Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1838-08-30
NO. SO.


increase instead of,liminishinc the pecunia
| ry cmbarraSsiHcnts of The country.
As To the Independent Treasury system,
/ SO lar as it proposes 10 withhold the public
| dcrosi'cS from the Banks entirely approve
ONT. Thus far it is simply an abandon
'ncht OF the pct Bank system. which all
! parties have condemned aud our fatal ex-
| I'cricmcc has confirmed tie sentence. The
! on"cu0n that it increases the patronage and
Influence of the Government, is wholly
without foundation, believe OH the CON
irary that the power Of the executive to Sc
lec' favored Banks at discretion, 10 receive
'lic Government funds on general deposite
| would give it, speaking with in bounds, one
hundred times as much patronage and i,,-
l'ncncc as the appointment Of any Droba-
bic number of official repositories would
confer
As TO The requirement that all dues to the
Government shall he paid in specie cxclu-
sNc'y' have been opposed TO il from tho
beginning, believing that it would increase
ne pressure of the times and render il more.
d 'iIruit for ilcl Banks to resume spccic oav-
meats. As FAR as it goes it will tend TO ti
ihinish boih their means and their motives
| to resan'c though believe its effects both
Tor COED and for evil have been excessively
o'cr-cS'inhirr. MIR. Calhoun contends
maj 'hc Dill, OF the Banks derive their prin-
ciPa' credit nom their being received by the
Government, which lie regards ms an on
d"rs"ment by tho Government. and Mr.
" chStcr and others scizino upon this iden
drew the inference that if the Government
Withdraw, this endorsement. Bank crcdit
wal! he entirely aunihiiated.! Now think
both the premises of Mr.. Calhoun aud the
conclusion OF his opponents cx,ravacant.
u practical view OF The Operations of tho
treasury will make thi, plain. Thounh
tie annual r"v"nur should he thirty millions
('nd u ought nof to be more than half that
sum- there would not he mt any one time.
IN the Treasury or in the hands of colIcct
ns and dishursino officers morc Than five
or SIN millions Of dollars. Ofcoursc five or
SIX millions at money. whether OF metal ~.
paper, would perform the fiscal ourrations
"i thc 1rcaS'iry. Suppose (irS' rba, ttrc
G"v"rnncnt receive his s,ll.-!-r r5an. 90.
can it he cnnccivo4-rnat The Government,
n4 r.cGy;u. il millions %, nnnnr of
the hanks o'''... E"sr .H r-a."'u-n'.
revenue !. Gu. r-i car r.."', SO. ,n ...
@rr,rGr ~ o. :. stedi'iat4 oac tsrrr
I'D 5t t'i:Z ~ a9s's .9 st t.;,l' l.I.. <
", on n."o''.' ba"tra q - Wi:Gm GmlynWjiii 81
a. e,... ran an - .r'''SHu. tp fecnivcf =
Ai& mi '.7l- "i ba,s p"a.,- "t' 't,a.rn,
cfcuii oi one huhurco anu my In',iJn- ~.
that paper whicl, under no circumstances
would ever reach the Treasury! Undombt-
cdly the Banks located where tho revenue
is collected are greatly benefited bv the re-
ccipt u! th,ir bills by tho Government. The
cNaction Of specie in payment of Ibis rcvc-
nuc would withdraw this benefit, but I
cannot perceive that a corresponding bcne-
at would accrue 10 any body else To the
"AiGciion thai the receipt Of bank bills vio-
!airS that clause of The constitution whicI,
'npIlcs that the revenue shall be collected
IN II uniform currency, | will only say that
II specie Is Il UNIFORM currency, so are bills
IIai can hc III amy time converted into spc-
clc. /" he sure il i, not as safe hui the
Government may demand specie at any
n"mcnl. when it has cause to apprehcnd
danger. Bn, though am opposed TO cx-
a"lllS specie exclusively, have he cn cvry
hnN"us TO sec Treasury hills or certificates
hearing no interest. substituted entirely in
The place of both specie & bank bills. To
accomplish this rc>u!; it would be necessary
TO provide that nothing shall be received in
payment of dues 10 The Government, bur
tins Treasury paper or specie. The result
would evidently be that very little would i'm
tact hr paid hrt Treasury paper. This
would be very great improvement in the
iIr>t operation of the Government, and
regret ihnt MIR. { ilhnun did MOI make il q
pai' "i his plan,n stead OF merely suggesting
II. IL would havr entirely removed every
rational ":!I"ci!on 10 the specie feature of
hl> scheme. II has hccn wholly misapprc-
hrn,lc'! by Mr.. Webster and his associates.
As hrhcr" WAS The tirSt person in the
Unitd STATES To suggest il. | will now
briefly explain my view oft. 1t is not de-
| siSnr" TO furnish a general currency, but
merely Il currency for lhe fiscal operations Of
| the GoE"rnmcni. This is lis essential char
acicr, and IL results from il that no more of
| this paper ought ever to be issued than will
/ perform This function. AS have hereto
! lore SAID the present revenue Of the l.. s.
| would not probably require more Than six
! millions of currency t"pcriorm all the oili-
ccs connected with it, from the moment of
| lis collection to thar of its disbursement.
! Congress should therefore. .authoriZc ihcis-
! Sue oithis sum and no more, and it should Inc
made rc->>nablc indefinitely. The value
| of this paper would he derived. not from
Is rod"cmhi'iIy. as bank paper notes. but
from lis rrccivabiiiy by the Treasury, and
/ from the amount being limited To what will
be actually absorbed in rcrcip;s and DIV
menis o! The Government. Nothing can he
more simple aud safe aud economical. lin
the first place il would hc equivalent O the
creation al SIX millions OF specie. which
would cost The country nothing, and vet an
swcr tbc purposes of its Treasury, I think
better tia" specie. aud much better than
hank paper. lrihc Government were 10 use
specie, besides costing the country Just six
millions instead of nothing, il would create
4