Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1838-04-05

leaving every tning 70 tie zutsclctioh VI TIC
Secretary Of the Treasury, the receivers
general, and other depositaries. What
scope is allowed IN the ixation of the rates
of exchange, whether Of premium or dis
count, to regulate the whole domestic ex-
changes of the country, to exercise favorit-
ism? These former transactions were not
made for disbursement, but preparatory to
disbursement; and when disburseds il was
generally in bank notes. The transfers of
this bill are immediate payments, and pay
ments made not in bank notes but in specie.
The last paragraph in the section pro-
vides that for the purpose Of payments on
the public account, il shall be lawful for
the Secretary to dra,o s.pondnyo Of The said
depositaries, as he may think most conducire
10 the public interest, or TO the convenience
Of the public creditors, or both II will be
seen that no Init whatever is imposed up
on the amount or form Of the draft, or as
to the depository upon which It is drawn.
He is made the exclusive judge Of what is
''most conducive to the public interests"
Now, let US pause moment, and trace the
operation Of the powers thus vested. The
Government has revenue Of from twenty
to thirty millions. The Secretary may
draw It to any one or more points, as he
pleases. More than m6iety Of the reye-
nue. arising from customs isreceiyable at the
port Of New York, to which point the Sec
rotary may draw all portions Of it, it he
think it conducive to the public interest.
A man has to receive, under an appropria-
ton law, S1O,OOO and appi'es to Mr. Secre-
tary for payment. Where will you receive
1t! he is asked. On New York. How!
In drafts from IS to 5000. Mr. Secretary
will give him these drafts accordingly, upon
bank note paper, impressed like and simu-
lating bank notes, having all suitable en-
blazonry, signed by my friend the Treasu-
rer, (whose excellent practical sense. and
solid and sound Judgment, If he had been
at the head ofthe Treasury, instead OF Mr.
Levi Woodbury., when the suspension Of
specie payments took place, would have
relieved or mtigated the pecuniary embar-
easements of the Government and the peo-
pie, countersigned by the Comptroller
and filled up in the usual way OF bank
notes. Here is one OF them, said MI
CLAY. Here he held up, to the gaze o
the Senate, Treasury note, having all the
appearances of = bank note, colored, engra,
we'd, and executed Ike uuy ether bank note
for $50. This continued MIR CLAT,-is--s
Government post note, put INTO circu'at'on,
paid out as money, and PREF areo ana sent
forth, gradually to accnstom the people o.
this country to Government
have supposed Slo,poo 10 pc receiyeo
in the mode stated ny person ent'tlea %
receive It under an appropriation Jaw.
Now, let US suppose what ne VIII 90 WIN
IT, Anywhere to the soulno or !" est = VIII
command a premium OF from Two % nve pei .u
cent. Nowhere ~ the oni'ea states WI
i be under par. 10 you suppose mat lhs
holder OF tnesc drafts wou'a DC 1901 enoug,
TO convert them INTO specie. 20 DC cafr'ed
out and Transported at MS risks 10 you
think that ne would not prefer tha' ms
money should pc 70 Inc respohsaole cus,o-
dy OF the 1oyernmen!, ra,ner man ~ us
own insecure keePing 10 you tn'hS ne
VIII deny TO nlmseI Inc opportunity o'ie-
alizing the premium OF when ne may De
perfectly sutes Inc eIeasest want - ,ne
country IS meoiuh o. genera oi'.usa-
ton, and q UNIFORM value everywhere
That, especially, Is our want " inc west
ern ana interior otases. NOW mere = *
actly sucn meo'um ana supposing .ne
government oank 10 DC mones'.y ana ia''''-
iniiy administered !" VIII curing such ."
administrator, De me oest eonve'l'o'e pa
per money ~ inc "o'ie' ,or Two REASONS.
Inc nfst 49, ''a' every .o''a' o. paper oul
THDTeQenIalIVG