Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1838-11-01

the public revenues when collected bu
the kind Of money in which they shall bt
collected. The mode OF keeping consti
tuies another branch Of the subject. 1t l.
said tina, the collection of the revenues in
the ordinary bank paper of the country
would be an interference with the curren'
cy; thatthc government lhos no conslilu'
tiJnal power TO operate on this subject
except its coming power; and that by
the collection Of the revenues IN gold aud
silver alone, all interference will be ayoi
ded. Now it seem3to me That the collec-
ton Of the revenues in. gold and silver
alone, is the most violent interference pos.
siblc with the currency, TO wit the con-
verlibIe bank paper, which it is admitted
on all hands il is both the wish and the m
tercst Of The people TO use in the transac-
ton OF their business. The business of
the government in the collection and dis
burscmcnt of its revenues is intimately
connected with the business Of the people /;
it is impossible 10 separate them. The
use by the government ofthe convertible
bank paper which the people of the coun-
try have universally adopted and consid-
cred as money is surely much less in
reference with the currency, than dog
ged demand for the very basis and sub
stratum upon which that currency rests.
The advocates ofthe sub-tresury say, the
government has nothing TO do with the
currency---it is unconstitutional for them
to NEEDLE with it, except in the regulation
of coin, yet it seems 10 me no scheme could
possibly be devised, which would operate
more directly or more fatally upon the pa
per currency of the country, than the spc-
Gle clause Of the sub'treasury project |
doubt much whether the banking system
could exist in contact with such pc icy.
at any rate lift existed at all, it would be
in precarous and uncertain condition,
shorn of its powers, dwindled in its extent
and always at the mercy Of the executive,
by reason Of his perfect control over the
whole foundation upon which ii rests.
That the common money Of n country
used by the people in all their transac'
tions OF business, should be suddenly anC
wholly ropudated and refused by the gov
crnment, is an anamoly in the history d
nations. All governments, wise or lgno
rant, liberal or despotic, receive in pay
ment oltheir dues the common currency
of the country, whether it be gold, paper
or cowrie shells. can perceive no rea-
son in favor of a return by the govern
ment to an exclusive metallic currency
which is not equally imperative in favor
of the same course by the people at large
But surely there is no one who lays The
slightest claim 10 Intelligence, who will
say, that the people OF the United States
would act wisely in entirely desertiag the
banking system under which they have
SO rapidly and eoininenty prospercd. l
look upon the credit system as It has OPP
Grated in this country through the medl-
UNI Of banking institutions as The most CT
ficient OF all the causes which have devel'
oped the resources and increased the
wealth of this Union in q manner unex-
ampledin the history Of the world Cred
it is tho child of confidence and confidence
is the result Of intelligence and good gov
eminent The banking sysIcmis credit.
regulated and restrained by law. 1t not
only affords the best possible medium for
the exchange Of commodities. but consll-
tides perhaps tho only mode through
which, in country rs extended rs ours,
the surplus capital Of one portion OF Tho
community can be made available for the
uses ofthe other 1t has given to capital
an impetus and'uselulness which exist no
where else. Capital in this country ne
yer lies idle. Its continually performing
its appropriate function oil reproduction
Il ever. where seeks union with labor
Those who do not choose to labor and yet
have ca ,,ital, furnish ii through the mcdi
UNI of this system TO those who wish TO Ia
Dor but have not sufficient capital. Hi'
to this we owe the unexampled rapidly
| with which our resources have been dc
veloped.
In Frunce the gold and silver is estima
, ted at something like double the amour
. ofth actual circulation; in other words
: one hal the money Of the country is boar
. ded and useless. What new lmpuIs
r would it give to the prosperity OF that ma
8 ton if this boarded capital was released
' married to labor and engaged IN the leg''
/. innate duty OF production. ''lncrcase ain
4 multiply is a command us appropriate
0 for capital as for man.. Suffice tito say
: | believe the banking system essential
: the prosperity and welfare of the country
c believe the Sub-Treasury scheme am
e at the very existence of that system, an
!. therefore opposed il. \ further bellev
- ~, ,ho nor,ion octhe scheme which re
o lates to the keeping Of the public NOME
/. by sub-trcasurers, is not only o1lectlona
= bic on account Of IFS gwithdrawin,g az
j boarding uplargo PORTIONS ofcapitaii who
:. might otherwise be continually productive
D. but also because, in my estimation, i !!
a. increases in an alarming degree the pow
IA or oC tho Executive, already too great