State's Advocate

              ^.
THE STATE'S ADYOCATE.
LET OUR PUBIIC MEN «* BE JUDGED BTTaElft iHt^ASVtt1&3,''->-CraiVford*
I iffitUA
in.
MILTQN, NORTHUMBERLAND- COUNTY, (PA.) THURSDAY MORyiNG, JANUARY 8, 18S9.
No. 47.
¦MIINTKO AND  PUBLISHED BY '
^y/lWEED «§• E. H. KIJ\rCAW,
f H./10WI all letters on business relative to W "i^*^^' ""'^ communications for the \^,per, viust be addressed, post paid.
fKUMS.—Two dollars  per aonuni,
vable half yearly in advance, exclusive
^nos(age.    No paper discontinued until
" ' ara^es are paid, except at tbe option
Vheliditors.
REPORT
PIIO M   THP
cECREnnroF the treasury,
On ike state of the Finances.
["Read in Coaajress, Dec. 9, 18;^.] (^Concluded.)
Tbe increased consumption of foreign flrticlcs in the United States, during the last four years, as compared with the four that preceded, may, it is believed, jje ascribed in no considerable degree, fo the advances which home labour has jjeeti making in  various  ways, in the cduntry, since 182*.    The creation and sub division of home labour, must bring „ew wealth to this country, as they over have to other countries ; and with it an increased ability to buy articles of all kinds.   The re|)ort from this Depart¬ ment, within these  four years,  have respectfully but earnestly  urged upon Congress,  the expediency of fostering manufacturing labour, under the con xiction, deeply entertained, that in  its success is largely to be found the true j/iound work of financial   power.    It .vill ultimately unfold the means of pro¬ viding revenue for the   public  wants, when war or other external events, not to be controlled, may abridge foreign iiommeree.    How difficult it has been, heretofore, to obtain any efficient sup plies of revenue ftofti sources of internal iiidastry and wealth,  wheh -such vicis situdes  have   happened, the  financial history in times past sufficiently makes known, imparting admonition for the future.   The Department has no less strenuously inculcated the policy of im portant amendments in our commcrciai code, by lowering tbe duties upon for cign articles that were indicated, espe¬ cially teas ; by removing the shackles wbicH bind down the meralnaat in his trade of re-exportatioD ; and % a lib eral extension of the ware housing sys¬ tem, whieh, with the abolition  of all transit duties, might more  and more lend to  bring  the productions  of all parts of the world into depoaite at our ports,  thenee  to be distributed,   and prinetpally by our own ships, wherever markets might invite thera.    It was believed, that, with the establishment of manufactures at  home, foreign  com¬ merce would ultimately expand ; but it continues to be believed that the latter
as has been already estimated, to more
than ninety seven millions of dollars	
It belongs to this retrospect to state, that in the application of the whole of this sum to tbe various objects of ex- penditnre, designated by the laws, no embarrassment or delays, injurious to the public service, have happened. All moneys have been paid at the time, and at the place, where they were required to be paid, and to the persons entitled to receive them. This capacity in the Treasury to apply the pnblic funds at the proper moment, in every part of a country of such wide extent, has been essentially augmented by the Bank of the United States. The Department feels an obligation of duty to bear its testimony, founded on constant experi- ence during the term in question, to the useful instrumentality of this institution, in all the most important fiscal opera¬ tions of the nation. In faithful obedience to the conditions of its charter, and aid¬ ed by its branches, it has afibrded the necessary facilities for transporting the public moneys from place to place, con ^entrating them at the point required. In this manner all payments on account of the pubiie debt,' whether fur interest or principal ; all on a(>count of pensions; all for the civil list j for the army, for the navy, or for whatever other purpose wanted in any part of the Union, have been punctually met. The bank is also the depasitory, vvith its branches, for the public moneys from whatever sour¬ ces of revenue received ; aiding, too, in their collection : thereby giving safety to ihe keeping, as well as promptitude and certainty to the disbursemeut of the public treasure. It receives the paper of the State banks paid on public ac count in the interior, as well as else¬ where, and by placing it the credit of the United States as cash, renders it avail¬ able wherever the public service may require. By this course, a course not enjoined by its charter, it widens tho fields of usefulness and business to the State banks. Such, also, is the confi¬ dence reposed in the stock of the hank of the United States, that it serves as a medium of remittance abroad, in satis-
those of other countries, which other wise would make a cali upon the specie of the country for their discharge. Nor are these all the uses of this institution, in whieh the government participates. It is the preservation of a good curren¬ cy that can .atone imparl stability to property, and prevent those fluctuations in its value, hurtful alike to individual and to national wealth. This advantage the bank has secured to the community,
quently imposed upon the Treasury the necessity of meeting, by extravagant premiums, the mere act of transferring tbe revenne collected at one point, to defray unavoidable expenditures at an other; this is the state of things which the Bank of the United States has su perseded. In the financial operations of the nation, as in the pecuniary trans actions between man and man, confi dence has succeeded to distrust, steadi ness to fluctuation, and reasonable cer tainty to general confusion and irisk.— The very millon of dollars of fujids not eflfective, of which the Treasi^ry for many years has been obliged to ?peak, is but a remnant of tbe losses arising from tbe shattered currency, whieh the bank, by a wise management of its af- fairsy has cured. In conclusion, the mode of its agescy in large payments of the principal of the debt, is not to be overlooked. By itsi arrangements for them, it avoids the inconvenienceof too great an accumuliition of money in the vaults of deposite used by the giwern- ment, and of ihe vacuum that would succeed its too sudden distribution. It does this by anticipating, as the jjeriods of payment approach, tM (nsb|ir8enr>ent of a considerable portion of the stock, in the form of discounts in f^our of those who are to be paid off; th^eby enabling them otherwise to employ* tlieir capital as opportunities may offer: bjpforehand. In this manner heavy paym^ts of the debt are, in effect, made gnflually, in stead of the whole mass being thrown at once upon the money iriarkef, which might produce injurious ahpcks. So prudently in (his, and ottier respects, does the bank aid the operation of pay ing off the debt, that the.Community hardly has a conseiousnesji that it is going on.
An act of Congress wa/s passed on tfie 24(th of last May, direetiog the Se cretary of the Treasury to subscribe, in the name and fur the use of the United States, for ten thousand shares of the capital stock of the Cl^esapeake and Ohio Canal Company, ^n enterprize designed to open the shortest outlet be tween the   waters of tlieX)hio and the
faction of debts due from our citizens to Atj aqtie ocean, This duty  has been
performed; and it is satisfactory to be able tu state, that the national work which it is designed to advance, a work distinguished from kindred enterprizes to which Congress has heretofore lent its powerful aid, by its connexion with the National Metropolis, has been com menced. A, considerable portion of the line of the canal is in progress of exca vation, and under circumstances that promise   well  towards  the successful
by confining within prudent limits itsjprosecution of the whole work. In its issue of paper, whereby a restraint has completion, a large and enriching in will never get to its full height in thei been Imposed upon excessive importa | crease of home trade in this part of the United States, until aided by the laws in tions, which are thus kept more withini Union, diffusing its commercial and fis the ways recommended. The merchant,!the true wants and capacity of thecoun- cal benefits to other parts, ^m\ much of like th» manufacturer, requires, atjtry. Sometimes (judiciously varying!it concentrating in a district under the proper junctures, the helping hand of|>ts course,) it enlarges its issue, to re-'peculiar and exclusive care (if congress, Congress, and may suffer without it.—jJ'eve scarcity, as under the disastrous cannot but be witnessed.
Hence it has been tbe object, as it wasjspecutations of 1825.   The State banks, the duty of the  Department, to invoke following, or controlled by its general
legislative favour for both these great interests, under the belief that they Nourish roost when they flourish togeth¬ er; that in proportion as both flourish, in conjunction with agriculture, the in¬ variable feeder of both, is the public Treasury most likely to be kept full; and that all plans of finance that do not take the co-operating prosperity of these three primary interests of the State as their foundation, must prove fallacious or short lived. Such were the counsels of a departed statesman, whose name peculiarly lives in the records of this Department; who was first placed at its bead, directing its operations with a forecast so luminous as still to throw a guiding ligbt over the path of his sue eessors. His comprehensive genius, looking into futurity, and embracing in its survey all the interests that go to make up the full strength and riches of a great empire, saw the truth, now in course of corroboration by our own ex perieuce, that the protection and in¬ crease of manufacturing labour, far from stopping the spring of our commer¬ cial power, would but multiply and dif fuse them.
£nough of time has not elapsed to warrant any decided judgement upon the practical operation of the tariff of 1828. There seems no present reason for supposing that it will lessen cxpor- tations. If not, no scale of duties which it has created, will diminish the the foreign trade, or the revenue of the nation. It is manifestly what we send abroad, that must, in the end, give the true measure of what we are to reeive from abroad.
The moneys received into the Trea ^ury dupin^the last four years, amount,
example, have shaped their policy to¬ wards the same salutary ends—adding fresh demonstrations to the truth, that under the mixed jurisdiction and pow-
The retrospect intended fe here clos¬ ed. It looked to but two tilings: 1st, a condensed statement of fiie leading facts belonging to the histftry of the Department, at the terminatiod of one of ihose periods of time, into whicb the
ers of the State and National system ofj constitution has divided the movements
government, a national bank is the in strument alone by which Congress can effectively regulate the currency of the nation. When the Congress of the Revolution, under the severest pressure of financial difficulty, eslablished in 1781, the bank of N. America; when the Superintendant of Finance of that period prcdicteil that it would " become as usefid to commerce aud agriculture in peace, as to the government during war;''' when the same public officer, speaking from an arduous and enlightened expe¬ rience, subsequently said, that without that hank, imperfect as was its organi¬ zation, ** the business of the Department of Finance could not have been perform- ed;'' it affords a testimony, the memory of which is conceived to be not wholly irrelevant to that which is here intended to be borne, to the kindred, but better institution of our day. The policy of Congress having established a financial connexion between the Bank of the U. States and the government of the Union, it is conceived to devolve upon the of¬ ficer, whose post charges him with a close observance of that cimnexion, to report to Congress its practical effects. The benefits of a remedy become often most apparent by a recollection of the evils which called for it. A paper cur¬ rency too redundant, because without any basis of coin, or other effective check, and of no value as a medium of remittance or exchange, beyond the jurisdiction of the State whence it had been issued j a currency that not unfre-
Of the sum received as above, during 1827, the customs yielded upwards of nineteen millions and a half, and the salesof tbe ptjblic lands nearly one mil¬ lion and a half. The expenditures of the United States, for the same year, aaiounted to twenty two millions six hundred and fifty six thousand seven hundred and sixty four dollars, and four cents. The same document will supply a sppciflcation of the particu¬ lars, and show a balance in the Trea¬ sury on the first of January, 1828,of six millions six hundred and sixty eight thousand two hundred and cightty six dollars, and ten cents.
The actual receipts during the three first quarters of 1828. (document No. 3,) ace supposed te have amounted to eighteen millions six hundred and thirly three thousand five hundred and eighty dollars, and  twenty seven cents; and those of the fourth quarter, it is suppos¬ ed,  will  amount to Ave millions four hundred and  sixty one thousand two hundred and eighty three dollars, and forty cents: making the total receipts for 1828, twenty four millions and ninety lour thousand eight hundred and sixty three dollai*^ and ftixty seven cents ; whicb, added to the balance in the Trea¬ sury, on the first of January as above stated, gives  an  aggregate of  thirty miiiions seven hundred ar^d sixty three thousand one hundred and forty nine dollars, and seventy seven cents.    The expenditures of the three first quarters of the year, (same document,) are sup¬ posed  to have  amounted to eighteen millions two hundred and  forty  four thousand  nine hundred and seven dol¬ lars, and ninety one eents; and those for the fourth quarter, it is supposed, will amount to seven millions three hun dred and ninety two thousand six bun dred i\nA   three dollars, and  seventv two cents; making, for the whole year, twenty five millinos  six huiidred and thirty seven thousand five hundred and eleven dollars, and sixty three cents. This expenditure includes, as the items in the document will show, upwards of twelve millions on account of the debt a.nd will leave in the treasury, on the 1st of January, 1839, an estimated ba¬ lance of five millions one hundred and twenty five   thousand six hundred and thirty eight dollars, and fourteen cents. This balance will be subject to the ap proppiations of moneys for the service of 1828, that have nut as yet been called for, a sum estimated at three millions five hundred thousand dollars ; and in eludes the one million of dollars in funds not  now effective,  as heretofore ex¬ plained.
Esitmate of Revenue and Expenditures for 1829. Tbe gross amount of duties secured by custom house bonds, during the three first quarters of the present year, IS estimated at twenty two millions nine hundred and ninety seven thousand dol lars ; and the amount that will be secu¬ red during the fourth quarter, at five millions ; making an aggregate, for the whole year, of twenty seven millions nine hundred and ninety sc\ en thousand dollars. The debentures fur drawback of duty, issued during the three first quarters, amounted to  22,982,584 5£>
public policy, which have guided the present incumbent ih the performance of its leading duties. . So deeply do the finances of a State always enter into the estimate of its prosperity, often of its very existence, that he has at no time felt himself at liberty to take a restricted view of the law commanding him to make an annual report to Con gress « on tbe subject cf finance :" but puts himself upon the indulgence o that body, for having coupled with this annual performance of his duty, princi¬ ples and recommendations which he be¬ lieves eventually calculated, in the lan¬ guage of that law, to improve and in¬ crease the finances of the Union.
Thfe report will now proceed to state the receipts  and expenditures   of the past and present years, as far as ascer tained, and an estimate of those for the year ensuing.
The actual receipts from all sources during the year 1827, amounted, as will he seen in document No. 2, to twenty two millions nine hundred and sixty six thousand three hundred and sixty three dollars, and ninety six cts.; whicb, with the balance in the Treasury on the first of January, of that year, of six millions three hundred and fifty eight thousand six hundred and eighty six dollars, and eighteen cents, gives an aggregate of twenty nine millions three hundred and twenty five thousand and fifty dollars, and fourteen cents.-—
of the government; and, secondly, to a
general  reference  of the principles oftcents, and the amount outstanding on
the last of the third quarter, was g2, 261,798 5 cents of whicb $l,Oi>B,iii> 46 cents, are chargeable upon the rev enue of 1829. The amount of bonds in suit-aTlhe close of the third quarter, was S4»fi24,278 75 cents; which ex¬ ceeds, by §487,466 11 cents, the amount that was in suit on the corresponding day of 1827.
Making the proper deductions on the foregoing and other accounts, from the gross amount of duties secured in 1828. the revenue to be received from the cus toms in 1829, may be estimated at twen¬ ty one millions five hundred thousand dollars; that from the sales of the pub¬ lic lands may be put down at one mil lion ; that from the bank dividends at four hundred and ninety thousand dol lars; and that from incidental scources at about one hundred and fifty thousand dollars: makin.&; a total of twenty three millions one hundred and forty thousand dollars. The expenditures are estima¬ ted thus : For the whole civil list, inelu- ding miscellaneous objects, and the ten millions for the debt, twelve millions one hundred and sixty thousand dollars; for the military establishments, and objects in connexion with them, five millions and sixty thousand ; and for the naval, four millions, four hundred and twenty thousand: makings in the whole, twenty one millions six hundred and forty thou sand dollars;and giving an excesa of receipts for the year 1829, over its ex¬
penditure, of one million five hundred thousand dollars.
The receipts for 1828, were estima¬ ted at twenty two miiiions three liun* dred thousand dollars; but are likely U> amount, in point of fact, to above twen¬ ty four millions of dollars. The receipts for 1829 are estimated, as is seen above^ at twenty three miiliona one hundred and forty thousand dollars. It has not been considered safe to place them, by any decided anticipation, at a higher sum} yet there are appearances in thei commercial and political world, whichf In their further development, may carry the actual receipts of 1829, at least as far above their estimated amount as is likely to be the case with those of 182S. If, for example, without alluding to other contingencies, any continued or further activity in the demand forgraia and flour, should lead to heavier expor- tations of our produce than usual, with¬ in a few months to come, there would of' course be a reflow of heavier importa¬ tions. The revenue of 1829 would feel the effect of these, In increased receipts; because, even under the long credits al¬ lowed on duty bonds, a portion uf thfl^ duties that accrue within the year, are receivable within the year. But sucb events as these, although fit, perhaps* to be incidentally hinted at, are to be viewed with caution as the ground-work of any positive financial calculations.; and accordingly have not been adopted in that sense, upon tbe present occasions
Upon the whole, in bringing Ibis re* pnrt to a close, there is room for ming* ling a feeling of congratulation to the national legislature, with the statementSii which it has exhibited. The receipts of the existing year, greater by nearly two millions of dollars than had beea foreseen, with a prospect of income for the next scarcely less abundant; tbd receipts of the last four years, present¬ ing a large and gratifying excess over those of the four years preceding; tho foreign commerce of the country in a state of solid prosperity, from the im-r proving condition of its leading depart* ments of industry at home, and conse^ quent increase in the exportation of its products; tb« increaae of its tonnage^i that foundation of naval strength as well as commercial riches, keeping pac» with the Increase of commerce; the pub¬ lic debt annually and rapidly decrease- ing, under the application of surplus funds annually anil rapidly increasing; the public revenue preserved at an equal value in every part of the Union, thro^ tbe power of transfers promptly madtf by the Bank of the United States, with¬ out expense or risk to the nation, and the currency maintained in a healthful state by the same Institution :—Such m the great outline of the financial and commercial condition of the country;» condition the result of good laws faith¬ fully administered, and of the aggregated industry of an enterprizing and free peo¬ ple.
All which Is respectfully submitted^ RICHARD RUSH,
Tbeasuby Dbpartment»Y December 6 ^i^2$,   J
Human Activity.~~,A man trained to violent exercise from bis childhood, is said to be capable of distancing; the fleet¬ est horses, and of continuing his; course^ when they give up in weariness andex;- haustion. His muscular power isimi.- mense, as we See daily proved by tho weights raised with ease by common porters. However* the exertions of our ablest pedestrians give but a faint idea of (he full practised runner.—The cou¬ riers of Persia used regularly to travers 30 leagues in the space of 14 hours, and! some natives of Africa are reported ablo to outstrip the lion, the savages of North America pursue the swiftest stags with such rapidity as to weary and over¬ take them. They have been known to travel over the most rugged and path¬ less mountains, a distance of 11 or 1^ hundred leagues in ^Is weel^s tr two months.
A Challenge.—A little fop, conceiving himself insulted by a gentleman, who had ventured to give him some wholeaome ad¬ vice, strutted up to him with ao air of importance, and said," sir, yoii are na> gentleman, here is my card—consider yourself challenged. Should I be from home when you honour me with a call, I shall leave word with a friend to settle the preliminaries to your satisfaction." To which the other replied;" sir you aro a fool-^here is my card-M>onsider your nose pulled 1 and should I not be at home when yon call oo me, you will find fhat t have left orders with my servaot to kick you out into the street."
If such were the conduet of every man duels would be less fre^ent.