Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1840-10-27

ty to their duties TO both Government anG
people, the connection between them
and the General Government has been
dissolved. And, according 10 the Inde.
pendent Treasury law, lately passed, the
public money remains in the hands ol
collectors and receivers until paid out on
appropriations Of law.
The great contest now going on is to
determine whether this separation oi
Government from Bank is to continue.
The banks wish to repossess the public
depOsites. The merchants desire either
that they should be restored to the local
banks, or placed in a new United States
Bank, where, as before, they can secure
the use Of the money. Is this the inter-
est of the people? Is it the duty of a
plain and frugal society 10 apply the ad-
ditional stimulus of public money and
public credit to the traffic of the vices;
to promote the designs OF avarice and
vanity, and to secure the predominance
of indulgence over industry? Are not
the hundred millions Of credit circulation
now devoted in that manner, enoughS
Are not the effects sufficiently striking
and instructive? No evil is more garing
than the sudden increase, of late years,
in domestic expenditure; and the socie.
ty of Friends has experienced peculiar
difficulty in enforcing the regulations of
its discipline amongst its members, on
this subject. Costly and fashionable
dress and furniture, dwelling and diet,
have prevailed to an alarming extent
amongst them; and now, while at every
meeting Of business, they are seriously
and sOlemnly inquiring into the state and
progress ofthis evil amongst themselves,
they are called on TO support politically
system Of fiscal management that lends
their own money and credit as citizens TO
promote the purchase and sale, to extend
the use and example of foreign finery and
luxury amongst US. We have seen how
difficult it is to resist the insiduous pro-
gress Of vice, with all the array of reason
and religion. How can further opposi-
ton avail, when the political wisdom of
the land shall deliberately apply the ag-
gregated industry Of the country, collect
ed by taxation, 10 increase the evil.
These considerations are of enough
moment and magnitude to secure at least
serious attention to the principles of
the great controversy now going on.
1t is contended that the Constitutional
Treasury law confers or the President
the power of the purse, by giving him
the custody ofthe public money. Well,
who ought to have it, thenS Congress.
But Congress is not always in session,
and who will keep it in the recess?
Some agent of Congress. And is an
agent of Congress more worthy of such
trust than the elect of three millions of
votersa Besides, when Congress is in
session, some man must keep the keys
of the Treasury. But if is restored to
the banks, why, experience tells US by
their repeated suspensions, that they
will always be ready to sacrifice their
faith to the Government to their own in
terests. Political ambition may violate
such trust in our country-that is con-
lecture. But mercantile avarice and
speculation have repeatedly done So
that is fact and history. But the objec-
tions made to the Presidents custody
of the public money are insincere. The
public deposites were removable by the
Secretary of the Treasury, according to
the charter of the United States bank as
well as the late State bank deposite law,
and he holds his Office at the will of the
President. No party objected to the
provision, for its propriety, If not neces-
sity, was obvious to all.
| will not discuss the objection that
the Sub-Treasury bill provides one cur
rency for the people, another for Gov
ernment It's absurdity is plain to eve-
ry man of reflection.
But it is contended that by increasing
our proportion of metallic circulation,
the prices of property and labor will fall.
This idea is contrary to fact and to rea-
son. Cuba has currency purely me-
talic, and in no country are the prices
higher. Texas has now the most exclu- |
sive paper currency; do laborers get
better employment-do our products
find a better market, there than else
whereF We all know that Auctuation
and uncertainty are the principal evils of
our money system; we must know that
. larger proportion of specie would render
it more stable and uniform. As for the
regulation Of Bank of the United
States, nothing could be more uncertain.
The late Bank was as irregular, almost,
as any local bankj new one must be
governed either by the political power,
or the money power, of the country. In
one case it becomes the engine of party
with all its violence and vicissitudes; in
the other it is the creature of avarice and
speculation, with all their depravity and
revulsion.
An expanded paper system, therefore,