Wheeling compiler. [volume] (Wheeling, Va. [i.e. W. Va.]) 1829-1831, 1830-04-21
N, ,r3ie ofdc Union. That tits so, will

ISL n
az Land Offices,
5000 Post Oluces,
1873 Rccciycgs Of Internal Revenue,
g. Narshoi.s,
33 Clerks OF Courts.
These. with other receiving officers,
which need not 20 be specified, compose an
.ogreoats of more than 5000 persons,
5r,S3ersed through the whole ofthe Union,
uh5 collect the public revenue. From
ire,e persons Inc government has, for the
Ier ye5rs preceding tue first Of Janu,r.
1850 received s2300S, $50 Il. his
sum has been collected lu eyery section Of
+ .h,s widely extended country. It has been
drsbarscd at other points, many thousand
miles distant from the places where II was
collected; and yet II has been so collected
and distributed. without the loss, as FAR as
+ the committee can learn, Of "A single dol
.,r. and without the expense Of d single
dollar 90 Gle governments That a curren-
cy. bv which the government has been
+ tlgs enabled Co collect and transfer such
'an amount Of revenue 20 pay ITS army and
navy, and ai,Its expenses, aud the naiIol-
LAD debt. IS unsafe and uuSound, caa'
not readily be believed; for there can be
DO surer test of It's sulIiciency, that The
simple fact that every dollar received ia
the form ola bank note, IN the rcmosIcst
parts orthe interior, Is, without charge,
converted into silver dollar, at every one
OF the v1s, number cf places where the ser
vice ofthe government requires ITS dis
bursement. The Secretary OF the ireasu-
rv. IN his report uftho Oh of December
1873 declares That, during the four years,
proceeding. the receipts Of the government
5ld amounted 10 more than ninety seven
millions of dollars, and That call payments
ON account Of the public debt, whether tor
interest or principals; all on account OF pen
sionv. an for the civil list; for the army; Tor
the navy; or for whatcver purpose "an'ed'
m any part of the Union, have been pune
uaIly met" The same officer states that
lit is the preservation oil q good currency
that can alone impart stability TO properly
and nrevent those fluctuations M 'is v'l-
NO. burtfl alike TO individuals and 20
uoull wealth. This advantage ... Da
has seryref 10 the community. b. r..1
mo within prudent limits is i-s-'s o.. 'a-
per- sc. sc
D Irth.s currency is rass sound AND
uniform for 'ro raE.r.ue''. ID A'. .'7S
90 the cnW..H
TIE h.-so. I'D. s-a1 currency ea5'a be-
fbr .-....ss metals. gold ana SILVER aaa
in O mixed currency o. paper circulating
with cold or silver. na cr1Fe--".a "."t'.
.ba great object o. be a;tdiuca rs. ua' ,A.
uapsr should be always equal 81" caa.o-
silver; that I-, It should always 5a axe
rh7rrrsblc for gold or s,lvcr. such "a
currency i- perfect uniting the convent
cncc of portable material with the safety
.ora metallic medium. Now, It cannot be
doubted. thlt throughout Tins whole coun
try ,ha circulating bank notes are equal TO.
specie. and couycru5iewto specie. There
NAV be. aud probably are, exceptions, be-
cause anoag banks, es among men, there
me some who make a show Of unreal
strength BUTT is fact so familiar to.
the experience of every citizen m the com
muritv as to be undendb.e that, m all the
Atlantic and commercial cities, and gen
orally speaking, throughout the whole
country. Che notes # the State banks are
equal 10 cold or silver. The committee
do not mean TO say that there may not be
too many banks, or that Insolvcncles do
not occasionally occur among them; but as
every bank which desires TO maintain ITS
character. must be ready TO make settle
me IS with the Bank oftho United States.
as the aren't of the Government or be nm
mediately discrcdted, and must therefore
keep It's notes equal to gold or silver. there
can be little danger to the community.
while the issues of the banks are restrain
ed from running To- excess, by the salutary
control of the Bank of the United States,
whose own circulation Is extremely mod
crate. compared with the amount otlts cap
ital. Accordingly, the fact IS, that the
general credit of the banks Is good, and
chat their paper rs always convertible INTO
cold or silver. and for all local purposes
forms n local currency equivalent TO gold
and silver. There Is, however, suPeradd-
ed TO this currency. a general currency
more known. more trusted, and more val
liable than the local currency, which Is
employed In the exchanges between differ
Ont parts ofthe country. These are the
notes of 'he national bank. These notes
are receivable for the government by the
5000 receivers, scattered throughout every
part ofthe country. THCV are, intact, IN
. Tie course OF business. paid ~ gold or SIT
ra though tisp arc not legally or HCccs-
sri'y so paid jg the 5raartes cf tie bark
. IN crav section ef the Union. 20 al com
morcnl places they are received ~ all
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