Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-04-05
THURSDAY MORNING, APRIL 5, 1888.

date payments. aud payments made not ia
bank notes, but specie.
The last paragraph 10 the section provide.
that, for the purpose u payments on the pub
lac account IL shall be isa fui for the Score.
lary 10 draie upon aRy # the sad dsPosiiaries, a
Ae may thiRk saSsi esi.dsetre 10 the public iniers
or 90 the convenience OF the publie creditors
or both. II will be seen that no limit Whate.
yer IS imposed upon the amount or form oil
the drafl, or as 10 the depositary upon which
Il - drawn lie Is made the exclusive Judge
OF what u " most conducive 20 the public IN.
teresis." Now. let VS. pause a moment, and
trace the operation OF the powers thus vested
The Government has a TeVsnue OF from
twenty 10 thirty millions The Secretary may
draw II 10 any one or more points. as he pleas
es. More than 4 moieiy OF the revenue aris-
ing from customs - receivable at the port OF
New York, to which point the Secretary may
draw all portions Of Il, II he think IL cond
10 The puollc interest. A man has to-receive,
under an appropriation law, $40, 900. and APP
Piies 20 MI. Secretary for pay ment. Where will
YOU receive ~ he Is asked. On New York.
How 10 drafts from S. TO $500 Mr.. Sc.
cretsry will give him these drafla accordingly
upon bank note paper, impressed ike and
stimulating bank noles, having all suitable EN-.
blazonry, signed by my friend the Treasurer.
whose excellent practical sense, and solid
and sound judgment, If he had been al the
head Of the Treasury, Instead Of MIR. Lew
Woodbury., when the suspension Of specie paw.
ments took place, would have relieved or
mitisaied the pecuniary entertainments OF
The Government and the People, } countersisn-
ed by the Comptroller, and filled Up la tie
usual way of bank notes. Here Is one OF
them said MIR. Clay. Tie here held up TO the
gaze % the Senate Treasury note, having
all the appearance Of bank note, coIored.
engraved, add executed like any other bank
note, Tor $50. This, continued Mr,,'1la,.
is'a Government posi- note, put into circula-
ton, paid out as money, and prepared and sent
forth, gradually 10 aecusiom the People OF
this country 10 Government paper.
have supposed sl0 900 20 be received IN
the mode stated b5 person entitled 10 re-
eeivo u under an appropriation law. Now.
let Us suppose what he will do with IL. Auy-
where 10 the South or West It will command
premium Of from two to Eve per cent -
Nowhere IN The United States wall it be under
par Do you suppose that the holder OF these
drafts would be fool enough to Convert them
into specie, 20 be carried and transported al
his risk Do you think that be would no,
prefer that this money should be In the re-
fFAHASfN NNatNef W N1AlFr
than ia his own Insecure keeping Do YOU
think he will deny 10 himself tie opporiuan,
Of realizing the premium Of which be may DE
perfectly sIre' The greatest want Of the
country Is 4 medium Of general circulation.
and Of uniform value everywhere. That, es-
PeeiSlly, Is our want in the " estern and int
rior States. Now, here is exactly such q
inediumi and, suPPosiug the Government ban 1
10 be honestly sud faithfully administered, IL
will, during such an administr alton, be The
best convertible paper money 10 the vs. orld.
Tor two reasons The first is, that every dollar
OF paper out will be the representative Of a
dollar Of specie 10 the hands OF the receivers
general, or other depositsTies; aud, secondly.
the receivers general should. embezzie the
public money, the responsibility Of the Co
vernment TO pay The drafts issued upon the
basis OF that money would remain unimpaired.
The paper, therefore, would be as FAR supe-
rior TO the paper Of any private corporation a,
the ability aud resources Of the Government
Of the United States are superior TO Ihosa Of
such corporations.
The banking capacity may be divided into
three faculties dePosites, discount Of bills Of
exchange, and Promi,sory notes, or either,
and circulation. This Government bank
would combine them alt. except that il will
not discount private notes. nor receive private
dePOsiies. ID payments FOR the pubic land.
indeed, individuals are allowed 10 make depo-
sites, and 70 receive certificates Of their
amount. To guard against their negotia bill.
", clause has been introduced to render
them unassignable. But how will il be posi-
bic Ia maintain such an ineonvenieht restfIc-
ton, IN a country where every description OF
paper imposing an obligation to pay money or
fNaNf L.. IL
equity, from the commercial nature and trad
ing character 81 our peopie'
of all the faculties Whieh have stated Of
a bank. that which creates circulation j.
the most important 90 the community nj large.
u Is that ia which thousands may be interest
ed, who never obtained discount. or made
dcposte with bsnk. Whatever Govern
ment agrees 20 receive 10 payment Of The pub
lio dues u a medium q circulation, y money.
current money, no matter what IFS form NAV
BE-, Treasury notes, drafts drawn az Washing.
ton. by the Treasurer, on the receiver general
81 New York, OF, 10 use ihe language employ.
ed 10 various parts % this BILL "such notes.
bills, or paper. issued under tho authority of
the United States" These various pfosistous
were probably inserted not oniy 10 cover tie
case q Treasury notes, bat that q these
drafts IN due season. But " there were no
express provision If law, that these drafts
should be- receivable IN payment of public
iues, they would. necessarily, be soenploysd.
from their own intrinsic value.
The want q The community ~ general
circulation of uniform Faluc ever where in
The United States would occasion vast ssnOunts
" The species q drafts which have describ-
ID 10 remain 10 circulation. The oppr0pria-
lions tbs year Will probably fall not much
.h0U u thirty milli0ns Thirty millions a
Treasury drafts on receivers general. az eve.
~ denomination ard o. any amount may BE-
ssued by TIE Secretary ~ ihs Treasury 49,
What amount would remain % circulation
annot be- determined . prigFi. I suppose not
CBs ihan ten % lfteen millions; "a the end ~
another year. some Zen or ffieeu millions
n9re. Ines aou'd f'l 40 tbe channels of rir-
'ulation. The war between tie Government
nd State banks coniinniHg. and lha nam.
both Gotethmsut bank being in ihc market
'onsisnuy demanding specie Tor be- varied
,nd fami6ed operations, confidence uouii be-
ost boz iha notes n fhe iocal backs. their pa-
icr would grfdGaliy Geese 90 circulsic hnd
De banks Themselves would BE- crippled aad
ifoken. TIE paper a ihe Cogernmeut bank
b ouid ultimately 600 ere varunm as d uouid
instantly orcupy ihe place n the noisa 0f ihe
sts Back o. Zoe Unhed States
fsra aHars. Nc. President. ihathJ tte Ssh
cciioh cf ihe biii. ia order 20 dsguise the
,urpose NJ ne vest machinery which We ere
boot cousirusfinE. d 81 provided that h shall
y the dBfr az tte saffffsry q he Tratf1rr