Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-01-09


to be used by its keepers, Us here, Is bell Veh
To be peculiar TO this country, and 10 exist
scarcely any wlI.re e;se. Il; procure II here
improper Influences are Appealed to- IlmwIse
cuuuy xiulis are established betw eelI the GOv-
erlinlrnl and vast plumbers o powerful stale
institutions: other mOiives tlIan the public
uood a, broust 10 bear both OH the EXecn
tive und Legislative Depar nlents, and selfish
combinations eadin. t"spccIal Legislation are
formed # is made the Interest OF ballkIh9
institutions and their stOckIDIderS throughout
the Union To Use their exeri0ls tor The increase
of tayu!iou and the accumulation 0l surplus
revenue; and while an excuse Is Afforded,
the meaus are furnished for tlIuse excessive
issues which lead 10 extravI giant tradl; and
spcculation, and are the t"rerunnerS Ol vast
debt abroad, anl suspension Of the ballis ut
home.
Impressed therefore as am. with the pro-
priety Of the funds of The Government being
witIId avn from the priynre use of either banks
or individuals. and the public money kept by
duly appointed public agents and believing,
rs do that such also /. the ,ud mt:i which de-
cussion. reae.iinn. and experience have pr"-
duccd on the public mind, leave the subject
wl:h you. 1t il ut all events, essential TO The
interests of the community and the Business OF
the Government that n decision shrnld he made.
Most of the arguments That dlsunde IT'S from
employing banks in the custody aud disburs
mcnt of The public money apply with equal
foe. to the receipt OF their notes for public
dues The ditfrence is only in form. la one
instance the Government is creditor tor ITS
dr,,o-trs AMI i'm the other Tor the nnles II holds.
They afford the same opportunity tor using
thu public moneys. and equally lead I" all the
evils attendan, upon it, since Il bank can us
safely extend its discounts on Il depoSlte ol
its notes in the hands of a public officer us
on one made III lis own vaults On Tie other
hand, it would give to the GoverilsnalIt no
greater security, for in case Of failure, The
cl i'm OF the note holder would be ITO beier
than that of i deposition.
am aware that the danger ol lncnnvenl-
emce to the pubic and unreasonable pressure
upon sound bamks. have been urged a. oyec-
tons to requiring the payment oi tlie rev ehIl"
in gold and silver: These objections have
been gradually exaggerated From the best
estimates we may safely tx IN" amount Oh
sprcie in the COLI TRY at eighty 1--we million, "i
dollars and the portion ct that winch wollId ne
employed III any one time IN the receipts ana
disbursements of the Government. even u the
proposed change were mide Mt once. "onid
not, il is now, after fuller lnveslIga ION. belIev-
ed. exceed four or five millions. II the change
were "radua, several years would claps before
that sum would be required with animal ol'-
porlInitirs in the mean time 10 alter The law,
should experience prove II 10 he oppressive or
announcement. The portions OF the community
OH whose business the change would IInmcdl.
aiely operate are comparatively small. inr Is II
believed that it< effect would beln the least u:l-
jus or injurious to them
Ia The payment of duties, which constitute
by lar the sreacr portion OF the r. venilr,a very
.arge Proportion is derived from lnrcIsn conI-
mission houses and agents "i foreign malili'ic-
turers who sell the goods consigned 10 them.
generally, ataurtior, and after paying thu du-
ties out of The avai!s, remit the rest abroad IN
s,ecie or is equivalent. That the amount "i
duties should, i'm snrlI cases be also retained IN
snecie can hardly be made a matter OF com.
plaint. Our own importing merchants, by
whom the residue lhe duties is paid, ar. not
,nly peculiarly Interested in maintaining
suunrl currency, which the mrasri' IN question
will especially promote but are from the Ia
| tlrn of their dealings. best able TO know when
snrcie will he nrcdc,l. and TO procure it with
,he least difficulty rr sa"rfce. Residing too
almost universally in places where the revenue
is received. and where the drafts used by Gov
rrument for its Disbursements mist concentrate
| they have cvrrv opportunity 10 Ubialn and Use
than in plnce O. snecir. should it he for their
interest or convenience. Of tie number of
these drafts AID tho facilities they may afinrd
as vel! as Of the rapilitv with which the public
funds are drawn n"d disbnrsed an idea may
b. formed from the fact 'ha'. of nearly twenty
millions Of dollars naid 10 collectors and rerei.
vcrs during the present wear. the average IL
mount hid by him, subject to draft during
e1c week has heen less than half Il million,
The case and safety of the operations Of the
Treasury in keeping the pubicmon"y, are pro-
motrd hv the anpIicaton It's own drafts TO
the pubic dues The objection arising from
having them too long on usianding. mi ght be
ov,tcd. and they vet may afford to merchants
an banks holrlinm them, an equivalent for sue
! Gle. ani in that way greatly lesson the amount
actually cqurrd. Still less i convenience
will attend the requirement of specie in p,lr.
chases Of nh" la"ds Surh purchases, cx-
cent when made on sneru atinnt, are, in genrr-
a bml single transactiol's. barely repeated hv the
same person; and i is "a Fact that for the last
year and half, during which til" notes of sound
banks hav" been received, more than mOlctv
Of these payments has been voluntarily made
in specie. being larger proportion than would
have been required III three years under The
ordinations proposed.
Its moreover principal than which nopc
ffs better settled by experience. THAI The supply
of the precious meta swi ALWAYS be found ade-
onnie to the nses for which they are required
They abound in countries where there's no other
currency allowed. In our own Sfaes. where
'smrll notes are excluded gold and silver sup
ply their plaee. When driven tn their hiiing
places hy ban!; suspensions, little frmness
in tho community soon restores them i" snfi-
cient quau'itv for ordinary purposes. Postage
and other public dues have been collected in
coin, without serious Inconvenience, even in
States where n dppr cintrd paper currency
has existed for wears and his with the aid Of
Treasury notes for part of the time. was done
without interruption during the suspension Of
lS37. At the present moment. the Receipts
and Disbursements of fI,. Government are made