, 1840-04-18

on imports, and is becoming, if it be not alrea-
dy, the money centre of the United States.
1t is not indispensable to create a bank Of is
sues, that the place Of issues and the place
of payment should be identical. The issue
of the paper may be at one city, and the
place Of payment may be n different and
even distant city. Nor is the form of the
paper material SO as to carry it into the
general circulation Of the money Of the
country. Whether it be in the shape OF
bank notes, bank checks, post notes, or treas.
ury drafts, is of no consequence. If there
be confidence in it, and the paper be of o
v~enient amount, passes by delivery, and emit.
ties the holder to demand the specie upon Its
face, at hi, pleasure, it will enter into the
general circulation; and the extent of its cir.
culatlon will be governed by the amount is.
sued, and the confidence which it enjoys.
presume hat no one will contest these
principles. Let US apply them to the pro.
visions of this bill. The last clause of the
tenth section, already cited, declares:
/" And for the purpose of payments on the
public account. it shall be lawful for the treas
urer of the United States to draw upon any
of the said depositaries as he may think most
conducive to the public interests, or to the
conre tience of the public creditors, or BOTH"
Here is no restriction whatever as to the
amount or form of the draft. There is moth.
ing to prevent his making it for 500, or
$50, or $40. There is nothing to prevent
the use of bunk paper; and the draft will
have the number Of signatures usual to bank
paper. 1t will or may be singed by the
a,en-o ro,..o- III oz-
Now, sir, let me suppose that , citizen has
a demand upon the government for $4,000,
and applies TO The treasurer for payment
On what receiver general will YOU, he will
lie asked, have the amount On the ~receiv-
general at New York in what sum ! One
half of the sum in drafts of 500, and the
other in drafts of $50. The treasurer cam
not lawfully decline furnishing the required
drafts. He is bound by law to consult the
convenience of the public creditor. The
drafts are given TO him. What will he do
with theml There is not n spot, in the
whole circumference Of the United States.
in which these drafts will not command a
premium or be at par. Every where to the
south and west of New York they will CON-
manc i premium Of from Ia TO 9 10 per
NIhl. L'CIN "ltits StSt dllu UOEl1s llev
will be ut par. What | again ask, will the
holder do with them Will he commit the
indIscretion or folly of cashing these drafts,
ana expose himself 10 the hazard and ncon-
venience of losing or carrying the specie
about him 2 No such thing. Being every
where better than or equal TO specie, he will
retain the drafts and carry them with him
To his home, and use them in his business
What have supposed likely TO be done by
one, will be done by every creditor of the
government. These drafts, to a c~onsidera-
BILE extent, will remain out, enter the gener-
al circulation, and COMPOSE n part of the
common currency to the country, command
ing, at particular places, as notes of the bank
of the United States have done; and now
do, a premium, but any where being certain
ly good for the amount on their face. All
this is perfectly plain and inevitable. And
the amount of this element of government
drafts, in the general currency o. the coun-
try, will be some what governed by the
amount Of the annual disbursements of the
government. In the early admiration Of this
treasury bank, its paper will command gener-
al and implicit confidence. 1t will be as much
better than tine paper OF the bank of the
States or the Bank of England, rs
the resources of the United States are supe-
rior to those of any mere private corpora
ton. Sub-treasurers and receivers gener-I
al may fly with the public money committed
10 their charge-may peculate or speculate
rs they please, and unlike the condition of
whose fraudulent officers squander
he means Of those Institutions the nation re-.
mains bound for the redemption of all paper
ssued under its authority. But the paper Of
he late bank of the United States. acuuir.
ID a confidence every where, more or less,
md out Of the United States. 1t was re-
:eived in Canada, in Europe, and at Canton.
The government drafts upon receivers gen.
'ral will have a much more sure and extern.
circulation Who will doubt their paw
nent? Who will question the honor and
yood faith Of the United States in t heir redemp-
ion The bankers of Europe-the Roths-
and the Barings-wilI receive them
hesitation, and prefer them to the
specie they present, whatever the rate of ex.
change is not decidedly against this country,
because they can be more safely and c~onven-
kept than specie itself. And, with re.