Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-09-10

would he avery great In the fiscal opers-
idns Of the Government and regret that Mr. Cal.
houh did not make II Il par Of his plan instead Of
merely suggesting II. II would have entirely re-
moved every rational objection the specie feature
ut his scheme. II has been wholly nisappfe hended
by Mr.. Webster and his associates As Tbelisvc wa.
the ilrs person in the United States 10 suggest IT,
WIZ now briefly explan my virw Of il. Ii is NOT
Designed toforn'sh general currency, bur merely
currency Tor the fiscal operdhonsof The Government.
ms II us essential character, and il results from
''a' u" mere OF this paper ought ever TO be issued
INA" "',l perform this function. As | have hereto
'"" sao' thc present revenue Of the United States
would not probably require than six millions Of
currency operiorn all the ft es connected with IL.
nom the moment OF its collection 10 that Of its dis
buisemcnt. Congress should. therefore. nu,I,,r,ze
llr issue OF his sum, and more and IL should be
made re ssuablr indie hnIey. The vaIbe Of this M.
PR would he derived, not from It's redee,na,ity M
bank paper Mates, but hom its reeevabil,ty bv ,hr
treasury, and nom The amount being Iu,,ied In
WIN" VIII be actually absorbed in ieceips and pnt.
incnls OF the Government. Nulhing can be mora
simple and sale aud ecnnomieai. In the first ulacc
II would be equivalent 10 i,te creation of six millions
81 specie, which would cost the country nothing
aud .ei answer tile pm poses Of its Treasury think
better Than specie. and much bcter than bank papcr
u the Government wele To use sprris besides cnsi.
my the county Just siS millions instead of bothnp
II would createa pressure on the banks and Womb
b. medium much more affected in the unformi,v
OF IT'S value, nv the state o the foreign extIabp.,,
than tins Treasury paper. The rise and fall Of fo
reign exchanges would not affect this paper al ALL az
II can circulate IN this counliy ouly This uoulJ II,
great "r,l. giving II IN this respect decided pre-
ference over specie bank bills II the Govet,
meni we're 10 use bank b,. besides being precispIv
n costly u mrdnn as speem, IL would expose thu
Government aud People 10 The haz r4 OF bank insoI-
vrncy or bank Suspension. More, yer. the trans
misslnn Of funds from point to anoj her whirb
vciy embarrassing ~ the banks and dstnrbinp n,
The exchanges, "h"e ihe Go.ernnc, usrs ban bills
would produce II" such effects whc Treasury pa
per- used. Tin truth is. then. thar The aprst,o,
rnnrs t" this, shall the people OF the United State,
nse the'r own credit. winch costs them nothing or
thai 81 The banks winch Gusts ns much ~ specic ma
the medium al The hscal operations of the common
Treasury II tins he the 1nesnn. as ,hins /, is.
M patriot tam hes ate IN deciding II. To call this
Treasury paper continental money on French ma.
signals wonld be justly regarded as an absu,di
~, II II had mi been doue Iy n nan OF Mr.,
Wrhsier's character. II the Goa ern,ueut were In
attempt 10 make this paper II Substitute for rtyennr
INSTEAD OF The mere medium ii collecting II. by max
Ing II the means Of ciieeiIng perman, NJ loan even
ri 30 OF 30 m'II'ons, II would necessarily depreci-
ale, rs II will carry 40 interest," aud would Justly be
liable 10 the above odions comparisons in devlco
pIopuftlonrd 10 lis excess The Treasury Bills ia
sued Al the extra session, Notwithstanding all the un-
patriotic Efforts Of the Banks aud OF mere parry po.
teams To aehtcnte them, performed the functions
Of n Treasury currency perfectly well. These notes
were pad ont IN the first instance 10 the public .ff-
aud public creditors, passed INTO the hands Of
those VIII" had TO pay money to the government and
thence back into lhc Treasury. About SIX millions
Of Them, | lhink, performed the whole operation u
collecting and discussing tho revenue Since the
attempt If the New T. gland lederasts To DESTROY
the credit OF the country by dcnonnciug as immoral
and ineIigions those who would lend money 10 tho
Government, have never Witnessed any thing IN the
conduct Of amy party mnre revolving to my sense Of
patriotism. han the cfuits syseniaticnllv made to
deprecia'e the credit OF the Treasury notes issued
u, the cxra sess'"p. What shnl we ihuk OF tn.
patriotism Of men who could publicly express their
cxnltaon that the ineder'nab paprr OF Banks WA
ahovs the par ot government raperl Politicians
who have placed their hope of advancement uuon
the combined inhnen'e OF the banks or have inves
ted heir private funds IN them. seem to regard the
interest," OF The e"pe Al large as ii small CONSEQUENCE
when II comes IN conflict with that of tie banks aur
the real ground The opposition 10 Treasury paptr
- that II snperscdes rs pro dnto the OF bank pa
per, and thus limits The field Tor Bank circulation.
consider the Constitutional objection 10 ih,
Treasury paper nnioundcd. Surely the govtrn
met can receive any thIng il chaoses, paynirnt
u its debts even If brick bats, provided ,hev
OF UNIFORM value. and tins paper will be nue.
more uniiorm than bank paper, and ! think. thai
specie IIseli. II certainly does not become those
who MAINTAIN thai the government should fccene
bank paper III discharge OF lis dues deny its r,ci
lie its paper The only pooer exercis i
by the government would be the agreement tn ~
ceive ihc paper. It's whole value would he derives
from hs. Its receipt by the public officers a9f
creditors will be voluntary, aud Of course obl.e
ton can be made 10 H. by iho,e who have chmOr i
80 much against paying these government tayorrlrs
specie They should rather say. to BE- cnnsisteni,
"ei them tahe those Treasury rags, if they choose;
bank apeI Is TOO good for them" The objection
that these bills Of credit, aud, therefore, unco,.
slitutlonal, Is wuhont even pausbiluy. The SLlfty
only are prohibited rom issuing bills Of credit; l..
wonsiy because IL would interfere with The power It
Congress To regulate the currency. Tie phrase
bills oi credit" ton. conveys technical idea wiIch
can only be understood by referring revolution
airy history IL meant precisely the bulls OF credit
oi that day, and nothing else Our Supreme Court
IN this State. have aocortlingl, decided that the bills
of our State bank. bulls OF eu. though
II based entirely iIle credit of the Stale, AMI
constitute large ron OF lis currency. But the
government Of The U. S. does not propose 10 tnake
the notes n g.neral currency. it only proposesto
receive them in discharge OF lis dues, aud TO
pa, them To cusson,ers with their consent.
Iitlity 20 uul oil< circle, will be Ly tho
agency Of the parties CnnceIned, aud because they
may happen Ia answer beer Than airy thing else TO
transmit funds I" a distance. But II the amount is
sued is lmird jndicousiy they VIII return TO
their appropriate sphere OF circulation. la single
"oId tllr power 10 borrow money either upon stork
Ger lhcaes or Treasury notes. in any ether nagi
liable mode, Is eNpr s>ly gran ed Ia Cong te>s and
though I,easnr, notrs we've largely issued during
our last war with ENGLAND, tiir New En- gland
iederallss, who denied the power oi Congress call
the militia iuto the armies OF the country, never
questioned IFS power 10 issue these notes.
The notion that the issue Of these Treasury notes
NH al. R.,ttt -