U  I  N  C  Y    ABCUS    1ND    [LL1  NOW 


i  O  U  N  I  Y    I,  A  N  U    IIECIS  T  E 


'v.:,: 


:  Union  In  Interna!  I'D 


of  the  dangers of  sue 


r-  ■      !o  rHioc  an  oK.-ouMientd  1  reasury 


(he  «,.,;,-  rKe.aii.lziad-i.ll)  ''J^" 
Iv         ■  -i ;^i.-c<l  i.'U  '■'  "'■■•'I   "I  I"" 

.liici-ol  i li.  ,,  labor.    U  he  in  I')"  ihe 

.lr|ni-uiilit,i,  in  i  on;'  i|Ui.'ini'  1. 1  'llit  ijuaii- 

(II)  Ol    paper  ||>  C  irt  ill  i(  :.-<;.  «  .i^Ci  as  Well 

that  tin-  whole  effect  of  the  adulter- 
is  a  tariff  on  our  Ilium-  iiulu-li)  loi 

l lie  In  iifl'ii  ■    thei  I iii  -  n  In  ir  gold  .mil 

ii'  |. i*i-  .Hid  in. '.hi. mi  uiiiIuiiiiiU 

id  moderation  in  prices.  Jt  is  then  per- 
ived  that  the  enhancement  of  the  price 
land  and  labor  produces  a  coircspond- 
g  increase  in  the  price  of  product;,  un- 
these  pn  ihifls  do  nut  sustain  a  rornpc- 

id  thus  holli  manufactured  and  agricul- 
ral  [>roduetioii3  cease  to  bear  expona- 
)n  from  Ulc  country  of  the  spurious  cur- 
ncy,  liec.iiisc  they  cannot  he  sold  for 


,.i.  i  .1,  ...i  ii,.. i 


1  he  super-cded  h\  (he  p.tper  of 
>  a  general  currency.  A  value 
M     hed  (<■  ;h<:  join  i  mil-  v.  In.  h 


-loppa",,-   mI  - 

l '  ni  ■'  r  i 


of  llu-  I ' nili  J 
Mn  i.. i  i 


table  than  their  retention  and  use  at 
:  as  money.  It  followed  as  a  matter 
nirse,  if  not  designed  by  those  who 


■  !.c:*.li:.lli'4 
■'IT'"  1,1 

ot  be  possible,  by 


Although  il  may 
IV  legislative  mean' 
i  chance  the  system 


-no  :hi  '-  iieneil  by  us  undue  extern 
That  (he  efforts  of  the  father;  of 
our  Gniernmcnl  lo  guard  against  it  by  a 
uimn  J  provi-mn  wc  it  founded  on 
an  intimate  know  led-.'  of  the  -object, 
"   s  been  frequently  ali---tcil  by  the  better 
pcrience  of  the  country.    The  same 


|.ui-j  -.  n 

in  i  .■illiisL;  I 


t  of  incorporations  for  b 


it  i-  lo  be  hoped  lh..(  I  lie  oppor- 
clfei  tin-.;  (in-  great  good  will  l„> 
before  the  country 


without  r.-L'-'i  1  I"  (In-  piiiuiph  -  ! 

'laid  ii)  tin-  general  trade  of  the 
With  us,  bank  issues  constitute 
currency,  and  must  ever  do  so  un 
are  mede  dependant  on  those  juit 
lions  of  gold  and  silver,  as  a  cir 
medium,  which  experience  has  p 


propoili.m-.uc  not  inhi-ed  mlo  the 
i  .l    | . i  u  i  -  in-i  l    i  ny    .n  ,  nnhng   to  the 

bility  of  property  must  stand  expi 


(ion  of  the  currency, 
issues,  is  nlwava  attcn, 
ahoiing  clasps.  Thi 
mm  ly  ban  in  tliei   i  ii,! 

money  market.  Eugag. 
Iny  in  their  useful  toils,  tin 

r  the  same,  or  even  som 
they         -really  i  educed,  in 

d,  they  arc  inclined  at 

i,  by  u  In  in  llu-  iipeialimi  jv 


This  is  the  process  by  wh 
ished  by  the  paper  of  the 


,':.x: 


■  eiil-.  (npelbl  I 

„„-l,l,,l  l.y.lu. 


i.  In  the'  n  S  i.l  -  \,  i  ,1  "1 
,  [  i ol  hiniig  the  hi  i.  illation  of  in 


-  iid-i  \«  iin.uieiilh  mlo  (he  rut- 1 
)f  the  country,  and  place  it  on  a| 
foundalion.  It  is  confidently  he 
hat  the  country  will  find,  in  the 

V,i,u  I.  .,.k...l  :h..l  „,dlh, 
happy  t  nii-,-.|i|.-|ii  whn.li  will  hai  c  Lie 
-in 'I,  much  lo  commend  and  nothing  to 

linins  for  Con^ic-s.  M  llu  y  ;p[jn.\ ■- 
the  policy  win,  -,  di'l  ited  lln-  m a),  r,  :■■ 
iollnw  1 1  up  in  il-  v.irmn-  I.,  iriurjs.  Much 

good,  n,  my  |iiil-en,ciit,  »,.uld  l„  |  In,  ■ 

'  by  prohibiting  -ale-  ol  (he  piibln  land- 
?.eptto  actual  settlers,  at  a  reasonable 

i'  which  shall  he  sold  to  them.  Although 
is  believed  the  General  Government 
ver  ought  to  receive  any  thing  but  the 
istifutional  currenry  in  exchange  for  the 


ral,atid  to  the  new  States  in  par 

rofound  consideration  of  Cmigies 
>ricn<  o  continues  to  realize  the  e\ 
onscntertained  as  to  the  capacity  o 
.lie  haul,-  to  p'  i  lor  in  the  dull.  -  o 

'  the  removal  ot  the  depo-iti I 

■cr  might  be  the  ri  gulafmn-  ol  :h. 
Tn  i -  1 1 y  l>-  !■  n  :m  n  bl  ii-i  in  if:*.  il.< 


il  dome-tic  exchanges  performed  i 
^h  discounts  by  the  United  State-  i 
Bank  and  its  twenty-live  branches  were 


■  bank-  fir  an  emi  ■!  p'  nod  .. 


'bly  bellblbwcd'o^indue  time  by" the 
met  men  t  of  Slate  laws,  banishing  from 


;:;!::: :: 


r  Cou 


ly  promoted 

ioi  bidding  ihe  employment 

ot  low  denomination:-,  and  tlnow 
iiiijm  dun. ni-  in  the  way  Ol  the  i  iiculaln 
of  gold  and  silver. 

and  over  is-iies  „l  km!,   p  iper,  h  i 
en  strikingly  illu-iraled  in  the  sales 
I  ..-  .    l  iom  the  returns  mai 

i  l  ived  that  the  receipts  arising  from  tl 
sales  of  public  lands  were  incieasins  to, 
unprecedented  amount.  In  effect;  howc 
,  these  receipts  amounted  to  no  mo 
in  credits  in  bank.    The  banks  lent  o 
;ir  notes  tospeculators;  they  were  paid 
the  Receivers,  and  immediately  return 
to  the  banks  to  be  lent  out  ag  nr.  and 
.g  ,.n.  hem:  rn.  le  inMiuineni-  (o"(ian-b  i 
-pe,  uhl  ii  .  :lie   mo-l    lain  ibl,-  piibln 

land,  and  pi 


,iK 


other;  for  no  s 
individual  or  company  paid 
an  the)  were  in  I  ■:■  h  ! 


,  and  render  it  doubtful  whether  tin- 
ccrcdits.il  permitted  to  aecumulat 
Id  ultimately  be  of  the  least  value  I 
The  spirit  ■  i  ■  vp  m-  . 

ut  pervaded  the  who 
cs  throughout  the  Unit 


o,i  w  i^.jmt.  n-eto  new  insniui 

The  safely  of  the  public  funds,  i 
itercst  of  the  people  generally,  leijuircc 


adopt  all  legitimate  and  proper  means 
produce  that  salutary  effeccct.  Under  lb 
view  of  my  duly  I  direc  ted  the  issuing 
the  onle.  which  "ill  helaidbefo.ejou! 


fi.-sl  of  October  last 
ais;  the  amount  trail! 

,bV,'.'  w.i-*1  il!)i),ii(K)", 


w..-;;;i.:;i'i.> 

•b.    (ilh  Ml  > 


gotiatcd  previou 

di  p.  -  lr  ,,  t.  u,  it  L',  [„  i  illy  b,  |,,n  (l,o-,- 
barj,-d  by  lla  |J  ml.  ,,1  the  L'mled  Slate-, 
nd-  pend,  idly  of  tin  -e  -enn  ,  wl:..  i. 
re  far  giea'er  (ban  tin  -e  ; coder,  ,1  In  :h. 
United  Stab  -  Hank  and  it-  tw<  nty-liv 
number  of  the  dDposile  banks 


iircm  i.  imp. .a 


llie  eld-   wl,a  II  l(    «  I-    I  •  I,  the 

strugalc  to  procure  a  renewal  of  its 
ter.  "It  may  be  thus,  too,  in-some  dc 
with  the  further  steps  which  may  he 


linued  to  assift  in  provi 


hcneacially.    To  this  i 


,e\\  as  Ku 
Hies.  By  preventing  t 


p.-ivad,  ci 


lie.  -  r.dit  -y  -iem.  U  m-   d v  .  n I  mT  I )n- 

pKUiie-  m  n  |  'ii'-:  -1  '  1  ;||i 

b,,„|  ib,  p,ib|„  I...,.:--.      It  h.-  '■oded  i,. 

pmpn.  lei-hip.  one  of  Ihe  greale-t  o'.Ml.,- 
,  |e-  (o  (he  adva.itein.-nl  '•'  a  new  eonn- 
tiv  and  (he  pio-peill)  of  an  obi  one.  Il 
has  tu  ■:■  d  |„  l,e<  p  ■  pen  ihe  pnbln  land- 
for  ei.t.y  by  eio-.:i aot„  at  Coicmmenl 
.  ,.  .        n  i,  .  d   ,1  lb.  a  bcii.i:    ,'.!ii|"  H-  '1 

I..  I  !.a,e  ol  -pemlalols  a(   double  or 

iribb  pme  .  And  ,1  is  .ninei.iii:  mlo 
(',e  mlencr  laru-e  Minis  ,n  -ilver  and  gold 


