Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1838-03-22

neys without limit, as TO sum, place or time.
leaving every thing 10 the discretion of the
Secretary OF the Treasury, the receivers ye.
neral, and other Repositories. What aeon.
~ allowed in the fixation of the rates of ex.
change, whether Of premium Or discount. 10
regulate the whole domestic exchanges OF the
country, 10 exercise favoritism? These ior>
ner transfers we're not made for disburse.
ment, but as preparatory TO disbursement; &
when disburscd, il was generally in bank
notes. The transfers Of this bill are imme-
date payments, and payments aot in bank
notes, but specie.
The last paragraph IN tho section prov ides
that, for the purpose of payments on the pub
lie account, il shall he lawful for the Secretary
10 drop upon any Of the said depositaries, as
he may think most conducive to the public in
terest, or 10 the convenience of the pubIic
creditors, or both. i, will be seen that no
limit whatever is imposed upon the amount,
or form of the draft, or as to the deposi,arv
upon which il is drawn. He is made the
exclusive judge OF what is "mos, conducive
to The public interests" Now, let US Pause
moment, and trace the or GRAFTON of the pow
ers thus vested. The Government has re.
| venue oil from tvs nty 10 thirty millions. The
Secretary may draw il 10 any one or more
points, as he pleases. More than moiety OF
inc revenue arising from customs is receives
BILE at the port of New York to which point
the Secretary may draw all portions of il, il
be think j, conducive to the public interests.
A man has to receive, under an apprupria-
lion law, $4,000, and applies to Mr.. Secre-
tary for payment. Where will you receive
il: he is asked. On N. York. How? In
drafts from IS to $500. Mr.. Secretary will
give him these drafts accordingly, upvn
bank note paper, impressed like and sinus
ialing bank notes, having all suitable en-
olazonry, signed by my friend the Treasurer,
Whose excellent practical sense, and solid
and sound Judgment, # he had been at the
head Of The Treasury, instead of Mr.. Levi
woodbury., when the suspension of specie
payments took place, would have relieved or
mitignled the pecuni,ry embarrassment Of
the Government and the people, coun,er>
signed by the Comptroller, and filled up in
The usual way oil bank notes. Here is enc OF
Them, said Mr.. Clay. He here held up, TO
The gaze OF the Senate, Treasury note, hav.
ing all The appearance Of bank note. color
ed, engraved, aid executed like any other
bank note, for $50 This continued MIR.
Clay, isa Government, POST note, pu, into
circulation, paid out as money and prepared
and sent forth, gradually TO accustom the
people OF this country to Government paper.
have supposed $1,000 TO be received in
the mode stated by person entitled TO re.
celve II under an appropriation law Now,
lei US suppose what he will do with it, ANY
where 10 the South or West, il iIlcommand
premium of from two to fiyep per cent. No
where in the United States will il be under
par. DO you suppose that the holder O. these
drafts would be fool enough to convert them
INTO specie 10 be Carried and transported at
In hsrfr
prefer that his money should be in the RESI-
ponsible custody of the Government. rather
than his own insecure keeping? Do YOU
thInk he will deny 10 himsel! The opportuni-
ty OF realizing the premium of " hich he may
be perfectly sure! The greatest want of the
country Isa medium of general circulation
aud OF UNIFORM value everywhere. That,
most especially, is our great want in the
western and interior States. Now, here
Is exactly such a medium and surprising
the Government bank TO be honestly and
faithfully administered, il " i'll during such an
administration, be the best convertible pa.
per money in The world, for two reasons
The hrst is, that every dollar OF paper out
VIII be The representative of a dollar OF spe>
Gle in the hands OF the receivers general, or
other deposituries and secondly, il the re-
ceivers general should emhezze the public
money, the responsibility of the government
10 pay the drafts issued upon The basis of tina,
money would remain unimpaired. The pa
per, therefore, would be as far superior TO The
paper OF any private corporation, as the abi-
ny and resources OF the Government of the
United States are superior 10 those of such
corporations.
The banking capacity may bedivided in
10 three faculties deposies, discount of bills
o' exchange, and pIomissory notes, or either,
and circulation. This Government Bank
would combine them all, except that it will
not discount private notes nor receive pri.
yaie deposites. 10 payments for the public
lands, indeed, inGiv iduals are allowed 10
make deposiies, and 10 receive certificates of
lheir amount. 10 guard against their rego-
t'aohity, clause has been introduced TO rem
der them unassignsble. But bow will il be
possible TO maintain such an inconv enient
restriction, IN country where every de-
scriptIon OF paper importing an obligation to
pay money or deliver property is assignab,e,
at law or in equity, from the commercial
nature and trading character Of our people {?
VI all the faculties which have stated of
bank, tina, which creates circuls iion is the
mos, important 10 the community at large.
IL 10 that which thousands may be Interested
VINO never obtained discount, or made q
deposlte with bank. Wbsiever q Govern
ment agrees TO receive in payment of public
dues as medium Of circulation, is money
current money, no matter what its form may
be, Treasury notes, drafts drawn Of Wash.
ingion, by the Treasurer, on the receiser
general at New York, or TO use the Ian.
gusge employed in various parts OF this bill,
such notes, bills or paper, issued under the
II Il