The press. (Philadelphia [Pa.]) 1857-1880, December 09, 1857, Image 2

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tli'thO frankness
w t . "''' 1 11 41tia
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t'.l''i'' :11:1,: t t ',,tr' ` eitl v ! ' 81oi4iltitiiir4ovini roans of
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t fiction 'i
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I,":' "- -; •1 1 . 6sli li!pfil,„&it w Pfak --4 9 % byr, th'e l'irealdent - ip,
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" ' '-'•- io;61,0 ,1- 2- ` 4 g '" ''''? 1 theiederdTreasurydn
J,l" ~.. - -••• t ennis s pfallidif64l. C ` I , iiiitmcd btkonre,„::
gnid'andrilltin'44.l l o l lf l 9, I' , . '-, eminentlyii,i
,/ .0 . 4,..„,• • I;ii - na it - 4thnuel i
a q 46:,f1PA,,i.,A....5,-.... osiatiEirage s sudden mu! .
-- ...r4tAtiii a $ ''"""t 7 L,,, tin,' p resent lainliO,or 15 i 116 1 '
, ' 1.e1 , 611 1 - *.T, * l36 , t ie t f r i n ii im i x , '• oca - ' - l a ' ' l it; tiiik-Cp*, fita,
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1 .- •-: -- hes, tAntyo , , - and, • - h ,. onnent tooptent,
„,:' --,
• m a: , spitinti, , at t e , ~
- ' " -- f - ' '' ti ti :iikks' tlere ardi ''.if , hia, 'liir.l:6liketatpsnl to
; - -
b - , ri ,,, 04 - 7 -rfiefthi_:idocit Lave been
- " '.
P4lit' "-P b - tatesinen of hie school
getibialik r, ,go 6 it•ed' ! ~,, -, '• :
i . ' • - 'MA party. :::::: ,-?•• ,- -
I"# ,, !o?,,:itutloistatist :that the. , Seeretary of 'the
Treasury, Of:the decreasing federal re-,
vemlo, li.; atilt _t for ,peWer tii'listtOtrei,sury
.nOtes' • inet , exceed twenty millieasi.payable
(Wc:h ' etie);w.ith interest( end - in : order to
prial_Lto:pioliwaripactiQn 6'1114 redtiTat
vermin - a - 9A the_ gtat.ntb Le will also reponnnend,
`.tiiiitslOtOrei.:** l4 Claws to
and shall
be'tatten;iii'4,-payrnaiwof, State duties Into the
- of the
and all apes : bat *dram Min, and all ottlers r in=
cluditieth4 , -reirresentatives of the. people of
7 ", - • tlijih'ktakit t ithanldienfinliCroisitler the sigges;
ct,i,otati,oft„the President, and Secretary of. the
11 44 4 t t
.AW14, 6 # 1 0:: : t,0 - or"threei44nents.
, )Cr"te.inient; r vlll„oc , i3T4
r. ` eomtniliat on t he length of the Mormon Olirt;•
- • -
1 •
. courage unusual aatiiity`Ou the,'JiatiLet thole
gallant arelalWayn' ready ,to - eerie
:And ~ , n ii•initty expect a . great
t' .straggle tbrpoeition in the
„array „during the
1 , , When - the wring
• ” ' : :it . ; I l stiptio . sed that the nest of
vatnViree Wilt)* driventnim Utah, if they shall
,' ' L-•
tfihnimggoginns'of tkePreitident in reference
_ to'cler`fdreign , noltcYr.wil‘ &Chile ',:theti how
., .
nations • may •, bl eed, . r and , suffer,
our oWp is =jnnteetal _and happy, and that,:in
propertion.tis - foreigri'Goli , ernmeno. t'enoine,
we are - adjnitiit our di illeultio's With
thent;=o4 . itionifirk,ariplying to this conti
nent tho principle laid down by ircinnon;
more than'fortYYotre agef The suggestions in
gaiy; ttierPgsf QMcei the In-
} ~%';
. .
, , A
• '(-6
;1 !"
AL , t,
grent,,b - and the itecessity of a
• . ig '1 . -
PaoltirOill'connininduodivide ! u •, the
no doubt be:heartily, ,endorsed by every part'
to - th if" - edniddoratloacf the Kansas lineation . .
iresident rays, onth'm sub-
JeCtlNO , most'beartilyconcur._
.Whatever we
mak:4lllA, of Argumtnt in 'faVor - of , the
legalitY,,of:the'Oalheen Convention,, ire, eoii
nur,l* he - . exPresses 'Mat • the
Cmiatittitierritheuld have: •
poimiekood : . • tyrepeatourbbjea !:
tions to.JIM mode. of arbitration by Which,
Congress` dispose s, compit
cation Which, in, its last phase, has. excited
such acrimony in the TerritMy "of
Kan.*;',:etal.; while 'tryst, feriently,. that
Confcreteit *DC ~4proieli this: 'issue with
patriotic, and_ disinterested motives, and that,
betiVendr,the: present and the 2lat,-;sof", this
montit,', some :plan of honorable - :,coelprol
miSeMay',.agreed APon, „we ,tio not believ,e
that'any petitanent tind_satisfaaterl settlement,
• - caul bo , feilfzed-/,by any other 'mode than by ,
- whole,'e
referring"the ques on 2 ac , l,
people, or by following the
,aiamph's set in the
case of Minnesota theilast flopgress. Bien
it;;t)je Constitution adopti4 by,Mr'
and;pittiolloWers were Or perfect, a "cede In
• I' ev'OOlvea,C;endelyed by statesmen and philan
-tinie-Pi4i,:tre.,4dnterld'(or),tbe, Principle that
![ • - ks trabraitted
t 3 llta - PeepilB'Whe',M l 64peeteti'le,liire'undor
iti-anif ilikl:tititkirt thi.conliplentions belief
thatno Plan- will satisfy' the; turbulent
spirits wbo new.inie t in that distraded
inddiging„tbe inpe,
inoiesaeir;:tbriCtbagrealdent is not' : willing
W - 40itfiAic-itilciressed 'Opin:
'li c iaji4itiOn;.:ll3eiweeti the pre,
, t*Mand*6-2.lst of December ranch ex,:
be'ealled forth.'Congress
cad%itkt,sotrupon It till the election-in the -Ter
ritrirY'fiCdockledy,.., though' IlOubtless • mdch
tiefeitant' - debitteif *intake:place ,in the inter:'
val. Our earnest wish is for peace and har.
, absurd, to; Impost; however,
tiiii.kjijoy!nr.pietik enOigetid - unity
as that, .-•• arrayedln ; opposition to.,the
.notityFinie:;:rin lratittqc - anY such result can
net lie*conn#lslied.; exeept2by allowing to.
thh:piorn.#tt largfAltbcrly , 6l.actios and '97
' seqtninit; -is sincere:
aiiiiitorpstOd; The masses
• of theAriterieeit people reipeetand - revere his
;to' follow', his
fead,,"and counsels;
• and lig giotif*istaki.4li'nOire,if quoit o;as this- of-:Kansas; -ho isnot as will::
- ing the:sincerity_ of :those_ whe - MaY
differ frAinkhint iit = t4Milon; ss he is to believe
in'thatjaf*Ose`. who agree, with,piit;
'or the House, Opt' SAmps,
- ,
speriki•itf_Cti*OffiliOallip'4lllloo9ll ( 8 .'f ) .4
4.10#0,4if charact e r
Congress half always
bedriiir-Otilligbeet.',s He; theirougli,bied
won 'the ior• j
opect-q - -Pko,:9 9 lintrTPY toldi - °pp),
1 )#.4 1 1,, , 1 : 1 0 40140 tz)..P4i tt # l6 ::. s oiok $4O i l ia , trix
- bi'v.”PtloniO4ge 7 lPTUe, , e;offirs
b open ; fritpkuose ' of
dljth til.ef4ft* l l l-
aieocon - 70f
Wes , fa' &Atli
tlnrt 011 p 1004elltyte4-19,1ik r]?,.any,*
tL"oso who think ' assaults such, men. t)ii
eMPiPL- o , , idbEfig, ii ,„'ttlirlPe l ol4: (Bo 006
1 *Lg o pt)i_14"49;440.0.0014) ))1 601- - . 5 0 1 0
•liko Pftehti-jietfitligh,t, fickl,„ - 9f,
Irt rl 4,l• - ,4bA to
- 6'04 hi the
fitllitr . :O.itr s r 7 7;i' T IV-1 1 k0i 1 10$i, , ,
o: Bl .(osll o g9 , Wtffie. ,
, =l,-. 30 -t.. • A . ,
"tcildit*Atikos# 7 4 7 o4o. - Actiamiry, ran.aiyo
o;fotiWirc*OitiOVAbikitic, r t.4 Abe yerj,
illi k i C 4 ***ol l `i•PVo lo '' $00 6 4
---- ' : "J'*g ir4)l , 4 P ii * lB 4kß4***Prio2.varlou!
- 'isikti42*V.ol,oo44l -6 11***TOlifiliftir:
• :41.ti1WA L 0.44 - .A*Mlo.4o.o4tiiiiii3O the
• . : I I 1 -
- -
t. - z,, • ",-,-,=;e0,,V1T;:;,,:i!N6
SUphort of the.Calltonn,contiivence no test of
Pentocracy—lncresse _the Army Fontent.
• ilated—ludiah Auxillarke,lllv. Buchanan's
7741eWs on the ,Tariff QueStiost—ltentoval of
those opposed to Wood., •
VlorrespeademisorThe Pressl, „ -
Wtivairro.% Dee. 8, 1817. ,
Mr. naohlionivo mosatilo, yen See, dOeinotonake
Wia tetd_Of Demootiey to support the Calhoun Con
atitution: Be is like himself in this, moderate
-and - frank. ;, De evidently does not feel like using
4;lt - titii`PetVer to posh that prodigy of Constitutions
„thro ugh'llniNational,, Legislature. Some of the
"eitrentisteare much disappointed.
inticipatien of extended operations against
:the Monnons, it is supposed that now regiments
wilt be celled for by the Genital Administration ;
three in nuinbeint tenet.; • The California Senators
artmembersi having
,heard that the wages trains
intended for the PAORIO slope wero lately de.
streyed by the Mormons, demand that they shall
be permitted te conduct ,the campaign against
.theca Mormons thanselves; and this circumstance
'may render the creation of new regiments. unne
However, it to tie hoped that the army
for Utah will be largely increased, so that offensive
operations next airing 'may be of the most eine
tiveoliaraoter. - • •
, To Mae arompt and sure blow, though it may
be expeasivifor the time, may in the end be the
most'prudent economy. An increase of the army
to dema nded every consideration, but chiefly
bY,the e xtending interests dour country, and the
neepielty of protecting our frontiers from savage
shidenrionv 'n' relieve _ those gallant officers
'whe'eranaier, or -have, been compelled for yeari
peat; M undergo the, severest privations—absent
from their families and friends.
Various Indian- tribes, I understand, have of
fered their:servieee to the Federal Government to
dstlet itithOvar against the Mormons: It. is said
,th4the mint qfßrighatu Young's groat power, du
;Melte last six years, is in the fruit that be has boon
;enabled to earruprthe Indian tribes. Since the
Government lies disdoVered this it has determined,
to Maimed, differently, 'and to invoke the aid of
;Indian:auxiliaries. It is said that the Snake In
dians have offered nine hundred warriors for' this
iridee.': • '
Buchanan's views on the tariff am not to be
regarded dad entirely expressed in the Message,
printed in another column. Be simply expressos
hie opinlonlhat the present revenue polioy of the
'Government hag not had an' opportunity 'to prove
its `adaptability to the publio wants. Mr Bu.
ohm= is known to in favor of specific duties
On- certain great staples, and I am not without
hape , that at anothorperiod of the session 'he will
exprens hie view's in that direction.
- It, Is now supposed that ono of the Democrats in
office-in. New. York city, who refused to support
_Fernando Wood, fort mayor, - will be removed by
Mr. Buchanan- These gentemen admit the legal-
Ityg his .nomination, but are opposed to his
action since his nomination. His action in favor
of Shinion Draper for Police Commissioner, his
jaeoblideal doctrines In his message to the
Ceeneitr;' and his complicity with the ballot-box
-thieirery; are among the alleged causes of their
hostility to Wood. Thiy hold that those causes
haire vitiated the regular nomination. I give no
opinion 'as to the propriety or impropriety of the
action of thette parties; but it Is enough to know
that much excitement has been created on both
olden: - ' .
Mr.,Tames B. Stedman, the pnblio Home Prin
ter elect, was born liPennsylvania, and is a prac
tical printer. .Hl3- is a man of great energy and
baldness of character, and of indomitable ,Demo
notice Sallies Watson Webb, of New York,
among the, visiteis ,at Washington. He is a man
of the -world, and evidently thinks Washington a
mush more agreeSble place to spend the winter In
than New York.
The rumor, that Mr. Belmont may go as Minis
ter to Spain is again revived. N. Y.
FIRST sEssiori.
'•- • -
VV mitimaTos„Dee. 8,1857.
; r
Alley the reeling of the minutes, soul Ober prelim
nary proceedings , the President's message was received,
and after being read, . .
Mr. Douglas enbmitted a resolution for printing the
mini nurobOr of copies of the message and accompany
ing documents, m 1410,000 copies thereof for the Ilee of
the Senate. - .lie remarked that ho coneurred cordially
ad heartily in the views of the President therein ex
it:Fri saremth. exoeption of that portion relative to
At int early day the hiTilintruerake....Lecoropton et:invention.
e al a l
t. T h e .
the ream:ion why he believed thirra • . • and 'give
ree — rgrritirritednitibmor act dialit..wv4P •
t o m
e p providing d t i h n e g
s t e h n a a t
r i b l ir lt rii ' l t n :
Print/11g be ° el:e re :4 ° d b Sn y bs tli ti e t p a r t
lest teletext. ~-..-, . ,
IMr. , .
Stuart,, et Miehtgeri, coneurreyt In Mr. Doughtei
views :_respecting the Lecompton movement. At
"fatureday he would Sliest on the su - . ' sums
ttti' Wont of .uti , 0 en'. rod'gtve them the
4 " '''' ~
• • unity to regulate such institutions as they
iwishlo Ive under. * - '--.-----
,Ellir...Dmils-oononii*Y in-ihermews or thit-lielsidant
Concerning the Konen question, but should await the
Premised rented)) or Mr. Douglas before he expreseed
hishwn otOwe, , -
Mi. Bigler 'gaie notice that he should defend the
positions estimated by the President, to the beet of hie
ability, and respond to Mr. Douglas.
Mr. Douglas accepted the substitute to hie resolution
Offered by Mr Grmn.
, .
r Mr. Hale spoke in opposition to the Constitution
- formed by the Lecompton Convention, arguing that it
would perpetuate elaveryin Ranges no matter whether
the people accepted or rejected the slavery clause.
,Mr. Seward said he should beglad In hear the sup
porters of the President explain his position, for it
seeded io' him that the message WAS very lame and Im
' potent in its arguments on Kansas, and that something
, more Would beneceisary to satisfy the public. mind than
was containedin'the document itself. Ile trusted that
the debate on this point would hot be delayed long, for
before ,we were aware, there might be civil war In
'Kellll4l4, lifter reviewing other parts of the message,
he said he hoped it would be understood that on Utah
affairs Coegreall was substantially unaehpoue, and that
the world wouldeee that the Government of the Veiled
States would not surfer its fame to, be tarnished, Its
power insulted, and • the lives of its citizens destroyed
by the.enenty, entrenched though it be in the Rocky
Mountains, and tinder the forms of the Constitution of
the lihalted States. - '
- Mr. Mason was free to declare that all the information
:Itkthe last six months relative to Hannan affairs had
come from questionable sources. If be understood the
PreeidenVa position, and he thought ho did, ho con
sidered it impregnable.
Mr. Trumbull denied that the Legislature of Hanna
hail the authority to initiate' the Convention. It was,
according toe speech once delivered by Mr. Bechanan
hiniself in the Senate,'" an act of usurpation 33 Con.
grass' bad repeatedly refused to Authorize the people of
Raines to form ft./Rate Constitution. Much had been
MtiCabOut miler eoversignty, but this, new, merely
tamountainecording to the great expositor of the party,
- ..toairing the free white people of Kansan the right to
determine the condition or a few negroes, while they
are precluded fromregulating their own institutions In
their Own. way.'
Mr. Brown said there 'mewed to be • great anxiety on
'tee part eflenaters to enter Into discussion, and es
pecially to find fault. They had heard the Message Im
perfectly read by the (Berk, and therefore could not pro.
parly,undarstand It. Ile asked that Pesters should
.3:l, l 2:,°w d hsl l cri:roounlt t l h g eoloWritret: t eth b ee r cooruentrny"o l gv i enrgtkane
telegraph wires, penetrating even to Kansas, and giving
tone to public opinion on promises not yet perfectly un
derstOod. ,lie *eked Senators to reflect before taking their
positions and uttering sentiments. under the circum
stances to which ho had referred.
On his motion the &sate then adjourned,
Mr. Clemens obtained permission to make a personal
'explanation, Ile reada letter front hie colleague, Mr.
!,Fartikner,askingblin to state the recta upon which he.
:intbellemooratio canoes. based bin conclusions with
-reference to the statements impeaching Mr. Weedell'e
character.. Mr: Clemens in reply, agreed to Mr. Faulk.
uer'esuggestionto submit to Mr. Wendell (in order to
'glee him en opportunity for vindication) a written state
ment( of which he read &duplicate, describing the eir
-Catnitancee under !which he nee on lard Saturday, op.
preached by apeman, who said he wee Interested in pro.
- curing the office of printer for Mr. Wendell, and that a
'pecuniary corielderation could bo secured for Mr. Ole
snenes- mother In one of the two coniingenciee, viz;
;first, that -he should cast his vote fur Wendell; or
secondly fJ abstain from voting at all. Mr. Clemens in
Teply to this, pointed the man to the net of Congress
providlng 14ins and penalties for such corrupt ap
proaches, and told him be had mistaken his man. Mr.
-Wendell, In bis reply, solemnly protested against such
charges, based on a nameless author, and says if the
charges were properly preferred, be would promptly re
fute them. He had never, directly or indirectly, employ
ed any person or agent to procure votes for biol.
• Mr. Clemens, having finished reading the correspond
,MS.Silid.44.had_ineferesteuldr-.Wendedito. his know
led/lO:ltadt, tad no purposes aceomplisk other n
_the fatthfuldisettarge of hie public duty, Ile was con- strained frotri exposing the name of the scoundrel who
anPreliched him, on account of the nutles family, who
*hyoid not be confounded with his guilt. Ho accepted
the ataternent of Mr. Wendell, no far as the denial of all
complicity or knowledge of such' proposition wan con
eerned. • -:-
Bnelth of Virginia, offered a resolution, providing
for the appointment of a committee to examine into the
subject of the public printing; the eleetion of Printer
to be'postponed until their report shall be made. lfe
saki it wee boUoved that au enerrooue corruption woe
connected with this subject, and hence the necessity of
an lerestigitton. The profits accruing were probably
8809,000, and the Printer who might be elected to-day,
eould get squat:ter of a „million of dollars for his con.
Mr. Olingoian moved to elect a printer find, And then
Afterwards Investigate,
• atr, sto (who Lao , moved to proceed to the elec
tion of a printer) expressed his willingness to agree to
the methodiaet prePooed,
gmithi of Tennessee, said " I am a fast friend of
tTr Wendeltfand I state, on his authority, that he abides
by the action of tie caucus, and so ports Its noroinee. ,,
Koltt'eald he dSd not go Into the morns blithe
tionlitvote for' the; nominee, because that gentleman
suited him. -
(Thd debate wee here Interrupted by the reception of
the .Preeldentht Message.] After the reading of the
docconent o •
Mr.-flocoek appealed to the House to complete its
lization by the election of the public printer.
fte n rthis had been done, ho would willingly Join with
the other Members in ferreting out the extravagance
and terrtiptiOn srhich Rio charged to exist to this de
partment. • • - 4 •
°tow Advised the 11.iiiiso to commence the reform
buthe Government printing 'department, by curtailing
theArtOrmOtior expenditures which had created our Gov
ernment into,a. rival with all the book eetabllahnients
11 1°4 0 )0047 - Books' Were sent out hr Ceogressionsi
euthority.Whicli wow really not 'worth 'the paper on
*hi& they *ere piloted. Without concluding the sub
jnet'i the poise leljourned.
, . .
'" The 1110 - tea Itatee
,Supreme Vourt.
sViinktlidio,Didember B.—Derore the United States
stiimmicCauti wdiy i ensollo, r,
r Spite- Stevens, & Deal's Admintstritor. Argued for the
plaintiff, - No. s—Adolphils' Durant es. Samuel Law
renter!. at.. Argument conimeneed for appellant,
2, . Appolittsittot' by the Renee
P l llSBOOtotoll December 8 —Bre. Allen, the clerk of
the iteewor , Reprovieetires, how appointed- kir, John
1. Older eirettosylvenlarkie chte:•
Dinaflint ` of' S. District Attorney of
iVeto, York, ,
Yosit, - Deo. , t3.—Preildent • Buchanan has Ins.
thOD.-13,InstrIet Attorney for this
- 41sirtot A on . inmost, ot',oppeallion •to the regular Pe•
. •
p9u.t.‘ , 49 iolalaetatuie. , ..
nether Depredation% by the Mormons—Con•
centratton of United States Y~'arees—Satter•
ing Among the Troop =-.likirmilih Between
Colonel Alexander's, Troops and the Illor
fit: Lows, Dee. B.—The express passed through this
city yesterday for Washington,
Coinnot Johnson. with despatches -from
The Itepublisan received lette're this morning to No
vember ad The aloe:none ran off with six hundred
head of cattle, In sight 'of Colonel Alexender'a camp,
near Itam'e Fork on the, Green river. At the date of
the letter it was supposed that Colonel Johnson had
concentrated his foredo with those of Colonel Aleiall
der, nod that by that time Liout Colonel Cook's com
mand of dragoons would be with them. They expected
to winter in Henry's Fork of the Green river.
A good deal of suffering prevailed among the troops,
in consequence of the wont of provisions and olothing.
and the horses were giving out for the want of forage
Gen. Cummings and the other officers were determined
to get Into Balt Lake City if possible, while the Mor
mons were equally determined In resistance to the en-
I try of either the military or civil, officers of the Gov
A skirnilsh between Col. Alexander's troops (the 10th
infantry) and the Mormon troops had taken place.
Three or four of the Mormons wore captured.
The Anglo-Saxon Arrived.
PORTLAND, Dec. B.—The ateathehlp - Anglo-Saxon hes
arrived with Liverpool Wen to the 25th ult. Her ad.
vicee have been anticipated by the Deltic, arrived yea.
terday at New York.
Sudden Deitth and Alleged Murder
CIMOINNiaI, Dee. B.—On Bunday afternoon Vtauk 0.
McClure went into the More of Messrs. Beattie' & An
derson, for the purpose of talking upon business matters
with Mr. Beattie. About an hour afterwards Mr.
McClure was neon to fall from the front step of the
and when picked up, it was found that hie skull
had been fractured. Ho died from the effects last
night. Mr, Beattie, before the coroner's jury, testified,
that after parting with McClure in the store, he return•
ed to the counting room, and then heard a noise at the
On going thither he found McClure lying on the side
walk, and be supposed that, in passing out the door, the
deceased bad caught his foot in something which threw
him out upon the sidewalk, causing the Injuries that
!exulted fatally. Mr. Beattie was accented hat evening
on the affidavit of Samuel Mitchell, accusing him of the
murder of McClure by striklag him on the head with
an iron bar. Beattie was held to ball in $4,000. The
parties were well known and highly respectable.•
Murder on the Easton Turnpike'Rond.
}ASTON, Dec. B,—.An old German named Mathias,
welt known ea the owner of the " Berea Mlle Rouse,"
near Wilkesbarre, on the Easton Turnpike, wan found
dead In a well attached to bis property, with a large atone
chained to his body, and marks of violence on bighead.
The supposed murderer, who had been living with the
decemied for a abort time past, to now In fail.
Virginia Senatorial Election.
BIC/MOND, Dee. B.—The State Legislature has fixed
upon Thursday, the 30th let., for the election of
Dinned States Senator to succeed Mr. Hunter, whom
term expires in 1859.
Sentence for Forgery
CLIVIII,M, Dec. B.—}l. T. Nichols was son.
tenced to six years , imprisonment in the penitentiary
for forging the name of P. T. Mum; in 18155.
The Bay, State Mils
Boma, Dee. B.—The committee appointed to Mecca.
gate the affairs of the Day State Mille, in connection
ith the failure of Laurence Stone & Co., state that the
amount embezzled will reach half a million.
BALTIMORB, Bee. B.—Common qualities of Wheat are
dull. but prime ore better. Sales of rod at $l4l O.
Fair good white $1 05081.15. Sales of new white Corn
at 42a530; yellow 48a54c. Whiskey 22,023g0. Exchange
on New York 104.
Moons, Deo. 7.—bales of 1,700 bales of cotton to-day
at logo.
&vermin, Dee. 'L.-Dineen hundred bales of cotton
were mid to-day at 10c for middlings.
AOOOOTA Dec 7.—Sales of 1,000 boles of cotton to-day
at 10,1( for.the best grades.
complished gentlewoman and admirable samosa
takes her first benefit, at the Arch street Theatre,
on Friday evening, and we name it thus in ad
vance to enable parties tomato their engagements
for Booing her on that occasion.
now five-act play, underlined, for some days past,
at this theatre, will bo produced early next week,
we aro Informed. Mr. lVheatleydeserves oredit
for the spirit, ability, and enterprise of his mana
gerial rule. Ile certainly has spared neither ex
pense nor trouble in endeavoring to desave sue-
week of the present, season here, and, consequent
ly, of The - Enehanttemt." which has been splen
didly put on the stage and very well acted. There
is a rumor of a lady-lessee and manager.
SANFORD'S OPSRA house.—The perforrnanoes
here, during every night of this week, are for the
benefit of the poor. This liberality on Mr. San
ford's part will be properly remembered, it Is to be
hoped, whenever he appeals to the public on big
own account, as a bens.fleigse.
NATIONAL Crocu s.—To-day , for the especial de
lectation of juveniles and families, there will be
pony races in the circle. In addition to the four
footed performers, a biped dramatic company will
Boon appear hero, we learn, who will play In " a
new drama founded on• Dr:Butte's expedition to
the Arctic regions."
Ducxnura.—At Jayne's New .Hatt, where the
Buckley troupe are now located, the burlesque on
" II Trovitore " has been produced with surprising
success. It will be repeated this evening, together
with the usual proliminery concert and dances.
evening Madlle Parodi willigive her farewell con
cert bore, at the Musical Fund Halt. She will,
herself, repeat " La Marseillaise," and sing several
English songs, including two duels with Min Mil
ner,. Indeed, this will be almost wholly an English
will ' oh Mies Milner and Mr. Perrin;
temps will "v i a ton 3t•
ban it,) and Signo-r-PermWwilt conduct.
:TARY OF tusstrEY
TREASURY DEPARTMENT, Deceinber 8, 1857.
Sin: In compliance with the act of Congress en
titled "An net supplementary to an ad to establish
the 'Treasury Department , ' approved May 10,
1800, I have the honor to submit the following re
On tho Ist of July. 1856, being the
commencement of the fiscal year
1857, the balance in the treasury
The receipts into the treasury du
ring the fiscal year 1857 were
508,031,513 87, as follows :
For the quarter ending Septem.
bor 30,1858
From customs.......
From publio lands..
From miscellaneous
$20,677.740 40
802,380 39
355,310 57
-- 21,925,431 36
For the quarter ending December
31, 1856
From customs ..
From publio lands...
From miscellaneous
14,243,414 90
808,252 86
123,099 59
15,175,667 85
For the quarter ending March
31, 1857
From cuetems ..
From publics lands. .
From miscellaneous
sources 274,054 90
15,055,328 55
/,065,010 11
-- 20,695,023 56
For the quarter ending Juno 30,
Prom customs
From public lands...
From miscellaneous
$9,899,421 20
1,063,213 28
172,756 92
'rho aggregate means, therefore,
to the service of the limal year
ending June 30, 1857, were
The expenditures during the 11v
old year ending June 30,1E157, IMO
$70,822,721 85.
Being for the quarter ending Sep- '
tetnber 30, 1850 18,675,113 2
Being for the quarter ending De
cember 31, 1806 17,910,877 91
Being for the quarter ending ➢larch
. .
Being for the quarter ending Juno
30, 1857
Which was applied to the eovoral
branches of the publio service as
follows :
Civil, foreign intercourse, and mis•
Service in charge of Interior De
Service in charge of War Depart
Service in charge of Navy Depart-
ment 12,726,850 89
Purchase of public( debt, principal,
premium, and interest 5,043,896 01
- -
As shown In detail by statement No. 1.
Deducting" the expenditures from
the aggregate moans during the
fiscal year, a balance Wtol left in
the treasury on July 1,1857, of.. $17,710,114 2'
During the first quarter of the cur
rent fiscal year 1858, being from
• July 1, 1857, to September 30,
1857, the receipts Into the treas
ury wore :
From customs $18,573,729 37
From public lands.. 2,059,449 39
From miscellaneous
296,041 05
The estimated receipts during the
three remaining quarters of the
current, fiscal year to Juno 30,
]B5B, aro :
From customs $33,000,000 00
From public lands... 0,000,000 00
From miscellaneous
730.000 00
Making an estimated aggregate of
moans for the service of the cur
rent year 75,380,931 08
An exposition of the grounds on which this
amount of revenue from customs during these
three quarters has been estimated, is given in a
subsequent part of this report.
The expenditures of the fired quarter, ending
September 30, 1857, of the current fiscal year,
wore $23,711,528 37; being for
Civil, foreign interment', and lois
eellanotts services $7,315,780 01
Service in charge of Interior De.
Service in charge of War Depart.
Service in charge of Navy Depart,
Purchase of the public debt, pried.
pal, premium, and interest
(80e Statement No. 2.)
The estimated expenditures during
the three remaining quarters of
the current fiscal year fo Juno 30,
ISA are 0,248,530 04
1 4 4,903,058 41
Leaving an estimated balance in the ---
treasury on July 1, 1858, which
will, of courso, be affoot4ll by any
reduotion or increase of expend!.
' turn not contemplated, 0f........
rattimates of Pio fiscal tar, frolic
Estimated Manned in the treasury
on July 1, 1858
Estimate of receints from customs
for the year ending June 30, 1850
Estimated 'reeeipta , from - gales of
pubilo lands.
Estimated receipts froni miscella
neous sources
Aggrogato of mono for HIS aorvioe.
of the final yeaito June 30 1850,
, ,
as.oothaatea 75,926,875 67
The expenditures are estimated as follows :
Balance of existing appropriations
fur the service of the present final
year, which may be applied to -
tho service of the year ending
Juno 30. 1859 818,58(1,588 35
Amount of indefinite and perma
nent appropriations 7,165,224 49
Estimated appropriations proposed
to be made for tho service of the
fiscal year, from July 1, 1859, to
June 30,1859, as detailed in the
printed estimates...
Aggregate estimated expenditures
for the service of fiscal year, to
June 30, 1959
Leaving an estimated balance in the
treasury on July 1, 1850, of 1,862.119 70'
It Is difficult at all times to estimate in advance
the probable receipts into the treasury for the next
ono and two years. Our revenue being derived
principally from duties on imported merchandise
entered at the oustom-houses for consumption, the
amount is necessarily dependent not only upon all
those causes which affect trade and commerce, but
on such as control the inclinations and ability of
the eeople in the purchase of such inerohandise
for consumption.
Ordinarily an approximation can be made to the
probable result, provided no unlooked-for cause.
shall intervene to disturb the meal course of trade
and consumption.
The events of the present fiscal year furnish a
'striking illustration of the uncertainty of allauch
estimates, from the operation of 'informal causes
• which exert a controlling influence over the re
venue from customs. '
When the estimates for the prosentefiscal year
were made to the last Congress by my prodecesaor e
it was impossible to .foresee either the materiel
change in the rates of duty, which were among its
lost tots, or the present revulsion in trade and'
commerce, both whioh have deeply allotted the
revenue, and satisfactorily account for the differs
awe between his estimates and those now sub
mitted. With these two disturbing causer now in
view, it is very difficult to form satisfactory esti
mates of the probable receipts from customs. The
tariff act of March 3,1857 1 has not been in opera
tion long enough to toot its effects upon the rove-
IMO oven under ordinary circumstances. Simulta
neous with this act going into operation, the
country is subjected iv a dietistroue revulsion. To
what extent importations would have been affected
by it, had there been no revulsion in trade and
commerce, is now as much a matter of conjecture
as it was before the passage of the Oct. Experience
hag thrown no light on the subject. The probabi
lity is that it would, to a limited extent, have in •
creased impel inflow, though not to the extent of
supplying the deficiency created by the reduction
of the duties.
In submitting to Congress, under these circum
stances, estimates of the receipts for the preeent
and the neat fiscal year, it is deemed proper to
accompany them with a statement of facts and
principles upon which they have been made, to
order that Congress may pass its own judgment
upon the credit to whioh they are entitled.
The exports lied imports of the United States
have always bothe a relative proportion, the re
spective amounts not often differing materially
from each other. Beth have steadily inoreased,
with occasional exceptions, with the growth and
progress of the country. In seeking, therefore, to
ascertain the probable importations into the coun
try, the amount of our probable exports constitutes
an important element in the calculation. Tho ex
ports for the year ending Juno 30, 1857, amounted
to $362,949,144, and the imports for the sumo
period were $360,890,141. Tho amount of our ex
ports depends not only on the quantity, but the
value of the articles exported. The quantity of
some and the value of others may ho considerably
diminished, and yet the deficiency thus created
may be supplied by either the inerealed quantity
or value of other articles. It is probable that
this very state of things may occur during
the present fiscal year. The indications at
present are, that the exports of breadstuffs and
proviaions will decrease both in quantity and
value; but the increased value ef cotton, at ita pro
bableprices, which constitutes much the largest
item of air exports, would make up inch deficien
cy. From the best information which can be ob
tained, the opinion is entertained that the exports
for the present fiscal year will not fall below those
of lest year more than ten per centum.
Looking to the importations for the last ten years%
it may be safely stated that the ratio of annual in
cream has not been less thou ton per centum;
though, within that period, there were two years
in which there was a tolling off. This WM attribute
ble, doubtless, to temporary causes which do not
affect the general proposition.
The foreign morchandiee eubjeeCto duty during
the first quarter, ending 30th September last, of
the present fiscal year, by tho statement marked
3, amounted to 888,819,385; and the' customs re
ceived during that quarter were, as stated in the
estimates, $18,573,7211.37. The tariff of the ,9d of
March last, having gone into operation on the first.
day of that quarter, the circumstances under which
a considerab m ie eo p t o we r z t i lo su n n o , f a t p h: a p m e o . u u n o t a :va t s r 4 ea- ,
Heed were so exceptional as to form no satisfactory
guide for the remaining
_three quarters of the pre ,
sent fiscal e eetteteese' e
or rewomes an important cone
nrc.husf.rto the probable means 10.04
auty which will .e e••
abet paled
- ranking-makin the estimates herewith subtle
the amount of merchandise subject to duty hese
ported•during the corresponding three quarters of
the late fiscal year were taken, being $210,000,000,'
to which ten per centum was added for the annual
increase, had there been no disturbing canse*--
giving for the amount of merchandise paying duty,
under the then oxieting tariff of 1846, an aggregate
of $231 000,000
Theinquiry now presents itself, to what extent
will this approximated amount of merchandise pay
ing duty be diminished by the revulsion which has
came upon the country? •
An answer to this Inquiry constitutes the most
serious difficulty in the way of making an estimate
of the receipts into the treasury from customs. Look
ing, however, to our probable exports, the great re
sources of our country, its unexampled prosperity in
many nranobes of Industry. its capacity to recover
from temporary pressure in its trade and business,
the opinion is expressed, with seine confidence, that
the reduction from ibis cause will not exceed
twenty-five per centum. This would bring the
amount of merchandise paying duties down to
about one hum(' and reventy.four millions fur
the remaining three quarters of the present lieu!
year. For several years the average rate of day
upon all dutiable merchandise, by the tariff of
1816, appears to have been within a fraction of
twenty-five per centum, which would produce on
that amount forty-three millions of dollars.
Tho next point of inquiry is, how much will this
sum be diminished by the reduced rates provided
by the act of March 3, 1857? -
From the calculations made of duties under that
act upon the Importations of the last fiscal year,
compared with the amount of duty actually real
ized under the tariff of 1846, it appears that ' , heat
one quarter should be deducted for the effect o
the tariff of 1857. Ten millions of dollars bavef
therefore, been deducted on that account s making
the probable receipts from customs, during the re
maining throe quarters of the present fiscal year,
thirty-three millions, which has accordingly been
placed in the estimates.
It will, of course, be understood that. the re
turns of dutiable merchandise, from whioh these
inferences are drawn, are of merchandise imported,
while the customs revenue is exclusively derived
from merchandise entered for consumption. • In
these estimates the amount of merchandise im
ported Is supposed to equal the amount entered for
consumption. In periods of commercial difficulty,
like the present, the amount of merchandise im
ported and pineal in warehoure without payment
of duty will, no doubt, exceed the amount entered
for consumption ; but mesh excess is generally
temporary, and is aeon obviated by diminished lin
per talons and increased withdrawals for consump
tion, which restores the equilibrium without giving
maiden for the discussion of such details in any
general statement of the revenue.
The receipts from customs for the next fiscal
year, from July I, 1858, to Juno 30, 1850, will de
pend in a groat measure upon the extent to which
commercial anti monetary transactions shall- have
returned to their ordinary channels. It Is proba
ble that the immediate &cote of the present, re
vulsion in trade will have ceased by that time, anti
that the usual amount of dutiable merchandise
will be required for consumption. The estimate
submitted is batted on the amount of three hundred
and seventy millions of dutiable merohaudiso, be
ing the amount assumed for the present fiscal year
with the usuarinereaso, and-without any &duo
tion for the effects of tho present revulsion. Upon
this amount the customs, under the act of 1846,
with the deduction heretofore explained for the
effect of the tariff of 3,1 March last would produce
about sixty-nine And ono-half millions of dollare.
The annual estimates in detail, as prepared by
the Register of the Traeger'', aro presented sepa
rately by this department. These estimated ex
pond' tures are divided into three classes :
1. Balances of unexpended appropriations whioh
may, and probably will, be required by the re
spective departments lu the course of the next
fiscal year.
2, Expenditure" under Indefinite anti permanent
appropriations. In this class was plead the stand
log appropriation made by the joint resolution of
February 14, 1850, of $2,450,000 for expenses of
collecting the customs. It is proposed to change
this permanent appropriation for annual appropri
ations of increased amounts, for reasons set forth
in another part of this report. In the meantime,
as the proposition has not been sanctioned by Con
gress, the estimate remains in this class.
3. In the third ohm aro comprised the estimates
submitted by direction of the several executive dos
pArtments, as necessary to be Appropriated to
carry en the several branches of the public service
in their charge for the next fiscal year. Those
three einem comprehend the estimated expendi
tures for the neml year aiding Juno :10, 1859, as
sot forth in this report. Neither these estimates,
nor these for the remainder of the present fiscal
year, include any provision for deficiencies, or
other objects which the several departments may'
ask for during the present session, nor for any ex
penditure whatever which may arise out of the
original action of Congress during the session. To
meet such additional expenditures as may be re- i
quired from those sources, further moans must be
The efficiency of the' public service es well ae
the security of the public credit, requires that this
department shall be provided with means to meet
lawful demands without delay. During the re
mainder of the present fiscal year, it, is estimated,
as before stated, that sufficient revenue will bo re
solved in the course of the year to moot the ordi
nary outstanding appropriations. But the great
bulk of the revenue being derived from duties on
merchandise payable only when it is entered for
consumption, the period when such duties wilt bo
realised is entirely uncertain, being left by law to
the option of the importers during three years.
The present revulsion has caused a very largo por
tion of the dutiable merchandise imported Since it
commenced to be warehoused without payment of
duty. To what extent this practice wilibe permed
during the present fiscal year is too mush a matter
of conjecture at present to risk the public service
and the public credit upon the probability ,of an
immediate change in this respect. It may be safely
estimated that, in the course of the' present fiscal
year, a large portion of 'the merchandise now in
warehouse will be withdrawn and duties paid
thereon' but, in the meantime, adocinate 'means
foe meeting lawful demands on the treasury should
be provided,
$19,901,325 45
11,135,391 40
88532,830 12
17,245,932 93
10,960,801 Oti
70,822,724 85
27,531,022 37
5,358,274 72
19,261,771 16
70,822,721 85
20 j 829,819 8
311,750,000 00
3,210,098 09
7,290,950 83
3,015,906 00
1,951,782 56
23,714,528 37
420,676 67
DAV, DECgMBEIt 9, 1857.
„ 1, 1858,
fra t ilfrOv l sion should be mule at the earliest
r ei t l e le-period, at a failure of sufficient means
leireesury may o our at an early day. The
e xto l y Poing regarded as temporary, the mode
of ing for it should be of a temporary dia
teeter. , It is, therefore, recommended that author-
I t s h er e ise i :.: i n o to this department by law to Issue
treasurrnotes for an amount not to exceed twenty
millions of dollars, payable within a limited time,
end earling a specified rate of interest, whenever
e demands of the publics service may
call fora greaternmouut of money than shall hap
pen to Jed lit the Treasury, subject to the Tremor
er'edrestee in payment of warrants.
The foot that such temporary exigency may
arise from eireumetances beyond the foresight or
' scented of this department. makes some adequate
provision to meet it indispensable to the public so
Treviso:l to the passage of the net of March 3,
11} 9, which requires all money receivable from
enstome and other sources to bo paid into the Trea
surywithout abatement or diminution, the whole
mimeos of collecting the revenue from customs
_defrayed from the moneys collected, and the
bnlensie only was paid into the Treasury. The ex-
Insl3Bo l l of collecting the customs in California and
Gedirp were excepted from the operation of that
net Y . the third sostion of the not of September
28; 850, and the mode of defraying the expenses of
collegian, which existed previous to the not of
..Marsh 3; 1819, has been consequently continued at
theeliustom houses on the Pacific coast up to the
present time.
eo joint resolution approved 11th February,
Ittith makes a permanent appropriation for the
.oapeniete of collecting the customs of one million
tweinindred and twenty-five thousand dollars for
eaeh s half year, together with such sums as may be
received for storage, its., until Congress shall not
upon the subject. During the first four years of
1 the operation of the act of 3d March, 1819, the ex-
Tepees did not equal the amount of this uppropria-
Goihand a considerable balance hod necummulated,
••shieli has enabled this department to defray the
expenses of the last four years, which have eon•
eiderably exceeded the amount so appropriated,
as is down by statement marked 4.
Allis accumulation having become entirely ex
hatietedelhis department will not be able longer to
'MeV the expenses of collecting the customs, un
itise Congress shall now act upon the subject.
. In enter that this important branch or the pub
lieseerviee may ho conducted with promptitude and
efficiency, I recommend that Congress shall, at e its
moneet mission, legislate upon this subject, to
opierreafroin the lot of January, 1858, which will
put an end to the permanent appropriation, under
the leapt resolution, from that date.
VI& the &Mel year ending the 30th June, 1857,
the Onfiensee of collecting the customs oomidorably
exceeded three millions of dollars, exclusive of
Mote of the porta on tho Pacific coast, which
amounted to nearly half a million, as ehown by
statement marked 5. For the half of the current
fiscal year, extending from Ist January to the 30th
June, 1859, at least one million Six hundred thou
sand dollars will be required to defray theM ex
poem in the Atlantic States, end recommend that
NUM to be appropriated for that period.
The reasons which originally led to the excep
tion of the custom houses on the Pacific coast from
the,operation of the general law of 1819 no longer
exist in the same force as formerly, but the system
cannot be suddenly changed without much ineon•
vegence. I propose that, during the remainder
of dhe eurrent fiscal year, these expanses be de
frayed, as heretofore, out of the accruing revenue ;
but, from the e numensement of the fiscal year on
the Ist July, 1858, that provision bo made by law
that the whole receipts from customs and all other
Mites en the Faelfie coast bo paid into the tree
'egellinder the act of 1849, and the expenses of
collection -be defrayed out of appropriations for
theit, purpose. To meet the expenses of collecting
theemstonis throughout the entire United States
Miring the fiscal year ending 30th June, 1859, will
probably require $1,000,000.
The statement before referred to shows the pro
gressive increase of these expenses, from year to
s s i nce
corresponding the!' m
age i o n f o t r h e ea e in the
act of 1849 . .1 u t n o
a t iso
merchandise Imported and autism paid. But the
latter are not sufficient to explain so large an ad
dition to the expenses of collection, as nearly the
same number of officers are required to collect the
smaller as the larger amounts. Oilier causes have
lergely contributed to swell these expenses. Vim
the public revenue happens to be abundant, many
pro acts aro listened to and adopted by Congress
without careful regard to the burdens they may
permassently impose. The building new revenue
antlers, not needed for the enforcement of the rove
nualaws ; the multiplication of ports of entry and
ports of delivery, for local and temporary conve
nience, at points not required for the collection of
the revenue; and the erection of expensive build-
Inge for officers of the customs and other public offi
cers, ere of this class. The on outlay for these
projectsis usually provided for by special Repro'
priations_, and their amount is the principal
Oita that attracts attention. But, under the
ex ting system, every one of these appro.
eulations of necessity imposes an additional and
potreenent charge upon the expense for collecting
the customs. New revenue cutters must be equip-
pert, kept in repair, provided with °Mors:ma mon,
and maintained in a state of efficiency nt n largo
annual charge upon the expenses for collecting the
endow, that they may be inconstant readiness to
relieve vemols in distress, or perform some other
dilly equally remote from their appropriate and
logitlmate functions of enforcing the laws. Now
Peel of entry, or of delivery (created by lase, at
pOnts remote from the ordinary 'channels of direct
foreign commerce, must be provided with of leers
paid by annual salaries or other emoluments, as
(Vannes of collecting the ens'onis. New buildings
lettettbe famished, warmed, lighted, and kept in Il
state of repair and cleanliness, under the direction
OF-Ottitable °beers with proper compensation. All
iliarges of such character aro now defrayed out of
the, approp riation for the expenses of collecting the
eltederniee While the public revenue has recently
. leriliminished, these charges are daily in
-0 es . , gin amount.
• e ,p bite debt on the let o I r v- tti el,egui z i l
7 ',. -1, • - ••• • • flineO .0- 5 - 10 -
i 154 51—leireek-rereseess
ie j there •• - ' ” • •
• Nit, has been paid of the public debt
ilelea7ti,377 53. The details are shown by the state
. *Sits marked 0,7, and 8. The department eon
tinned the purchase of stook as long as the law and
altroper regard for the publio interest would justi
rye: The object was to redeem, as far as possible,
our outstanding debt which bad a number of years
to ran, whilst the payment of the large sums from
the tree/any required for this purpose was
relieftothe commercial other of
theoountrr,whichwrethenstrug,lngt r d off
heraiuiio:whichnailycaaevont i e i .At:hattneitwasnotseriouslyapprehendedthatthe
ness of the country ; but, looking even to the most
Unfavorable results that could happen, it was
tie:night that the treasury, if compelled to resort to a
loan to meet any temporary deficiency that might
occur, would su ff er no injury froin , 'savior, the oha
raider of the loan changed from debts falling duo
at a distant period to treasury notes, at a less rote
of interest, and which could bo redeemed at the
pleasure of the department.
A revulsion in the monetary affairs of the coun
try always °maim more or less of distress among
the people. The consequence ie, that the public
mated iedirected to the Government for relict', and
particularly to that branch of it which has charge
of its financial operations. There are many per
sons who seam to think that it is the duty of the
Goyeenment to provide relief in all cases of trouble
and distress. They do not stop to inquire into the
power which has been conferred by the people
upon their agents, or the objeots for which
that power is to bo exercised. Their inquiry in
limited to the simple fact of existing einbarraes
meets!, and they see no other agency capable of
affording relief, and their necessities, not their
judgments, force them to the conclusion that, the
(Imminent not only can, but ought to relieve
them. A moment of calm reflection must satisfy
every ono that such is not the true theory of our
exercised Govemnae
L e
s l p t ee t i o ti c o l d: I : o p: t i l l
jh f r ea rio l ot i
t i s n e i s t . e d Ito i)ow n e P r ll t i o oll b s e ,
political end fi nancial, should be conduoted within
meetthsse oorti prescribed
niy eff i e tit t
for manner whie thath
the i p t ow will er
was conferred.
In doing thin it should be the policy, as it is un
questionably the duty of the Government, NO na to
conduct its affairs to confer the greatest good upon
the greatest, number of the people. Thin misap
prehension of the powers and duly of the Govern
ment has led to the suggestion of measures or re
lief, which have been pressed with such earnest
ness upon this department as to demand a brief
consideration of them. A privity individual who
Mode that his income is reduced. at oneo feel* the
propriety of bringing Isle expenditures within his
reduced means. fhe suggestion to such a person
to tutees° his expenses UOlll,l instantly be reject.
ed. To characterize such advice as folly would
not be considered harsh or unjust. Tito estimates
of receipts into the treasury for the present
fluent year exhibit the fact that the income of the
Government will be considerably reduced.
In this state of things it is seriously surged that
oneexpendituras should be ineremed for the per
pm of affording relief to the country. Such a
policy would doubtless furnish employment to largo
numbers of worthy citizens. It would require the
use of large mounts of money, to bo raised either
by a Joan or the issuing of treasury notes, and
would thus afford temporary relief to the country
to an extent limited only by the discretion of the
Government in this unauthorized use of the public
treasure and credit. But where shrill bo look for
the power to do this in the Constitution ? 1V hat
provision of that instrument authorises such a
policy? The absence of n satisfactory reply to
those inquiries. is an unanse gable nrgitinent to
the suggestion. In the discharge of its legitimate
functions the Government is require,' to expend
tale awns of money in the building of vessels.of-
War; the erection of eastern-houses and other pub
lie buildings; the permeation of the defences of
the country, and inn variety of other ways, which
give employment to labor, and draw from the
treasury the money which has been collected
from the people for these purposes.
There might and would be just °num of complaint
if the Government, under the pressure of either an
imaginary or real monetary crisis, should sudden
!), step these extensive operations, and by throw
ing largo numbers of employees otit of service add
to The distress and Agreeing which the revulsion
had already created. Being engaged in the pro
elocution of accessory and legitimate works for the
public service, it would be the policy and duty of
the Government to coetinue their prosecution,
oven though it alienist occasion the necessity of in
creasing its available moans by wino extraordi
nary measure. The discontinuance of such works
hat not boon and is not now contemplated, and
to this extent the country may look with pro
priety to the operations of the Government
for roller. There aro other public works of
loss necessity, which for a variety of sauces have
not boon commenced. A temporary postponement
of them will violate no existing contramta ; will do
prive no one of employment, to which he is author
ised to look; will inflict noperong upon any portion
of the people; but will enable the Government to
realise its means in advance of lie expenditure of
them, and perhaps avoid the fleeciest ty of increasing
the public debt. A system of public economy, re
gardful alike of the just claims of the people, and
the protection of the treasure and credit of the Go.
vornment, must command the approval of the
country; and it is upon such principles it is pro
poeed to conduct the financial department of the
Government in the present crisis.
- .es a measure of relief to the country, it Is proposed
to InCreaSCl the tariff. A return to a hieh protective
system is regarded by some as the serest mode of exit --
eating the country [remits embarrassments, and afford
ing immediate, es well as permanent relief to the
public distress.
people are already fluttering from
distress, and lb ropoeitlon seeks to diminish their
suffering by suldr to their burdens. The earnestness
and ability which have been brought to the support of
this proposition, demand that Its merits should be
examined with some care; east, without attempting an
elaborate exposition of a quention altich has hereto
fore commanded so much of the public attention, it In
deemed proper to refer to HOMO of the considerations
which render tho adoption of such a policy unwise and
. The theory of the protectionists Is this: that under
a law tariff the Importations or foreign manufactures is
egoemged, had, being brought into the country at
lower prices than they can be produced, the compoti.
Gen with the domestic manufacturer IN ruinous to hie
business. The remedy is, to rails the duties upon the
$126,875 G 7
,t,m 00 i
5,000,000 OD
1,000,000 00
50.312,943 13
74,064,755 97
foreign article to such a point that either It will be ex
cluded, and thus giso to the domestic manufacturer the
entire home market, or else it will be so increased In
price, by the additional duty, as to enable the domestic
manufacturer to receive n remunerating price for his
productions That the effect would be temporarily for
the benefit of the manufacturer is conceded, but that
the ultimate effect would be alike injurious to him as
well as all ether interests is equally clear. In looking
upon the operation as a measure of relief, sin must eon
eider its effects not only upon the domestic uianufaetu•
nor. but also upon the consumer.
If the increased ditty neither diminishes the im
portations Nor increases the price, It IS mail Vest that no
advantage has been derived by the domestic mono fee.
three. If the effect should be to exclude the foreign
article, then the domestic manufacturer monopolizes
the home market, and commands his own price. Tho
relief he needs is a higher price fur his goods, nod, as a
matter of course, unrestrained as he will then be by
Ito laws of competition, he will so raise his prima as to
remedy the evil of low prices of which he had com
plained. The effect upon the consumer is clear. lie
must pay the increased price thus put upon the article
of consumption Nor does it stop there. Under the
existing state of things, when he has purchased the ar
ticle he has not only furnished himself a ith the goods
lie needed at the reduced price, but at the sometime has
paid into the tmasury the tax required of Ittro for the
support of Government. The measure of relief pro.
posed be the protectionists locreases the price he is re
quired lo pa for his goods, and where the foreign article
is excluded leaves his tax unpaid. Thin deficiency in
the revenue must be supplied, and he is called upon to
pay it from his other resources. The proposed moasnre
of relief thus imposes upon him these additional bur
dens. in the increased price of his goods and the addl.
tional tax ho is required to pay. If, however, the in
creased duty should not exclude the importation of the
article, but simply advance the price to a remunerating
point to the domestic manufacturer, the effect upon the
commuter would be to require him to pay the additional
price, not only upon the foreign article, but also upon
the domestic manufacture.
The amount of taxation put upon him for the benefit
respretively of the treasury and the domestic manufac
turer trill depend upon the relative proportion of the
foreign and dementia article he may consume. In no
event can the increased duty operate to the advantsg,e
and relief of the manufacturer except by a correspond
ing injury to the consumer. The amount of benefit con
ferred and Injury sustained by the propeoed relief mea
sure would depend upon the relative number of manu
facturers and consumers of the articles upon which the
Ineruned duties were laid; and an the number or con•
nuinern exceed the number of manufacturers, so would
the injury sunttined exceed the benefit conferred. A
policy so partial and unjust in its operations cannot
command the approval o' the country.
Regarding the suggestion as a proposition to return
to the protective Flatus. It Is obnoxious to all the ob
jections which have been heretofore so forcibly and
successfully urged apinnt it.
The day lean pitesed in this country for Inereuing
restrictions upon commerce, and it is hoped that the
same remark will soon be applicable to all other coun
tries, We are accustomed to look to the amount of our
exports and importe as evidencea of our growing wealth.
To encourage commerce, enlarge its operatives end
extend its limite, have been regarded by all portions of
our people an objects worthy of their united efforts. One
branch of commerce cannot long exist without the co
operation of the other. We cannot expect to furnieh
the world with our cotton, breadstoffe, tobacco, rice,
and other productions, noires eve are willing to receive
in return their productions. There must be mutuality
between nations as between individuals. If a policy en
to be adopted by which the producliona of other coun
tries are to be excluded from ours, for the benefit of the
dementia producer of ouch artie'es, justice to other in
terests doom's's that there should be adopted a policy
by which the producers of our present exports should
else be furnished wit h , a market for the frolic of their
industry. To do this Is impracticable; nut to do it
could be unjust.
Ilow strangely inconektent is the doctrine of the pro.
tectioniets with the practice of the Government' We
annually expend Imp Ruins of looney its maintaining a
navy, whore chief duty it is to give protection to our
commerce in all parte of the world. Appropriations ere
asked and freely given to 'end our Hag in search of new
avenues for our increasing trade.
Tho American oftieer who returns to his country to
announce the eueeesuifill terminations of his mission, in
having made new and favorable commercial treaties, is
hailed as a public benefactor, and all dunes unite in
doing him honor. In these demonstrations no one par.
tleipatee more cordially than the protectionists.
upon the announcement of the discovery of a new
country which promised a large anti lucrative commer
cial intercourse with our own, tt should be eimulta
neouely proposed to impose upon that commerce re
striettone that would does our porta to the entry of Its
produrtione, under the false theory of protecting home
industry, what would be the judgment of an enlightened
public opinion upon the wheloni of it people who Bret
expended their treasure in discovering new merle of
trade, and inuncaintely denied themselves all the prat
meted 'reedits to be derived freer it !
In the case eupposed, the proposition would be mere I
etartling, but not more unreasonable, than when op
pliel to our intercourse with those countries between
whom and ourselves a caininerce has grown up from
email beginnings to its present large dimensions. This
hart been accomplished through a policy inaugurated by
our own Government, and which has commanded the
approval of enlightened minds throughout the world.
Other cotinti lee have, in their le illation of late years,
manifested, by reducing their duties upon imports, a
desire to en-operate in the work of throwing off those
ahavklea upon the freedom of commerce which false
theories have placed upon it. It would present a
strange spectacle if the United States should be the first
to comment • a retrograde movement.
The sentiment among our people In favor of free com
mercial intercourse is manifested in their domestic as
well as foreign policy. The stroneeeling in the public
mind for the extension of our territorial limits is gene
rally attributed to the desire for more land. That it
operates to entree extent in freely a tmitted ; but such a
cerise falls in its application to those cases 11 hero the ac
quisition of new territory brings with it nn proprietary
title to the land. And yet the public sentiment for ac
quiring territory, where every foot of it is held by pri
vate titles, is an decided as in any other cane. It is ac
counted for satisfactorily only upon the theory that, es
our territorial limits ate extended, see enlarge the acre
of free trade, opening now markets For the productions of
oar Industry, untrammelled with those restraints
which n reetrietive internatio n al policy has imposed.
It it an error to suppose that the occasional revel
pions which have so seriously effected our mancrectur.
tog iutereet is ettribatable to the want of a high pro•
teetive ee stein. In the policy which tho government
ham adopted of allowing many of the raw material, need
by them to come in, either free of duty er at low dutlee,
in the Incidental protection which a tariff laid for the
Impose of revenue gives them—in the inereasine con.
mimption of their productions, brought about by the
general prosperity of the country, they will find the
most ample encouragement that could reasonably be ex.
ported or desired. Like all other interests in the conn•
try, they suffer from the too frequent changes of the
tariff. end from time fluctuatione In business which
now from causes wholly destinet and operate from the
tariff lineation. What they need is steady prices, a
- • • .... ~ • • , ainst the ruinous
free ant mires me'M commerce w t firiiiifferreireserwe
tared in our country would derive a more certain and
permanent benefit than the manufacturers
Rejecting the proposition to raise the tariff as a
measure of relief, and looking to the probable receipts
and expenditure's for the present and next years, no
change Is recommended In the act of March 3, 1857. at
this time. The present tariff is recorded as perfect ;
far from it. It has, however. been in operation less
than ale months—a length of time too short to Judge
of its workings, even wider the moot favorable dream.
stances. This fact, in connection Sr th the revulsion in
business, makes It wholly impracticaele to form a cor
rect judgment upon its media. There are changes
which should be made as moon as it ern be done with
propriety. A return to the decimal di , iron in thereto'
of ditties, a more accurate classification ze various arts
, ides and other amendments, would greatly improve
the law, even if it should be found by experience un
necessary to snake any radical change in its general pro
visions. The propriety of postponing any notion upon
I the subject ' until an opportunity has twee ()tiered of
tooting its general merits, seems to admit of no serious
Returning to the question of relief o laieh is expected
• from the Government. it b comes necessary to inquire
into the cause of the present revulsion, as preliminary
to the consideration of a proper remedy for it Public
opinion generelly holds the banks responsible for all our
embarragmente. The true cause is to be found in the
undue expansion of the credit system. The banks con
etitute an important part of that eyetem ; but there are
other elements entering into it which, eqtially with the
question of the Lanka, demand public coneideration.
Credit, confined to Its legitimate remitter., is the re.
presentative of capital, and when used nithin that limit,
may extend and invigorate trade and easiness; when It
etrasee to be such reprenentative, it stimulates overleaf].
lug, excites gratulation, and Introduces an unnourat
state of thing, in the businees of the country. It is Cain ,
melee expansion of credit ahich hes brought the
country to its present einberresemente. The extension
of bank credits, end the over•iseue of bank notes, is a
part, and a very important pal t, of this undue expan
sion. A spirit of speenietion being crested, a deinena
is 'Trtle upon the banks for the use of their credit, end
yielding to the preseurv, they respond by the increase,'
issue of their notes nnd by enlarging their diecouuts.
The extent to which the banks have enlarged their
credit beyond its proper limits is nut to be measured
alone by the amount of their circulation.
At the time the New York city banks suspended
specie payments In October, they reported a larger
amount or specie In their swills Than their settee in cir
culation, and, notwitlistsmting thin fact, they were
unable to meet the demands of their creditora promptly
with specie, owing to theireredit operations under their
depoeit getout. Myhre extended their own credit, and
enabled their sitstomors to do the RAPIN they were on
prepared for the revulsion which came upon them If
it be true that our °Warr/temente have been occa
sioned by the cause here assigned, we intuit look beyond
the action of the hanks to the gmrations of other en,
porations as well as individuals, to fathom the entire
cause of our dietrultiee. The limit/ of this report will
not admit of a detailed examination of this subject, but
a solitary illuetration will present the subject in its pro
per light. In answer to a circular letter nitireesed to
the various railroad corporations of the ennetry, the
information contained In table No. has been obtained
It appears from thin statement, that the capital of trie•o
companies rinieuute to $191,435,661, their indebtedness
to $117,a1-13.641 The annual Interest upon the latter
Fl.lll, is $25,03,203, their Annual income it a 5115,406, 163.
It le proper here to remark, that this statement is not
entirely accurate; some of the companies failed to re
spond to the circolar of the department, and in such
cases, the returns mule by them during the preceding
year, and contained in the last report of my predeces
sor' have been used in the preparation of the table.
Whilst it cannot, therefore, be considered es perfectly
accurate, It Approximates It sufficiently near for the
illustration of my argument. It exhibits the extent to
which this class of corporations has contributed to Rat
expansion of credit which Is properly chargeable with
the recent revulsion. It is duo to a large class of our
railroad companies In state that this excessive indebt
ednesr In not equally di...nettled among them. bone
have conducted their business with the utmostpropri
ety and success, whilst ethos hose no far exceeded
these binaries to prevent the foregoing aggregate te,alt
of railroad operations in the United Slates.
The undue expansion of credit, which stimulated in
some an anger ilmire to borrow, and in Ohms n seining
disposition to lend, which engendered richenics of im•
provident speculation, leading to rapid fluctnations in
Nicol and habits of extravaganee. I regard AM the prin.
cilia' cause for the embarrassment existing in the com
merce of the country. The only efficient remedy for
ouch mile is to be found In a return to the prudent
courses and steady habits, which, for a time, were tin
happily laid aside. This Government could do but
little toward extricating inilisiduals, corporations, or
commiinitiee from the pernicious consequences of their
extravagant expenditure/ or All-conceived enterprises.
When credit ham been extended so far beyond the
bolirels of legitimate confidence A 8 to create a revulsion
in t•rele, occasioning a full of prices, and a destruction
of private credit, a speedy adjustment of the relations
between creditor and debtor by liquidation and settle
ment la the surest mode for the restoration of the equi
Wild and chimerical speculations will thus hay, their
termination, Industry wilt be bettor enable.' to realize
its sober expectations, and the substantial interests of
mciety, being relieved from the noxious influence of
excitement, °vermilion, and disorder, will resume their
nectistorned energy in communicating a healthful and
vigorous activity to the Imsineer of the country. The
proper agency of the Government in suoh a CHAO Is to
relllOTe at IllatOVOr impediment may exist to the exertion
of the native force of society, and to extract from the
experience they hare gained, lemons to be embodied in
wholesome and a ell-conliderc , l lawn to prevent the re
currence of the evil.
It is evident that the great moneyed corporations
created under the laws of the Platen, have had a con•
trolling Influence In the undue expansion of private
credit In many of the neaten, the legislation is re—
spect to these is stringent And embodies many of the
safeguards that experience has suggested for their regu
But it will not be denied that this legislation has been
nugetoty. Tin State authorities e Already mani
fested an eager disposition to r0i1... them Gain the
penalties they here Incurred, and to dispense, as far as
they ia ere able, with the performance of the oblige
bons they had exacted from them o hen they were or
;wilted: This has been done, in some Cases, without
an inquiry Into their condition or management, or their
capacity to rmumo their position As solvent institutions,
or ei on to protect the community from a depredated
paper currency.
In my judgment, the period has arrived for Congress
to employ the powers conferred be the Constitution
upon it to mitigate the present coil, and to present it
catastrophe of a similar kind in future; and for this
purpose a compulsory bankrupt law. to include two
classes of corporations and companies, is necessary. It
should be a law for the protection of creditors, not the
relief of debtors; to prevent improper credit, not
to pay Improvident debts; corupulsory, not volun
tary. The effect of such iniV would be felt snore
in its restraining !effluence than in its practical axe.
I do not recommend a law similar to either of these
which have heretofore existed, and were abandoned
after a khort and unsatisfactory exlierlence. The first
was adopted the 4th April, 1800, cod was repealed the
19th December, 1803. It prorlded for a compulsory
process of bankruptcy- against those merchants and com
inlasi•n nr,ents, at. the SOIL of creditors, whose inaolven
ey had become manifest by certain overt acts of fraud or
defalcation, and effected a collection and distribution of
the estate of the bankrupt through the Miele! tribu
nals of the Umited States, which was followed by Isis
discharge from the debts his estate had not satiated.
The second act was passed 12th August, 1841, and Wes
repealed the 34 Match, 184$. This act, besides the
compulsory avateni of the act Of 1800 contained a sys
tem of bankruptcy , to be applied on tire petition of en
insolvent debtor, of any class or profession, and to re
salt in his relief from his debts and engagements, upon
the surrender of hie property andoomplianeu with other
conditions of the act.
There are grave objections to the present adoption of
the systems developed in these statutes. The voluntary
feature of the act of 11111 is rejected as unwise. unjust,
and unnecessary It was this provision which rendered
that law so justly odious in the public mind. Nor do I
prom.° to extend the provisions even of a compulsory
bankrupt law to the numerous caw covered by the act
of 1341. It is better to leave to the operation of the
insolvent and bankrupt lawn of the several states all
cases which do not, from their magnitude and Import
ance, affect the general commercial and business In
terests of the country. It is believed that the
power of the States is ample to meet such cases, and
the propriety and policy or exercising such powers will,
sooner or later, be developed by the lessons of bitter
The two cases which It is now proposed to bring under
the operation of a compulsory bankrupt law are banks
and railroad corporations. The immense capital em
ployed by these companies, their controlling power and
Influence in the commercial and business operations of
the country, their disposition to expand and enlarge
their credit, and the ruinous effects produced by their
operations whop tarried beyond legitimate bounds, im
pose upon the Government the duty of providing, by
every constitutional means in their power, for the safe,
proper, and legitimate conduct of such corporations.
The fat is which are presented in other portions of this
report, developing the condition owl operations of these
two classes of corporations, will fullyjnatify the policy
now recommended. The object is not to injure them,
but to protect the community. The effect will be to re
strain their operations within proper limits, and thereby
Insure to the country all the benefits they are capable
of conferring, without the accompanying hacards of
speculations and ruinous revulsion.
In closing my observations on this subject, it in pro
er to elate that these recommendations are not formed
n any spirit of hostility to these corporations sod com
panies, nor am I insensible of their vast importmico to
the commercial system of the United States. Nor have
I any disposition to dosounce Any punishment. nor to
subject them to any lees, in the present conjonctlMl of
their tasks My object in to place then, in subjection
to wholesome laws, an that, while the benefits they
yield to the community may be preserved, their excesses
or errors will be counteracted or prevented
The detslls of Any act, formed on the principle I have
suggested, should be adopted after no enlarged inquiry
into their condition, and should embody theme/it liberal
provisions for the security of the rights of the persons
interested in them. A reasonable time should also be
ethnic,' to the corporations which are now in default
to re-establish themselves before this set becomes oper
During thin financial crisis and general derangement
of the currency, the collection and disbursement of the
public revenue hare proceeded without lOU or ember
ragement. The operations of the Independent Treasury
system, in ordinary times, had been found by experience
eminently successrul. The danger of logs from unfaith
ful and inefficient officers, the expense of conducting
its operations without the intervention or bank agencies,
Its deleterious effects upon commercial progress and the
general businens of the country—ell of which was ap
prehended by the opponents of the measure at the time
of Its adoption—have been demonstrated to be Un
founded. It only remained to encounter a commercial
crisis like the present to vindicate the justice and
wisdom of the policy against all cause of complaint or
apprehension A brief comparison of the operations: f
the Treasury Department during the suspension of 1537
and the present time, 'int place the subject before the
public mind in the most satisfactory manner.
i)n the 30th June, 1837, immediately after the gene.
ral suspension, the deposit banks held totlacredlt of
the Treasurer of the United States, and stict to his
draft, the gain of $24,994,168 37—a larger amount, in
proportion to the receipts and expenditures of the Doe.
eminent, than there was in the treasury at the time
or the suspension by the banks the present year. The
fnndeor the Government being then under the control
of the banks, and they either unwilling or unable to
pay, the Government wee placed in the anomalous con
dition of having an overflowing treasury, which it was
seeking to deplete by dietributioh or depogita with the
Staten, and yet nimblest° meet its most ordinary obli
gations. It had either to make its payments and de
posing in the depreciated currency which suspended
banks forced upon the country-, or postpone their pay
ments until, from itn creditor other ordinary resources,
it could command the meana far that purpose. It is
unnecessary to detail the expedients to which the Gov
ernment woe forced to reeort at that time
The cinbarrionumnt consequent upon this Mate of
things will be remembered by these who participated
In the scenes of that day. It will be realised by every
one from this brief presentation of IL The effort of
the Government to withdraw its depoai ta and get control
of Its funds was felt as an additional blow aimed at the
banks. Every dollar which could thus be drawn from
the vault, of the banks diminished to that extant their
ability to offend relief to their customers Their /0111211
bad to Do contracted, and the demand made by them
upon their debtors for settlement increased the pressure
already felt in the money market, and thereby added to
the general panic and want of confidence which are the
ulna attendants of a monetary crisis. The Government
was not only embarrassed for the want of its money,
but to the effort to obtain ft became ohnoliona to the
charge of adding to the general distress, which many
persons thought it was its duty to relieve.
To avoid a recurrence of these difficulties, the plan of
separating the Government from all connexion with the
banks was suggested, and in 1640 was permanently
adopted. The result le before the country in the or
currenres of the last few weeks. The banks, as in INT,
hate suspended specie payments. but the analogy
ceases there, no far no the operations of the Treasury
Pepartment a its disbursements are concerned. The
Government hoe it, money in the hands of its own offi
cers, and in the only currency known to the Constitu
tion. It has met every liability without embarrass
ment It has resorted to no expedient to meet
the claims of its creditors, but with promptnem
pays each one upon presentation. If the contrast be
to een the operations of 1037 and the present time
dapped here, it would be enough to vindicate the po
licy of the I inlepeni rent Treasury slatem; but it does not.
The most remarkable feature da+tinguishing the two
period., liar reference to the effect upon the commercial
and general business intereet of the country produced
by the present operations of the Independent Treasury.
It is the relief which has been afforded to the money
market by the disbursements ID specie of the General
Government. In 1837, the demand of the Government
for its funds. with witch to meet ite obligations. weak.
coed the banks, crippled their resources, and added to
the general panic and pressure. In 1651, the disburse
meats by the Government of its funds, which It kept to
Its own vault,, supplied the banks with specie, strength
ened their dimple, and would thus have enabled them to
, ~ • f when it was so mach needed, if they hwt
willingness toffee°, f inability or on.
only glows how much worse the embarrassment won
have been if the Government wasinow demanding pay
ment from them, instead of furnishing them the means of
At the time, and subsequent to the passage of the In
dependent Treasury ad of 1816. the greatest apprehen
sion was expressed, and no doubt felt, by its opponents,
of the effect of such a policy. The accumulation of
specie in the vaults of the Government, the distress it
would occasion In the collection of the public dues in
specie, and particularly its operations In a monetary
crisis, were regarded es certain sources of inevitable evil.
The idea that it would err rd relief at such a time was
looked upon as wild owl visionary by Ito opponents, and
not only confidently anticipated by its friends. The
Puccess of the policy should be as gratifring as it was
unexpected to those who resisted its adoption with Po
mud. sets) And ability.
Whilst the opponents of the system apprehended from
it the most ruinous effects upon the bank, and the cur
rency, its friends looked confidently to its operation for
a wholesome check itpon excessive issues by the beaks
Experience hes shown that the apprehensions of the
ens were groundless. and the anticipations of the
others were well.founded, to a limited extent The in
crease of the circulation of the banks at the time they
were used as public depositories, compared with their
circulation at other periods, and particularly since the
adoption of the Independent Treasury eyettina, affords
the moist satisfactory evidence of the restraining in
fluence of the system upon the tendency of the banks
to extend their credit and Increase their limes. It
is impossible to estimate with ateuracy the extent
of this influence There are so many elements which
enter into the financial operation. of a great and
extended country like ours, that no man can pre
tend to analyse the many cause, at work with s view
of sosigning to each its separate sod legitimate effect.
No one doubts, however, that the effvet, of collecting the
public revenues in the notes of the banks, and deposit
log the finch, when collected with them, would be an
extension of the credit of the batiks. and an addition to
their circulation proportioned to this increased demand
for the use of their notes. To the extent that this
stimulant to credit bus been withheld, to that
extent, certainly, has the restraining Influence of
the Independent Treosory upon excessive bank issnee
been felt. The colic:Goo annually of about $lO
000 000 in the notes of banks, and a large amount at all
hides remaining in their vaults no deposits, would afford
facilities for extending their credit, which the past his
tory of these Institutions shown they o until not hesitate
to avail themselves of If such a system ho: prevailed
for the at ten Teem the strong probabilities are that
the present olds,e would have been much sooner reached,
aniline effect would have been more Maestro., because
more extended. and with fewer sources of relief,
If the beneficial deeds of the Independent Treasury
aystem in restraining the bunts from extending their
credits lime not been over-estimated, and It is confi•
deafly bettered that they here not, it Is respectfully
Submitted to public consideration whether the adoption
of the game principle by the reepectire State Govern
ments would not complete the work of reform and pre
vention against beads nielpeneloreeen happily inuagurated
And Recces/Jolly practised by the General Government.
The venous State lieternments now Collect annually
about $50.0e0,000 This amount is collected mainly in
bank !note., and, when net immediately disbursed, is
either kept in the form of bank notes in the vault, of
the Stale Treteurlee, or deposited directly with the
banks Let the several States collect their revenues
in specie, and thence Is ti ithdrawn from the hanks a
stimulant to over-booth leg to the extent of the facilities
cow Afforded them by this use of their notes.
The remarks already made in coot:teakn with the In
efspendent Treasury of the General Government are
here applicable to the effect that would be produced by
such a policy. The collection and disbursement in
specie of the revenues of both the General and State Go
vernments, not to speak of the various city, town, and
country torporatione, would constitute anal a deemed
for specie, at all them, ae to require He retention in the
county The banks, knowinc that they hero liable to
famish their note-Indlees with thin specie, would men
late their leases accordingly, and Irrlia cenempientle
be restrained from excessive overissum, which render
suepeneion of /peel., payments by then, lent Ratite when
a crick comee,which requires theta toilowhst they oueht
Items to bo ready to do—pay their debts. The
a [Prehension that such a requirement by the State
Governments would operate oppremit oily epee the peo
ple, e mild prone as unfounded as It del hi the case of
the (Mineral Government State tome ere now paid,
mist generally, in bank notes. These notes profese to
be the representative, of riptide. If they Are, the tax
payer could easily convert them into epee.. If they
ere not, then they fright not to tie received 6,3 such
either by the State Governments or the people. The
very object of the lax is to guard against the latter con
tingency, and thus to somire to the country a sound
paper currency, Rime, A convertible Into specie.
Under the operation of an Independent Treasury sys
tem, adopted by each of the Stites, there would be no
difficulty in retaining In the country a suffieient ailment
of epee., not only fur the purposes or the Government,
bet also to secure a nouns paper curienry. As !Ong,
however, as the fitment system lasts, this melt
cannot be looked for. One nould suppose that the large
Increase el gold in the last taw years would have elms
bled the banks to have protected themselves agatnst the
necessity of suspending specie payments. Such should
have been the ease; but it has net been, and will not
be, until Porno p diey, such as is here recommended,
is adopted, which will compel them to keep
sufficient eliecie in their melte to meet their Mmes.
Since the discovery of geld in California, in lele. there
has been coined at the mints of the United States the
sum of /400,000,000, and idea a larger amount has been
added from that mimeo to the gold or the world. At
that time,lt wan estimated that there wall in the
United Stes el/0,000,000 of specie— Of that amount,
the bank! held 143,000 000; upon which they issued a
circulation of 8114,713,41 b. Theirdepodte at that time
amounted to /91.113,623. It is estimated that there is
now in the United States $260,000,000 of specie,
and of this aunt, the banks hams $60.000,000;
upon which they here Wined a circulation of
$214,770,025, and their deposits have Increased to
(2.11) 351,352 It will be seen from this statement that,
with the inereued quantity of opecie in the reentry,
the banks have only increased their specie from
513.000,000 to $00.000,00, whilst they have increased
their circulation from 3114,743,413 to $214,775,W. leo
one supposes that such would have been the case if,
during this period, the finanetal operations of the se
rious State Governments had been conducted upon the
principle of the Independent Treasury system. It 13
confidently believed that such a policy would time eared
the country from the prevent bank empension. /f, At
the thne the General Government wee making its dis
bursements in specte at the commencement of the pre-
Kent Mills, the acme operation had been going on from
the different State Memories, the effect necessarily
would have been to have supplied every demand in the
country for specie, and the banks, already restrained
within legitimate bounds, would have been enabled to
have permed their ulna l bedtime trithent serious In
In title connectinn, It cannot fail to attract observe,
tion, that at the very moment when the Geode! Gov.
erntnent, through the instrumentality of the Indepen
dent Treasury system, was meeting with promptness
Itsliabilities of every character, and by the very act of
disbursing its specie funds affording relief to the banks
and the country, the State Gorernmente, for the want
of such a eystem, were unable with nominally full trees
euries, to pay their debts, and, 121 the effort to do so,
were subjected to the charge or either paying their tier
bdities la deyerclekil currency, or lidding toile► tia.
tree or the country by their demands gam the beaks
for ppecie foteds. There dt9ienttiee are the legitimate'
fruits of their pest poUey r mod for the present mat be
endured; it will be their own fault It another resvhdott
should end them in ► like condition.
da an additional restraint upon the tendency of all -
banks to 0,0[411613e, ig well as for the wrote of keep. -
lag an ample supply of specie is constant airdalatbu,
the surgression of all hank octet ander the denomina
tion of twenty deflate to recommended te the canaidam
tion of those under whose jurisdiction these Stets testi.
tutions exist.
P fUTSOMI to the act of 36th of Yebettary;l6l, the di.
rector of the mint waa remered by law to make bile
mud report to the Preaideot. By Menses* seatiOn
of that eat he Is directed to make hie 'repeat* the B. • -•
cretap• of the Treasury, to the Nth Tads of testlaynk, , :' , i
that it may appear in the annual report en thudnancee.:•--
The director has made his annual report to the Preei-,
dent for the calendar year to thd Jaunt:Y*4; sad t
has now reported to Oda deportment the operations of
the mint and Its branches daring the remaining half of
the last fiscal year, tO the allth aunt lest. The serest is
herewith transmitted, marked 10.
The director calls the attention of this department to
the propriety of each an amendment of existing laws
relative to coinage, that, where fine gold bars are made
tee old to depositors of bullion, in addition to the
charges now made for parting and toughening, there
chill be a charge of one-hell per cent. paid into the .
Treasury thereon, which would have been imposed had
the same beerecoined. By the 6th melon of the net of
21st Febraary, 103, this charge of one-half per cent.
was poyeble into the Treasury, in addition to the charges
for vetoing or parting bullion, whether it was paid to
depositors in the form of coin, or in bars, ingots, or
diets. But the 6th section of the act of Match 3. 1633,
chapter 06, provides that the charge for miming, alt.
lug, or forming bars, legate, or disks, shall not Tweed
the actual cost of the operation. The effeel of this pro
vi ion is to repose the ireigniorsge of one-half pet met
inthceed equity on bullion coined, or Withdrawn in the
form of floe bars, by the act of February 21, 1863,
and to restrict this duty entirely to coin. This is, of
Course, equivaleet to paying a premirrea Apne hell per
cent. upon all bullion exported in the fo of Boehm',
as it Would have been subjected by law to that harden
find it been coined. I COTTi . Ur with the director in the
opinion that it is not good policy to implies this half per
cent on all bullion coined for eiteolstion, and at the
60.1330 thee exempt fine bare withdrawn for exportation.
If depositors of bullion choose to &port it it the form
of fine bars, they should be at liberty to examine that
option; but they should not be allotted a premium or
one half per cent open such as is withdrawn for expo!.
tattoo, which is the effect of imposing that duty on that
bullion which is coined, and exempting. as is done by
tho section of the act or Match 3,1863, referred In, that
which Is withdrawn to the form, of fine bars. I *COMA-
Irigly recommend that the original provision of the sixth
Seetkin of the act of February 21,1333. be reamed.
Dy the act of Ruch 3,1857, amendatory of cs An act
to provide for the hotter organization of the treasury.
and for the collection, safe keeping. transfer, end die.
bursernent of the public revenue: , it was provided
i• that each and carry disbursing officer or meet of the
United Stater; haring any money of the United elates
entrusted to Lim for disbursement, shalt be, and he is
hereby required to deposit the same with the Treasurer
of the United States, or with some one of the =Want
treasurers or public depositaries, and draw for the game
only in favor of the persons to whom payment is to be
made io pttriralliCe of law and instructions, exempt when
prymente are to be made in sums under twenty dollars,
in which eases inch disbursing agent may check In his
own name, stating that it is to pay small claims "-
The object of this provision of law was to protect the
Government from the improper use of the public foods
in the hands of disbarring officers. It was the desalt
of the department to carry it out to the roiliest extent
that it could be done. An enforcement of its provisions
according to its 1. tier was impracticable. I 0 would
hare required a considerable Increase of the clerical
force of different offices, for which no provision had
been made by Congress, and in some or the departments
a °mulleins with it, requiremenb was imposerible.
Payments by the disbursing officers of the army and
navy, as well as payments by a portion of such OSCef •
In the Interior Department, could not be made in the
mode pointed oat. Pursers in the navy nettling with
the officers and crew of a =eel in foreign ports, pep
maaters in the army at remote points from any public
depoeitary disbursing agents dialled with the payment of
lodise annuities, could not discharge their duties if a
literal compliance with this law had beenrequired. Re
garding the object of the law as wise end proper, and
feeling]sound to enforce it to the utmost extent in my
power 7 remelt circulars Nos. 2 and 3, appended to Ms
report, to be tuned to the various public depositaries
and disbursing agents of this department, by which it
will be mien that the object of the law has been carried
out, and in the mode prescribed, •s far as it was pawl
ble to do so. It is believed that tbs4regulations thus
adopted will effectually s-cure the deject which Coo
ereas had in view in the pawner of the act *tiffs= 3,
1851, and I wsuld recommend that, the law be so amorad•
int as to conform to these regulations. At all events,
some legislation is absolutely necessary on the Matirets
and I would ask the early attention of Congress to it.
The sum of two thousand Ave hundred dollars wee
appropriated at the last mules) of Congress " /9 twishhi
the Secretary of the Treasury to cause loch eXperi
meets and analyses of different beds of ore as to test
whether any of such ores, in their native state, poems
alloys that will resist the tendency to oxidise to a
greater extent than others, and to ascertain ceder what
circumstances they are farad, and where, in order to
facilitate the proper selections of iron for public works."
To carry ant the cldect in vlev..l caused cirentere to
be met to all iron-masters wleme names eonld be suet.
tained, soliciting specimens of ore bed hoe, and calling
for information pertinent to the subject, stud, in rem.
pilaue with the request, already a large teether of
specimens have been received and are being received
daily. The specimens are accompanied by letter meal.
footing great interest in the result. and communicating
leach valuable Information in relation to the production
of iron. which has become one of the great national Mi
di:tattled interests.
So soon as the specimens are all received aaderranged,
and the information which accompanies them has been
abstracted and collated, a competent chemist or metal
lurgist will be employed to mate the experiments and
analyse+. Conclusive evidence has already been re
ceived that a decided difference in the susceptibility of
different irons to oxydire does exist, and it is hoped
that the proposed analyse. will discover the cause.
However, should the experiments fell to this respect,
they will at least show the localities from which the
lout oxidizable Iron can be procured. Some idea may
be formed of the importance of being able to diesel
mlnate between irons as to their sneceptitility to
oxydise from the fact that the quota, awed by the
Government, in this department alone, since January.
exceeds 40,000,000 pomade; and the Navy and
War Departments may each wifely be put down for
equal amounts. The use of Iron capable of resisting
oxygen, for rigging. endure, chain-plates, elimilhing,
Ste , Is our commercial marine, would be Immense.
In accordance with the nettle/i
tiro sealed in the Secre
tary of e Treasury, be the join t resolution approved
February 26. 1851, to provide for ascertaining the rela
tive value of the coinage of the United Steles and Gnat
Detain, and Ruing the ndatlre valee of the unitary
coins of the two countries, I appointed Professor I. H.
Aleunder, of Datlintarith, eirenceselemer to ireaforwitle
the proper funatieueeles is (treat Staab+ laredathen bra
--Los of so seeLogi!oroi tet
the respeetive unite s hereafter he easily earl —..,
commensurable, Profteaor Alexander In now ins tandem,
and I expect the result of his misakm Till be embodied
in .statement and report from him at an early day,
which will be lad before Congress as loon u reeeived.
The jeint resolution to prevent the touoterfeithig the
coins of the United States, approved February 28, 1837,
empowered the Secretary of the Treamity to muse is
quiry to be made, by tiro competent arommiseloaera into
proceeees and means claimed to hare been discovered.
by 3. T. Barclay, Esq., for preventing the abessiou,
counterfeiting, sod deterioration of the coins of the
United States. Under said authority, I appointed Pro
fessore Henry Tethake and li. E. Bern, of Pennsyl
vania, and directed every facility to be afforded them at
the mint, in Philadelphia, to pursue their investiga
tions. I anticipate, at an early day, to communicate
the results of the raid inquiry to Congress, with my
opinion as to the probable value of the alleged disco
In the settlement of the 'recants of the Clerk of the of Representatives by the accounting officers of
the Treasury, a question 31060 no to the power of the
two Houses of Congress over their respective contin
gent Linde Under resolutions gassed by the Reese of
Representatives, the Clerk bad paid certain mune to dif
ferent employees of the Moose for extra rewires ten
dered by them, and the question was promoted to me
whether he could be allowed credit for reel payments
in view of the provisions of the act of March
1, /845, which was evidently intended to present
the application of the =Regent fund of Ibis two
Houses to such purpose.. My opinion was, that the art
of March 3, 1813, was still in force in this respect and
I accordingly held that the credit. could not be allowed
Tho reasons for that opinion are so fully stated in my
letter of June 30, 1857, to the First Auditor of the
Treasury—a copy of which accompanies this report,
marked 11—thet it isunnecemary again to discuss the
question. In conformity to the iroggestioce of that
letter, and for the remons therein given, I recommend
the pa cage of a law for the relief of the parties who
have acted under the different contraction placed upon
the levrby this department.
By the art of February S. 11.57, the President was
authorized .•to procure, by purchase or otherwise. a
suitable steamer as & reTterle cutter," and for that
purpose the sum clone hundred and fifty thousand dol
lars was appropriated. Under this authority proposed,
were invited for the building of such a reasel, and the
COI/tract awarded to Mr. Wm n. Webb, of New York.
He is progressing rapidly with the wort, and it is ho
llered that the vessel will be ready for service by the Ist
of February, 1853. The character of the contractor,
and the careen•l energy which hare been dtsplaye4 eo
far in the construction of this /learner, justify the
opinion that, when completed, it will be a meet that
will do credit to the service- The whole expense of
building and equipping the steamer will be within the
appropriation made by Convent
The report of the engineer in charge of the Bureau or
Construction is herewith submitted. marked 12 It will
fire a detailed statement of the expenditures in that
branch of the public service. There ere interesting facts
set forth to this nTortahich should not fail to attract the
attention of Congress Cy reference to the tables accom
panying the report, the number of pobtie bnildiege
erected prior to 1550, and their colt, will be shown, a•ao
the number authorized to be erected since that time, as
well no the propositions which hove been urged upon
Congress for the still further enlargement of the sys
tem In view of them facto, it Is submitted that Con
gress should either return to the practise of the Gor
ernir.ent prior to 18581, fg en adopt a spite= thet avoid
da justice to the differrift *reticule of the country. If
these public buildings are to be erected to the extent
indicated by the leglidetion . of the last few years, not
only justice to the different soetkes of the country, bat
economy and the public interest require that they
should be subjected to a system which will guard the
public interest against the unwise expenditures likely
to be incurred from the present mode of legialatiog an
the subject. No public t/Win: shoul•l be authorized
until an official report hse been male to Congress show
ing the necessity for its erection and its act.
Thu suplestiona male in the report of the engineer.
on the propriety of systematizing able clues of bueineae,
are commended to the emasideratien of Corgriess. Be
fore, however adopting the late legislation on the' ass=
jeet as the fixed polity of the Criernment. it wood he
well to consider AO expense which each a' system
will permanentl Y entail upon the treasury. The num
ber of custom - houses, court houses. and poet offices
which would Ito called for can hardly be computed with
accuracy, but our general inform Cleo on the subject is
sunicient co justify the opinion that it wesild be attended
with an exnense which would never be compensated for
in any &deal:days to the public service. My inn
opinion is decidedly against the system; bat if Con
gress adopts it, Ivo demons of placing it upon the meet
just and economical prinetples.
Among the tablet accompanying this report, I ear.,
chills' call the attention of Congress to No. 13, giving •
detailed account of the espenditures and receipts of tb•
marine hospital fund for the relief of sick and disabled
sesmen in the porta of the United States for the ftsc•!
year ending Jane 30,1337.
The reliefalforded at the hospitals belonging to ant
under the charge of the Government 14 no giester then
et other points, whilst the expense if mach larger.
This iv attributable, in a greet measure, to the nuins4
location of some of the hospitals, though there are,
doubtless, other causes which contribute to that revolt_
The propriety of dispensing with these pablie hospitals,
and returning to the system which cull exists at most
of our ports for the disborsentent of the marine hos
pital fund, is commented to the favorable consideration
of Mauer,.
Having called on the Prulient of the Lonisrille and
Portland Canal company fora report of its condition.
I herewith transmit the reeponse of that officer, market
14, from which Congresa can decide whether further
legislation on that subject is advisable
The report of the Superintendent of the Cast Furey
will be stibmitted to Congress nt an early day. It will
give &statement of the operations of that branch of the
public, service, showing the progress which bee been
made in it during the last !ices! par. Xvery reviser:co
in the expenditures of this service Wu been mode con
'intent with Ito prosecution on the present seal*.
The reports of the Tint Second. Third, Fourth, Filth,
and Sixth Auditors, and of the First and Second
troller'. Ile Commissioner of Customs, nod thase e rflt
Treasurer, Solicitor - and Register of the Tnialary
;marked from A to L, inclusive), are herewith sub
mitted They give a detailed account at the bantess
transacted in their respective offices.
The report of the supervising inspectors, marked IS,
will be found among the documents secompanying this
report, and gives the operations of the law under which
they are appointed for the past Lem.
The operations of the Light-House Board, with the
condition of the works under their charge, will be
found in the report front that body, No. ld.
A disposition on the part of the baud to curtail a
system which has been extended beyond the waste el
commerce should recommend it to the favorable consi
deration of Congress.
The duties devolving upoa those having charge of
this branch of ,the public. service bays been performed
with eatlaftictlon and ability.
All which Is respectfully submitted.
Seary of
Hen. Joan C. BEXCEINIIDGRcret, the Treasury
Vice President of the Euited Statia
and President or the Oat ate.