Richmond Indiana palladium. [volume] (Richmond, Ind.) 1837-1839, 1838-04-28

Sir, II I, clearly comprehend ihe honorable
gentleman, he msaDs no more, after ali, than III
his: that while the public rGvsnucs arc collected m
Heretofore. through The bsnks they win lie in Il
Inc banks between the time Of collection ssd thc
time u disbursement; that, during that period II
they will b. regarded as one part Of Re means o: g
business and Of discount possessed by the banks
and that, AZ n greater portion Of tho revenue - n
collected in large cities than in small ones, these q
largo cities will, Of course, derive greater ben Z
CIT than the sm1ll ones from these dcPostes IN
tho banks. Ia other words, that, a. the import
ing nsescbans in great ciiy pay moro duties to
government than those in = small one, 30 they
enjoy tho advantage to be derived from any use
which tho banks my mike Of the moneys,
while ON deposite with them. Now sir, l would
be- very glad to know, supposng all this % be
true, what there 10 in either unequal or unjust?
Tho benefit is exactly in proportion TO the amount
Of busincss, and to tho sums paid. II indiyidu-
more money, IL is simply because they pay more !
money. u 10 ike the Of credit on duty |
boods. Whoever imports goods with the benefit
Of giving bond for dities, instead Of making
present payment, enjoys a certain benefit; and
this benefit, in direct sense, Is in proportion to
the amount Of goods isnported-the large imPor-
ter having credit for q large sum, tho small i'm
porter having credit for a smaller sum. But the
advantage, tho benefit, the indulgence, or
whatever We call il, is, nevertheless, entirely C.
quail and impartial.
Now, then, does the collection Of rev cnic
through the banks 'central;zc' the action Of the
commercial system. IL seems to rne, sir, the
cause is mistaken Cor the effect. The greatest
amount Of revenue is collected in the greatest
city, because il is already the greatest city be-
cause is local advantages its population, its cap
ital and sonterprisc, draw business towards il,
Constitute ii GENITAL point in commercial opera
tons, and have made il the creates; city. II is
The Capitalization Of commerce by these C'st and
proper causcs-causes which must always cxis,
IN every country which produce n large collec-
ton Of revenue in the favored spot. The a
mount Of capital is one very important cause, no
doubt; end leaving public moneys in the banks
till wanted, allows 10 merchants, in places oil
largo import, degree Of incidental benefit, ia
just proportion 10 the amount OF capital by then
employed in trade, and no more.
] suppose, sir, 1t is the natural course OF thing
in every commercial country, that some place
or . few places, should go ahead Of others ii
commercial business importance. This mus
over DO %, until all places possess precisely e
quail natural advantages. And ! suppose, too
shat, instead Of being mschcyous, it is rather 70
she common good Of all, that there should b
some commercial emporium, some central point
Tor the exchanges Of trade. Government col
tainly should not sock to produce this result b
the bcstowal Of unequal privileges; but surely
sir, il would be a strange and indciensiblc pol
cy which should lead tho government to with
hold any portion Of the capital Of the countr
from useful employment, merely because tina
il employed, whio all enjoyed tho benefit PR
portionately, ali would not enjoy it with the sam
absolute mathematical equality.
So much, cir, for concentration, arising troI
dcposiiing the revenues in banks. Let no,
look to tho other part Of the conncxion viz: Ill
receiving Of bank notes for duties. How in III
world docs this 'ccntraiize' the commercial sys
TENT The whole tendency and effect,
seems 10 mo, is directly tho other wuv.
viy nj
advantage to local currency and local paymen,
and thereby encourages both imports and export
II tends to make local money good evcrywher
IL goods be imported into Charleston, tho du,i
arc not demanded. Nothing certainly, can
faiscr more equal than this, ond nothing mo
favorable to the Charleston importers.
But how would that system work, which q
Hentleman himself proposes?
IL this plan could prevail, he would have q
duties collected either in specie, or in Cover
ment paper to be issued from the Treasury.
would reject all bank notes Whatever. Ii
gentleman, sir, tears Capitalization, am astoni.
I'd that he does not sec GENERALIZATION IN all
terfors in this very proposition Of his own. Pra
allow to ask, sir, where will this govei
ment paper, in the course OF its issue and Cirt
lation, naturally centre? To what points will
tcnd? Certainly, most certainly, to the gre
est points Of collection and expenditure; to
very heart Of the metropolitan city, wherever 81
water or the results Of attraction. II two thi
OF ting duties be collected in New York, it
follow, Of course. that two thirds of any COVE
4nent paper received for duties will be there
coived; and IL will be more valuable there Il
elsewhere. The value Of s;,ch paper wou!d c
sst in its rcccivability. and nothing else.
would always tend, therefore, directly to
spot wherc the greatest demand should exist
1t for that purpose. Is it not 50 at this MON
with the outstanding Treasury notes? Arc d
abundant in Georgia, in Mississippi, in Hin
or in New Hampshire? No sooner issued, I
they commence their march towards the RI
whore they arc most valued and most in denla
that is, 10 the place Of the greatest public
ceipt II you want concentration, sir, and
nough Of tiff you desire TO dry up.the s,
streams Of commerce, and fill more full the d
and ready swollen channels, you will act '
wisely ID that end, If you keep out o! tho
ccipt Of the Treasury all money but such pape
tho government may furnish, and which shall
not otherwise rcslce,nabe than in receipt
debts to government while ut the same time
depress tho character Of tho local circuiatio
Such IL the scheme Of the honorable ,neu
in its probable commercial effect. Let us lot
il in political point Of view.
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