and the assumed duration of the
debt.
Il would, in the opinion of the under
minialsred partly by bank sod partly by
individual officers and agents. The loa
ns sustained by sUte bsnki, as depoti-
hrmaneejtlhespnfot
ehMeeris fills oTgrat iropor'ance7boihTPIOmfP'e,ie,'U!n ,ron 181 to-1810,
lo the Government and to the cummuni
ly. Such agent or depository ought to
unite, in the highest practicable degree,
the aafeiy of the public fundi, and con
venience and economy in their adminia
trttion; nJ it should, if possible, be ao
selected or framed a to exert a salutary
inQ'ience over the business and currency
,ol the country.
The mode of keeping and disburtiag
the publis money, provided by the act of
July 4, 1940. will oe i.iumi, on compari
son with that heretofore chiefly used by
ihe Government, eminently deficient in
II these essential requisites. The finan
rial history of the United Stairs, eepeci
ally for the hst twelve years, furnishes
abundant proof that the public money it
unsafe in the custody of individuals, and
that their official bonds are no sufficient
security for. its safekeeping and faithful
application. Within the period above
named many receiving officers connected
with the Treasury Department have be
come defaul'er to the Government. 1 he
arirreffate loss from that cause within thai
period, as shown by ihe b okt of ihe De
partment, amount" to $2,620,500. but a
email part of which will probably be re
covered frnn their bond. It is true
ihat, in any system which can be adopt
ed, some pn"of the pubttemoney muat,
in the nrocett of collection? paae through
the hands of individuals, and be subject to
their defalcations; but the act or July 4.
1840, extends and eoatinues the risk be
vond the period of collection, and it sub-
signed, be onwite to chtrgs upon thejjects lare matsts which, in the fluctua-
duty, will be sufficient to defray the ex
penaes of Government, and leave a sur
plus to be annually applied to the gradual
payment of the nauonal debt, leaving the
proceed of the public lands to be disposed
of aa Congress shall think fit.- f
-The general principles on which the
final revision of the tariff is to rest are
perhaps simple and easy to be apprehen
ded, but the work of revision itself, in its
eommeree or the resource of the coon iiont of commerce, someiimesaccumuuie,
try. in any form, the burden of paying at ho the same dangerous enttody.
once, or at all hastily, the national debt.
Before that is done, measures of restora
tion and relief are required. The cur
rency ol the country should be restored,
and commerce and industry relieved from
their present slate of embarrasment and
depression, and a benign and liberal policy
on the part of the General Government
ahould call forth once mors the hardy
industry and acti ve enterprise of our peo
ple, and the vast resources of our country.
If we assuate the period of from five
to eight. years as that in whrch thia debt
can be paid without inconvenience and
embarrasment and the time appears lo
be short enough we have one of the
most essential elements on which to form
our judgmeut as to the beat and most
convenient mode ia which the loan can
be kepi up, and the credit of the Govern
ment tutiained.
. In the inception and during lis pro
gressive increase of a national debt, the
issues of Treasury notes, though danger
out and delusive, have yet their advant
ages. They need not be issued fatttr
than the actual wantt'ol the Treasury
require; and the power to issue any given
sum it, for all effective purposes of im
mediate expenditure, a fund in the Tree
ftiry available tohat amount. . But, whan
the debt has acquired its maximum auJ
agreeably lo a statement prepared by ths
Secretary of ths Treasury in 1833, snd
revised and republished in 1837, were
$1,000,676. v la ilia laiur period, from
1833 to 1837, though n actual lots is i
believed to have nreured, yet ihs Treas
ury and fhe country ettffersd inconveni- .
ei.ee end embarrassment from ilia fiscal ar- -rangemenis
with thoae numerous and dis
connected institutions. But, during ths -forty
eare ihat the two banks of ths
United States were 'the depositories of
the public money and the fiscal agents
ol the Government, no lots whatever wae
sustained, nor any delay or any expense
incurred in Iranamiiting or disbursing tha
public montys, so f.r as the agency of i
thote institutions extended. Then, as
regtrdt ths wtnts ol the Treasury mere .
ly, ihe safety of ths public funds, and -economy
in their administration, experi-
ence has demonstrated the superior utili- 4
ty of a bank constituted and adopted by
Congreat as a fiscal agent. It has also
proved to us that the active businets
of the country, its currency, its credit,
its industry, and its commerce, arc inti
mately connected with and dependent -upon
the financial arrangement of tha
Goneral Government. If they bs wiaa
and beneficent, they indirectly, but effi
ciently, promote those great interests of
the People; if constant and uniform in
their action, they give to those interests
confidence snd stability. i 5
Since the removal of the public depo
sites from ihe Bank of ihs United Statee, '
in 1833, ths Government has bad noper
msnent fiscal agent and no definite finan
cial system. All bas been experiment.'
transfer, and change. The business of '
V,it nnlv is ihe nublic money in the
handtof individual more exposed tolott the country has yielded to ths unsteady
from ordinary defalcation! than when de- impulse, and moved forward wiih wild
posited in a well regulated bank; but the irregularity; at one urns etimaiaird to ex-
Government i also liable to the risks of eestive action, al another sunk into leth- '
fire, robbery, and o-.her casualties, occur
ring either in depsite or transmission,
from which it is entirely protected when
t well-regulated bank is the depository
and the fiscal sgent.
The pretent tyttem is also, in many
respects, cumbrous and inconvenient. Its
tendency is to centre ihe disbursements
of ihe public money at some 6f the Eas
tern cities, chiefly at New York. That
beinir the treat commercial emporium of
the United States, is the point at which
funds are the most valuable, and, thers.
fore, the moat sought; hence thote who
are entitled to payments out of ihs. pubho
Tieasury claim them- there. It is true
there ie a general discretion in the bead,
of ihe Deptrtment to" refute or grant the
favor of such ptymentt according to ita
convenience; but when the currency it de
ranged, and the premium on exchanges it
high, thit discretion iovolvee diacrimina
tion is a large amount among ereditora
equally ontided.' Itthen becomes a dange
rous discretion, and on that ought not to
exist. But, under the present tystem.it
cinnot be avoided, save in' a few cases,
any. And, in proviumg lor me waata
of ths Treasury, it is surely important try
look, alto, to the wants and tha welfare
of the community, from tbs products of
whose industry ths Treasury ie suppli
ed." "..' ;' ,s.: ;---'v.,k: ""
And as regards thote great interests,
ws find tbs testimony of ptsi years is no
lets dittiuet and strong in favor of a mo
ney institution chartered by ths General ,
Government, end possessed of its confi- '
dvnre and credit. The period embrac v
ing the last ten yeara of the existence al
the late Bank of the United Sutea as tha
fiseat agent i fresh in the memory ot u
all. and is looked back to aa a period of
great prosperity; and though other caus
es did doubtless co operate to produea
that favorable condition of tilings, yet one
of the governing principles on which de
pended the steady advance of ths eoun-'
try, in eommeree, in industry, and in tub- l
tantial wealth, was the existence ot a
fiscal sgent established by the General
Government, and charged with the equal-'
Uaiinn of exchanges, and tha regulation'
of the currency. " '