Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1830-04-12

AZ Land Offices,
s,OG4 Post Offices,
1874 Receivers of Internal Revenue.
81 Marshals,
SS Clerks of Courts.
These with other receiving officers, which need
not be specified, compose an aggregate OF more
than 5000 persons, dispersed through the whole
of the Union, who collect the public revenue
From these persons, the Government has, tor the
ten years preceding the 1st of January, 1850,
received $3.50, O6S,S55 II. This sum has been
collected in every section of this widely extended
country, 1t has been dsbursed at other points,
many thousand miles distant from the places where
it was collected; and vet it has been so collected
and distributed, without the loss, las far as the COM
mittee can learn, of single dollar, and without
the expense of a single dollar to the Government.
That a currency, by which the Government has
been thus enabled to collect and transfer such an
amount of revenue to pay its army and navy,
and all its expenses, and the national debt is un-
safe and unsound, cannot readily be believed:
for there can be no surer test of its sufflclency
than the simple fact that every dollar received IN
the form of bank note, in the remotest parts OIL
the Interior, is, without charge, converted into
silver dollar, at every one OF the vast NUMBER oil
places where the service of the Government re-
uuires its disbursement. The Secretary oil the
treasury, in his report of the 9th of December,
1893, declares that, during the four years pre-
ceeding. the receipts Of the Government had a.
mounted to more than ninety-seven millions OF
dollars, ant. that " all payments on account OF the
public debt whether for interest or principal; all
on account of pensions all for the civil list; for
the army; for the navy: or for whatever purpose
wanted, in any part of the Union, have been pune
tually met" The same officer states, that ut
is the preservation of good currency that can alone
impart stability to property. and prevent those
fluctuations in its value, hurtful alike to ndEid-
uas, and to national wealth. This advantage,
the Bank has secured 10 the community, by con-
filming within prudent limits its issues OF paper,
&c. &c. -.
Cd. IF this currency is thus sound andnniform
for the Government. it is not less so to the COM
munity.
The basis of all good currency should be the
precious metals. gold and silver; and in a
mixed currency of paper circulating with geld or
silver; and convertible into it, the great object
to be attained is. that the paper should be al
ways equal to gold or silver; that is it should al
ways be exchangablc for gold or silver. Such cur
rency is perfect, uniting the convenience of a
portable material with the safety Of metallic
medium. Now it cannotbe doubted, that through
out this whole country. the circulating bank notes
are equal to specie, and convertible into specie.
There may be, and probably are, exceptions; be-
cause among banks, as among men, there are
some who make show of unreal strength. But
it is a fact SO familiar to the experience OF every
citizen in the community as to be undeniable,
that. i'm all the Atlantic and commercial cities,
and generally speaking throughout the whole
country. the notes of the state banks are equal to
cold or silver. The committee do notmean to say
there NAV not be too many banks, or that msol-
vencies do not occasionally occur among them;
but as every bank which DESTROYS to maintain
its character, must be ready to make settlements
with the bank of the United States, as the agent
of the Government, or be immediately discred-
tied, and must therefore keep its notes equal to
gold or silver. there can be little danger to the
community while the issues of the banks are re-
strained from running to excess, by the salutary
control of the Bank of the United States, whose
own circulation is extremely moderate, compar-
ed viii the amount of its capital Accordingly,
the fact is, that the general credit of the banks
is good, and that their papers always convertI-
BILE into gold or silver and for all local purposes
/ forms a local currency equivalent to gold and
silver. There is, however, superadded to this
currency, a general currency more known, more
trusted. ana more NaluaDle tndtl tne local CuiTei-
CIV, which is employed in the exchanges between
different parts of the country. These are the
notes of the national bank. These notes arc re-
ceivable for the government, by the nine thou
sand receivers, scattered throughout every part
of the country. They are in fact, in the course
ofbusiness, paid in gold or silrer, though they
are not legally. or necessarily, so paid, By The
branches Of the bank in eue,y section Of the Uni
on. In all commercial places they are received,
in all transactions, without any reduction in val
ue, and never under any circumstances, does
the paper from the remotest branches, vary be-
yond quarter of one per cent. in its actual ex-
change for silver. Here then is currency as
safe as silver; more convenient, and more valua
able than silver, which, through the whole west
ern, and southern, and interior parts of the Uni
on, is eagerly sought in exchange for silver; which
in those sections, often bears premium paid in
silver; which is throughout the Union equal to
silver in payment to the Government and pay
ments to individuals in business; and which,
whenever silver is needed in any part of the
country, will command it, without the charge of
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