Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1841-12-14

BILE for ameIioratlng the present condi.
rion Of things. Commercial modes Of
exchange and good currency, are but
the necessary means Of commerce and
intercourse, not the direct productive
sources OF wealth. Wealth can only be
accumulated by the earnings OF indus
try and the savings Of frugaIity, and
nothing can be more i'll judged than to
look TO facilities in borrowing, or to a
redundant circulation, for the power Of
dischargng pecuniary obligations. The
country is full Of resources and The peo
pie full ofenergy, and the great perma
nent remedy for present embarrassments
must be sought in industry, economy;
the observance Of good faith, and the
favorable influence ol time,
In pursuance of a pledge given to you
in my last message to Congress, which
pledge | urge as an apology for adven
turing 10 present you the details Of any
plan, the Secretary Of ths Treasury will
be ready to submit to you should you
require ii, which, while it throws round
the public treasure reasonable guards
for its protection. and rests on powers
acknowledged in practice to exist from
the origin oflhe government, will at the
same Time, furnish to the country
sound paper medium, and afford all rea
sonable facilities for regulating the ex-
changes. When submitted, you will
perceive in it plan amendatory Of the
existing laws 10 relation TO the Treasu
ry Department.: subordinate in all re
specls to the will Of Congress, directly,
and 10 the will of the people indirectly;
sustaining, should it be found in
practice 10 realize its promises in theory
and rcpeaIab'e at the pleasure Of Con
Rress, it proposes by efecunI restraints.
and by invoking the true spirit Of our
institutions, 10 separate the purse from
the sword, or moro properly TO speak,
deCles any other control to the Presi
dent over The agents who may be selec
led to carry it into execution, but what
may be indispensaby necessary to SO
cure the fidelity Of such agents, and bV
whose regulations, keeps plainly apart
from each other, private and public
funds. 1t conlemplAtes the establish.
ment Of Board Of Control, at the seat
Of Government, with agencies al promi-
nent commercial points, or wherever
else Congress shall direct, fos the safe
keeping ana disbursement Of the public
moneys, and a substitution, at The option
ollhe public creditor, Of Treasury notes
in lieu Of gold and silver. |. proposes
to limit the issue to an amount not to
exceed Sl5000O00; without the ex-
pfess sanction OF tho Legislative power.
1t also authorizes the receip Of indi.
vdua deposles OF gold and silver 10 q
limited amount, end the granting cert.
tifcates OF doposte, divided into such
sums as may be called for by tho depos.
sirs. 1t proceeds o stop further, & aulho.
TjZes the purchaSe and sale Of Domestic
Bills and drafts, resting on real and
substantial basis, payable at sight or
having but short time TO run, and
drawn on places more than hundred
miles apOrt-which authority, except
so far as may be necessary for Govern.
ment purposes exclusively, is only to
DO oXerled upon the express condition,
that its exercise shall not be prohibited
by the Stale in which the agency is sit
tualed.
In order to cover the expenses Incl.
dent to the plan, it will bo authorized to
receive moderate premiums for cerlif,
Gates issued on deposiles, and on bills
bought and sold, and thus, as far as its
dealings extend, TO furnish facilities TO
commercial intercourse at The lowest
possible rates, and to subduct from tho
earnings Of industry, tho least possible
sum. II uses the State Banks at dis
tance from the agencies as auxiiaries,
without impnrttng any power 10 trade
in its name. 1t ls subjected TO such |
guards and restraints as have appeared
TO bo necessary, 1t is tho creature of
law, aud eYsls only at the pleasure of
the legislature. lls made to rest on an
actual specie basis, in order to redeem
the notes at the places Of issue produces
no dangerous redundancy of circulation
affords no temptation to speculation
is attended by no initiation Of prices-is is
cquabIe in its operation makes the
Treasury Notes, which it may use along
with the certificates of dcposie, aud tho
notes of specie paying banks converti.
hle at tho place where collected, rocoiv
ubIe in payment Of Government dues
and, without violating any principle Of
tho Constitution, affords tho Govern
lnent and the people such facilities Os
are called for BY the wants OF BOTH
SSuch, it has appeared to me, are its re-
commendaions, aud in view Of them it
viii! be admitted whenever you may
require It, toyour consideration,
nm not able to perceive that any
fair aud candid objection can bo urged
against tho pan, tho prncipol outlines