Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1837-12-26

lAllaa VI
they are needed fpr the Purposes of ex
, chahgc, and are NOW three pGr cont. a4boy,
the best bank pap9f ia vahle, an1 but tw,
per aHIs below spdric. They have thu
the lie proaeliy "a IS truce Of being below
tparx-that ia, beiowthe yplue;Df spccies-l
] But doabtifthis langung &c Is correct wher
n applied IA subjSct. Specie il no lon
GER ABORTION 6fthe cufreay itisaconi
modify for barte4, like hoR or tobacco
and oughtnqt To- be considered rathef thor
any other oonmV y, d standard d
value Cor the cur hey. x II il constituted
J la portionsof The cd1renty az the country
these drafisyunIesS mM Eplied beyend thc
: demand, would undoubtedly be og equa
; value with specie; becau$p they aTd need
ed for an operation which specie &anno
perform--to conduct the exchanges b
the country. But, sir, admit that these
drafts are below par, and that the bills
propose to issue viii likewise be below
par. where is the injury? The only Of
feet will be a mitigation ofthe tariff. and
a proportionate relief to the people The
importer will pay less duty by this depre-
ciated paper TO the Government, and will
charge less to thp consumer. \ The Gov.
eminent will onl qt collect what it does
not want, and 49,, in strict Justice, il
ought not to require. Tho worse evil
then under the paper issue | propose, will
thus be a benefit.
! Mr.. Chairman, there is another aspect
in which the paper propose to be issued
by the Treasury should be viewed, ID re-
lation to the exchanges of the countrA-T
mean its bearing upon the project Of
United States Bank. The great purpose
for which such an institution is needed, is
TO equalize exchanges TO afford a general
medium ofcirculation by which debts can
be paid, and money transmitted from one
quarter Of the Union to another without
great loss and expense. The local banks.
five are to Judge from the past, can not,
or will not. furnish such circulation
The inconvenience and loss, for want of
such a medium, are PROFESSIONALLY great;
and do not think will be long endured
In countries like England, or even France,
where the capital ofages has been accumu-
lated, and the facilities Of intercourse ac-
tually bring the remotest parts Of the
country into contact, the business Of ex-
changes may we'll be carried on without
aid or Intervention of Government or
banks. But, in a country like ours, young
in the accumulation of capital. and cover
ing such an immense space Of territory, i'll
may we'll be doubted if one or the other
of these instruments will not be necessary
to place the exchanges Of the country up
on an easy and proper footing. BY issu-
ing bills receivable in payment Of the pub /
lie dues, believe a medium will exist |
which may be made available in the hands
of individuals for all the purposes Of ex-
change; and which will entirely supersede
the necessity of Bank Of the United
States. To those who believe that such
un institution will be unconstitutional
ruinous to the State banks in he process
of bringing it into oporation-and danger
ous to the liberties of the country when
established, this view ought not TO be with
out weight Here Is a safe, constitution
al, harmless, selfcorrecting medium, by
which the dues to the Government may
be collected; the State banks left free to
resume specie payments with all their re-
untouched bv the Government;
and the great purpose of a United States
Bank supplied. You will also perceive
that, by this system, all the objections
which have hitherto been urged to a Trea-
sury organization, by which the Govern
ment is separated from the banks, and its
OWN dues collected, will fall to the ground.
II is practicable beyond doubt, if expert
snce is any test; it is safe, if banks, where
he funds may be especially deposited, /
ire safe; it is cheap, for a multiplication {
IF officers and chests and vaults will bel
It's currency Will be that |
,f the people; just that which they most
rcquirc-consistingof paper and the pro-
,ious motals-either payable. into the II
Treasury, as the public debtor shall pre- I
er. Ali the impulations Of design, by I
his system, of bringing the whole country I
Town to a hard money currency, ian at '
empt as wicked as it would Be impractical |
,le,j and ofdestroying the local banks, arc /
rendered pointless.
Let US now turn, Mr. Chairman, to the {
alternative scheme before thecommittee- :
hat submitted by the gentleman from Vir- I
yinia-the exploded pet bank project !
Time. sir, has set lis mark upon his sys- i
EN-. The Government has twice tried IL, i
md il has twice failed. Indeed, 50 gross s
md indisputabIe was its failure in 1916, i
hat the constitutionality Of the United n
States Bank, then chartered, was based n
mon the fact that the State banks were t
Incapable Of carrying on the fiscal opera 9
ions of the Government; and when, in f
1888. the experiment was again adopted, b
rs failure was predicted, 81 the prediction
mas been realized. And how, sir, can It De 9
,,bervise under such system? Eight b