The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1838-04-24

,,oro;o, business Of importance. This must ev-
err he So until all places possess precisely equal
natural advantages. And l suppose, too, Tint,
instead oEbeing mischievous, ~ rn'ne, ior me
common good Of all, that there shonld be some
co,nme,cinl emporium, some central point, Tor
Tho exchange OF trade. Government, certainly,
shond moi seek TO produce this result by The be-
stowal of unequal privileges but surely sir, It
would be q very strange ana ihoeiehsDie pohcy
which should lead The Government 10 withhold
anv norton of the capital of the country from
useful employment merely because that, if en-
ploved. while all enjoyed the bene lit proportion
ateIy, all would not enjoy II with the same abso-
Lutte mathematical equality.
So much, sir for concentration, arising from
depositing the revenue IN banks. Let now
look TO the other part of the connection, viz : The
receiving OF bank notes for duties. How in The
world does this "cenralize" the commercial sys-
tenn The whole tendency and effect, ms it seems
to me, is directly the other way. 1t counteracs
Capitalization. 1t gives all possible advantage
to local currency and local payments, and there
Ivy encourages both imports and exports 1t
tends 10 make local money good everywhere.
If goods he imported into Charleston the duties
nre paid in Charleston notes. New York notes
are not demanded. Nothing, certainly, can be
tnirer or more equal than this, and nothing more
favorable to the Charleston importers.
But how would that system work, which the
gentleman himself proposes?
Ifhs plan would prevail, he would have the
duties collected either in specie, or in Govern
,nent paper to I've issued from the Treasury He
would reject all bank notes whatever. 1.-THE
gentleman, sir, fears Capitalization, am aston
ished that he does not Capitalization in all its
ierrors in this very proposition ofhis own. Pray
allow me to ask, sir where,wili this Government
pnper in the course of its issue and circulation,
naturally centre? To what points will il lend?
Certainly, most certainly, to the gre attest point of
collection and expenditure 10 the very heart OF
the metropolitan city, wherever that city may he.
This il ms inevitable as the fall of water on The
result of attraction Iftwo-ihrts Of the duties
he collected in New York, il will follow, Of
course that twO-thirds of any Government paper
received for duties will be there received; and it
will he more valuable there than elsewhere. The
value of such paper would consist in s receivable
inv, anu, nothing else. 1t would always tend there
fore directly 10 the spot where the greatest de-
mrnd should exist Tor it from lhat purpose. lst
not so mt this moment with the outstanding Treas
nry notes? Are they abundant in Georgia, in
Mississippi, i'm Illinois, in New Hampshire?
No sooner issued, than they commence their
march towards the pnre where they are most
valued and most in demand that is TO The place
of the greatest public receipt. II you want con-
centration, sir, and enough of tiff you desire
to dry up The small stream of commerce, and fill
more full the deep and already swollen great
channels. You will act very wisely to that end. if
vou keep out of the receipt of the Treasury all
money but such paper as The Government may
furnish, end which shall he no o,herwis re-
deemae than in receipt for debts to Govern
ment while ut The lime you depress lie
character of the local circu lnion.
[ConcIuded ne1t lOeek