Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-07-26
H OIL TIC H..
REM \RKS OF

On The Independent Treasury Bill. ant Tie
collection Of public dies IN gold and siirur
The bill To provide for the collection. safe
Keeping, transfer, and disbursement, of tho
public revenue, being under consideration
III Committee of the Whole on the state of
the Union.
(Concludcd from our lastJ
MIR. Chairman: all that ask is. that the
Government will collect its revenues and
make its regular disbursements in gold and
silver, and thus preserve for all parts a STA
bic and fixed standard of alue and leave
every section, as il ought in Justice To bc
left. to rely upon its own prndncts for the
prosperity of all Under such system we
could ut leas, have free and a contenlcd
people. This would undoubtedly have
considerable check and control over the ten
dcncy TO excess, which naturally exists in
an exclusive credit circulllion. Rut, sir, it
is cUn'cndcd shaI this exuciion would pro-
duce ruin throughout the land; thai its ct-
fects would be To destroy the whole bank
bug ssstnta in any form. Aud i, is pc. iec,-
ly astonishing to me, n1t me It1IaSiiiaiIOn
Of any man could he so worked npon as to
produce such impressions. The bill pro-
poses that the eXaction Of gold and silver in
paymen, of public dues shall be very grad
ual; only one sixth Of the whole revenue
the first year, and in 'hc same ratio for six
years. Then, suppose the rcvcne to equal
S24 100000, The amount Of specie required
will be four millions the next year, &c. Ii
must always be remembered Thar, in these
operations, the disbursements will take
place nearly rs rapidly rs The collections.
The revenue may ut least lie divided into
quarterly payments. This would he aI
twenty -four millions annually $ii,UUU.OUu
quarterly. Thus we would require the
first-ycar but one million in specie per
quarter, which would, in all probability, b..
tlisbursed by the end Of tho quarter. or nearly
SO; for, i'll such Il state of things, all interesir
in society would he a.ains, any idle sur
plus, and reduction would immediately
take place, and correspond with what as
absolutely necessary. Collect in bank cir
culatiQn, and The reverse of this will be the
case; for any idle surplus collected by Gov
crEmcnt would he equivalent to boarding
that much Oftlieir circulation bcvond bust
ness demands, and, consequently, incrcas-
ing their profits. Collection in coin throws
the banking interest, together with the tax
paying interest. against high revenues !;
while collection in paper circulation throws
the bank interest in favor of high re-
venues and its attcndcnt Consequences
Receive i'll bank paper, and the more that
is boarded in surIluscs the greater the
profits. Suppose the revenue 10 average
S24,UO0,0OO, annually, and all finally col
lcctcd in gold and silver, what then would
be the operation! Lei it he remembered
that this would not sake place for ncarI,
seven years. under the bill; and by thai
time things will have become settled, so thai
those banks that arc sound would feel nc
dread from its operation. Lei it not bc
supposed that th, amount would al! be re.
puircd at one time. On the contrary, al
know how many debts NAV be paid by the
circulation of u single hundred tlOIlnrs.-
When the hundred dollars have pcrinrmci
their circle through the creditor and debtor
Interests of socicly, it is nor unreasonable
10 calculate that they have cancelled debts
III least TO tho amonn, Of one thouIand dol
lars. So il would be in the collection an,
disbursement Of twenty four millions b,
Government. Onn- fourth would be a yer,
large estimate to perform this operation, ,an,
this would be S6,0U0,00O. AT most, ,hs
Government couLl do no more than aeon
mnla,e n sum equal To the permanent pub
lie funds usually on hand. and no, act',ull,
dlshurscd; and this would scarcely eve
exceed, at the highest estimate, ciaGt mil
lions OF dollars, except in OK r;nr.inar,
cases OF high snrplusrs, which, from what
have said, never would be permitted 10 nc
cur permanently, because ali interests in so
cicty would be against il, and none can H.
conceived Of that would be for il. NV
let us examine the effect Of even SIS. COG 0O
in specie upon The banking operations of H.
country Mr.. Gallalin, IN 1884, togclhc
with an able comnu'cc. calculated the pa,
iacnts in tho banks of the CITY of New Yor
alone to amouut To !; 900, ,UC0 per ,iay. {
near sixteen hundred E,iiio:is Of dollars
year. llc then estimated the anauaicn
ic,;om ct;evGruc il that ciya:rl5,nC0,EC