i
ML 1 -W
DUUUMEJNT.
REPORT OP THE SECRETARY OF TREASURY
Olf THE. FIMATTCES, &C.
n 'obedieheej 19 (the directions of the act
of Congress of thd iOth of May, 1 800, bud-
plemcntarfiio the Act to establish .the
Treasury 4i)epa rtme,rtt,"he 'Secretary f the
Treasury' respectfully submits the following
I. - Of the public tpvtnuc, and expenditures,
. ue, receipts ;
d expenditures fur the Tear 1S40.
were as lotidws:
The available balatjce in the Treasury on
1 the 1st of January 1840, (exclusive of
amount deposited, with the" States,
trust funds, and tirilemnities. and the
amcT'-nt due from Hanks which failed
" in 1837,) Was, as appears by the books
of the RegUter of the Treasury , $3,663,033 60
- i The receipts into! -pie Treasury du
ring the year 1840 werei from
Customs ? ;! $13,439,503 17
Ind : ' st 3,232,285 58
Bond of the Bank of the
United. States; 1,774,513 80
Miscellaneous and uiciden-
taleour-e: 1 jjs 283.258 33
Bank whichlailed in 4 837, 748,629 55
Treasury notes issued ! 5,589,547 51
-125,187,736 84
I1
t Matins $28,850,820 44
The expeaditurc m the aam year . V -
.. ? eowrse' adjisceUano- ' Y' 'l'
ou ,.. ,j $5,492,030 08 -
MHitary depsBiinen 10,868,236 ,45
Kat department - ! j - - 6,031,088 88
JPnblte debt;; , $i 11,932 77. )
,6M outs?ati4ing warrants
issued prior to 1st 'Jan- -nary,
tdii;: . ft 1,416,334 28
Treasury notes . redeemed, .-
including interest; J W 4,045,802 05 x
I -1 'fl
2763,475 41
i 1 .? i i ;,. j trH
Leaving a balance In. the Treasury on
! the 1st of JanuaryJ 134 1, of
The1 receipts from -the) 1st. of January to
4th March, 1841, were (say)
From Customs - , 'l ,974,836 46
Lands " i ? 386,148 56
Miscellaneous and inciden
tal iburees il s 31,349 65
Bank which failed m 1837 18,000 00
Treasnry note issued ptr
act of 3 1 st MHrch,:l3tQ, 1 ,1 10,6 1 1 08
Treasury notes issued un-
rnary. 184X sp 1 63,681 3i
Bond of the Bankvof the
United States, l ! I 1713 00
987,345 03
" V., , -mi-" ' 4,212,540 07
Waking, with the balance in the Treas-
orj, Jauuary 1, 1841 5,199,885
.The expenditures for the same period
. 'were r " imipi
Civil list, ' Tnbcellanen?ds,L
' and foreign intercourse, $943,517 14
Military DepartmentM i 2,273,t97 11
Natal Department, ji i i. 759,349 60
Public debt, . V 3,612 70
Treasury notes redeemed
incruding interest. 3 Q 647,590 09
i .-it -
: - ' - . 1. . -
-4,627,166 64
. Leaving the balance jn the Treasury on
the 4th of March, 1841, 572,718 46
The balances of appropriations outstanding on the
4th of March 1841, Were Statt-ment A)
Civil, foreign intercourse, and miscella
neous ' f JS $5,237,234 23
Military 11; 15.991,895 15
Naval" film , I 6 910,268 69
Public aent r r-r ; -r-Treasnry
notes issue prior . to the 1st of
J anuary , 1841, arid f tutatanuing on the
t,OS I' '
4ih of March. 1841? 3,873,220 00
DoVtssued under, the iatct of 1840,. from
lJaimary to thjiih of March, 1841,
which may, and most of which proba-
. biy will, I pri'sentfd in payment of
public dues during the year 1841 1,110,61108
Interest estimated at about 300,000 00
' r I .
Making in the; aggregate
$33,429,616 50
i Of this there will b required for the ser- -f:
t vice of the eurreii rjear.; - 24,210000 00
i Additional, approiiations required by
the War Depart merit rf the year 13 1 l,vit.
l- Fortifications and wirks
of defence! -iffir $1,435,500 00
Fot armaments of foftfi
cations
.' storm
and
ordnance
220,000 00
For pay ment of afreara-
Ji gOjanavurreiHt,pt:i
ses,'and taking! jfafe
of public' property ion
roads, harbors, riveri&c.. 40,199 12
For arrearages foHttre- ,
venting and u ppress
ing'tndian hosuhtiesi:
825,637 86
2,521,336 98
Making
3. r m
26,731,336 98
The actual and estimated means un
der the cxistinff lawa : to meet iheso de
'mihd re, viz. ' ; f
The availabie; balarie! ih
theTfeasury on the;4th
starch, 1S4 1 ( Bee
statement B,) j-j jf
Treasury notes authorized
under. the kct'ot i4(),
' Issued after the 51, of
March. 1841 !Sh!'
646,803 12
413,592 72;
Treasury notes, authorize
, ' d by the apt of 1 84 1 to .
. . be issued after the: 4tii
. .MarchlMl Iff t 5,00000.00,.
? timaMd Jtt U; V 2,000,000 00
- :.lt 'r 'Y'ri - "-"" -
Mistfrtieoaotocief :: 1 70,000 00
! K
JLeaving unprovided fori of the demands
. for the present yar,ti' sum of 6,000,941
" There will also be receivable for pul
lie dvein jthe presenyear, or payable
in 1 842,v Treasury iujc)es ihe issues of the
presenlycaf, iz. 1 1 :
Msned under . the act !of .
v' 1841, prior to the ! 4th'
..of, March, h $673,681 32
Dojdo. 1840, after 34 March 413,592 72 c
Doi do. 1 84 1 , to be issued
after the 4th of Mardhji '
14
and included in the eV
timateof ways
means :
t 5,000.000 00
6,087,274 04
Makmg an aagfega of debt atd deficit,
to be provided for itk this and the en-
suing year, of i.
12,088,215 18
TbU t-tunate is Jbwidrd on the assump-
. S. .i.'.. :i "; !.y!L .
. utai mirinc moneys im xnp punnc
depositories-can 1 tt onc made avail-
able, and that any land. U of the de
maxMla tipon ihe Xreaury can be satia
ted so long as money to a sufficient
Thb.iton; nd item of Axpendtara-far t3ie
payineil if Treawtry uotca Um 1st of Jarnfy to th
f Marcel 84r; Induda bot.tW),000 trf Tfewury
.J'M at the Department on ac
an ofcugtoms 'diiiring Qiat period, but for wnich the
warrant were; not bsued until a subsequent period.
OFFICIAL
amount; remains in any or &H 'the de
positories.; : But that in bJo means
the case ; wh'U the poweyto issue
Treasury hates exists, ttmre should,
Wat alt timed, far the coy salience of
the Treasury, a sum equr 1,000,
000 in the various' den) .furies sul
ject to draft. Whenthi Jwer "h ex-
ponded, the sum should Tie increased
to not less than
4,000,000 oq
Which sura, added tothe above, makes
the estimaied defit it - - $16,0S8,215 18
But the undersigned feci a it his duty to call the at
tention 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 thedst of
June to the 31st of August next are estimated as fol
lows, viz.
For the payment of Treasury notes
which will fall due within that time, I
and the interest thereon, about - $2,756,900 00
Balance for taking the 6th census - 294,000 00
For '.he civil list, miscellaneous, and for-
eisn intercourse - - 1.309,308 37
Military service - - - 4,591,098 00
Naval d6. - - 1,844,000 00
Public debt - . . 6 3S7 00
Expenses of the extra session of Congress 350,000 00
Making about - 11,151,693 37
1 be ways and means in the power of
the Treasury, and which will probably ao
crue Under existing laws, are as follows :
1. Funds in the Treasu
ry (a- per 6tateroentOY $644,361 16
.2. Tieaury note uth- ' .
nzed by the act of 1 5th
of February," 1841 -
1,5052 91
3,000,000 00
700,000 00
3. Estimated receipts from
the customs
Do. do the lands
Do. do misoellane
v ous sources
50,000 00
Makins - 5 900.305 07
And leavine a deficit of - 5,251,388 30
To which add the sum recommended to
be kent in the Treasury to met any
emergencies of the public service, viz. 4,000,000 00
Making an aggregate of
9,251,398 30
From the year 1816 to 1837. a period of
twen'y-one j'ear, the revenues con
stantly exceeded the rxpeniUturesi
The average annual Surplus during
that time was $11,464,226 87, (see
tables 1 and 2.) making an aggrecate
excess of $240,748,764 27. Of this
there was applied to the extinction of
the national debt $208,792,127 44,
and there was ui.uer the provisions of
the act of the 23d of June, 1836, de
posited with tire Sttes $28, 101,644
91, and there remained on the 1st of
January, 1837, in the Treasury of the
United States, inclu !in the fourth
instalment due to the States, a ur-
1.0 plus of
17.109,473 26
There were, also, outstanding debts due
and falling due to tlje Treasury, ant
ing from other sources than those of
the ordinary revenue, and which were
paid between the let of January, 1837,
and 4th of March. 1841, the amount
of (see statement D)
9,124,747 00
There were, also, issued within that pe
riod, and outstanding on the . 4th of
March, 1841, Treasury notes to the
amount of
5,648,512 40
Making the aggregate available means
which were in the Treasury on the 1st
of January, 1837, and which came in
to it prior to the 4th of March, 1841,
over and ab ve the current revenue 31,882,732 66
From which deduct the amount (less the
trust funds) remaining in the Treasu
ry oitto a oi Mjrin,
I54T
o rz,-rto 4
And there appears an excess of expendi
ture over the.current revenue of - $31,310 014 20
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 illustrate this fact. The siim of $512,
136 47 was, oh the 2d and 31st of October,
140, paid by the Bank of the United States
on its last box.d to William Armstrong-,
superintendent 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 Match, 1841, on
which day it appears on his books both as a
receipt and an expenditure.
" Thus and tqt this extent, Iwithin the last
four years, were, the expenditures pushed
beyond the amount of the revenue. They
were made to absorb the surplus in the
Treasury and the outstanding debts due to
the United States, so that the Treasury was,
on the 4th of Merch, 1841, exhausted of its
means and subject to heavy: and immediate
liabilities. It was already burdened with a
debt incurred in time of peace, and without
any' adequate resources except the authority
granted by law to augment that debt. -
As yet no provision has been made to re
duce this debt or to check its constant and
rapid increase. We find it, therefore, as
far as past legislation and financial arrange
ments characterize it, a permanent and in
creasing national debt. The temporary ex
pedients by which ii has been sustained do
not at all vary its essential character. .
Tc attention of Congress is respectfully
in vrted he;Qe eflM'At
livn. . Thebridus; remedy I "jsm to ' i net-ease
the rpvenue as far as may be without unrea
sonably burdening commerce, and to reduce
the expenditures within thcjlimits of strict
economy. s
But as it may not comport with the views ot
Congress to go into a revision and adjust
ment Of the customs so long before the act
of March 2, 1833, comes to; have its final
and permanent operation,1 the undersigned
would respectfully recommcrid, as a tempora
ry measure, the levy of a duty of 20 percent.
ad valorem on all articles which are now free
of duty, or which pay a less! duty than 0
per cent, except gold ana silver, ana tne
articles specifically enumerated in the 5etb
section of the act of March d, 1833.
If this measure be adopted, it is estimated
that there will be received into the Treasury
from customs, in the last quarter of the pre
sent year, a bout $5,300,00(7; in all ofiho year
1842, about $22,500,000 ; and in the year
1843,afterthe rlual deduction under the actof
March 2, 1 833,: about; 820,800,000. llie
details of this estiinate ill be found inlhe
accompanying jasper; inarked 13, and , t;nclo
If ii IwjiieBihaVjaAeT the heavy expen
ditures required for the public service ib the
present year shall have been provided for,
tile revenues which will accrde from that, r
or a dearly proximate rate of ilaty, will be
sufficient to defray the expenses of Govern
ment and leave a surplus to ! be annually
applied to the gradual payment of the nai
tional debt, leaving the. proceeds of the pub
ic lands to be disposed of as Congress shall
think fit.
The general principles on which the final
revision of the tariff is to rest are perhaps
simple and easy to be apprehended but the
work of revision itself, in its adaptation and
detail, must be a work of time. Itsh&utd
be done on calm reflection 'and careful de-
iberation, with a view to reconcile, as far
as possible, the conflicting opinions, and to
romote all the various interests of the whole
People of these United States. And it may
be important, in that adjustment, not only
to reciprocate on tatr and equal principles,
and in a liberal spirit, the concessions which
rnay be accorded toour own commerce by for
eign nations, but also to do justice toour own
citizens by meetmg in a like equal spirit
any heavy exactions or prohibitions which
foreign nations may think fit to impose upon
the importation of our staple productions.
Some legal provisions are also required to
Correct inequalities between theduliesupon
sugar and molasses, and the drawbacks upon
refined sugar and rum; manufactured or dis
tilled from foreign materials. The relation
between the-duty and t ho drawback. aa ad
justed by the acls.of January 2lsf, 1829,
and May 29, 1830, siiicfr-whichf-ifiuW the
duties have been diminished, while the draw
backs remain the same. And a provision
of law-declaring that all nonenumerated ar
ticles which bear a similitude to any enu
merated article chargeable with duty shall
pay the same rate of duty with the article
jwhich it most resembles, would save a large
sum annually to the revenue, and prevent
much annoyance and litigation between the
importer and the officers charged with the
collection of the customs.
Of the Public Debt.
But it is not expected that any modifica
tion of the revenue laws will be operative to
supply the immediate wants of the Treasury,
and to pay the debts which fall due in the
present and in the ensuing year. A further
loan is necessary to effect these objects, and
the only questions that can arise are as to
i the mode of procuring the loan, the chirac-
I r ii. i .il" - V- 4
ier oi uie seuynues, uuu uiu ass urneo dura
tion of the debt.
It would, in the opinion of the undersign-
ed, be unwise to charge upon the commerce
or the resources of the country, in any form,
the burden of paying at once, or at all hasti
ly, the national debt. Before that is done,
measures of restoration and relief are re
quired. The currency of the country should
be restored, and commerce and industry re
lieved from thtfir present state of embarrass
ment and depression, and a benign 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 country.
If we assume the period of from five to
eight years as that in which this debt can
be paid without inconvenience and embar
rassment and, the time appears to be short
MWJiiyli-"' we liAvir fere of ttrc fltoit essential
elements on which to form our judgment as
to the best and most convenient mode in
which the loan can be kept lip, and the
credit of the Government sustained.
In the inception and during the progres
sive increase of a national debt, the issues
of Treasury notes, though dangerous and de
lusive, have yet their advantages. They
need not be issued faster than the actual
wants of the Treasury require, and the pow
er to issue any given sum is, for all effective
purposes of immediate expenditure, a fund
in the Treasury available to that amount.
T j .111.1
rsut, wnen tne aeot nas acquired its maxi
mum and ceases to accumulate, or when it
becomes larger than the amount necessary
to be 1 e )t on hand to meet the current wants
of the Treasury, these advantages disappear.
1 his mode of loan then becomes to the Go
vcrnment what the sale in market of iew
promissory notes, for the purpose of Taising
money to take up old promissory notes, is to
an individual. It is the issue of Treasury
notes to taice up otner l reasury notes tear
after year in suce3sion ; and, under those
circumstances, it is inconvenient and ex
pensive. " .
But the raising of money by the issue of
Treasury notes is objectionable, because it
is deceptive ; by this means a heavy debt
may be raised and fastened permanently up
on the country, the amount of new issues
being involved with the payment of the okl ;
while the people, and even those who ad
minister 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, w hen a national debt does exist, and
must continue for a time, it is better that it
should be made zjyndtxl debt, according to
trrrwienVfirti;rttog. It ibrrsytref
jteredUby nb cover, and is the subject f no
idelusion. It is onen, palpable, true; the
eves of the country will be upon it, and wil
be able at a glance to mark its reduction or
jits increase ; and it is believed that a loan
for the requisite amount, having eight years
ito run, but redeemable at the will of the
Government, on six months' notice, could be
negotiated at a much less rate of interest
than Treasury notes. Much expense would
also be saved in dispensing- with the ma
chinery of the issue and payment and can
helling of Treasury notes.
It is therefore respectfully recommended
that a sum sufficient to pay the debt at pres
ent existing, and such as will necessarily ac
jcrue in this and the ensuing'jear, be raised
on loan for the time, and on the condition
above suggested.
On keeping and disbursing the pblitjooney
The undersigned would also respectfully
nyite the attention of Congress to the pres
lent mode of keeping and disbursing the pub
lic moneys; and also to the subject oT'the
Creation or employment of a fiscal agent to
pe cuargeu witn;ine performance oi iuese
and other duties. The suhiect iaone ofe&af
mportance, both to the Government itfJ to
he community. Such agent jnr depository
ught to unite, in the highest practicable
degree, the safety of the public funds, and
convenience and economy in their adminis
tration ; and it should, if possible, be so se
lected or framed as to exert a salutary in
fluence over the business and currency of
the country. r -
The mode of keeping and disbursing the
public money, provided by the act of July
4, 1840, will be found, on comparison with
that heretofore chiefly used by the Govern
ment, eminently deficient in all these es
sential requisites The financial history of
the United States, especially for the last
twelve years, furnishes abundant proof that
the public money is unsafe in the custody
of individuals, and that their official bonds
are no sufficient security for its safe-keeping
and laithtul application. Within the period
above named many receiving officers con
nected with the Treasury Department have
become defaulters to the Government. The
aggregate los3 from that cause within that
period, as show,n by the books of the Depart
ment, amounts to $2,620,500, but a small
part of which will probably be recovered
from their bonds. It is true that, in any
system which can be adopted, some part of
the public money must, in the process of
collection, pass thiough the hands of indi
vidual, and be subject to their defalcations ;
but the act of July 4, 1840, extends and
continues the risk beyond the period of col
lection, ami it ubjefti Jarge Jnasscs which,
in the fluctuations of commerce, sometimes
accumulate tothe same dangerous custody.
Mot only is the public money in the hands
of individuals more exnosed to loss from or
dinary defalcations than when deposited in
a well-rpgulated bank : but the Government
s also liable to the risks of fire, robbery, and
other casualties, occurring either in depos-
te o,r transmission, from which it is entirely
protected when a well-regulated bank is the
depository and the fiscal agent.
The present system is also, in rnanv res
pects, cumbrous and inconvenient. - Its ten-
lencv is to centre the disbursements of th
public money at some of the Eistern cities.
chiefly at New York. That bhg the great
commercial emporium of the United. States,
s the point at, which funds are the most val-
nnlilo nnr? tliprffinrf I ho mnot on'nrlit
hence those who are entitled to payments
out of the public Treasury clahm them there.
t is true there is a general discretion in the
tiead of the pepartment to refuse or grant
he favor of such ymentr according to its
convenience ; hut wnen the currency is de
1.1 - .am
ranged, and the premium on exchanges is
high, this discretion involves discrimination
to a large amount among creditors equally
entitled. It then becomes a dangerous dis-
cretion, and one that ought not to exist.
But, under the present system, it cannot be
avoided, save in a few cases, without dis
charging every public liability at the most
avored point. This would at once centre
all the disbursements at a few of the East rn
cities, and involve the Treasury in the risk
and expense of transporting the public fund?
from the various points of collection to the
places of disbursement.
. An item of less importance, but still wor-
thy of consideration, in settling on a penna-
nent and economical arrangement, is the di-
rect expense of the present system, inclu-
dinjr the ripjt of the- bn'tklm for -the depo.s-
ite of the public money, and the salaries of
the officers and their clerks who receive and
disburse it. No portion of this risk, incon
venience, or expense need to be incurred
where a well-regulated bank is made the fis
cal agent.
But the present system is also, in the
opinion of the undersigned, injurious to the
business and currency of the country. In
stead of permitting the credit and the finan
ces of the Government to lend their indirect
but efficient aid in sustaining the credit
and regulating the currency of the. country,
t brings into direct hostility those important
interests, in the progress of the svstem a
sufficient amount of gold and silver to supply
the wants of the Treasury must be withdrawn
from circulation and locked up in vaults,
leaving no representative to supply its place
in the general circulation
A large amount, also, in the hands of those
who pay to or receive from the Treasuryis
equally withdrawn from, general circulation,
and made to flow through those channels
alone which lead into and out ofthe public
coffers. The other avenues of commerce and
intercourse are thus deprived of their propor
tion of the precious metals.
Within the fifty-two years during which
our constitutional Government has existed,
we have had, for two periods of twenty years
each, a bank chartered by Congress as a de
pository of the public moneys and as a fiscal
agent. We have had, also, at two intervals,
amounting to about nine years, State banks
employed for like purposes ; and, during the
remainder of the time, the funds of the (jov-
ernment have been kept and the finances
administered partly by banks and partly by
individual officers and agents. The losses
sustained by State banks, as depositories.
trnrhig'1 tWrwtTTC pcTTrTtTwrnieir employment,
extending from 1811 to 1816, agreeably to
a statement prepared by the Secretary of the
Treasury in 1833, and revised and repub
Pished 'in 1837,' were $1,000,676. In the
latter period, from 1833 to 1837, though no
actual loss is believed to have occurred, yet
the Treasury and the country suffered incon
venience and embarrassment from the fiscal
arrangements with those numerous and dis
connected institutions. . But, during the for
ty years that the two banks of the United
States were the depositories of the public
money and the fiscal agents of the Govern
ment, no loss whatever was sustained, nor
any delay or any expense incurred in trans
mitting or disbursing the public money, so
far as the agency ot those institutions ex
tended. Then, as regards the wants of the
Treasury merely, the safety of the public
funds, and economy in their administration,
experience has demonstrated the superior
utility of a bank constituted and adopted by
Congress as a' fiscal agent. It has also prov
ed to us that the active business ofthe coun
try, its currency, its credit, its industry, and
its commerce, are intimately connected with
and dependent uport the financial arrange
ments of tfee General Government. If thev
be wise und beneficent; they indirectly, but
efficient!?, promote those great interests of
Ifee People , if constant and uniform to their
action, they give to those interests confidence
and stability. r
Since the removal of the public deposites
from the Bank of the United States, in 1833,
the Government ha3 had no permanent fis
cal 'agent and no definite financial system.
All has been experiment, transfer, and
change. The business of the country has
yielded to the unsteady impulse, and moved
forward with wild irregularity ; at one time
stimulated L excessive action, at another
suhk into lethargy. Andlin providing for
tne wants ot tne ireastiry, it is surely im
portant to look, also, to tiu wants and the
welfare of fhe community, from the products
of whose industry the Treasury is supplied.
And as regards those great interests, we
find the testimony of past iyears is no less
distinct and strong in favor of a moneyed
institution chartered by the General Govern
ment, and possessed of its confidence and'
credit. The period embracing the last ten
years of the existence of tre late Bank of the
United Slates as the fiscal! agent is fresh in
the memory of. us all, and is looked back to
as a period of great public prosperity ; and
though other causes did, doubtless, co-operate
to produce that favorable condition of
things, yet one of the governing principles
on which depended the steady advance of
the country in commerce, un industry, and
in substantial wealth, was' the existence of
a fiscal agent established by the General
Chrrermnenti nnff -chargrrtl Srith the eriu.-iiiza-
tionot exenanges, ana t&e, regulation of the
currency. -
In the present condition of our country,
the relief to be anticipated from such an in
stitution cannot be immediate, but must be
the work of time. The business of the coqn-
try would, however, in the opinion of the un-
dersigned, steadily and certainly revive un
der its influence.
In whatever point of light the undersigned
is able to view this subject he is irresistibly
led to the conclusion that such a fisc; 1 agent,
41 . .1
o I rained as to possess tnose important
functions, is alike essential to the wants of
'he Treasury and of the community. Such
in institution should be framed with delibe
ration, for it must have high duties to per
form, and extensive interests to protect and
promote ; and it should be granted with care,
for it wilil be liable to great and dangerous
abuses. As the fiscal ace nt of the Govern
ment, and an effective regulator of the cur
rency in a wide-spread community, it should
be steady and uniform in its action, and fix
ed and stable in its character.
The undersigned has no doubt of the pow
er of Congrt ss to create such an institution.
Gxperience has proved its necessity to car-
ry out other expressly granted- powers ; it
has been exercised and recognized by the
Legislative atH Executive departments of
the Government during four-fifths of the
whole period of our national existence, and
it has received the uniform sanction of our
highest judiciil tribunal.
Yet that power hasj been questioned by
many wise and patriotic statesmen whose
opinions are entitled to consideration and
rrsnect ; and in a measure like this o high
political import, which, if wisely conceived
and cordially concurred in, must havea great
j and enduring influence on the prosperity of
the country-, it M important, as fa-as posST"
hie, to obviate objections and reconcile
1 opi lion. ,
If such an institution can be so conceived
in principle and guarded in its details as to
remove all scruples touching the question of
constitutional power, and thus avoid the ob
jections which have been urged against those
heretofore created by Congress, it Will, in
the opinion of the undersigned, produce the
happiest results, and confer lasting and im
portant benefits on the country.
The undersigned, therefore, respectfully
recommends the creation of such fiscal agent,
and the repeal ol the act of July 4th, 1840,
providing " for the collection, safe-keeping.
transfer, and disbursement of the public rev
enue, except tne penal provisions inereoi,
- .1 1 r
which will probably require revision and
modification.
All which is respectfully submitted.
T. EWING,
Secretary of the Treasury.
Tkeasury Department, June 2, 1841.
After Mr. Garland, the Clerk of the last
House of Representatives, had, at the open
ing ofthe present session of Congress, call
ed over the roll of the House,
Mr. Halstead rose for information. He
desired the Clerk to inform himxbv what au
thority the-name of Linn Banks, of Virginia,
was placed upon the roll, as he (Mr. H.) un
derstood that there was a person contesting
his seat, and who claimed to have a major
ity of the legal votes.
The Clerk here read the regular certifi
cate of election of the members from the
State, of Virginia, issued in pursuance of in
structions from the acting Governor of the
Commonwealth, ana signed by J. H. Ilich-
ardmrt CI etk&c
The Clerk remarked that this was the on
ly paper in his possession.
Mr. Halstead remarked that this was the
same evidence as was presented by the New
Jersey members at the last Congress, and on
which they were refused their seats.
This was a fair hit, and Mr. Garland must
have felt it.-Alex. 'Gaz.
Rapid Travelling. -The Government
Express which carried the President's Mes
sage, left Washington at three minutes be
fore 12 o'clock, M. on Tuesday and arrived
at New York at half past nine in the even
ing of the same day. Time 9 hours and S3
minutes ; distance, 225 miles, being at the
rate of 24 miles an hour. The distance be
tween the two nlaces was never run in so
short a time before. ;
Arrived at Baltimore 105, left do.l 30
HavreqVGrace,2 23
WiliaTiiffion, 4 00
Pfctfadelphia, r 5 15 Camden, 5 45
1. Brunswick, 800
Jersey City, 910
New York, 9 30
SrorTHHSF'-We fiud the-following sin
gdar .Win the Sa.e, Renter
Five Dollar JU.uAea from the polpit of
the Catholic Church 00 un I., last, the wntUw
thonc i.Durcn 00 un ia- last, me wniiw u
delivered in the forenoon. For the discovery
of the thief, ttxe -bote reward wUl t PiJ-
, CONGRESSIONAL.
In the (7. 8. Senate on Tuesday, after the
dent's Message was read
Pre
Mr: Man gum moved that 10,000 additional
of the Message be printed, together with 1 ,500 copiea
accompanies oy mc uocumenis.
Mr. Clay suggested to Mr. Mangam to modify hit
motion so as to reduce the number - pf copies to be
printed from 10,000 to 5,000.
After some conversation, Mr M. consented to make
the modification proposed, so that bii motion should
be te prhit 5,000 copies i.f the MVwagi. of w bich
number l'50ft should-be- accompanied with atlLlhe
documents sent with the Message.
Mr. Clay expressed his satisfaction that this modi
fication had been made, as he was sa'isfied that the
larger number woul-l have been useless. He s;id, .
however, thut be had not risen simply for the pan os
of returning bis thanks to his friend f.om North Car
olina, but um to avuvr his earnest hope ihat the Sen-
ate would early commmenre the wo k of curtiiline: its
contingent expenditure.- He had beard with infinite
surprise that those expenses had increased in the ses
sion of 183 to so fearful an extent a to equ-d in that
sing'e year t e whole amount of the expenditure for
the same purpose for the four years of Mr. Adim's ad
ministration. Tbcy ought to begin to set the exam
ple, in lheir own habiu, of a riid economy ? am! this
never cou'd lc accomplinlied without some attention
to inatiers of detail. Almost the wbol- of the -.hinting
increase, it he micht so denominate it. rr-rSjr.Jy
the very reprehensible increase of the 8 nre -t-penses,
had occurred in ihis w ereat item 01" the p b
lie printing. He went for brvng it dovn tj what
haJ been the standard eight or ten years ago.
Mr. Calh-un was most happy Ito hear- such- an
arownJ from the Senator from KVnfockxv 11 .-n
curred he-irt ly in the sentiment that the rnateouirht
to sat n example of economy. 'Withoa' this H eir
expenditures wo ld continue to increase stilt more. -
He hoped the gentleman would eo on to economhto
andiretrench this and every ltranrh of expendiiurp.
It was vain to maketft the People fair pmm:ses. unless
the axe were laid to the roi of the r.d ; public. ' iu
ami the pfneient defence of the country called for this
act of retrenchment, the Government must resort tn
n demand- on the People but fr objects absolutely
and indispensably neecs..rv. TJnfess a due resatl
should be manifested to public economy; Mr 1 would
never vote It lay a cent of taxes on the People.
Mr. Preston rse to sta"ie the priori; le on whirh
he should vote for 5.00O copies in prefe enceto 10.000.
Heretofore it had been the practice 10 mark theVense
of the Senate's approbation of a State p.iper by the
number of copies of it they ordered to 1 printed.
This had b en the practice on both skies of the House.
Mr. P. wa not willing to act ton any surh ground
and, wha'ever miiiht l-e his opinion of the present doc
ument he wished to disconnect himself from any such
principle as tha he had referred to. He should vote
at ths time, and at all times, for such a number only
as be deemed to be nece.iary for n due circulation.
A President's Message was ordinarily of such a length
that it eoold.be introduced entire into the public pa
pers ; and hence there wss the less necessity for a
large numb- r of extra copies. But when a d ocument
was so large as to render tbi- impracticable, then there
might le a propriety in printing and circulating it
under frai ks. Mr. P. expressed his satMacti- n with '
the course of his friend from North t'arolina: (Mr
Mansuro.) He had rn ved for ten thousand copies as
an expression of his approbation of the Mi-sssg, but
had re 'uccd the number to 5.000 as an homage o the
obligation of economy. He took this early occasion
of pledging himself to go on carrying out so good a
principle.
Mr. Buchanan said he was ever r-ndy to unite with
gentlemen of any political side of the House in all
efforts for economy. . He was glad to hear the b'ens'or
from Kentucky sart out with ibe a wa' of such a de-
lerminat on as he had now expressed. However Mr.
B. mi(ht differ from that honorable genl'eman in other
matters, he would always stand by his ride in all plana
to promote a reasonable not a nggardiy economy.-
The contingent expenditures of the Kenate for the ar
ticle of stationary had been, he was going to say. dis-
which But come h'rae to every gentleman' feelings.
In his own cae he lad leen under the necessity of
uine much more than any oOVr Senator of articles
of th s descri'rfinn, unless it miight be one other gentle
man who sat near him, (Mr. Wright,) but this would
not he the case hereafter ; that was over now ; there
would be no more api licatton to himself or to bis
friend fiom New York for office. Apart from this,
Mr. B. had not consumed stationary over the vatu of
2fl in any one session. An attempt had been mad
to reduce th:s consumption bu it had failed He felt
confident, if the amount used by i-ach Senator was
chareed to his personal arouni the. object would be
accomplished. How so much was used he ronld not
conceive ; sure he was it was not by the n -ember, of
the Senate. He thought that, when keeping, their
eve on retrenchment, t-tationary should be remember
ed as well as printing
The resolution of Mr. Manum, as moJified, was
agreed to.
Mr. Clay then observed that he hoped while centle
men were rhetishing purpose of eronomy ;as V the
expenditure of money, they would not neglect to econ
omize time also. With this view he gae notice that
he should, to-morrow, move that the Senate proceed
to the appointment of the vtanding committees, and
lso to the appointment of a select committee, to whom
hould be referred so much of the Preurticni's Mes
sage as related to the financial concerns and the rur-
rency of the country, and the .appointment of a nWal
agent for the pecuniary purposes of the Government.
Several gentlemen here (informally inquired of Mr.
C. what sort of a fial acent he referred to !
Mr. Clay said that, fa: himself, he had no hesitation
to avow that he meant a United States Bnik ; bat
other gentleman miht prefer som other form.
The Senate thereupon adjourned. r
Going to
Yes, there arc some men,
and fanners too, that ate going to but never
do it. In the c rele of my acquaintance, I
kijow of one-farmer that has not a 'single
edged tool on his premises, excent axes and
scythes, and yet hvj has been gcing to get a
set of carpei.ter tools for more than ten
years. Auotuer. and t'Jaise farmer too.
that does not own a roller, but for four or
five years past has borrowed one of his
neighbor's four or five days in each year
probably to satisfy himself as regards .its
utility as a farming implement. Another
has not, but is going to get a cart rope a i l
a set of pulley blocks. Another is goin o
get him a set of dry measures, thou'-n i.e
sells. more than a hundred bushels of rain
annually, Another, and this man has aZ-
tcays been going to burn dry Wood after this
vear, but be never did it. And singular as
it may appear, one man has been;, going to
build him a belter hog-pen than the one in
which he keeps his swine, and he has been
going to for Jifteen years. And there are
many farmers that have been going to nave
better fences, better gates, better crops, and
better ?tock, until I think they are not either
really Otng to do it, or that they are sadly
deficient of' that energy and decision of
character that should characterize every.
American farmer. And, finally, I know of
one man, who is almost deficient of every
article and farming implement abov named;
and I was going to tell you the reaon, I
iw 1.1 ! . 1. . m MAJsv fj tnn
... ..,.'., ,, , , But
! nd from
J. . - ,ol.Ko,i ,,,1 -nnearenoe.
- . . 1 v:C 't jao
... ..... " ..1 " j...:j;
J ouia say that nis man, wun rapm
1 was fast going to