Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-27

farer, or more equal
m ore favorable to the
But how would iht
the gentleman hmse
If his plan could p
the duties collected q
a Government paper
Treasury. He would
whatever. If the
Capitalization, | am q
not see Capitalization
this very proposition
allow me To ask, sir, W
eminent paper, IN the G
and circulation, natur
what points will it tend T.?
certainly, to the greatest
ton and expenditure to III
the metropolitan city. whef
may be. This is as inevItabN
Of water or the results Of al
two thirds of the duties be
New York, it will follow, Of
two.thirds of any Government
ceived for duties will be there
and it will be more valuable tn
elsewhere. The value Of such papN
1t would always tend, therefore, dif
to the spot where the greatest dem
should exist for II for that purpose.
not so at this moment with the outstani
Treasury notes? Are they abundant N
Georgia, in Mississippi, in Illinois, or in
New Hampshire? No sooner issued. tina n
they commence their march toward the
place where they are most valued and mos /
IN demand: that Is. to the place of the
greatest public receipt. If you want cor
centrailon. sir, and enough Of tiff yo'.
desire to dry up the small streams of com
merce, and fill more full the deep and al
ready swollen great channels, you will ACT
very wisely to that end, if you keep out oE
he receipt Of the Treasury all money buC
such paper as the Government may furnish
and which shall be no otherwise redeemabc
than in receipt for debts to Government
while at the same time you depress tbs
character ofthe local circulation.
Such is the scheme of The honorable
member in it's probable commercial effect.
Let us look at it in political point of view.
The honorable member says he belonga
10 the State rights party; that party pro-
fesses something of an uncommon love OF
liberty, an extraordinary senslbity to all
it's dangers; and Of those dangers. it most
breads the union Of the political and money
power. This we learn from the authentic
declaration Of the gentleman himself. And
now, oh transcenden,al consistency oh,
most wonderful conformity Of means and
ends oh, exquisite mode Of gratifying
high desires behold, the honorable mem
Der proposes that the political power of the
State shall take to itself the whole function
Of supplying the entire paper circulation Of
the country, by notes or bills of its own,
issued at its own discretion, to be paid out
or advanced to whomsoever it peases. in
dischargng the obligations of Government,
bearing no promise to pay, and to be kept
in circulation merely by being made re-
ceivable at the Treasury The whole
circulation Of the country. excepting only
that which is metallic. and which must
always be small, will thus be made up Of
mere Government paper, issued for Gov
eminent purposes, and redeemable only in
payment Of Government debts. In other
words, the entire means o! carrying on the
whole commerce of the country will be
held by Government in its own hands, and
made commensurate, exactly, with its own
wants, purposes, and opinions; the whole
commercial business of The country being
thus made mere appendage to revenue.
But, sir, in order that may not mlsrep.
resent the honorable member let me show
you a lttle more distinctly what his opln.
IONS are respecting this Government pa per.
The honorable member says sir, that to
On
iul, and TO secure 1t against reaction, some
safe and stable medium of circulation, ITO
take the place of bank notes in the fiscal
operations of the Government, ought to be-
Issued;" that, "in the present condition Of
the world, a paper currency, in some form.
# not necessary, is almost indispensable, in
financial and commercial operations Of
civilized and extensive communities :" that
1.-The great desderailm is to ascertain what
description of paper has The requisite
qualities Of being free from tluctualol in
value, and Liability TO abuse in the greatest
perfection !" that bank notes do not possess
these requisites in degree sufficiently
high for this purpose" And then he saws,
~ go farther. 1t appears to me, after be-
slowing the best reflection ] can give the
subject, that no convertible paper, that is,
no paper whose credit rests upon promise
TO pay, is suitable for currency" ION
what, then, (he asks ought paper cur.
rency to rest % Il would say" he an.
swers, "on demand and supply simply:
which regulate The value Ct every thing
else-the constant demand which Governs
ment has for lls necessary supplies" lie
then proceeds to observe, that there
might be sound and safe paper currency.
founded on the credit of Government ex-
c'usvely." THAT such paper, only to be
issued to those who had claims on The
Government, would, in its babrual state,
be at or bove par with gold and silver; !"
that "nothing but experience can determine