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DECEMBER 3?V 188;
" OUR cdUNTUY, AND OUR COUNTRY'S COOP.
TOt. SI.
MOT
f' -V-v- ': v-V ! i..V.'..
PUBLISHED WEEKLY , ; "
BY JOHN I. PASTEUU,
At bree Dollars per annum payable jp advance.
Advertisements inserted on the usual terras.
ADVW icW must be orf ota.
letters addressed 10 xno F"" - ' - - .
TZlRmrt of the Secretary of the Treasury,
Jitmual nepon j Finances.
on me "j .
In laving before Congress the Annual Report
f I the Treasury for the present year, the oc-
fr is deemed a fit one, for presenting, in con
casion decme rf principal
prAfp?etoinary, it may be proper to remark,
u wecetptsfor the present year are likely to
tha w 8um Seater than that at which they were
la when Congress assembled last year:
trfc Expenditures, always confined within
r i n Ascribed by the lawrhave not gone be
SdffuS. The onlyexception to this
Sous limitation upon expenditure, applies to
5 e public debt, for the reduction of which, lar-
P.,.ms may be paid than are regularly set
surplus funds in the Treasury to admit of it.
This has proved to be the case during the pre-
SCK.e summary retrospect which it is propo
sed to give, the state of the public debt will claim
l o firs! attention. Such is the interest which
he nation is known to take in its extinguishment,
hat what is done at the Treasury, from year to
ear, under the injunctions of the Jaws, towards
this end, cannot be too distinctly set forth.
Amongst the highest duties of a nation, is faith
fully to keep to its pecuniary engagements; and
there need be no better demonstration of its pe
cuniary ability, than when it is seen to pay off
with promptitude and punctuality its funded debt.
There was paid in 1825, on account of the
i.i... .u- ,im nf twelve millions ninety-nine
thousand and forty-four dollars and seventy-eight
cents This sum was not all derived, as will be
seen hereafter, from surplus revenue. In 1826,
there were paid eleven millions thirty-nine thou
sand four hundred and forty-four dollars and
sixty-cents, all from surplus revenue ; in 1827,
ten millions one thousand five hundred and eighty-five
dollars and ninety-eight cents, from sur
plus revenue : and, in 1828, there will have been
paid by the close of the year, also from surplus
revenue, twelve millions one hundred and sixty
three thousand five hundred and sixty-six dollars
and ninety cents, making for ths four years, forty-five
millions three hundred and three thousand
six hundred and forty-two dollars, twenty-six
cents. Of this sum, thirty millions three bun
died seventy-three- thousand one hundred and
eighty-eight dollars and one cent, were applied
to the principal, and fourteen millions nine hun
hundred and thirty thousand four hundred and
fifty-four dollars and twenty-five cents, to the in
terest of the debt : the whole of the former ha
ving gone towards the reduction of that part of it
which bears an interest of six per cent.
The act of Congress of tho third of March,
1817, commonly called the Sinking Fund Act,
appropriates the annual sum often millions of dol
lars for the purpose of gradually sinking or paying
off the public debt of the nation. This sum in
cludes all payments on account of interest, which
are invariably made from quarter to quarter,
leaving the remainder to be applied, as far as it
will go, to the reduction of the principal. Up
to the year. 1825, 'the expectations of this act,
had not in one sense, been always fully met.
The annual interest was ever scrupulously paid as
the quarter came around ; but there had not been,
during every year, a sufficient residue to be ap
plied to the principal, to make up the entire sum
of 10,000,000. Sometimes, too, there was not a
sufficient amount of debt redeemable under the
laws, in the course of a year, to allow of the full
payment of ten millions.evcn if the surplus funds
of the Treasury had been equal to the operation.
The inability of the Treasury, where it may have
existed, to reduce the principal of tho debt every
year, by the precise amount contemplated in the
Sinking Fund Act, neither broke faith nor cau
sed complaint with the public creditor; for
whatever tho considerations of public policy that
have made the rapid extinguishment of the debt a
favourite object with the nation, it is known that
the public creditor regards it, individually, as a
hardship to bo paid off. His reliance upon the
faith and resources of the nation is so unboun'ded,
that he prefers to let his capital stock remain in
its hands, subject only to his calls for the inte
rest. But since the close of 1825, such has
been the state of the Treasury, from the In
creasing solidity of the national resources, tht,
not only has the annual requisition of the Sink
ing Fund Act been complied with, but still more
has been done. At the beginning of that year,
the whole sum paid under the act during the
seven years of its operation, in reduction of the
principal of the debt, (the operation of the act
not having regularly commenced until 1818,) fell
short by a sum exceeding three millions of dollars,
of the amount that it would have reached had
the full ten millions been paid in principal and
interest during each of the seven years in ques
tion. Since tho close ef the year 1825, or, more
correctly, since tho commencement of 1826, this
deficiency has been countervailed by such an ex
cess of annual payments towards the principal of
the debt, as to leave, in the language of the
Treasury, no arrears now due to the Sinking
Fund, or none of importance. , In other words,
looking back upon ihe whole time that has elaps
ed since the Sinking Fund Act went into opera
tion, it can now bo stated, that, taking one year
with another, there have been made, (with the
exception of a small fractional sum,) the full ave
rage payments of ten millions of dollars annually,
n principal and interest, on account of the pub
lic debt. ' This result has been in a great degree
:, produced by the payments which will have been
made during the present year in reduction of the
principal. Five millions four hundred and sixty
three dollars and twelve cents were paid on the
1st of July ; and it js intended to pay four mil
lions fifty thousand seven hundred and eighty
dollars and seventy-seven cents" on tho 1 1st of
January ; making, for the whole year, including
a small balance of Treasury notes to be paid off,
and a minute fraction of the old registered debt,
nine millions sixty-one thousand four, hundred
and ninety-six dollars nineteen cents. The
committee on .Finance of th Senate, in . their
valuable 'Report to that body in April last, on
the state of the public debt, referring to the fore
going payment, which it was then in contempla
tion to make on the 1st of July, expressed their
hope that a considerable reduction of the arrears
due to the Sinking Fund, would probably be ef
fected in the course of this year. The hope is
amply realized. The large amount of the pay
ment to be made on the first January was justifi
ed, in the opinion of the Commissioners of thS
Sinking Fund, by the receipts into tho Treasury
since the payment in July was ' resolved upon,
which were greater than had been anticipated,
and by those that were reasonably anticipated for
the fourth quarter of the year. ,
: The total sum that will have been paid on ac
count of the debt from the firstof January, 1817,
the year in which the Sinking Fund Act passed,
to the first of January next,' will be one hundred
and forty-six millions, six hundred and sixty-nine
thousand, seven hundred and seventy three dol
lars forty eight cents. Of this sum eighty-eight
millions eight hundred and thirty-four thousand
one hundred and eight dollars and sixty-six cents
were paid on account of principal, and fifty-seven
millions eight hundred and thirty-five thousand
six hundred and sixty-four dollars and eigty-two
cents on. account of interest. The extra pay
ments on account of tire principal, (more than
could have been covered by the annual appro
priation of ten millions,) comprehended sums ob
tained on loan at a lower interest than six per
cent, to replace stock paid off at that interest,
and sums that had accumulated in the Treasury
ifl 1817, partly under the effect of the double
duty system, before the prospective operation of
the act began. The national debt has been posi
tively lessened in amount by the sum of sixty-five
millions one hundred and twenty nine thousand
eight hundred and twenty nine dollars and thirty
eight cents, since the first of January, 1817, by
surplus funds. The whole of this last mentioned
sum, so paid off, was borrowed at, six per cent,
or moro than six, with the exception of a small
amount of Treasury notes and some Mississippi
stock. -,It is facts like these that attest the true
character and value of a sinking fund. None can
be effectively such, but where income exceeds
expenditure, and where a clear surplus from the
former is steadily applied to the diminution of
the debt. Such is the sinking fund act of the U.
States, and such have been the results of its ope
ration ; results which it cannot be otherwise than
acceptable to the nation to learn. The whole
remaining debt that the nation will owe on the
first of January ensuing, will be, in its nominal
amount, fifty-eight millions three hundred and
sixty-two thousand one hundred and thirty-five
dollars seventy-eight cents. But from this amount
should be taken seven millions of dollars, being so
much of apparent debt only, in the shape of sub
scription to the stock of the Bank of the U.
States, the nation owning a like sum in the stock
of the Bank, upon which dividends are punctual
ly paid. Of the sum that will remain, namely,
fifty one millions three hundred and sixty two
thousand one hundred and thirty-five dollars and
seventy-eight cents, the old revolutionary three
per cents, constitute more than thirteen millions
of dollars. By this exhibition of tho state of the
debt, it will be seen to how small an amount it
has fallen under a faithful enforcement of the
sinking fund act, in the space of eleven years.
In the past effects of this act, we have the pledge
of its future efficacy. As each successive year
increases the proportion of principal that is paid
off, diminishing that of interest, it is easy ro an
ticipate in how short a time the nntion, under tho
continued action of the fund, will be released
from all charges whatever on account of the debt,
by its final extinguishment. Assuming its stated
appropriation of ten millions to be forerun in the
same proportion in future years as it has been
this year, the debt will, in effect be totally paid
off in little more than four years.
An evidence of the. stable resources of a coun
try, actual and prospective, is to be found in the
prices which its funded debt bears in the money
market. A financial exposition and review,
like the present, naturally embraces some gene
ral allusion to this point. The stocks of the
United States keep at an elevation above par,
indicative of the high credit of the Government;
the more remarkable from the consideration that
they are redeemable at short periods, and quick
ly redeemed in face, as the periods anive. The
three per cents, being those which, it is presum
ed, will bo redeemed last, a circumstance known
always to enhance tho value of stock where pub
lic confidence attaches to it, stand, accordingly,
at the highest rate, being a favourite stock abroad
as well as at home. For the last four years, this
portion of the public stock has been at a price
ranging in the main, from 80 to 85; nor has it
been always obtainable, such is the demand for
it, even at that rate. 1 he heavy tall ot stocks in
England, towards the close of 1825, affected
those of this country less than might have been
anticipated from the connexions of business, be
tween tho two countries, and serves to show the
value of those of this Government, even under
untoward occurrences in that great centre of the
commercial world.
The precise amount and kinds of stock of
which the public debt will consist on' the first of
January next, with the periods ot redemption,
will be seen in detail in the document INo. 1. an
nexed to this report. It is not deemed neces
sary to say any thine more under this head, ex
cept barely to add, that the five millions four
hundred and sixty-three dollars and twelve cents,
that were paid oft on the first of July last, con
sisted of two millions seven hundred and forty
four thousand four hundred and twenty-three
dollars ninety-one cents of the six per cent stock
created by the act of Congress of the eighth of
February, 1813, being all that was left of that
stock; and of two millions two hundred and fifty
six thousand and thirty-nino dollars and twenty-
one cents, of the six per cent, slock created by
the act of tho 24th of March, 1814. The four
millions fifty thousand seven hundred and eighty
dollars and seventy-seven cents, intended to be
paid at the close of the present year, consist of,
the six per cent, stock also created by the last
mentioned act, but denominated the loan of the
22d August, 1814 ; being in like manner, all that
remains unpaid of that particular loan.
The general state of the Foreign Commerce
of the country will next be given. This will
best make known the surplus productions of its
soil, and those other sources of its industry which
constitute the basis of Its foreign commerce.
The importations into the United States, during
the last four years, amount, in value, to three
hundred and fifty millions two hundred and two
thousand lour hundred and sixty-nine dollars.
Those for a portion-of the present year, are here
given by probable estimaterather than certain
knowledge.. The exportations for the same four
years, calculated in tho same way, amount to
three hundred and thirty-seven millions two hun
dred and two thousand four hundred and twenty
six dollars. Of tho latter, two hundred and
thirty-three millions sixty-nine thousand and
thirty-five dollars, were of domestic produce and
manufacture, and one hundred and four millions
one hundred and thirty-three thousand three
hundred and ninety-one dollars, were re-exportations
of foreign commodities." The importa
tions for the four years preceding, or from 1821
to 1824, both inclusive, amounted to three hun
dred and three millions nine hundred and fifty
five thousand five hundred and thirty-nine dol-..
lars; and the exportations to two hundred and
eighty-seven millions eight hundred and twenty
thousand . three hundred and fifty dollars. Of
the latter, one hundred and ninety-one millions
three hundred and fifty thousand eight hundred
and eighty-one dollars, were of domestic pro
duce and manufactures, and ninety-six millions
four hundred and sixty-nine thousand four hun
dred and sixty-nine dollars, re-exportation of
foreign articles. " -
The receipts into the Ireasury during he
last four years, these being always chiefly de
pendant upon the importations amount to ninety
seven millions nine hundred and fifty-seven
thousand five hundred and fifty-nine dollars and
eighty-six cents. Those for the present year
are here also given, in part, by estimate, Ihe
estimates may ueviate from accuracy ; but not to
an extent to thwart the general conclusions tha
are in view. The expenditures for the same
time, calculated in the same way, may be stated
at ninety-five millions five hundred and eighty-
five thousand live hundred and eighteen dollars
and eighty-five cents. Of this sum, besides
what was applied to the public debt, about lour
teen millions will have been expended on inter
nal works, designed to improve the condition of
the country, or otherwise, on objects not be
longing to the mere annual support of Govern
ment, in its civil, military, and naval establish
ments. The receipts for the four years that
preceded, were eighty-four millions seven hun
dred and twenty-eight thousand and ten dollars
and seventy-one cents; and the expenditures
eiffhty-thrce millions nine hundred and seventy-
nine thousand eight hundred and seventy-four
dollars and seventy-nine cents. I en millions
of dollars obtained by loans, are included in the
receipts of the four years last mentioned ; and
five millions, so obtained, came into the 1 rea-
sury during the first yoar of the other series, viz.
in 1825. This loan of five millions was pro
cured, under an act of Congress of May, 1824, at
four and a half per cent, not from any deficiency
of revenue, but for the purpose ot paying oil an
equal amount of the public debt at six per cent.
It explains what was said ot the payment that
was made on account of the debt, in 1825, not
bavin? all been from surplus revenue. Tho
loans, amounting to ten millions, embraced in
the first series of four years, were obtained with
a view (exclusive of the sum applied to tho pur
chase of Florida) to similar changes in the debt.
It has been the policy of the Treasury Depart
ment to recommend, from time to time, these
changes of stock from a high, to stock bearing a
lower rate of interest ; it appearing to be unjust
to the nation, that, under an entire alteration
of circumstances since the time when it may
have borrowed money, it should continue to pay
more in the shape of interest than individuals
pay, the credit of the nation transcending that of
individuals as much as do its resources. This
remark necessarily implies the right, on the part
of the Government, so to change its stock, from
the time of redemption having arrived, of that
which bears a high interest ; and which may,
therefore, without objection, be paid off by a
new loan obtained at a reduced interest.
Deducting the amount of receipts from these
beneficial loans during the two periods reviewed,
i i i . r j. .1
tne aosoiuie increase oi revenue uurnig mu se
cond period is found to exceed eighfeen millions
of dollars. The whole of this increase has been
in the customs. It amounts in each year to an
average of more than twenty-four per cent.
Whilst the increase in receipts has been at this
rate, the increased expenditure, aside from what
has been paid towards the reduction of the debt,
has been less than ten per cent, and the latter
has been chiefly caused by internal improve
ments. The increase in receipts may he ac
counted for, in part, but not at all to this extent,
by the increased duties under the Tariff of 1824.
The imports during the four years ending with
1823, exceed those of the preceding four years,
by an average of more than fifteen per cent, in
each year. Tho exports of domestic produce
for the four years ending with 1828, exceed
those of the four years ending with 1824, by an
average of more than twenty-one per cent, in
each year. Tho increase in the consumption of
foreign articles during the same time, has been,
on an average, upwards of eighteen per cent, in
each year.
.It is believed that the shipping of the United
States will be found to have increased during the
lust four years, in a fair ratio with their ( com
merce 'and revenue. The returns under this
head are not sufficiently complete, at the present
moment, to speak with precision. It is certain
that the whole mercantile shipping of the Union,
including that employed in the coasting trade, as
well as all that is embarked in foreign commerce
and the fisheries, exceeds at this time, fifteen
hundred thousand tons. That of no other na
tion is probably as large, England excepted. In
1818, the tonnage of. the Union ,was but little
more than twelve hundred thousand. Its greatest
increase since that year, was in one of. tho vears
under examination, viz. 1826. ' The profits of
freight upon this large amount of tonnage, the
ships of the United .States being almost exclu
sively the carriers of the commerce of the nation,
centre at home, and mako a largo addition to the
stock of capital at home. V
, The foregoing statements indicate a steady ad
vance in the national prosperity. ' The reality of
this advance is only to be measured by aggre
gate results, ascertained at proper intervals of
time. It is useful to present such results. They
show the general condition of the country, view
ed not in parts,. but under one undivided whole.
They attest the positive growth of its riches, and
the rapidity of the growth by comparison. They
afford resting points for doubtful opinions, when
all desire to arrive at those that may appear best
supported by results. No single eye can take
them all in, unassisted by the authentic returns
which it is the province of the Government, and
chiefly of the Department of the Treasury, to
watch over and promulgate, endeavouring also to
trace them to their causes. A State whose na
tural resources and territory are abundant, whose
institutions are free, and whose interests are di
versified, may witness occasional and temporary
pressure upon some of those interests, whilst all
the great branches of its inditstry are in course of
sure developement. But transient inconvenience
is lost in the aggregate prosperity, and must,' in
the end, participate in that prosperity. It is thus
that great States, under successful systems of le
gislation, go onward in their career of riches and
power. Not only has there been a marked in
crease of importations and revenue in the United
States during the last four years, and of exporta
tion of domestic commodities, but a like diminu
tion in re-exportations. The latter is very stri
king, and justifies the inference not merely of.an
increased desire to import for the purpose of
meeting tho contingencies of trade or specula
tion, but of an increased ability in the country to
purchase and use foreign fabrics. The increased
consumption of the latter, and the increase in re
venue have exceeded tho ratio of tho increase of
duties under the tariff of 1824, and tho presumed
increase of population also. Tho exports of do
mestic products have increased more than four
fold faster than the increase of population, as
given by the census at periods the most favoura
ble. These facts cannot mislead. They point
to an unequivocal increase, so far, in the pros
perity of the nation. Statistical testimonials, for
a single year, or for more than one, may rise or
fall in amount, from causes that postpone all per
manent conclusions ; but where they are seen to
go on in an increasing train throughout a succes
sion of years, it is rational to ascribe them to
causes beginning to assume a fixed character. If
we review the last four years as a period of time
in commercial history, we find little in the cir
cumstances of the world, either from general war
or,otherwise, to affect foreign markets beyond the
ordinary fluctuations incident to trado at all times.
The extraordinary operations in tho cotton mar
ket that fell upon the first of these years, viz :
1825, are not conceived to impair the applicabili
ty of the remark, because there has been time
enough for diminished exportations, as a conse
quence of the large exportations of that year.
No term indeed, of eight years, since the estab
lishment of the Government, has been as exempt
from the influence of external events that disturb
the regular operations of national industry and
commerce, as the last eight. None, therefore,
could be fairly taken for the comparative state
ments that have been made.
It does not escapo recollection that from 1791
to 1815, there were epochs when the foreign
commerce of the country advanced with even
more rapidity than is here stated, when it was
greater, absolutely, and therefore greater in pro
portion to the population of the country. But
during that leng interval, there prevailed in Eu
rope, with scarcely a perceptible interruption,
desolating wars, which created an unparal llelcd
demand for our staple productions, and brought
them up to extravagant prices. This, with our
neutral attitude, which gave to our carrying trade
a scope almost unbounded, raised exportations
and importations to an artificial pitch, that can
never be recurred to as a standard ol comparison
for commerce under circumstances more ordinary
and regular. It is known that during portions
of that interval, our trade in foreign produce far
exceeded that in domestic. It is wholly other
wise now. The mere profits on our tonnage at
that early day of the Republic, by the capital
which it introduced, gave, of itself, the capacity
for an enlarged consumption of foreign articles
on a comparatively smaller basis of population.
The increased consumption of foreign articles
in tho United States, during the last four years,
as compared with the four that preceded, may, it
is believed, be ascribed in no inconsiderable de
gree to the advances which home labour has
been making in various ways in the country sinco
1824. The creation and subdivision of home la
bour must bring new wealth to this country, as
they ever have to other countries ; and with it
an increased ability to buy articles of ail kinds.
The reports from this Department within these
four years have respectfully, but earnestly, urged
upon Congress the expediency of fostering manu
facturing labour, under the conviction deeply en
tertained, that in its success is largely to be found
the true ground work of financial power. It will
ultimately unfold the means of providing revenue
for the public wants wheni war, or other exter
nal events not to be controlled, may abridge fo-
. - ; H -
reign commerce'. , How difficult it has been here
t6fore to obtain any efficient supplies of revenue
from sources of internal industry and wealth, when
such vicissitudes have happened.the financial his
tory of the country in times past sufficiently makes
known, imparting admonition for the' future.
The Department has no less strenuously inculca
ted the policy of important amendments in our
commercial code, by lowering the duties upon
foreign articles that were indicated, especially
teas ; by removing the shackles which bind down
the merchant in his trade of re-exportation ; and
by a liberal extension of the warehousing system
which, with , the abolition of all transit duties'
might more and more tend to bring the produc- '
tions of all parts of tho world into deposito at'our
ports, thence to be distributed, and principally
by our Own ships, wherever markets might in-
vite them.
It was believed, that, withThe establishment of
manufactures at home, foreign commerce would
ultimately expand ; but it continues to be be
lieved that the latter will never get to its full
height in the United States ' until aided by tho
laws in the ways recommended. The merchant,
like the manufacturer, requires, at proper junc
tures, the helping hand of Congress! and may
suffer without it. Hence it lias been the object,
as it was the duty of the Department, to invoke
legislative favour for both these great interests,
under the belief that they flourish most whea
they flourish together ; that in proportion as both
flourish, in conjunction with agriculture, the inva
riable feeder of both, is the public treasury most
likely to be kept full, and that all plans of finance ,
that does not take the co-operatine prosperity of
these three primary interests of the State as their
foundation, must prove fallacious or short-lived.
Such were the counsels of a departed statesman
whose name peculiarly lives in the records of
this Department; who was first placed at its head;
directing its operations with a forecast so lumi- '
nous as still to throw a guiding light over the
path of his successors. His comprehensive ge
nius, looking into futurity, and embracing in its '
survey all tho interests that go to make up the
lull strength and riches ot a great empire, saw tho
truth now in course of corroboration by our own
experience, that tho protection and increase of
manufacturing labour, far from stopping the
springs of our commercial power, would but mul
tiply and diffuse them.
Enough of time has not elapsed to warrant any
decided judgment upon the practicaloperation of
the tariff of 1828. There seems no present rea
son for supposing .that it will lessen exportations.
It not, no scale ot duties which it has created
will diminish the foreign trade or the revenue of
tho nation. It is manifestly what we send abroad
that must, in the end, give tho true measure of
what we' are to receive from abroad.
The moneys received into the Treasury during
the last four years, amount, as-has been already
estimated, to more than ninety-seven millions
ot dollars. It belongs to this retrospoct to state,
that, in the application of the whole of this sum
to the various objects of expenditure designated
by the laws, nortiubarrassments or delays injuri
ous to tho public service have happened. All
moneys have been paid at tho time and at the place,
where they were required to be paid, and to the
persons entitled to receive them. This capacity in
tho Treasury to apply the public funds at the pro
per moment in every part of a country of such wide
extent, has 1 been essentially augmented by the
Bank of tho United States. The Department
feels an obligation of duty to bear its testimony,
founded on constant experience during the term
in question, to the useful instrumentality of this
institution in all the most important fiscal opera
tions of tho nation. . In faithful obedience to the
conditions of its charter, and aided by its branch
es, it has afforded the necessary facilities for trans
ferring ; tho public moneys from place to place,
concentrating them at tho point required. In
this manner, all payments on account of the pub
lic debt, w hether for interest or principal ; all on
account of pensions ; all for the civil list ; for the
army, for the navy, or for whatever other pur-
pose wantca in any part oi tne union, nave been
punctually met. The Bank is also the depositary,
with its branches, tor tho public moneys from
whatever sources of revenue received, aiding, toe,
in their collection, thereby giving safety to the
keeping as well as promptitude and certainty to
the disbursement of the public treasure. It re
ceives the paper of the State Banks paid on pub
lic account in the interior, as well as elsewhere,
and by placing it to tho credit of the United
States as cash, renders it available wherever the
public service may require. By this course, a
course not enjoined by its charter, it widens the
field ot business and usefulness to the State Banks.
Such, also, is the confidence reposed in the stock
of the Bank of the United States, that it serves
as a medium of remittance abroad in satisfaction
of debts due from our citizens to those of other
countries, which otherwise would make a call
upon the specie of the country for their discharge.
Nor are these all the uses of this institution in
which the Government participates. It is the
preservation of a good currency that can alone
impart stability to property, and prevent those
fluctuations in its value, hurtful alike to individu
al and to national wealth. This advantage the
bank has secured to the community by confining
within prudent limits its issues of paper, whereby
a restraint has been imposed upon excessive im
portations, which arc thus kept more within the
true wants and capacities of the country. Some
times (judiciously varying its course) it enlarges
its issues, to relieve scarcity, as under the disas
trous speculations of 1825. Tho State Banks
following, or controlled by its general example,
have shaped their policy towards the same salu
tary ends, adding fresh demonstrations to the
truth, that, under the mixed jurisdiction and pow
ers of tho State and National systems of govern
ment, a National Bank is the instrument alouo
by which Congress can effectually regulate the
currency of the Nation. . When the Congress of
the Revolution, under the severest presssure of
financial difficulty, established, in 1781, the Bank
of North America ; when the Superintends of