Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-03-19

OF IT, II he thlnl It conducive 10 the public interest
\ man mas receive, undft IN appropriation law.
Slo,ooo' and applies IL Nh, Secretary for pay mcut
" here will yun receive il ; he is asked On New
ofk How In d,aits from So To $500 Nj,
SECRETARY viii give him these drafts accordiug-
~ upon hank note paper, impressed like aud
stimulating bank notes, having all suitable emilia
zonfy. seemed hy my friend the Treasurer (wloSr
excellent practical sense, and solid aud sound lnhs-
men', II he had been The head Of the Treasury IN
stead OF Mr. Levi Woodbury., when the Suspension
VI specie payments took place, would have rcllcvs
ed ~ milgatcd the pecuuiry emblitasslnent> OF the
Government and the Pcope,) eounler>leocd h., the
t"mlhrollrr and filled up IN the usual Nay OF bank
notes. Here Is one ol tliem, sud Nj CRAY lie
here held up to the eahe Of the Senate a Treasury
more ha'laG all the appearance Of bank note col
oicd, engraved aud executed like any other bank
note, for $50 This, continued Nj. CLAY, Is =,
Government post note put INTO cnlatron pard OUT
AS money and prepared aud scnt lo,th gradually to
aoehston The People OF this equity To Government
paper.
have supposed $40 coo 10 ho received IN the
'node stated by person entltlcd to receive It under
IN appropriation law. Now. lei us suppose what hc
VIII d" with II. Anywhere To The South or West IL
VIII command a premium of nom Two 10 five per
cent. Nowhere IN the Iultrd States will il be ui,.
der par. DO you suppose that the holder of these
drafts would beioul enough convert them into spe-
cir Ia be carried and transported u hl. risk Do
You thinh tIIi hr would not prefer thai tins money
should hr the responsible custody al the Govern
lnrh rather than IA his own insec u,e keeping DO
YOU think he Will deny TO hfmscli the opportunity of
realizing HE premium at which he may be perfectly
surcl The greatest ri the county Is medium
OF general cllcnlaon. aud of uniform value every.
where. That especially, Is our want IN the West
ern aud IN crior STATES. Now, ere IL eNart, suc
amedrum; and, surprising the Government bank
10 be honestly aud faithfully administered, II viii
dung such an ADMINISTRATORS hr Ilc best convert
BILE paper muney III the world, ioi two rcas ms. The
drslls thai every dollar OF paper out will be the re
preventative 81 dollar OF spctIn IN the hands ol the
receivers general, brother drposaues; an!, second
", II The receivers gcueal should cmb zle the
pnb.ic money. III" responsibility OF thr Government
TO pay the drafts issued upon the basis oitat n,ouc,
would remain nuimpaItcd. The paper. hrr tore
would be rs lar superior 1.-The paper OF any private
c"lpolalion rs thc dbhly and resources oi the Co
Scrnment OF the United States superior to those
al such corporations.
The banking caraclr, my be divided INTO three
hcnlt :drposltcs, dir, ofbill, o exchange and
promir>ors notes. or either. aud crculatlon THIS
Government bank would combine thrm all, except
thit 1t Will not discount private notes, nor re
ceNe prnac deposites. Ia payments for the pub
tc lands md, ed, individuals ao" ed To make de
p"SfeS, aud 10 receive ceitlhcaics OF then amount
To guard against then nsgutiabiIity. a clause has
been introduced 10 render them unassignabe. Bun
how viii be possible 10 maintain such Al. tpcotyc
nlcnt rrstlirtion IN Il country mhrfe ever, tesrrp-
ilon OF paper imposing an obi cailnnto pa, money OF
from the commercial mature and trading character
of our people
81 all tie faculties which have stated OF d bank
'hal winch creates a Circulation is the most lmpor-
lnnt 10 the conimumfN At large. 1t Is thai in which
thousands may be interested who never ATTAINED
Discount. or mad, drpositc with bank. What
ever Government agrees to receive IN paynient oil
the public dues Il a medium OF circulation. /, money,
current money, no matter What lts lor,n ma, be-
Treasury notes draft, drawn NJ Washington. hy the
Treasurer, on the receiver general At New York
or to use the language employed III parts o
tins ball - such uotss, bulls, paper issu, Il ul.der
tie authority Of the Inlted States These various
prosis'ons we've probably inserted not onl, to cover
the CASE ot Treasury notes, hit HAT OF these drafts
III due SEA Bun II there were no express poyi4
ions OF law that these df,, should be receivable IA
payment OF public dues, thry would, neeessliy br
$" employed, lom Their owl intrinsic yalur.
! he want al the community OF a general circul,-
iloh ct UNIFORM value every where N the United
Sfter would occasion va>t amounts of the tpecirs OF
dtalts which ha'r drSC rlhrd To remain IN cucnla-
lion. The appropriations tins year will nobal, fall
not much shnlt 81 thny mill ons THIN, mllliuns
OF Treasury drafts on receivers general u every de-
nomination, and 10 any amount, may be issued b,
tie Secretary oi the Treasury. Whal amount would
remain IN circulation cannot be determined u Uriori ,
SUPPOSE hot less lhan ten OF fifteen millions at he
end OF another Nraf, some ten of hltc.n nj liens
uo1e they would fill all the channels o cIIculatol
lhe war bet"een ieGoselnmtnt aud State binkscon-
lluulnG, ana THIS mammoth Government bank beng
~ the market, constantly demanding specie fur lis
varied and Ianiicd OPP ratiun>, confluence would he
oa III the notes Of HE local babks thrr paper would
gradually cease to circulate aud ,he banks them
selves would be crippled and broken. The paper III
The Goscrnn enr bank would ultimately I'LL the Va
CUM. rs II would instantly occupy the place oi the
noies of the late Bduh efrhc Eultcd States.
am ;wlre, Mr.. President. that | Y the 18th sec
tun OF the b. IN order IL disguise the purpose Of
the vast chlncy winch we are about constructing
II Is provided that II shall be the duty OF the score
iary OF the Treasury To ssue and publis req ulaons
TO enforce The speedy pr, scnlalun OF all Government
drafts Tor pa, ments the place where PAYABLE, DC
Now, what Il tremendous power Is here vested in
the Secretary liz Is to prescribe rules aud ula-
tons to euioIcc the SPeedy presentation OF all Go
vrrnnent drafts pr payment AT the place where pay.
abe. The speedy nc sentatlon Ia the case | have
supposed man has his s 900 IN drafts ON tho re-
te,cr general AT New York. The Secretary Is tm-
powered 10 enact regulations requiring him speedily
To Ifrsenl them, aud II he ia not tie Secretary
may order them Ia be pald at ST Louls. At New
York they may be worth a premium Of five yer
cent. on 81. LOUIS they nay bc liable \ dist
OF five per cent. Now, III "A tlre Government, who
would ever think 81 sGbJccumg the property OF
money OF "A cuIzr" TO the exercise oi such
power by any Secretary Of the lreasG,y Wha
opportunity does II moi afford reward a par
tsan. or punish an opponent Ii will be i'm
possible to MAINTAIN such an odious and useless
RESTRICTION for amy length OF lime Why should the
debtor las The Government would be IN the OF
such drafts as | havesupposrdj require his creditor
('s HE holder Of the drait would bc) apply within
prescribed time for his payment No, slr The sys-
tenn would control YOU YOU conld not so control the
system. But II such ridiculous restriction could
be continued, the drafts would, nevertheless, whist
they were ont, be tie time long short, perform