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Updated: May 26, 2025
This declaration, so taken, was to be regarded as if taken on oath, face to face with your accuser; and, although you had not the opportunity of being present at it, and of cross-examining the dying man, yet by law it was receivable against you." In vol. ii. p 380, Captain Grey says:
In these receipts is included a sum of near $5,850,000, received on account of the loans authorized by the acts of the last session; the whole sum actually obtained on loan amounts to $11,000,000, the residue of which, being receivable subsequent to the 30th of September last, will, together with the current revenue, enable us to defray all the expenses of this year.
The amount of duties secured on merchandise imported from the commence of the year 'til September 30 is estimated at $21,250,000, and the amount that will probably accrue during the present quarter is estimated at $4,250,000, making for the whole year $25,500,000, from which the draw-backs being deducted will leave a clear revenue from the customs receivable in the year 1827 of about $20,400,000, which, with the sums to be received from the proceeds of public lands, the bank dividends, and other incidental receipts, will form an aggregate of about $23,000,000, a sum falling short of the whole expenses of the present year little more than the portion of those expenditures applied to the discharge of the public debt beyond the annual appropriation of $10,000,000 by the act of March 3d, 1817.
We issue, therefore, a legal-tender paper money, receivable for all indebtedness, public and private, and not to be increased beyond a certain per capita of population. We decree a limitation upon the amount of land or money any one man can possess. All above that must be used, either by the owner or the government, in works of public usefulness.
Besides, a note, if paid, would be returned to the maker, canceled; if unpaid, it would be kept among the bills receivable, in the inner safe; in neither case could it have been stowed away among the old checks and drafts. This reasoning passed through my mind quickly, and I realized that that little piece of paper might play an important part in the tragedy after all.
A uniform currency was not provided, exchanges were not regulated, and little or nothing was added to the general circulation, and in 1820 its embarrassments had become so great that the directors petitioned Congress to repeal that article of the charter which made its notes receivable everywhere in payment of the public dues.
This declaration, so taken, was to be regarded as if taken on oath, face to face with your accuser; and, although you had not the opportunity of being present at it, and of cross-examining the dying man, yet by law it was receivable against you." In vol. ii. p 380, Captain Grey says:
In the course of the discussion the history of the Demonetizing Act of 1873 was brought out, and the degree of attention, or rather inattention, which was given to its passage, On proceeding to vote the Senate rejected an amendment by Mr. Morrill, providing that for the first year only 25 per cent, and for the second year only 50 per cent, of the duties should be receivable in silver.
Our circulation now embraces, first, notes of the national banks, which are made receivable for all dues to the Government, excluding imposts, and by all its creditors, excepting in payment of interest upon its bonds and the securities themselves; second, legal-tender notes, issued by the United States, and which the law requires shall be received as well in payment of all debts between citizens as of all Government dues, excepting imposts; and, third, gold and silver coin.
After defraying the current expenses of the Government, including the Interest and reimbursement of the public debt payable to that period, amounting to $18.2 millions, there remained in the Treasury on that day more than $2.5 millions, which, with the sums receivable during the remainder of the year, will exceed the current demands upon the Treasury for the same period.
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