Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1838-06-21

% 'dNed tPfh iAe publtr cIedls sous form
10 uls all arc agreed, and our plain path oi
du'H -, 10 o0lsin II On the most economic al
lerms Mithin The pale OF our authority
Looking 10 The former practice OF the Co
'ernmeui, sm taught TO believe that an is
sue OF Treasury notes Ia, been looked. upon
rather a. the alternative Of an embafro,sed
hnaneier than the choice Of undoubied credit.
la 30 hr,i VAR .Oa" Of IL. Mr. Gailaun.
then al tie head OF tie Treasury, Whose
ability aud k1o~ledge Of ihi, subject none
viii question,) reported 10 Congress that. of
Tie eleven millions authorized to be raised
by loan. D.; lt,!e mote Than ,ix millions had
been taken. lcass"s deficit Of nearly i've
millions Of dollars. Speaking Of this def
cheney. he saN.
1T - confidently believed that the amount
which remains un.uoseribed for viii thu. be
biled as early as the money may be waited
Tor The puohe service. l.. order. hctaerey. T.
Prst.I h' Pai'ibH ~ y sITp.in'mtuf aud to
remove doubts and erroneous expectations,
tes leave To submit the proprieN Of author
i&ins 'he issue TresauryhOtes Oh the follow.
ins Priue pies, VIZ:
LET. Not To- exceed IN the whole the amour :
which may ultimately not be subscribed to
tie loan; that !, To- say, that the amount re-
oe"ed oa account Of the loan, are that Of the
Treasury no,es, shall not altogether exceed
SIi,0oO.OG0.
81. To bear an Interest" Sc Ca!lalia.
Rsp5.; ca ne I'm ,.es,, Nay "a lSla
Here, then. We rave proofs that the frs,
ISSUE Of G"'ernmeut pagrr, since The old con-
lnen'a! inoney. che bI>tor, OF which We all
klo" w1s not recommended or resoTtcd 10
Until loan had faded. oud then ouly and
'tr'ctiN as Gu- lITy - loan direct, 20 lar
from being trented as an ordinary resource,
Nr - 1t -.
rhaiic language, only Ito prevent The posi-
h'Iiy Of disappointment" II the loan should
fail. IL was eOusidcrcd by him ne tho very
'"S-iyiae OF state, >" TO be administered only
in TIE last resort, and When Otherwise the pa
tent must expire. Under such auspices. We
had our hrsl ISSUE of Treasury notes, amidst the
entertainments OF L war, aud under the pres
sue of IMPAIRED credit The necessities aud
diEicuities of the times forced thi. me a sure
I"ip use upon u skilful though reluctant finan-
cicr. HIS s1sacIty doubtless forc,aw the
slough from them there Wa.
no escape. The emission was continued from
Tune To tme, at increased interest, until they
we're der'~c 'at-d st the doors CftLs Ire .ufy
"a 10" - soSeniy-...o iSr the hundred
Mr Dallas. who came after MIR Ga,'atin
t"io the Treasury, was opposed u the coutin-
ulii"n OF this policy. Yut Mr. Epprs, then
chairman OF the Ways and AIclus ~ Inis
House, e.pou,cd the opposite. liz purpose
was TO create and continue a Government
pI?er 10 supply circulating medium for the
ceu1lry, 20 take tie place OF the paper Of tie
State bs"ks, Aen diserod.ied BY the su.Peu-
s.on of specie PaymeG;s.
The want Of some medium" SAYS MIR
EpPes, which, resting on a iIrm and solid
basis, may unite public confidence. and have
q general instead of a local circulation. - now
universally Acknowledged" aud. after recon-
mending further issue Of Treasury notes for
this purpose, lie continues
ITO ensure their circulation, it would DC
necessary.
"lst To issue thom in small sums.
I'D. To aI0Jr u idcrs 10 fund ihsrn al pisasnre
~ per e-Ht. seek
81. To make them pay able 10 bearer, ard
pass by delivery.
18th. To make Them receivable in all pub.
lie dues
18th. The United States. TO pre- vent r,dur-
dant circulation. 10 retain the power OF re-
deeming tbem al pleasure, or Of funding them. 4"
I R'PeTi Com. UGys aud Means, Oct. 10. 1914.
Such was MIR. Eppess idea OF the true use.
aud intent Of Treasury issue. But even re
was Obliged TO rest .. for support on the fund
ins 'y"eH Regarding a permanent debt a.
ihe lot II our country, IN common with all
others. lie looked TO that as the Legitimate AID
only support OF his scheme Of Government pa
per money, 70 be funded ai IA, pleasure n tas
holder. or at The WiH Of CorernH.snI, ~ p,yu,a-
nsHi : pey CENT. stock.
Mr.. Dallas, however, IN a letter TO ~. Ep-
pes, soon after this report appeared, condemn
I'd ihs scheme in tie strongest terms. Tie
considered with Mr. Gallaiin, that TTeasurs
Poper should bc resortoI 10 Orly under pecu-
lar cIre .n-tsnces, a. q means OF Temporary
supply Under favorable ctcumstauces
be writes, and 10 a limited cNteUt. 90 efni,-
'Ion Of Treasury notes would probably AFFORD
feici. but Treasury notes are On srp,ndr. AID
rfeeari2us substitute ei'her for coin or fsr
back no'es. charged ., they are with 3 grow
'ng interest, productive of no cOuoiensi ing
profit or CmU'umstt. AID exposed 10 every
Jrt 9TH 20 popular pei ID zee srI alIrm"
Sir, have cited iLc-c authorities 60 show
hat ~ i'sue q Treasury papsr hs, been iook
20 90 bJ oUf -aisst hnInctcrs 90. as \ tempo
'ary eNpcd.cnt of supply. when NE price Of
nDncy '.ss 90 hiEh. or he credit Of Govern
ne 90 80 'v, -s O. Jysiif, i,s use
o. October irsi. when the is.uc n ten mil
lots was suttoftI g. ! considered those sif-
.umstsuc's a. eNi-tifx 60 which Nr Dallas
.ciers o. JIstiit ins tle &C, asIDbol use of ihis
'ea Pcnsisc end .tccsTiogs Substitute lie
tetenfy " - empty thr sources 90 revenue
irird ~ Tho public money on degostr in
De- Suu'n ari Souibwest was itaccessihie.
I'D 81 ti.e Noub n had been dra,ned slmo.t
% lbe lat Do iar A loa. would have pro-
liced noibilE there being 20 money to invest.
,rd o heavy European dtbt sbs1fbiug even
iodlf that could bc JisensagtJ from NE flirs
e commerce
There was m alternative 81 conceived f
lli 90 issuc % Tfois1ry notes o. meet the ext
strcy arI 30 ia.ush Temporary ,uIpy
Sow tIe condition 81 sHsirs o. altogether
.lfrfrft Tie foreign trhi Dr.. been wired
90 eNest1gs tts been t1rD-d ia fator q ii.s. b
paotry. aud The precious metals are agaia
.1Yrug i1. Money O., once liYrc abuadsut.
w. Ca Hr htI 20 ttc lowest rlics.
81 uien. uiy g. $50, Treasury issue to 10
1ttrusf 90 itfrs - orcfot TO me eouh.
~. Nbsu ihs supply nay be hsI 30 CON. o.
c44ifed. on tar tfs1fer icrms'
i.si us estimate che diIrrcncs Do cost 81
hs lpts fsw. tses'y Thousand dollars sssat-'
rVp iltrd from The Tsessuy. u dsffay re .
os' ~ toe emieiso. irriu5ing The f.isf.ss a.
sYf ssfra c.efts 81 1890 per s1num each. 90
tcp tla scs.auis Thcse clerks anl these
eisGies 20 ieast must be- continued 81 long a.
be systsm % kept 70
Thea us rstc - Interest must 81 % The
tat. six yer ee0t sud when ss ALLOW for
~pfecation, pht~b 90 my spprehsnsi0n is
icfna5.c. ihe loss 90 Gle Treasury siil fall
rfornffIsH