The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1840-12-18

ceiVe ourselves, when we suppose ii
would be otherwise.
The most etfectual means within the
power Ofthe geOeral government, to
provide against the abuses and evils a.
boVe alluded to, are TO be found in the
Iudspsndant Treasury. This measure
BY separating the fundsof the gevern-
ment from the banks, and placing them
intAe custody Of the agents Of the pso-
pie, who are prohibited from using them
for speculation, under severe penalt res
not oulY increases the security Of the
public funds,' bnt wilhdrawstha slimu
liant to overbanking, which they we're
calculated to create. while possessed
and controlled by the banks. The evil
most TO be feared, being excessive ban.
king. tho remedy must be something
that will restrain the banks. The Inde.
pendant Treasury law,valthough it vii
have but a partial influence iu restrain
ing the banks, and consequently will
not remedy the evils Of the pap er sys-
tenn. only TO limited extent, yet, it's
a general influence on the whole curren-
cy Of The conntry, in the course of time
mustbe beneficial. By requiring at thsend
Of four yearO the revenues oflhe gene
'Eal government to be paid in gold and
silver UOiu, demand will thereby be
created ia this country, for the precious
metals. As that demand increases they
will flow into satisfy it; for there is no
act better established or the truth of
which is more universally admitted, than
thatthe precious metals will find their
way to that point where they are
in the greatest demand and the
reVerseii is consequently true that
they will leave the point where they
are The least in demand-This being
the case, what is the effect on the cur
=. rency, produced by the independent
Treasury ia"i By creating demand
for the precious metals, and extending
tue Uses to.which they are applied, they
will flow into this country to supply the
demand. : Mhat;is,,he effect produced
by our paper system. Directly the re-
verse. By furnishing currency COM
posed almost entirely OF our paper mon-
ey, based principally on credit, and not
on'specie;'the uses 10 which the pre-
cous metals areI applied are greatly
diminished and consequently the de-
mand for them is diminished iu col~
responding ratio. The Independent
Treasury law, therefore, has tenden-
r cy to attract while our paperIha ten
dency to repel the precious metals.
The fears that some entertain, that
"isyfequtftngttbe revenues of our gene
IaI government to be + aid 10 coin. the
precious metals would accumulate in
tbe treasury TO an injurious sytent, ere :
without foundation II should not be the
polcy of the general government 10 col
isct more money than may be wantedto
defray lhs expenses of an economical
administration. In that case the pub
lie money would he received one day
and paid cut. 1t would not and
could not accumulate to any considera-
BILE extent. 1t will be paid OFT not mere
" topIblic officers in the shape of saI- II
eriss; Tthis constitutes bu. email par.
ofthe amount ldisbursed by the general
government i.~wt'I be paid ont to our /
seamen in the ,navy-io our ,ldiers in
the army-to our laborers employed III |
erecting Notifications, improving our
harbors building ships and in the various
plber works in which the country may
engage. Il. will be paid out to our far
mers for their corn aHd beef, pork and
other articles necessaryto supply our
arm, and navy. In this The gold and
silver received and paid out by the gov
ernmsnt WILDE dIffused through the
entire community. increasing every
year until 10 the course oftIme, It will
form an every day currency for the
furnish more extended specie
basis for the banks, and enable the leg s
slatures Of The States, with moro ease
10 coafne bank paper 10 It's legitimate
objects: heavy business transactions >
and the commercial and exchange OPP q
rations Of the country. Such import
Q Mt advantages to our currency should 8
n OF be disregarded for the purpose of e
m nistering toIjhe avarice and cupidity ( a
banks. They have nc right 10 the cus- b
lody Of the public money to speculate :
,u and swell their profits. They have n
20 more right to complain Of the gov
,rnment Withdrawing it's funds from p
hem, and dispensing with them as fis- b
,al agents, than they have to complain v
# the merchant or farmer who with Q
Iraws HE deposits. The Independent b
Treasury law leaves them in the full P
,njoymen. ofan their rights and pnVi- c
lges, under their charters. And il is
oped that measure 30 we'll calcula-
ed to aid 10 restoring q sound censtitu- o
isnal currency, place the government n n
'eyoud the control of Irresponsible cor n
,orations, and secure the public mon- ir
ys from embezzlement by public Off n n
aya - III mt he disturbed. either for