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$2,300,000, in 1830, to $24,500,000 in 1836; an entire derangement of the currency, as well as of the courses of foreign and domestic exchanges, ensued, until finally, at the close of 1836 and early in 1837, the banks of Europe, finding a great diminution of the precious metals in their vaults, principally caused by the influence of the “gold bill” and the “Treasury circular,” began to direct restrictive measures against those who were, either directly or indirectly, concerned in the commerce of this country.
When this restrictive policy was made known in the United States, uneasiness and alarm exercised their influence on the minds of the community, and as all subsequent intelligence from Europe only tended to increase this alarm, the State banks, throughout the country, became panic-struck, and commenced a course of curtailment, thereby rapidly reducing the value of property of all descriptions, and depriving their debtors of the means of meeting promptly their engagements; engagements which had been induced by the indiscreet prodigality of these very banks themselves, and who were finally, with a few isolated exceptions, compelled to suspend specie payments.
Your memorialists, in illustration of their views, respectfully submit a statement of the rates of domestic and foreign exchanges at New Orleans, during the ten years preceding the expiration of the charter of the Bank of the United States, and those which rule at the present time, and a statement of the rates of discount on State bank paper other than that of Louisiana, with the rates of premium on United States Bank notes; they have also added a comparative view of the rise in the value of property during the existence of the national bank and since its extinction.
The foregoing facts seem to your memorialists to demonstrate clearly— 1st. That the State banks without the control of a National Bank, are incapable of sustaining a well-regulated currency, and of furnishing a medium of negotiating the foreign and domestic exchanges of the country; and experience has, besides, shown their utter inability to persorm the duties of fiscal agents for the collection and disbursement of the Government revenues. 2d. That the want of a national and uniform currency is most severely felt by all classes of the community, and bears with peculiar hardship on the poor, by increasing the cost of all the necessaries of life, while the loss attending the transmission of funds from one part of the Union to another, is most oppressive on the internal commerce and manufactures of the country. 3d. That an uncontrolled system of banking, by giving an unnatural and most artificial value to property, produce, and manufactures, operates most unfavorably on the happiness and prosperity of the people.
Your memorialists, after the most mature consideration, and guided in forming their opinion by long experience, beg leave most respectfully to call the attention of Congress to the importance of establishing without delay a National Bank, with branches, in the basis of the charter of the late Bank of the United States, with such modifications and restrictions as the wisdom and experience of the enlightened representatives of the nation may suggest; the early action of Congress being more important, in order that the banks throughout the Union may speedily be enabled to resume specie payments, which, in the opinion of your memorialists, cannot be effected until a National Bank is established.
In submitting this memorial and its important object to the consideration of Congress, your memorialists beg leave further to state, that they have becn impelled to address you in consequence of the intimate and important connexion between the commercial interests of New Orleans and the agricultural interests of more than half the States of the Union, a moiety of the whole exports of the domestic produce of the United States being shipped from this city; the decp interest they therefore feel in the adoption of a measure by which the exchanges of the country may, at all times, be negotiated on terms favorable to the agricultural interests, on the prosperity of which our city is so dependent, induces them to believe that their prayer will be favorably received; and they, as in duty bound, will ever pray, &c.
SAMUEL J. PETERS, President.
Memorial of 3,355 merchants and traders of the city of New York, for the creation of “a Specie-paying Nātional Institution.” September 28, 1837, read, and laid upon the table.
To the honorable the Senate and House of Representatives of the United States in Congress assembled: The memorial of the subscribers, merchants and traders in the city of New York, in the State of New York, respectfully represents: That, in the midst of profound peace, embarrassed by no great political struggles, surrounded by all the elements of prosperity, we find our country involved in financial ruin; the hand of industry arrested; all harmony and concert in our monetary operations destroyed; all interchanges of property impeded; all internal exchanges embarrassed, and the whole nation forced to the desperate resort of a suspension of specie payments. Thus are contracts ren[25th Cong. 1st Sess.
Mode of Collecting Revenue in Great Britain and France.
dered insecure, public and private faith violated, the value of property unsettled, and the people exposed to the imposition of uncontrolled issues of irredeemable State bank notes. In addition to these disasters, new enterprises, which would furnish profitable employment to the laborer, the mechanic, and the agriculturist, are prevented; and, in fine, general considence, which, judiciously guided and controlled, is the safe basis of agricultural and commercial prosperity, annihilated. Your inemorialists confidently avow the belief, that the only remedy for these accumulated evils is within the jurisdiction of your honorable bodies; that it exists in the creation of a specie-paying national institution, obligated to perform such fiscal duties as may be required by Government, and whose energies and resources shall chiefly be directed to the collection of moneys, and furnishing of drafts on all parts of the United States, so as to effect an equalization of exchanges throughout the country. Such an institution, by extending its prosperous influences to the threshold of every citizen, would, your memorialists believe, prove a national blessing. In the creation of such an institution, two great objects, intimately connected with the well-being of the nation, would, in the judgment of your memorialists, be attained : 1. A resumption of specie payments, without which no safe standard of value can exist. 2. An equalization, so far as practicable, of the exchanges of the United States. As to the power of the Government to organize such an institution, no doubt, it is presumed, can now be entertained. It was exercised during the administration of Washington, and has received in some form, more or less direct, the sanction of all his successors. Your memorialists accordingly request that Congress will create such an institution as is herein suggested, by which great advantages will be conferred on the country, while the rights of the General Government and of the States may at the same time be scrupulously protected from encroachment and injury. And your memorialists, as in duty bound, will ever pray. New York, September 18, 1837.
MODE OF COLLECTING THE REVENUE IN GREAT BRITAIN AND FRANCE.
September 14, 1837, submitted by the chairman of the Committee of Ways and Means, and ordered to be printed.
Mode in which the rerenues of Great Britain are carried into the Exchequer. The public revenue of Great B, stain is gathered from the people by a class of officers termed collectors, except the stainp duties, which are collected by distributors of stamps. The money when so collected is paid over to a superior class of officers called receivers general, by whom it is paid into the Exchequer. The office of receiver general is one of high antiquity, and is recognised as being in existence by many ancient statutes. Originally it probably designated the receivers of the Crown rents and feudal charges, which constituted so _great a portion of the ancient royal revenue. Until the Commonwealth, thc revenues arising from subsidies, ship money, &c., were collected by the sheriffs of the several counties; but since the restoration, most of the payments into the Exchequer have been made through the receivers general. At present there are receivers general for each distinct branch of the royal revenue.
For the land far, there is one who is stationed at London, to whom the collectors of this branch pay or remit the sums collected at specific periods. For the assessed taxes, excise, &c., there are fifty for England, and one for Scotland. The receivers general of assessed taxes in England, have each a distinct district of country allotted to them, and make their payments into the Exchequer at stated periods, from weekly to monthly, according to the distance from London and their average amount of receipts. The term is generally about every 20 days. The remittances are, for the most part, through private bankers, excepting where the Bank of England has recently established branches in near and convenient situations. For the stamp duties, there is one receiver general for England and one for Scotland. The distributors in England remit monthly to the receiver general, generally in bills of cxchange running from 15 to 30 days. In Scotland the distributors remit weekly to the receiver general at Edinburgh, who remits by bills of exchange to the Bank of England alternately through the six principal private banking establishments in that city, three of them being jointstock companies. For the customs, there is one receiver general at Lon. don, who is bound to pay his receipts in money, drafts, bills of exchange, &c., daily into the Bank of England. These amounts are paid into the Exchequer weekly for each receiver, in the following manner, though for this and other payments three bank clerks attend daily at the Exchequer. The bank writes off the amount of the weekly payments in cash, which is expressed in a bank note drawn in a form prescribed for the purpose by the Lords of the Treasury; which note, duly signed by the officers of the bank, is delivered to the receiver general or his clerk, duly authorized, by whom it is paid into the Exchequer as so much cash. It is cypressly provided by law that this note shall be received at the Exchequer as cash. The receiver, upon such payment, is discharged for the amount so paid, and the bank made liable, and the sums thus made available for the public service—the note being evidence of the possession of so much public money by the bank, or rather being so much money itself—the forms of the Exchequer being satisfied by the placing the note received from the bank in the chest, under lock and key of the Treasury officers. The collectors of the customs and of the assessed taxes are specially authorized and instructed to make various payinents out of the moneys received by them to pensioners, officers on half pay residing in their neighborhood, local militia, and other public charges. The vouchers for such payments are probably received and passed to their credit as so much cash : so in the colonies the collectors pay over to the military chest, or paymasters of the army on the spot, and their receipts are vouchers for the payment, with the previous instructions. Statutes in which receivers are referred to as existing officers: Stat. de Saccano, 51 H. 3: Westminister 2d, 13 E. 1 : 34 & 35 H. 8 ; 7 F. 6; 13 Eliz. (Sce special report and evidence, A. D. 1831—2.) Other payments are made daily by various persons at the Exchequer, and in coin or Bank of England notes, which are now by law money itself—being a tender for all public and private dues, except by the bank itself. The three bank clerks take the money through the day, and on a wastebook the tellers charge it to them, and cause proper receipts to be given by the proper officers to those who pay it in. Tl.:ough the day the tellers give a minute to the bank clerks of the sums daily paid out of the Exchequer, and which those clerks pay out on the spot from the money they 25th Cong. 1st Sess.]
Grain imported within the last twelve years.
have brought with them in the morning from the bank, with the charge they keep in their own private chest, in the Exchequer. After 2 o'clock the receipts and payments of the day are balanced, and if the bank clerks have received more than they have paid out on accouut of the Exchequer, they pay over the balance on the spot, and it is put in the proper iron chest of the Exchequer. If they have paid out more, the iron Exchequer chest is opened, and the balance paid on the spot to the bank clerks. The local collectors sometimes take bank notes of the joint-stock companies, and of private bankers, but they have to remit funds which are equivalent to specie, or are a legal tender; and to do it weekly or semi-monthly, or monthly, as the distance and amount may require.
Mode of collecting, keeping, and transferring public money in France. 1st. Collected by local officers for different kind of taxes, and in specie or Government drafts of various kinds; which are deemed equivalent, and are kept in chests till paid out to creditors, or paid over to the local paymasters and receivers. 2d. Kept. It is mostly paid over to public officers and creditors on the spot or near, under previous instructions or special orders and drasts, e. g.—to pensioners; to holders of stock for interest; to paymasters of army or navy, &c. 3d. Transferred. The residue is remitted to Paris under direction of an officer, who superintends the movement of the funds, or what we call transfers, and is there kept in Exchequer chests; and it is done by conveying it in coin and drafts, or by bills of exchange. This is accomplished through the receivers general, who gather up and remit all not paid out in the several provinces or departments, by the collectors, paymasters, &c. What is wanted in the deficient provinces, is then remitted from Paris, if not sent across the country from the overredundant provinces by bills of exchange. A.—Both in France and England the national debts are so large that the balances on hand at any one time are small. B.—There is no authorized deposite in any bank, it is believed ; but if done in local banks, or in Bank of France, it is a private arrangement.
(; RAIN IMPORTED WITH IN THE LAST 'I' WWELVE YEARS.
Letter from the Secretary of the Treasury, showing the quantity of grain imported within the last twelve years, in compliance with a resolution of the House of Representatives of the 19th ultimo. October 7, 1837, read, and laid upon the table.
TREAscn y Der AntMENT, October 6, 1837.
Sin : In obedience to the resolution of the House of Rep. resentatives of the 19th ultimo, directing the Secretary of the Treasury to furnish a statement of “how many bushels of corn, wheat, rye, barley, oats, and other bread-stuffs, have been, during the last twelve years, imported from foreign countries into the ports of the United States, distinguishing the several ports,” I have the honor herewith to transmit a report and statement, prepared by the Register of the Treasury, which contain the information called for, as far as the returns on file in his office enable him to comply with the resolution.
I ain, very respectfully, your obedient servant,
LEWI WOODBURY, Secretary of the Treasury. Hon. J. K. Polk, Speaker of the House of Representatives.
SIR : Herewith is transmitted a statement exhibiting the quantities and values of grain and bread-stuffs imported into the United States annually, from 1821 to the 30th of June, 1837, prepared in obedience to a resolution of the House of Representatives of the 19th of September last. As the importations of these articles were very limited previous to the year 1835, and the details previous to 1833, from which statement No. 3 has been collated, were destroyed in the late Treasury building, the quantities imported into the respective ports are stated for the years 1835, 1836, and nine months of the year 1837.
I beg leave to remark that the barley, rye, &c. which may have been imported into New York during the years 1538, '6, and '7, are not included in statement No. 3, the returns from that port not specifying those items.
I have the honor to be, with great respect, sir, your obe. dient servant,
T. L. SMITH. Hon. Levi Wood huny, Secretary of the Treasury.
Grain imported within the last twelve years.
[25th Cono. 1st Sess.
STATEMENT No. 2. Continued.
1835. 1836. 1837.
Vermont - 2-- 79 - 715 215 54 24
Qswegatchie - 55 15 593 160 170 59
Total - - || 7,460 2,421 (161,552 63,346 |4,963 |2,539
RYE IMPORTED INto. 1835. 1836. 1837. Bush. Value. Bush. Value. Bushels. Value. Passamaquoddy. Wermont - - 7 $10 Champlain. Oswegatchie. So, has Sackett’s Harbor - - - 237 || $142 3,830 Buffalo. 3, $2,300 Oswego - - - - - 400 300 Genesee - - - - - 2,512 1,903 É. - * thston - - - - - 60,201 -. floo - . . iśii § altimore - - - - - 116,435 Alexandria. ,'i jo 69,861 Key West. Total - - 7 10 237 142 |202,289 || 123,549 BARLEY. Passamaquoddy - 316 126 Vermont. Champlain - - - - 7. 3. 16 12 Oswegatchie - - - 22 11 614 385 Niagara - - - - 75 7s Sackett's Harbor - - - 2,969 1,330 2,966 1,268 Buffalo - - - - 1,690 650 1,385 575 Oswego - - - 15,187 5,629 6,499 3,109 Genesee - - 1,77 717 Detroit. Boston. Philadelphia - 316 $190 430 260 Baltimore. Alexandria. Key West. Total . . .315||1902,472 |sso; Toso | 5,349
STATEMENT No. 3–Continued. CoRN. IMPORTED into, 1835. 1836. 1837. Bus. IValue. Bus. Value. Bus. | Value. Passamaquoddy. tool y - 25 $30 72 80 63 69 Champlain. Oswegatchie. Niagara. Sackett's Harbor - - - 359 462 Buffalo. Oswego. Genesee. Detroit - - |2,400 |2,696 || 4,213 4,718 3,759 3,759 Boston. Philadelphia. Baltimore. Alexandria. - || 128 || 1:44 6 9 Key West - - - - - 31 31 Total - - 2,553 |2,870 4,650 5,209 3,853 3,859 OTHER GRAIN AND MEAL. Passamaquoddy - - 15 Vermont - - - - - w &oin - - - - - 5,993 Oswegatchie. §. Haibo 2 || - - - d - 's Harbor. i. s ! - - - - 1,774 - 192 Oswego - - - - - - 4,000 Genessee. + Iletroit. Boston, Follow | altimore. Alexandria • - - - - 237 Key West - - - 8 - 2,872 | 9 Total - - - - 25 |14% | 204 'TREASURY DEPARTMENT, Register's Office, October 6, 1837 T. L. SMITH, Register. MEXICAN AFFAIRS. correspondence between the Department of State and the Merican minister, accompanying the President's message at the opening of Congress. LIST OF PAPERS.
Mr. Sanders to Mr. Dickins, 5th August, 1836. Mr. Gorostiza to Mr. Dickins, 21st August, 1836. Translation. Mr. Forsyth to Mr. Gorostiza, 31st August, 1836. Mr. Gorostiza to Mr. Dickins, 26th Aug., 1836. Translation. Mr. Forsyth to Mr. Gorostiza, 31st August, 1836.
Mr. Gorostiza to Mr. Forsyth, 3d Sept., 1836. Translation. Mr. Gorostiza to Mr. Forsyth, 9th Sept., 1836. Trans
lation. Mr. Forsyth to Mr. Gorostiza, 16th September, 1836. Mr. Addison to Mr. Forsyth, 20th August, 1836. Mr. Gorostiza to Mr. Forsyth, 10th Sept., 1836. Translation. Mr. Gorostiza to Mr. Forsyth, 12th Sept., 1836. Translation. Mr. Price to Mr. Mercado, 1st September, 1836. Mr. Swartwout to the same, 8th September, 1836. Mr. Martinez to Mr. Monasterio, 10th Feb., 1836. Translation. Mr. Forsyth to Mr. Gorostiza, 20th September, 1836. The same to the same, 17th September, 1836. Mr. Gorostiza to Mr. Forsyth, 18th Sept., 1836. Translation. Memorandum, 23d September, 1836. Abstract of letters from the President U. S. to Gen. Gaines. Mr. Gorostiza to Mr. Forsyth, 23d Sept., 1836. Translation. Mr. Gorostiza to Mr. Forsyth, 27th Sept., 1836. Translation. Mr. Dickins to Mr. Gorostiza, 28th September, 1836. Mr. Gorostiza to Mr. Dickins, 1st October, 1836. Translation. Mr. Dickins to Mr. Gorostiza, 13th October, 1836. Mr. Gorostiza to Mr. Dickins, 15th Oct., 1836. lation. Mr. Dickins to Mr. Gorostiza, 20th October, 1836.
Mr. Gorostiza to Mr. Forsyth. [Translation.]
WashingtoN, May 14, 1836. The undersigned, envoy extraordinary and minister plenipotentiary of the Mexican Republic, received at three o'clock yesterday evening, the note which the Secretary of State of these United States did him the honor to address to him on the 10th instant, in reply to his of the day preceding. The undersigned has made himself acquainted
| with its contents, and he, in consequence, submits to the
Secretary of State the present explanations, which he considers necessary for the purpose of completely and clearly exhibiting the motive which guided him on this occasion, as also the precise nature of the terms by which he meant to express his protest. The undersigned, in fact, does not perceive (perhaps from want of comprehension on his part) the value of the difference noticed by the American Government, between not authorizing General Gaines to go to Nacogdoches, and ordering him not to advance beyond Nacogdoches. The undersigned, on the contrary, conceives that it would not have been judged necessary to warn that General that he is not to pass beyond a certain determined point, unless he had been already supposed to have the power of advancing to that point. Nor can the undersigned admit the doctrine, that the troops of a friendly Power are authorized to enter of their own accord upon the territory of a neighboring Power, however benevolent be the end proposed, and even if the result be evidently advantageous for the latter. Such a principle would in fact destroy the very foundation of the independence of nations: for that which is done to-day entirely with the view of assisting