The finances of our country since the commencement of the revolution up to this time, have been in a more embarrassed situation, doubtless, than any other nation ever experienced. Since the commencement of the present administration, during the first year, there was at the disposition of the Executive, or in the Treasury, but five hundred dollars in cash. The several amounts which had been appropriated for specific or general purposes depended upon the sale of scrip, and that, by acts of Congress, was placed in the hands of foreign agents who were irresponsible to the Executive, having given no security so as to insure accountability, and furthermore, placed beyond the jurisdiction of ourselves. This imaginary and unfortunate expedient is now at an end, and has left the Government in a situation to afford the most ample redemption of all her pledges and responsibilities.
A boundless revenue to the country will arise from the opening of the Land Offices, and so soon as that can take place consistently with the positive provisions of the Constitution, and regulated by such enactments as will guard the public interest against fraud and imposition, it will meet the desire of the Executive, and promote the public tranquillity.
Owing to the financial derangement in the United States, from which our currency was almost entirely derived, and where it was hoped that this country could obtain a negotiation for five millions of dollars, our expectations have not been realized. By the last advices from our agents of the loan they had not succeeded, but regarded the prospect of success greater than they had been at any previous time.
The enactments of Congress authorizing the funding of a portion of the public debt, in connection with the issue of a half-million of treasury notes, is calculated in a short time to relieve the Government from embarrassment and establish a currency of her own, superior in value to any which can be introduced of the non-specie paying banks of the United States. The resources of the Government, which are pledged for the payment of the interest, and the redemption of our notes and certificates, are ample and unquestionable, and as long as Congress may decline issuing an excess of notes, or does not exceed a half-million of dollars, and that amount is received at the treasury, for all dues to Government, at par with gold and silver, we will have a sound currency, and one that will have credit in countries which have commercial intercourse with us. Five hundred thousand dollars will supply all the necessities of exchange among ourselves; and while it is received for revenue, and in payment for public lands, should it not be sufficient for the purposes of exchange, the precious metals will find their way into our country and supply the deficiency or scarcity of our currency, giving to it additional value. The issuing of a greater amount of notes than what would meet the actual necessities of a circulating medium (while the Government is continually receiving it in revenue, and paying it out for demands against it), would cause depreciation in its value, in the same proportion to the surplus amount that may be issued. As no experiment has yet been tried to ascertain the requisite amount, no possible prejudices can result to the country or to individuals by adhering to the present enactments on the subject until the next session of Congress, while, by pursuing a contrary course, it may involve our finances in difficulty irremediable.
The report of the Secretary of the Treasury is submitted to Congress, and is the result of much application and attention to the subject of finance, and em-
