The People's press, and anti-masonic Democrat. [volume] (Middlebury, Vt.) 1836-1838, 1837-09-12
MIDDLEBURY, sEPT4dBER 70, 1887.


which it is desired to extend such n peculiar fa-
vorS.
The various transactions which bear the
name Of domestic exchanges, differ essentially
in their nature, operation, and utility. One
class of them consists of bills ofexchange, drawn
for the purpose of transferring actual capital
from one part of the country to another, or to
anticipate the proceeds of property actually
transmitted. Bills of this description are high
ly useful in the movements Of trade, and well
deserve all the encouragement which can right
fully be given to them. Another class is made
up of bills of exchange, not drawn to transfer
actual capital, nor on the credit of property
transmitted, but to create fictitious capital,
partaking at once OF the character of notes dis
counted in bank, and OF bank notes in circula-
ton, and swelling the mass of paper credits to
vast extent in the most Objectionable manner.
These bills have formed, for the last few years,
large proportion of what are termed the do
nestle exchanges of the country, serving as the
means of usurious profit, and constituting the
most unsafe and precarious paper in circula.
ton. This species of traffic, instead of being
upheld, ought to be discountenanced by the
Government and the people.
In transferring its funds from place to place,
private citizen, and may resort to the same le-
gal means. 1t may do so through the medium
of bills drawn by ITSELF or purchased from 9th.
ers and in these operations it may, in man.
ner undoubtedly constitutional and legitimate,
facilitate and assist exchanges Of individuals,
found on real transactions of trade. The ex-
tent to which this may be done, and the best
means of efecting it, are entitled to the fullest
L. ! al
Secretary of the Treasury, and his views viii
be submitted to you in his report.
But it was not designed by the Constitution
that the Government should assume the man.
agement of domestic or foreign exchange. 1t
is indeed authorized to regulate by law the
commerce between the States, and to provide
general standard of value, or medium Of ex-
change, in gold and silver; but it is not its
province to aid individuals in the transfer of
their funds, otherwise than through the facilities
afforded by the Post Office Department. As
Justly might it be called on to provide for the
transportation of their merchandise. These
are operations of trade. They ought be con-
Quoted by those, who are interested in them, in
the---ne manner that the incidental difficulties
Of other pursuits are encoDntere3 by other cias-
ses of citizens. Such aid has not been deemed
necessary in other countries.
Throughout Europe, the domestic as we'll as
the foreign exchanges are carried on by private
houses, often, if not generally, without the as
sistance of banks. Yet they extend throughout
distinct soyereignties, and far exceed in amount
the real exchanges of the United States. There
is no reason why our own may not be conduct
ed in the same manner, with equal cheapness
and safety. Certainly this might be accom-
plished, if 1t were favored by those most deeply
interested and few can doubt that their own
interest. as well as the general welfare Of the
country, would be promotedby leaving such a
subject in the hands of those to whom it pro-
perly belongs. A system founded on private
interest, enterprise, and competition, without
the aid of Legislative grants or regulations by
law, would rapidly prosper it would be free
| from the influence of political agitation, and
extend the same exemption to trade itself; and
| it would put an end to those complaints of neg
ect, partiality, injustice, and oppression, which
are the unavoidable results Of interference by
the Government, in the proper concerns Of in
dividualS. All former attempts on the part o
the Government to carry its Legislation in thi.
respect, further than was designed by the Con
stitLtion, have in the end proved injurious, ant
have served only to convince the great body o
the people, more and more, of the certain dan
gers of blending private interests with tai
operations of public business; and there is nj
reason to suppose that a repetition Of them nov
would be more successful.
4 1t cannot be concealed that there exists, il
our community, opinions and feelings, on thi
subject in direct opposition to each other. A
large portion of them combining great intelii
gence, activity, and influence, are no dout
sincere in their belief that the operations o
trade ought to be assisted by such a connection
!, they regard national bank as necessary 70
this purpose, and they are disinclined to ever
measure that does not tend, sooner or later, t
the establishment Of such an institutional
the other hand, a majority of the people are be
lieved to be irreconcilably opposed to thu
measure; they consider such concentrate
ofpower dangerous to their liberties an
many of them regard it as violation.of tn
, Constitution. This collision of opinion ha
doubtless, caused much of the embarrassment
to which the commercial transactions of tn
country have lately been exposed.
has become political topic Of the highest il
terest, and trade has suffered in the conflict
parties. A speedy termination of this state
things however desirable, is scarcely to be e,
pected.
: We have seen for nearly half century, tn
! those who advocate national bank, by whatev
: motive they may be influenced, constitute pc
ton OF our community too numerous to allow
: to hope for an early abandonment of their favori
: plan On the other hand, they must indeed for
D an erroneous estimate of the intelligence and ten