The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1838-04-13

. " uils oia are immediate payments and
paaments made not "a bank notes. bu, in specie
ne last paragraph IA the sections provides that
ior the purpose OF payments on the public account
II shall be lawful for the Secretary 10 dram nm,
any ot he said dspositaries as he naay think mos
c0nduetce 70 The puti,c interest, or TO The conven
fence OF the public creditors, or both twill b,
seen that 10 hint y hatover is imposed upon the
amount or form q the draft, or as TO the deposi
tary upon which IT Is drawn. lie is aisde the ex
clnsIVe Judge OF what is most conducive to lht
public interest" Now, lei us pause a moment
and trace the operation Of the powers thus vested
The Government has revenue of tTem twenty /,
thirty millions. The Secretary may draw il /,
any one or inofe points, as BIZ pleasts. M,re thar
molety Of the revenue arising from custom i,
able at New York, to which point lie {.
teart may draw all portions OF il, II he lhiuks II
conducive TO the public Interest. man has 10
receive under an appropriation law, $4,000, and
applies to Nr. Secretary for payment. " here
will VOC receive II h. IS asked. On New York.
How In drafts ron S. 4 500. Mr. Secretary
VII give him these drafts accordingly. upon bank
note paper, Impressed like and STIMULATING bank
notes, having all suitable embiazonrs, .igued bg
my friend tie Treasurer, whose excellent prse.l.
cal sense, aud solid sound Judgment, il lie had
been at the head of the Treasury, instead o Mr.
Lew Woodbury.. when the sus .esian Of specl.
payments took place, would have relieved or "a it,
gated the pecuBiart enibarfassmenis, of tue Co
vefnhent and the people, counersgncd BY the
Comptroller. aud flied up IN the usual "a, ut bank
notes Here is Of them ID NJ. Clay. HE
here held up, TO the gaze Of the Senate, Tle4su-
ry bote, having all the appearance Of hank nntt !,
colored, engraved, aud executed like any ether
bank note, tor Sj0l THIS, continued. NJ. Gay,
l. Goyeruhent post mole, pat INTO circulation,
paid out as money, ahd prepared and sent iorth
gradually to accuslotn the people OF tbs counlr,
10 Government paper.
] have supposed $4,000 10 be received in The
ode stated, BY person eniitlet 10 receive il an
der ppropri1tiGn law. Now let Us suppose,
hat ts Will do With 1t. Any where TO the south
or West IL viii command premium OF from twD
TO nv per cent. No here Tho Uuittd States
All IL be under par. Do you suppose that the
holder Of these dfalis would be TOOL enough 10 con.
vert them utu specie, 10 be carried aud transport.
ed al his risk ? Do sou lhIak that he ~oula not
prefer that his monty should be III the Responsible
custody of the Government, rather Than IN hls u
Insecure keeping DO 700 th.nk he vii deny to
himself Tie oppor unity Of realizing the premium
Of which he nay be per eciy sOte The great
est want Of the country Is a a,edlum ot general
circulation, aud 81 uniform value every v here
That, especially, i our want IN the western sad
Interior States. Nov, here Is exactly such lie
DUN and supposing the 6avethlatni Bank 10 BE-
honestly aud faithfully aduIhsteFeu, II will, dut-
ing such an administration be The best Conyeftl-
Die paper money IN the world, tor two reasons.-
The first j., that every dollar OF paper VIII be
he representative OF dollar OF specie ~ the
asnds Of the receivers general, ether d. posIta-
lie, and, secondly Il the rectisers general should
nb, zzs the pubic naony, the responsibility Of
TIE Goyefnme 4 70 pay thu drafts ISSUED upon the
aste Of thai monty ould remain unlupalfed.-
The pa per, therefore, would b. Tar superior to
he paper Of any private corpora Ions he abtli.
y and resources q the Government o the United
ates are superior TO thuse ol such cor loraions.
The banking capacity may be DIVIDED lato three
acnllles deposltet discount o bills OF exchange
md promissory n,ies, or tilfer, aad circulation
Tins Government bank would con. blne them all
Except that il vii not discount private ueles, nor
.eceive private deposi'es. H. pay u,ents ior the
public lands, indeed, individuals. are aIewe Ia
make depCsics, aud To receive certificates e their
amount. To guard against their regotabltiv, a
7iausG has been introduced to render them unas-
'lgnabe. But how I'll 1, be possible to maintain
'Hch lncoHyeuleHt restriction, IN a country
shere every description ct pa ref importing an OBJ
Igutton TO pay money or deliver property Is as
.lguabe. at law OF IN equity, from the commer-
lsl nature aud trading character OF our people
Ofal the faculties y hich have stated Of bank,
hat which creates circulation Is the most lmpor
ami 10 the community at large. Il is that in
which thousands may be Interested, no never
rblsired discount, or made a deposlte with
bank. Whatever Government Bgrees 10 re-
srlye 10 payment OF the public dues Is a medium
IT circulation, rs money, current money, no mat
Ter what lis form may be, Treasury notes, drafts
Drawn at Washington, by the Treasurer, on the
ccciver general a, Ncs York, or to Use the Ian
,usge employed ~ various parts OF this bill, "such
ioies, bills. or paper, ISSUED under the authority
II the United States" These various provisions
-ere probably inserted tot only to cover the case
# Treasury notes, but that of these drafts IN due
eason. Rutli there we're no express provisions (
It law, that these drafts should be receivable IN !
'aN meR; of public dues, they would, necessarily, I
&c SO employ d. from their own intrinsic value. |
The want of the community Of general circu
alton OF unliurm value every where In the United /
mates would occasion vast units ut the species
# drafts which have described 10 remain IN cir /
ulauon. The appropriations this year will proc /
bly, fall not much short OF thirty mltlans Thlr /
= millions OF Tressurv drafts on receivers gen I
Pal, OF every denomination, and 10 aty amount /
nav be issued by the Secretary of the Treasury |
hat amount wonld remain in circulation can.
OF be determined PRIOR | suppose net less .
han ten or fifteen millions, at the end of aEether
ear. some ten or fifteen millions more; the,
'oud hls all the channels OF clrcula lon. The
'aF betaeen the Government add State banks con-
nuIng, and This mammoth Government bank be-
" in the market, constantly demanding speeds
II its varied uad ramitied operations, confidence
eud be lest in the notes of the local banks their
aper would gradually cease TO circulate, and the
anks themselves would be crippled and broken.
he paper of the Government bank would ulti-
la'elv fill the vacuum, as II woald Instantly &C.
npy the place OF the notes of the late Bank Of the
nted States.
| am aware. Mr.. President. that Wy the 18th
'clion of the bill, IN order In disguise the purpose
f the vast msrhluarv which we are abant cen |