Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-24
NUMBER Is


prpbsbie commercial effect Le, u- lock a, po.
lnical point 81 view.
The henorahe m,nhrf ,ays he heioups 10 the STATE
Rights party the, party pfeiesscs scmcihii of an ~
common love ~ liberty extraordinary tcnsitIhiv
60 al It's dangers and NJ those dangers most drcsd.
the uuion 81 ut political With the money pawsr. This
lea fem the authentic declaration 81 the gentle.
man Himself And now, Oh. itasscenden,nl conssten.
&, oh. meet wonderful conformity Of means and ends
Oh, exqni'jc mode Of gratifying hRb desires behold,
The honorable member proposes tha, the political pows
of the state shall take 60 itself to whole function Of
supplying tbr entire paper cen alton Il the country,
by notes or blls ~ It, issued al its own dscrc.
unn, Ia be pad DOT advanced To whomso,v
peasrs, ln dschaIsine the obligations Of government
b,urirr promise pa, sna 20 o. hcpi ~ circulation
merely by being made receivable az the treasury
The whole circulation Of the country. excepting only
that which Is metallic aud whch must always be small
Will thus be mace up Of mere Government paper,
sued tor Government purposcs and iedcemabis only IN
! payment OF Government debts In other words, the
cntirc means OF nF the whole q the
country Will be held 10y Government ~ It's own hands,
( aud made commensurate cNaruF, with ,is own wants,
purposes aud opinions the whole commercial husi.
50 Of The country being thus made sppcndagc
/ a. revenue.
Bot siriu order thai, may not misre present the hon.
orohe member, let show YOU iiulc distinctly
what his opinions are respecting this Government pa
| per
! the honorable member says. sr, that 10 make this
subIrensnty measure successful, and to secure II a.
cainst reaction safe md stable medium of crcu-
auon "to take the place Of bank notes tbs fiscal pp
crniiuus of the Government ought "a be ssucd that,
in the present condition OF the ord paper currency,
iurtn not almost Indispensable
financial aud commercial operations OF civilized and
extensive communities =, that The great desidefaium
to ascertain wha sctpuou Of paper has The rcqui-
site qualte OF beingfe from Auotuaon in values and
liability 10 abuse, the greatest perfection - that
bank notes do not possess those requisites IN degree
sufficiently high for this purpose And then he says
u 60 farther II appears to me, after berlowing the
best reflection can give the subject, Tint no convert
bic paper, that is, paper whose credit rests upon
ProatSc IL pay 10 suitable for currency -"pn what,
Then .hr osks) ought paper currency to rest ~ 81
/ v. Hu
" which fegula, the value Of every thing olse--tle
constant demand which Government has for lis neces-
IL then proceeded to Observe, chat there mghtbo
sound and safe paper currency Funded on the credit
Of government exclusively" THAT such paper, only
to be issued 20 those who had claims the roycin-
mrnt would, IN its hlh.tus state b" al or above par
with gold aud silver - that "nolhng but experience
Determine shnt amount mud # what d, nominations.
might be safely issued but that might be safely
Cd thathe country would absorb amount greatly
cecdng 10 annual income Alu h 81 its exchanges,
which amount to vast sum well rs IL banking bu-
sincas would rrvog" sboutt and many millions wod
thus be kept 10 circulation beyond the demands Of the
government
b. Hls scheme sir government in it, Disbursements,
su not TO pay money, hot 70 issue poper This paper
no otherwise payable redecmablr thau II nuy be
received at The Treasury lis expected 10 be let out
mach faster than u comes H. 80 t1 many millions will
lc kept IN circulation and it's hahiua character will
he 90 ur shove par with gold and silver Now SIR, II
there is 10 be found any where plain and obvious
prorsi Of paper money all It's deinnni,y, should not
know where 10 look Tor It
Ia the 6rsl place, sir have suggested the complete
union which it would firm, II u we're, itself pract-
- + cable. between the political and the money power.
The whole commerce al ihe country, indeed under
such aiatc Of Inw, would be little mole than sort Of
iucdcnt 10 Treasury opersiionstath collateral cn
anaion Of the revenue system than substantial and
important branch Of the pablic interest have refer
red also, 10 It's probable consequences Dpon that which
the gentleman regards "a great evil md which he
denominatfs "he Capitalization Of commercial action
Add now pray you to consider Nh President, in the
. next place what an admirable contriyancs this would
% a.. sl.a
nent which the gentleman has 80 much =, heart Re
leased from all necessity ofa xaton and from The
quuon responsibility to the people not called upon TO
regarj Of all the amount o! annual income; having an
Authority 10 Gauss Treasury notes 10 issue whenever
y phases,
"inmultituIcs like which the populous North
4 ronfea never from her frozen bins, 70 pass
Rhine, the Dauau =
what Admirable restraint would BE- imposed on Govern
mcpt, h0W doubiy would assurance be made for H.
that al ia Gpcudltures would be- strictly limited 10 the
absolute aud indispensable wants and demands Of the
e public service
ii Bot slr fortunately. very fortunately. 4 scheme
Wild, and which would be 50 mischeNous, Is totally i'm
practicable. rosis assumption, f1T Which here
~ the least f5undaou ilhfr IN czp-rence.
II takes Tor granted that hcb TIE history u every com
mercl STATE relates, and our own especially N almost
/ every page II suPposea That n"drrnisblt Govern,
cui paper circulate n te business Di sociey aud
be- kept pas his 30 IWpasslbiliy. The honor
able gentleman pets convertible bank notes, which
equivalent 20 spcc, since ihcy viii always command
I.
10 promise 10 pay Bat pToDe only g. be received for
j. debts and iarrsi and be- puts forth The mnginaon as
Lasa said often aud long refuied uist this pa
per 10 bee Kept IN circulation M tbr Csuntty, aud III
B, b. able perform ihe great business q currency and
Pc exchange even though exists n GGanttles eIcped-
lua. bY many rliihorr the demands Of Government
u q be necessary sr n tha day, 10 fcuf IDEAS ke
L.sr il mDs, be ec6use ths history OF Al countries,
. r4rD#u luciudfd, dead letter 30 Eve1 81 The
% yrry moment 10 which um sPraing, TIE su1D amount
K Of Treasury nprs which hoe been stusd BY govern
b. mrul hardly hib part of tr ordinary anuuai revenue
30 though iiasc uOtes bear nirTrs ~ i've ffF cent
though they az" fstrenaie IN cash al the Treasury,
4 AZ The cEprsuon Il tlr Ysaf-End though 10 The mean
b ug-. lh-y rscy wb'rr Ifceysd 10 Goyeihansnt
dur age u9t o1I ~ cs. value then specie bot 81 les
n value ss9 than tue noirs n npnspres'psy ug banks,
t.ofe hanis nbo,r osFcr Re dlly denonncrd here a.
y ttos ftFr arr In uy opinion, sir the bols scheme
Is BE- as tsaHafg ord ap1aeirablc - sny which The &c
/. aIas of pf. i.rt e,ef pradgced
Hf lrasl.I'. ieverd the riase n this speech ~
j. F.pt-r5ef. Efd 9fnFrph % which sevefsl other
I'd sp.jre's 40. broaeLl osrthef ard which mos ssA
b. prfn.ss. .H 20 reed
u. Hsv.ts commended t4e wise sui n,ilr bsafing Of
a Do e rfst-s Eebfs farv. ~ vheh b. ssys Il 10 hs
D.. fta ffH NfaErHf ~