Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-07-26


extend bev"nd its receipt and disbursement
or $50 O,OOo,OO0. annually. which would b,
fess Than one .ffticM part Of the ,vhoic.
3 oui!''Se, upon thl, basis nf Mr.. Gallain
you calculate The annual payments in PhiIl
+ delphia at Sl.ODO,nOD.ON0. New Orleans a
f. S00O,OO'),UOU, aud The same for Boston an,
Baltimore. and $500, ,OUU,uO for Charles
ION, and so on through other cities of In,
Ch'nn' and what. then, would bc the pro
portion that SS,0UO,OOO, or even S2n.uUO,
wv would bear TO those transactions! Sir
would literally bc as ga drop in The hucl,
e', AN" dust IN the balance" This rnmnr
W"rh mas been raised, that the collection
oi specie IN public dues would ruin bank.
mat were on a sound basis, is the slraIowes,
P'e'eNt that ever was manufactured To i'm
pose upon a.crr.lulous and dcludcd country.
But, sir. [ do noi choose 10 resi- This min,
upon any thing that | may say alone. |
VIII make some quotations. whcl, will be
So'd authority, at least. with those who
seem {" follow leaders, that draw npon
n,'"S'sia'i"n Tor factS,' and RELY upon va
piu defamation for argument. First: in
me report to which have referred, Mr..
GalIatin says:
"Ih' impos>ibity of attaining the ohicct.
Va 'nttnlIIc cnrrncy,) through The action of
| .he revenue alone, is paIpahlc. and results
rom the immense dispropnrton between
thc mass of payment, for the ordinary and
current business of The con try, aud those
winch are effected by tn" General Govern
'nent. 1t has already been stated that the
"a''y payments IN The banks of this civ
New York) an,ou>.tcd TO near five niJlions
on ING lst of October. S:S}. and exceeded
four mi!linnS Oh the l,t of February last
Tins includes neither the payments madc
III each bank in its own notes or in check.
'rawn upon 1t, nor any portion of the retail
BUSINESS Oh tho city, or Off any of the other
payments made withon, the Immediate
agency of the b:nks, The ,ailv payments
IN thlS CITY alone, amount to at least 5 mil
mons os dollars a day, or near l6UU millions
oi dollars Il year. The annual revcnuc
coll, cted in N. York. cannot now exceed
I'D millions oi dollars, and the action of Gov
ernmcnt cannot extend beyond its receipts
ana lis disbursements; thar is to sav. 10 more.
man no sni.!'"G. or less Than | s. .th part of
me whole. Nj thai Government, could do
would he to accumulate an amount offs spe
Ii might at most. establish Il separate me
ln!iir currency for Government. by cnrnpcl
hug importers aud purchasers Of publ
lands I" pay in specie, and h> paying it's
creditors III the sam" currency. But this
metallic currency would be used for that.
and for 10 other purpose: ItcouId have no
control over the general currency Of the
country, nor prevent its Depreciation, or "A
general suspension of specie pay ments. 1t
night only enable Government, if such a
| catastrophe should ensue, to preserve, thro'
tine general cor.n>son. the public faith To-
wards the creditors of the public. W..
mnst aim only at what is practicable: aud
the only rational plan, for the prcsr I, must
h. ,l,,I, II,
| to rcstrIcI il within proper lmits.""
lie further says, in the same report,
page 2S:
Bnt. without discussing the constiru-
i"nal question. il is impossible to suppose
| that the Government of the United States
Is SO constituted that ii cannot perform it,
| most legitimate functions through it., own
officers and aganls; that even for colcctin.
| its own revenue, il is compelled 10 resort to
State institutions. Why moi, at once, recur
I" the 'irrasurrrs Of Inc several States. aud
make ,hc:i subtrcaSurcrs Of the L. ST.
| So much for Mr.. Galiatin us authnrily.-
! | think he undcr-esiimaIcs The effects thar
would be produced by the collection of pecic
upon ID vitiatcJ stale The paper currency,
(noi thar believe ii would entirely rclnrrn
it,) but he is true rs To The harln.c,,ncss of
its elects upon banks that do business upon
Il sound basis.
| will quote the authority of another
very distinguished gentleman, TO show that
| he did noi consider The collection of Gov
crnIncni dues in gold and silver as disastrous
upon credit or banks. All remember ;llc
state OF Thing in lSl6. when the country
had Just come out Of ii war. and felt all rhc
dr-ahi..l effects Of a deprcciatcd and cxces
sivc paper currency. In reference to these
points, Tins Distinguished gentleman, on the
.Sth February. 1916. said in this House,
1.-The establishment OF Il National Bank
not being, in his opinion. the proper RENE
dy, he proceeded 10 examine what WAS y
"Thc banks, he said. were making cNlrava.
giant profits out of the present state q
things, which ouch, TO he cnriailcd." Alic,
illustrating this point, he says: "NitL Z
receipt Of 40 millions year. ii!Ir Govern
mcnt was faithful to itself anI to the inter
cS,s of the people, they could control III,
evil; II was their duty to make rh. effort
= They should have made il Ion. ago, an,
they ought now 10 makcir. The evil grow,
every 'ay worse hy indulgence, IfCnngrc,
: did not now maze IL stand, and Stop the cur
r rent whilst they might, would l!:ry, whci
the current grew stronger aud sirum ger here
7 after, DO it,! As To the evil of the prrScu
state Of things, he admitted il in lis iulcs
extent. u he was not mistaken, there wcr
some million. in tho Treasury of paper
. which were arly worthless, and nov
whcllyu useless 10 the Government, bv whic
D an actual loss of considerable amount mus
certainly be sustained by the Trra>ury.--
+ lhis was an evil which, he said, 1uglr I
: he met at once, because it would gro,
greater NY IN 'n'Grncc. In the end, III