The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-09-18
A FISCAL AGENT FOR THE GOVERN
MENT, AND A CURRENCY AGENT FOR
THE PEOPLE.

THE PEOPLE.
Let Government establish repositories for the safe
keeping Of its moneys at all the important commercial
points throughout the Union Call these depostores,
agencies, offices, Banks of deposit sub-reasures or
any thing else fancy may suggest. Place each Of
them under the of three different individuals
Of whom shall be called receiver, another cashier and
the other teller. The receiver should receive, tho
cashier should keep and the teller should pay gu, all
moneys deposited. Let each Of these officers be APP
pointed by the President by and with the advice and
consent Of the Senate. Give to each one Of them,
when necessary an assistant, who shall act as first
keeper in his department, and who shall also
ceye his appointment from the Executive and Senate
II deemed necessary wise after full discussion, let
the Constitution or law be amended as TO secure to
the President in relation to those officers the power OF
temporary suspension, but not Of final removal, with
out the consent Of the Senate.
Let the obligations of duty resting upon each and
all Of them be of such character and so prescribed
to make them answerable in some measure, for the
misconduct of each, asw compel them to watch, su-
peryse and check each other, and report Delinquent
cies, when discovered, to head quarters.
Thus far, the interests of Government alone
would be provided for. But the necessities Of the
people require the agency of scheme which will
furnish them with national currency, or medium Of
exchange, OF undoubted, substantiaf, and uniform
palue. In order TO accomplish high benefit for
the country, it is proposed that Government should
cause to be prepared suitable quantity of certificates
of deposit or Treasury notes, in denominations of
twenty dollars and upwards, and in convenient
forms and with suitable engraving for circulation
amongst the people Let these certificates Of do
post or Treasury notes be distributed amongst the
different Government repositories in such proper
ton as may meet fully tho demand for them. Let
every citizen throughout the country have the priv-
ege Of depositing any amount Of specie in these de-
positorcs, and the right accruing thereupon, TO de-
mand in exchange for the same these certificates or
notes Of Government, payable on demand at the place
Of dePosn in specie, and receivable every uhere In
payment Of Government dues and for public lands =
This privilege would place it in the power Of every
individual to convert his local bank notes, when pay
able in specie, into the National currency based dol
lar for dollar. the specie deposited receivable all
points for public Dues and endorsed by tho highest au
thority and best guaranty known to the Peoplethat
Of their own Government. The quantity Of such
national currency which would thus be brought into
circulation, would be precseiy eomnenslrate oih The
demand for tt--no less and probably no more. The
regulating power State banks cxcrted through the
voluntary action Of the People in Withdrawing the
specie from them, and converting it into tho national
currency would prove to be abundantly sufficient po
tent beyond resistance The tendency Of this process
would be to encourage tho introduction and retention
Of the precious metals and sustain practically the gold
and silver standard of vaIue-a line of its duty which
the Government seems studiousy and purposely to
have avoided from 1891 to 1887. A commentator |
the most conclusive and decisive in favor Of such
scheme Of furnishing national currency is that II
totally excludes the of the public money by public
agents individuals, the discount of promissory |
notes, Of bills Of exchange any other act of
loanins money granting facilities of credit Hwould
have no stockholders lenders debtors nor borrowers
Newspaper editors, politicians, speculators, stocko
bers any other class, could get accommodations
from it. Its issues would be confined to the specie
deposition would BIO predicated upon and limited |
the specie deposits The specie deposits, under the
operations Of trade and business would be fully equal
TO the just ,eants Of the country for currency espcci
ally National currency. When deposited, the spc.
would be represented in the business of the coun-
try by the very best and most truthful representative
that could be devised
Under such system, the productive labor Of the
country would be the money -creatng, the money
making power. The money power would be separated
from the political power. The money power grows
out Of The right, The po,rsr 10 money; and The use
Of money, public private is totally prohibited and
excluded from the operations Of the system. The
Government would simply become tho keeper of the |
treasure of the nation and in its of certificates
notes TO individuals would incur other obs a
tons than such would be incident to hank of de-
post or TO its character Of keeper Of such moneys
This relation to the public would afford the most
effective facilities for borrowing money in war and all
public emergencies. Proposals from the Government
to exchange its stock bearing reasonable rate of in
tercst for its certificates notes in circulation would
be readily embraced by money-holders. The result
would be, the funding Of such certificates or notes by
the Government and the immediate possession and
of the specie originally deposited in exchange for Them
greater facility and more prompt mode of realizing
cash in any emergency than could be afforded by any
other scheme yet devised.
An indispensable feature in the scheme would be
the collection of the public dues erclusipsly specie
and the certificates and notes of Government issued
in exchange therefor. Any connection with local
banks the banking system is totally excluded from
tina scheme. No other banking operation would be
necessary than the transfer from point to point for
Government purposes, Of the certificates or notes of
Government received in payment for public dues. Or
il Government paper should be more valuable and in
divduals should prefer to pay their dues to Govern
ment in specie, no transfer of such funds would be
necessary, inasmuch checks drawn by Government
upon specific deposits at the commercial points of the
country would generally be more valuable than the
specie ITSELF and consequently readily received in pay
ment Of Government debts by Government creditors.