Western courier. [volume] (Ravenna, Ohio) 1837-1838, 1837-07-13

be thought advisable and constitutional for
congress, as now empowered, TO resula,e
domestic exchanges, the before me- e4tioned
commissioners could do it without any
difficulty, but such as inveterate habit and
opposition might give rise to. These COM
mssioners being authorised by act Of Con-
gress 10 give bills ofexchange on all parts
ofthe Union, in payment of the amount
IN gold or silver, Tor unquestionable equiys
alenD Charging no more than the mere
cost Of transportation from where the bill
oil exchange is given to where il would be
payable, might thus furnish bills of ex-
change having great advantages over mer-
camille or bank bills Of exchange. Wig:
that being drawn on and after actual de,
poste of the hard money, there would be
no risk Of damages and could be no fail.
ure of payment.
Some such simple plan, it is with def
erence submitted, is possible, and would
succeed. At all events il is worth the ex
pertinent. once heard the present Pres
ldent Of the United States say that he had
understood that Mr.. Adams had declared
that FIVE hundred years hence, the two
Amerlcsn nnmes most salient in history,
viii be Washington and jackson. Aud
now, while the latter yet lives, but no
longer in the place 10 be adulaied, let US
co his unsophlsticated and unlearned, but
in!allible and ipfiexible natural sagacity
the justice to acknowledge that his polil.
cal economy was exactly that taught by
Smith, Say and all the scientific doctors Of
that difficult art. It was that leo much
regulation is an evil of government, and
that metal money Tor its immediate equiv
aIeni,) is the only safe currency. State
banks, much less than federal bank,
were not the regulators his iron will was
rivetled to, he was for hard money, and
no banks and do no. present events de.
monsifaie that he was rjght2 If, howev-
or, the time has past, when banks may
be altogether dispensed with, such as they
are lei US at least make the best OF them.
II when he took upon himself the respau,
sibillty of removing the public deposites
from the bank Of the United States. Gen,
jackson, with his gigantic popularity, had
then forthwith insisted likewise on specie
payments and none but specie payments,
his economical glory would have been
complete (; and by this time all the iinan-
cial, If not the momentary difficulties Of the
country would be over. l own that go"
vernment must now wage conflict with
habit. prejudice, interest, party, and what
are called capitalists, before il can estab,
Iish any substitute for banks Of circulation
for perhaps national bank Of corporation
and CIRCULATION. But the experiment must
be- made, and the late downfall Of the
banks is what may be termed q fortunate
occasion for it.
Let US take it as good omen. and
consider il fortunate and without looking
back 10 recrimnate, go forward with
firm but cautious step of determined trial.
The merchants are for the most part un-
friendly. But so they we're to the war OF
1919, to the recent threat of hostiliyies
with France and 10 The present danger OF
rupture with Mexico-all quareIs into
which they led the couniry. as they have
into the hank suspension. Without, there,
fore, questioning either their position Or
their patriotism, but looking to the fact
alone, we may be encouraged TO try some
simple system of hard money. without
apprebending their opposition now, as ii
has never heretofore proven insupera-
Bile.
Restoration of specie payments is a
great desideratum hut il is not the grsa.-
est. Lasting establishment Of them is
much more important i he banks, even
as they are, may be important agents in
restoring il; but il is not worth restoring,
lfthey are to remain as they are. 10 govern
the country and reyolutionise value. We
must nave permanent standard. II is
no part of the duty Of the federal govern.
ment to reinstate the fallen state banks.
1t is no part Of the duty Of even the
state governments. That is the busi-
ness of the banks themselves, Should
they, after the federal government by law
deals in coin alone, continue TO deal in
paper together, so be IL; such currency
may be useful for many local purposes. :
If the states suppress small notes. the
state banks may be rendered Useful ancl- !
larry institutions but not without that iu>
dispensible improvement. The effect. OF
an exclusive federal coin currency may
cause many Of the state banks to close
their affairs; SO much the better, if grad.
ually done. Although, at first, no doubt
there will be many obstacles to contend
with, in new scheme of currency, yet
will they be so serious as those through
which the late bank Of the United States
,r,ns. ..kli.oA Z, min IL, .mnu tr aanEla,