The Ohio Democrat and Dover advertiser. [volume] (Canal Dover, Ohio) 1839-1840, 1840-03-27

| eur hhIgnt hsk MN, IN return, NheIu
he will find any clause in The Consutu-
lion conierring powers upon congress 10
regulate the banking and credit system
Of the respective States, aud thus strike
at the root Of our caIamites and embar-
rassmen.sa The present Admlnistra.
ton have not had the slightest agency
in creating the existing distress, and its
recurrence. This is a duty which de-
wolves upon the States. Still we have
proposed measure which we believe
will produces this effect TO limited ex-
tent. Our chief objects in adopting the
Independent Treasury, are to discon-
meet the Government from all banks, to
secure the peoples money from the
wreck Of The banking system, and to
have it always ready TO promote the
prosperity ofthe country in peace, and
defend il in war; incidentally, however
it will do some good in checking the
extravsgant spirit Of speculation, which
is the bane Of the country.
10 the first place, by requiring specie
in all receipts and expenditures of the
Government, you will create au addition
al demand for gold and silver to the a..
mount Of five millions Of dollars per an
um, according to the estimate Of the
President A large portion Of this sum
will be drawn from the banks, and this
will compel them to keep more specie
in their vaults in proportion 10 their cir =
culation and deposiles, and to bank less
This, 80 far as it may 60, will strike at
the root Of the existing evil. | fear,
however, that it will prove 10 be but a
very inadequate restraint upon excess
sive banking.
In the second place, this bill will, in
some degree, diminish our imports, es-
pecially after June, 1912 most heart.
lily concur with the Senator in desiring
this result. What is the condition OF
the importing business at the present
moments Itis almost exclusively in the
manufactures they can dispose of in 9th
er portions Of the world, aud thsn bring
the resioum here to glut our market
According 10 our existing laws, they re-.
ceive a credit from the Government for
the amount Of its duties. They sell the
goods for cash. and this credit becomes
so much capital IN their hands, to ena
BILE them to make fresh lmpoy,auone.-
The Independent Treasury bill reqn,re.
that all duties shall be Paid III gold suc
f silver, and after June, 1912, The com.
promise law wIll take away the credits
altogether We shall then have a sys-
TEN of cash duties in operation, which
will contribute much to reduce the a.
mount OF our imporia'ions, and to en-
courage d1meslc manuialures.
| In the third place. this bill will make
the banking Inte esl lhe greatest ccono
nIsls in the county, so far as the Gov
ernment is concerned. Their nerve O
self-interesl will be touched IN f.vor O
economy, and this viii induce them 10
unite with 're ptmp'" II reducing the re.
venue and e,rFaHInHe> Of lar Govern
ment 10 lhe rrw est rtands-o CONSISTENT.
: ly with ~ rrh,c p.rr htV Rl
hereafter oM ccir.e 'trenue, a.
much as tr;s -u,rH IA It i,rmcrlf
When the -, : .' t'j 'aor'rr mrqcs...
Any surl;p> .c".rn "'er e1,s III ,"'u.t
viii be 1t ,nco up II koia and SHts, II
1 q ltk, n t,'I. ~
portion to rs umouui, VII deprive The
banks OF 80 much oflher specie. They
"ill, therefore, become the pariIsaDS o
reducing The revenue tO tho actual AL
necessary expenditures OF the Govern
, ment; so that The specie n'ay flow on, O.
; The subIreasuries with raplOltv cor
responding with it's influx. No,h'N,
but large surplus can seriously injur,
the banks. This WAS demonstrated tc
. me bv one Of tbe most distinguished E.
nanciers which eur country has ever
produced. not himself, believe, friend,
, y to the Independent Treasury These
, Treasury drafts, in the natural course
ofbusiness, will fird their way either IN
to the banks at the very points where
our deposltaries are situated, or init
the hands Of individuals, there having
y duties to pay TO the Government, Take
for example, New York. A public
b creditor receives such draft on the re-
: csiver-general in payment of his debt
! Will he carry it 10 New York, receiv,
= payment, and transport the specie from
/ that city? Such instances will be rare
: He will generally deposte it to his cred
1 it in the bank with which he tiansact
b his business, wherever that may be-
This bank, if not in New York, vii
transmit il for collection TO one of III,
banks there; and thus these banks will
q draw the specie from our depositary a
q rspidly as it is drawn from them for tn
" payment fthe public dues, Thus III
o equilibrium will be preserved, 90 lon
y as the Government is without larg