Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-12-16

from each other private and public funds. II con-
templates the establishment Of q board Of control
AT the seat OF Government, with agencies at prom.
inent commercial points, or wherever olse Com
gross shall direct, for the safo-keeping and dis
bursement of the public moneys, and a substi,n.
tion at the option OF the public creditor, of Treas
ury notes IN lieu OF gold and silver. II proposes
to limit the issues to an amount not to excced
$l5 100000, without the express sanction of lec.
lslative power. 1t also authorizes the recent or
individual depostes ofgold and silver to limit
ed amount, and the granting certificates Of depos-
lite, divided into such sums as may be called for
by the depositors. 1t proceeds step further.
and auth prizes the purchase and sale of domestic
bills and drafts, resting al real aud substantial
basis, payable at sight, OF having but short time
to run, and drawn on places not less than 100
miles apart-whch authority, except in so far as
may DE necessary for Government purposes ex-
condition that its exercise shall not be prohibited
by the State in which the agency is situated.
In order to cover the expenses incident to the
plan, 1t will be authorized to receive moderate
premiums tor certificates issued on deposite, and
on bills bought and sold; and thus, as far as
Its dealings extend, to furnish facilities to COM
mercial intercourse at the lowest possible rates.
and to subduct from the earnings Of industry the
least possible sum. 1t uses the State Banks at a
distance from the agencies as auxiliarios with
out imparting any power to trade in its name. Il
Is subjected to such guards and as have
appeared to be necessary 1t is the creature NJ
law, and exists only at the pleasure of the Leg-
isiature. 1t Is made to rest on an actual specie
basis IN order to redeem the notes at the places
Oh issue-produces no dangerous redundancy of
circuiation-affords no temptation to Spectators
lis attended by no imitation of prices-is eoua-
bic In its operation-makes the Treasury notes,
which 1t may use along with the certificates of
deposite, and the notes of specie-paying banks,
convertible at the place where collected, receva-
bic In payment of Government dues; and. with
out violating any principle of the Constitution,
affords the Government and the People such faci-
Titles as are called for by the wants of both.
such, 1t has appeared to me, are its reconmen-
oations' and In view of them it will be submitted.
ton.
am not able to perceive that any fair and cam
ana objection can be urged against the plan. the
principal outlines of which have thus presented.
cannot doubt but that the notes which it propo-
SEES 70 furnish' at the voluntary option of the
Pnoiic creditor, issued in lieu Of the revenue and
It's certificates ofdeposite, will be maintained at
an equality with gold and silver everywhsre--
ihey are redeemable in gold and silver on de-
mand' at the places OF issue. They are receiva-
DIG pie everywhere In payment Of Government dues.
The Treasury notes are limited to an amount of
one-fourth less than the estimated annual receip,,
OF the treasury; and, in addition, they rest upon
the iaith Of the Government for their redemption.
III all these assurances are not sufficient to make
them available, then the idea, as it seems TO me,
may be entirely abandoned.
Ii fear be INDUCED that the Government NAV
oe tempted to run into excess in its issues, at any
future day, 1t seems to me that no such apprehen-
sion can reasonably be entertained, until all con-
nuehce In the representatives of the States and Of
the people, as we'll as Of the people themselves,
shail be lost. The weightiest considerations of
Pollcy require that the restraints proposed to
De thrown around the measure should not, for
light causes, be removed. To argue against any
proposed plan its liability to possible abuse, is to
reject expedient, since every thing dependent
on human action is liable to abuse. Fifteen mil
hons OF Treasury notes may be issued as the
maximum, but a discretionary power is TO be civ
en- to the Board of Control, under that sum, and
every consideration will unite in leading them to
'ee' 'hoIr way with caution. For the eight first
years OF the existence Of the late Bank of the U.
States its circulation barely exceeded Al .OOO
ouO; and for iiye Of its most PROSPEROUS wears
IL was about equal to Sl6,00O,O00; furthermore,
lhe authority given to receive private deposits to
limited amount, and to issue certi6c ates in
such sums as may be called for by the deposit
ors, may so far fill up the channels of circulation
as greatly to diminish the necessity of any con-
siderable issue of Treasury notes. restraint
upon the amount of private deposits has seemed
~ oe huisPensably necessary, from appre-
henslon thought to be well founded that in apv
emergency OF trade, confidence might be so far
shaken in the banks to induce withdrawal
from then OF private deposits, with a view to en-
sure their unquestionable safety when deposited
with the Government, which might prove emf
nently disastrous to the State Banks. Is it OBJ
Jected that it is proposed to authorize the aeep-
cies TO deal in Bills Of Exchange 1t is answer
ed, that such dealings are to be carried on at the
lowest possible premium-are made to rest on
an un9uestlonably sound bass-are designed 10
reimburse merely the expenses which would
otherwise devolve upon the Treasury, and are in
strict subordinatlon to the decision of the Su-
Preme Court In the case of the Bank of Augusta
against Earle, and other reported cases; and
thereby avoids all conflict with State iurisdic-
ton, which hold to be indispensably requisite
Ut leaves the banking privileges of the States
without lnterference--looks TO the Treasury and
the Unlon-and, while furnishing every facility
TO the first, IS careful Of the interests of the last
But above all, it is created by law, is amendable
10 law, and is repealable by law; and welded as
am 70 no theory, but looking solely to the ad-
vancement of the public good, shall be amongst
lhe very hrst to urge its repeal, if it be found not
10 suoserve the purposes and objects for which il
may be created. Nor will the plan be submitted
IN any overweening confidence, in the sufficiency
of my own judgment, but with much greater reli-
'nce on the wisdom and patriotism of Congress-
cannot abandon this subject without urging up
On you, in the most emphatic manner, whatever
may be your action on the suggestions which
have felt 1t to be my duty to submit TO relieve the
Chief Executive Magistrate by any and all con-
means, from controlling power over
he public Treasury. If in the plan proposed,
should you deem it worthy of your consideration,
NAT separation is not as complete you may de-
sire, you Will, doubtless, amend it in that par