Vermont telegraph. [volume] (Brandon [Vt.]) 1828-1843, 1840-01-08

On the other hand, it would give 10 the
Government no greater security, for in
case of failure, the claim of the notehold-
er would be no better than that of q de-
positor.
am aware that the danger Of incon-
venience to the public, and unreasonable
pressure upon sound banks. have been
urged as objections to requiring the paw
ment of the revenue in gold and silver
These objections have been greatly exar-
gerated. From the hest estimates we NAV
safely fix the amount ofspecie in the coun.
try at eighty-iv millions of dollars, and
the portion of that which would be en-.
ployed at any one time in the receipts and
disbursements of the Government, even
if the proposed change were made at
once, would not, it is now, after fuller in
ves;igation believed, exceed fouI or five
millions. If the change were gradual,
several years would elapse before that sum
would be required, with annual opportu-
mites IN the mean time to alter the law,
should experience prove it to be Cypress
I've or inconvenient. The portions of the
community on whose business the change
would immediately operate, are compare
tive y small, nor is it believed that lis ef.
feet would be in the least unjust or injuri-
Gus 10 them.
In the payment Of duties, which con-
sttute by far the greater portion of the
revenue. very large proportion is deriv-
ed from foreign commission houses and
agents OF foreign manufacturers, who sell
the goods consigned to them, generally,
at auction, and after paying the duties out
OF the aVaIIs remit the rest abroad in spe-
Gle or its equivalent. That the amount,
OF duties should, i'll such cases, be also re-
tanned IN specie, can hardly be made a
matter of complaint Our own importing
merchants. by whom the residue of the
duties IS paid, are not only peculiarly in
terested in maintaining a sound currency.
which the measure in question will espe-
clally promote, but are, from the nature of
their dealings, best able TO know, when
specie will be needed, and to procure il
with tn. least difficulty or sacrifice. Re-
SLING, too, almost universally in places
where the revenue is received, and where
the drafts used by the Government for lis
disbursements must Concentrate, they have
every opportunity to obtain and use them
10 place OF specie, should it be for their
interest or convenience OF the number
OF these drafts, and the facilities they NAV
afford, as well as Of the rapidi,y with
which the public funds are drawn and
dlsbursed, an idea may be formed from
The fact that. of nearly twenty millions Of
dollars paid to collectors and receivers
during the present year, the average
amount in their hands at any one time has
not exceeded million and a half; and of
the fifteen millions received by the collect
or OF New York alone during the pres
ent year, the average amount held bv
him, subject to draft during each week,
has been less than half million.
The ease and safety of The operations
OF the Treasury in keeping The public
money, are promoted by the application
OF its own drafts to the public dues. The
objection arising from having them TOO
long outstanding, might be obvia,ed. ana
they yet made to afford to merchants and
banks holding them an equivalent for spe
cle' and IN that way greatly lessen the
amount actually required Still less in
convenience will attend the requirement
OF specie IN purchases of public lands. S.
Such purchases, except when made on
speculation, are, in general. but single
transactions, rarely repeated by the same
person; and It is fact, that for the laSt |
year and half. during which the nlt4s
OF sound banks have been received, more
than moiety oftheSe payments has been
Voluntarily made in specie. being Iaro.
ef proportion than woIid have been re-.
CURED in three years undor The ora IN.
lion proposed
IL IS moreover a principle than which
none IS better settled b. experience ,ha,
ne supply OF the precious metals will al
ways be found adequate tpsthe uses for
which they are required. They abound |
% countries where no ether currency is
allowed. In our own States. where small /
notes are excluded, gold and silver sun.
ply their place. When driven t, their
liding places by bank suspensions. a liz
lie hrmnesS in the community soon ~.
torres them 10 sufficient quantity for or.
llhary purposes. Pos-age and other pnb-
&c dues have been collected in coin, with
'ul serious inconvenience even il Sites
Snere a deprecated paper currency has
,xIsted Tor years, and this; with the aid Of
l 'easafy notes Tor a part of the time. was
zone without interruption during the sus-
pension OF 1887. At the present NOM
nj the receipts and disbursements of the
government are made in legal currency
n tue largest portion of the Unon-no
ne suggests departure from this rule
ND II 1t can how be successfully carried
n', 1t will be surely attended with even