Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1838-04-20

say, TO The use of the paper of banks, es'
lablshrd, regulated and controlled by law.
In the mean time, before this process could
would be made bankrupt by the ruin of
their business, and by the violent and rev.
dictionary changes property which the
process would create. The whole class Of
debtors, all that live more by industry than
on capital, would be overwhelmed with
undi,,lnguishng destruction.
There will then sir, be no such thing ms
an exclusive paper currency. The coun-
try will not be guilty of the folly OF at
tempting it,
should have felt that | had occupied
too much time with such scnseess and
prcpostcrons suggestion, were it not the
manifest object OF parllsnns to press such
notions upon the attention of the people, in
aid Of the war against the banks.
We shall then, sir, have paper Of some
sort, forming part of our currency.
What will that paper be? The honorable
gentleman from South Carolina, admitting
that paper IS necessary as a part OF the
currency, or circulation, has contcndcd
that that paper ought to be Government
paper Government paper, not convertible
nor redeemable, only so far as by being
receivable for debts and dues to Govern
mcn,. Ny colleague has cUdcnvored to
satisfy the Senate. that the aim Of the
whole system of which he regards this bill
as bot part. is to establish circulation OF
government paper and government bank.
Other gentlemen have taken the same
view of 1t. But, as the bill itself docs not
profess any such purpose. am willing to
discuss 1t in the character in which il
presents itself | take it for what its
friends say it is-a bill making further
provisions for collecting the revenues.
We are, then, sir, still to have paper as
a general medium Of circulation that pa
per it Is to be the paper of banks; but
Government, is to be divorced from these
banks, altogether 1t is not to keep IFS
funds in them, as heretofore. II is to have
nothing to do With them, but IS to collect
and d-burSe lis revenues by its own means
and lis own officers.
The receipt of specie paying banks is ic
be partially allowed for some time, bnt il
is to be gradually discontinued and sS
years hence, we are To arrive at the mntu.
rltv and the perfection Of the svSicm.-
When that nusplcous day comes, Govern
mcnt is to receive and to pay out gold ant
silver. and nothing but gold and silver.
Now, Mr.. President, let Us anticipate
this joyous epoch; let US suppose the ss
years to have expired; and let us imagine
this bill, with its specie payments aud all
to be in full operation at the present hour
What will that operation be- In the frs
place, disrcgarding all question of public
convenience or the general interests o
the neope, how viii this system work
as mere mode Of collecting and paying
out revenue? Let Us see.
Our receipts and expenditures may be
estimated each, at thirty millions q year
Those who think this estimate either too
high or too low, may make the necesSar,
thirty millions, to be collected ard pal,
ont evcy yehr and it is TO be counted
actually told over, dollar after dollar. ant
gold piece after piece; and how mans
times counted? Let MS inquire into that
The importing merchant, whose ship has
arrived, and who has cash du'es to paw
goes TO the bank for his money, and the
| telers count it ont: that is once. He car,
rjcs it to the custom house, pays it, ant
the clerks count it over; that is twice. -
Some DAYS afterwards, the collector take
it out Of his bags and Ghosts, carries it t
the receiver generals office, and there it i
counted again, and poured into the bag
and chests Of that Office that is the ihrt
time. Presently warrant comes from
the Treasury, in favor Of some di>bursin,
officer, and the boxes are opened and tho
necessary sums counted out; this is the At
counting. And, filthy and lastly, the dis
bursting officer pays il to the persons cn,ite
receive it, on contracts, or far pensions, {!
salaries, or other claims. Thirty million
OF hard money are thus handled and toll
over five times IN the course of the year
and lf,here be transfers from place to place
then, of course, it is to be counted so muc
ol,ener. Government officers, therefor
are to count over one hundred and fiji
millions of dollars year; which, alowin
three hundred working days in the yea
gives five hundred thousand dollars
) day. But this is not ALL Once a quarter
the naval officer is to count the collector
money, and the register in the land Office
to count the receivers money. And more
over, sir, every now and then the Sccre'ar
of the Treasury is to authorize uneXpcc)o
and inpromptu cOuntlngs. IN his discretion
> and Just to satisfy his own mind?
Sir, what n money counting, tinklin!
ing Ing generation we shall be All ii
money changers 10 SoIomon's temple WI
be os nothing to us. Our sound will Q
5 forth unto all lands. We shall all be lii
: the king in the dlty Of the nursery:
"Therc sa, the king, counting of his money.
4 You will observe, sir, that these receip
and payments cannot be made IN parcel
without actual handling Of each piece
/. coin. The marks on kegs Of dollars, al
/, the labels on bags Of gold, ore not to
u. trusted. They are a part OF cred't-al