The nineteen millions of Treasury notes authorized by the act of
Congress of 1837, and the modifications thereof with a view to the
indulgence of merchants on their duty bonds and of the deposit banks
in the payment of public moneys held by them, have been so punctually
redeemed as to leave less than the original ten millions outstanding at
any one time, and the whole amount unredeemed now falls short of three
millions. Of these the chief portion is not due till next year, and
the whole would have been already extinguished could the Treasury have
realized the payments due to it from the banks. If those due from them
during the next year shall be punctually made, and if Congress shall
keep the appropriations within the estimates, there is every reason to
believe that all the outstanding Treasury notes can be redeemed and the
ordinary expenses defrayed without imposing on the people any additional
burden, either of loans or increased taxes.
To avoid this and to keep the expenditures within reasonable bounds is
a duty second only in importance to the preservation of our national
character and the protection of our citizens in their civil and
political rights.
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