Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1838-04-17
THE RUTLAN HERAL Id.

En.ish uirtaiic cirCuutnn mostly gold gold We
ing On Enelaad the standard metal. With ", SILVER
aud gold both made standards, al fixed relation
hnd if should succeed 10 keep this wlalon true
to preserve both q the precious metals among as,
(which 10 not very ptubable) circulation would be-
sull more expensive end cunbrous from the quanti'y
Of silver which II would contain, The silver IN the
world estimated TO be fhy times that Of gold ~ a.
mount, and consrqu ntly something more than three
TIMES IN value. II both should circulate, Therefore.
equally, proportion 10 value, the currency would be
tire, paris SILVER and one gold
Now, sir, the annual expense OF such a circulation,
upon the basis Of Mr. McCulock- estimate, would eX'
coed the whole annual expenditure made for our army
aud our navy tonsdef, sr, the amount Of actual daily
payments made ia the cnun IL ~ difficult To est
mate IL and quite impossible to ascertain II, with any
accuracy But we can form some notion of il, by the
daily amount of pa ment. IN the banks d some OF the
cities. Ia tunes OF prosperous business and commerce
The dali, amount OF pay ents IN the banks of New
York alone has been equal TO eigh, millions Whether
we call this tenth twentieth. or iftieth part Of
MI payments and receipts made daily IN the country
see To- what aggregate result the whole would
rise. And how Is it possible that such amount of re
ceip and pigment could be performed by nm actual
passing of gold and silver from hand to hand
Such notions, sir, hardly require serious reGtaion
". Precedent en- entire metallic currency would ne
money br kcpt, or how could it be reunited Banks
of drposc must aud would be instantly provided for H.
Won.d the merchants al the cities be seen, in their
daily walks e business with servants behind them,
with bags Of gold aud kegs Of silver on their wheel.
batows Whit folly is great enough TO imagine this
II there were not now bark note, bank IA the
' ~" '"''' s"o"'u ne ah exclusive specie cur.
rcney Tomorrow morning a, nine O'clock, there would
( BE- hiiY bank before sunset. From Tsc.s.'y there
would be cioatcd At places Of DEPOSIT aud persons
having money in such repositories would draw checfs
ir II, and pass these checks money and from one
hind they would pass 10 another or the drpastafy
himself would issue cediicltcs OF deposit. and these
would pass currency. And all this would do
than Just 10 carry back three hundred years to
c Infancy OF banks. We should III, have done moth.
ng Gut rrJec. tie experience of the most civilized OF
naIous, or centuries as we'll as all our own cx.
gRTI irluy 4
FORMER times. These cert fcates Of dcp0s would soon
he found be often issued without any sod capital or
actual deposit. Abuses arising fl ON hi, source would
would find II necessary to rcstra,n the ssre of paper
intended or ci,cua,on by en,ciing that such issues
should only be mat. ON t, si,ruh or conn.trni can
nal, actually prov dcd aud aurd placed under prop
regulation md managed hv persons rcspou,ble t., the
laws. Aud this would BRING us a,ain .xoc,lv To In,
state Of thipgs IN which we now o,c Thai s 10 s,y f.,
the OF the paper banks established regulated and
controlled by law In the mean time before tins n, a.
could be carried through hnlf the community wod
be IN de La.kruD by ,h, t, Of tbir bus;n.s ,d ~,
the violent and l voiutvnary changes of nroner,v hr
the process would create The whole class of debtors
fwh,lmcd with Observation-Disclosures ass,rnct,,on
There WI them sir be no snc, III n as an exclusive
paper currency Tine country will not he gnil,y Of ,h
/ Jolly OF attempting IT,
ishou!d have irlr lint had occnnied too much ,oo
with such a srnsel.s, and nt.n,s,,,h,,,s s,r,s, ,
II not the manifest object OF partisnus Ia srh
upon thu attention OF the people in aud of line war
rutn 81 he Irttts
We shan the sir. bav. n,per Of some so,, fo,n;,o
a part Of our currency What "a IN that pnp.r he be
| hnnorahl. geullenan from South Cnrninh admitting
pal, necessary part Of the currency or cir.
culaon, has contendcd that that paper ought gov
ernmrni taper-government pap-r not convertible nor
deenabr, only tar by beng receivable for debts
ond dues 10 government My colleague has endeavorrd
satisfy the Senate, That the ann OF the whole system,
OF which he regards this hill as but part establish
/ r'tr"'au,h :" government paper ouu ~ government
bank o'hrr gentlemen have taken thr same Of it.
But, as The b iisei does not process any such pur.
pose an NIln. 10 discuss 1t III ihr character which
II presents Itself take IT Tor what its friends say 1t Is
ii bl nnkng iuTther provision Tor collecting the rev.
enues
we are thri, SIR stIl 10 have paper as general
dun of circulation that paper is to be the paper of
banks bat government is 10 be divorced from these
banks fll"se II IS not To keep IT'S funds in them
Herrt""re 1t IS to have NOTHING do with them but
rs 10 collect aud Gshurse lis by It's own nran.
ana ls"Wn cheers.
HE receipt Of the notes Of the specie paving bank is
to be- partially allowed for tmr but IT is 10 be rad.
uaiy discontinued and SIX years heuce we are 10 ar.
I'VE al r mttnrly and The perfection Of the system
Nh'h mat anspeious day comes, government Is 20 re.
ceivr ana to pay out gold and silver and nDtpr bu,
g'.d ana 81. ot