Alabama state intelligencer., 1831-01-26

N ed to its metallic currency? Now if it is ne cessary for that Government to employ paper Icfcdit for its operations, it is equally so fol the States, for they too, hryc precisely the same uses for it as relates to their Govern ment, and a much greater as concerns the people. But it may be said that thc States can make use of the Federal paper This is inn possible, because, as the Report has well said, the use of it by the Federal Government is not the same, nor alike, in all the States For instance, what would be the situation of Geor- | gia, if she had no other circulating medium but United States Bills? And Georgia is much better off than many of the otltes, be- ing large Atlantic State, and producing some of the most valuable staples known to the Un- icn. In some of the States, to their great pros perity, the Government uses millions of Fe- deral money, while lh others, so far as cm- ployed for hnbNc hnrfo8ea, it is scarcely known, and whatever is circulated there, over and above the uses of the Government. is done by the hrirate exploration, and to their private emolument, and what is infinitely worse, by wealthy persons and BROKE R s, who procure it fev the express purpose of specu- lation upon he wants and necessities of the people. But the mest intolerable idea is, that they withdraw their bills from circulation by
 
 these do All thelrpwn business with State pa per, at the same time miscarbly scandalizing this currency. Ices the Report dare sav any thing about Brokers speculating in State Bills, with knowledge If the extensive and proita- ble traffic carried tn by those persons in Uni ted States mcney? The Bank of the United States is not c0ntent with executing the Go vernment powers Itself, but farsooth it em- ploys Brokers to assist in this holy work, and they have been actually furnished with funds to complete the ruin, which has slipt through their deadly gripe. These deputy blootlsuck- CTS have been fastened Ike leechcs, upon the States, upheld by the Bank, to the utter pros traticn of the paper credit of the Stltes.- | Will it be contended that foreign cqhital, con tributng nothing to the support of the State Government, perfectly independent of it's laws, shall monopolizc that very business, mich rightfnlly belongs to it's own capital, it's own enterprise, better suited to the interests and convenience of its own s0cietv, because more intimately connected with it's resources? The General Government can command the paper credit of the States, by means of it's con troul of the metallic currency, to any extent which it's revcnuesm require, but the States can never command the paper credit of the Unicn, because by reason of the immense in- quarter, and the purchase of public lands, in another, they are the constant debtors of that Govern ment, and without paper credit of their own, they must suffer, both in the receipt and dis bursement of the public funds, and in the in ability of their citizens to meet their public and private engagements Besides the Uni ted States Bank cannot more than furnish one third of the demands of all the States, up wards of one hundred millions being required for that purpose.
 Tine General Government, after the public debt is paid, will have use for only twelve millions of dollars, and notwithstanding it has the exclusive power of coining money and regulating it's value, and of imposing taxes to any amount it pleases, it alleges the sur prising fact that it cannot perform it's opera tions without the aid of private capitalists, without applying to indiuiduat credh. And in order to obtain this aid, it confers the pri- vilege on these individuals of employing at least a capital of thirty-five millions of dol lar, and another enormous sum, as will be shewn hereafter, throughout the Union, in | almost the exclusive operations of Bank ere dit, producing a profit to themselves, and drawing from the bosom of the community a sum that would be aIhply sufficient to dis charge the civil list of the government, and
 
 into the public treasury, to pay five times over, the collection and transmission of it's funds, by private agents, even if carried in gold and silver, from one end of the Union to the other. What! the government not able to collect and pay out twelve millions without the aid of Bankerse Is its credit so low as that! There are many single individuals who wield as large capital, and with very great ease, with but half the advantages of the go- vernment. But say the committee Git IS fa- cilities" we want! We know we have the credk, the cahacity, but our officers want some one to do their business for them! An this is the great secret! Now here is all the advantage at last. The collectors receive bills and pay them into the Banks, and then their trouble ceases. They are exempt from the trouble of counting gold and silver; which the government could certainly require, and it would as certainly be paid, and they are rid of the risk of keeping it. The Banks are more than willing to keep it for the purposes of speculation, and thereby are well paid for what little they do in keeping and transmitting it from place to place. The collectors report to the higher treasury officers where they have deposited the public money, and these last by the easy and safe process of simple checks, transact the rest of the business, by which they are eased of world of trouble, though they receive for it a world of money. | As to the collection of the revenue, the Bank has nothing to do with it. this is done, or ought to be done by the officers of govern ment, who are well paid for it; it is generally deposited in Bank, but we apprehend it would CT could be made just as safe any where else, and itcould be brought to the public treasury or such other places of deposite as it might choose to establish, for the thousandth part of the profits made by the Bank. And as to it's future disbursement we shall speak hereafter. This brings us to the second object of charter ing the Bank.