Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-12-18

oIuy NC W III N'o
and the savings Of frgality; and nothing can be
more i'll Judged than TO look TO facilities in Dor
rowing, or to a redundant circulation, Tor the
power of discharging pecuniary Obligations
The country is full Of resources and the people
full Of energy, and the great and permanent
remedy for present embarrassmenfs mus, De
sough, in industry, economy, the observance Of
good faith, and The favorable Influence OF time
In pursuance Of n pledge gwen TO you IN my
last message TO Congress, which urge hs an q
pology for adsen,nriDg 10 present you the oe'aiis
of any plan, the Secretary Of the Treasury Will
DO ready to submit TO you, should you require II,
n plan OF finance which while II throws around
tho public treasure reasonable guards Tor It's pro-
lection and rests on powers acknowledged IN ptac-
lice TO exist from the origin OF The Government.
will, at the sam time, furnish to the country q
SO md paper medium, and afford all reasonable lac
iIties for regulating the Exchanges. When sub
mitted yon will perceive in II a plan amendaiory
Of the existing laws in relation 10 the Treasury
Observation-Disclosures in all respects to the
will Of Congress directly, and the will OF the peo-
pie indirectly self sustaining, should, It be 'ouno
in practice to realize its promises in theory, and
ropealable nj the pleasure OF Congress-. II pro-
poses by efectual restraints and by invoking the
true spirit Of our ins,ItntIons, to separate the
purse from the sword; or more properly TO speak,
denies any other control to the President over the
agents who may be selected TO carry u INTO
execution, but what may be Indespensably neces-
sary to secure the fidelity Of such agents,
and, by wise regulations, keeps plainly apart
from Ieach other, private and public lunds.-
Ii contempIates the establishment of a Board of Control,
at the seat Of government, with agencies at prominent and
commercial points, or wherever, else Congress shall direct,
for tho safe keeping and disbursement of the public moneys.
and a substitution, Mt the option of the public creditor, of
Treasury notes in lieu of gold and silver. 1t propose. to
limit The issues TO an amount not TO exceed Slo,ooo,ooo-
without tho oxnrsss sanction OF the Legislative power. 1t
also authorizes the receipt of individual deposites OF gold
and silver to a limited amount, and the granting certifcates
Of deposit, divided into such sums a 9 may be called for by
~ ..z:.1. o. n c,au ftrrher and uthnrIya3
the purchase and sale of Domestic Bills and drafts, resting
on a reel and substantial basis payable at sight, or having
bu, a shor, lime to run, and drawn on places nor less than
one hundred miles apart-whlch au'1otl'y' except IN 80
far as may be necessary for Government purposes exclusive
ly, i. only to be exerted upon the express condition., that IFS
exercise shall no, be prohibited by tho State III which the
agency is situated.
In order TO cover the expenses incident to the plan, it will
he authorized to receive moderate premiums for certlh
Gates issued on deposits, and on bills bought md sold, md
thus, as far as its dealings extend, to furnish facilities to
commercial intercourse at the lowest possible rates, aud to
subduct from tho earning, of industry, tho least possible
sum-. 1t uses the State Banks al a distance from the agen-
cies, as auxiliarics, without lmpartInS any power 10 'fade III
IT'S name. 1t is subjected to such guards aud restraints as
have appeared to be necessary. 1t is the creature of law,
and exists only Mt the pleasure OF tho leg stature. It's
made to rest on an actual specie basis. i'll order to rede EN-
the notes at the place OF issue-produce no dangerous re-
dnndancy of circula ,ion-,fforjs no temptation to specula-
tion-is attended by no initiation of prices--is equablc in
is opera tion-makes the Treasury Notes, which il may
use. n,onr with the cer,ific a,es of deposit, and the notes. of
specie paying banks, convertible at the place where coilec-
ted, receivable in payment of Government dues--and with
out violating any principle of the Constitution, affords tho
oi No P'ot"o
by the wants of both. Such, il has appeared to me, are its
recommendation, and in view of them, il i'll be submitted
whenever you may require it, TO your confederation.
am not able TO perceive thai any fair and candid ooJec-
ton can bo urged agains, the plan, the principal outlines of
which | have thus presented. cannot doubt, but that the
notes which it proposes TO furnish, at the voluntary option
of the public CREDITOR. issued i'll lieu of tho revenue and ia
certificates of deposit, will be maintained at an equality
with gold and silver every where. They are rodeemablei in
gold and silver on demand ut the places OF issue They
are receivable every where in payment OF Government dues.
The Treasury Notes are limited to an amour, one-iourth
less than the estimated annual receipts Of the Treasury;
and in addition, they resi upon the faith oil the Government
for their redemption. Ii all these assurances are not sufI-
cient to make them available, then the idea, as II seems to
me. of furnishing n sound paper medium ot exchanges may
be entirely abandoned.
II fenr be INDUCED, tina, Government may be tempted
70 run into excess in its issues, at any future day. It seems
10 me that no such apprehension can reasonably DO enter
tanned. until nil confidence in the representatives OF the
States aud Of the people, as well as of the people them
selves shall be lost. The weiyttiest considerations of policy
require that the restraints now proposed TT he thrown around
the measure, should not, for slight causes, be removed. To
a,.n against snv proposed plan, its liability to possible a
busc, Is to reiec, every e~podicnt, since every thing depen-
dent on human action, is liable to abuse Fifteen millions
n Treasury notes may be isaued as the maximum, but n
discretionary power is to he given to the Board of Control
under that sum-, and every consideration will unite in lead
,,a ,beu, +, feel ,heie way with caution. For the first eight
wears of the existence of the late Bank of the United States,
its circulation barely exceeded $4,000, 900; and for FIVE Of
=. No., ,r,snso,s wars. il W about equal to sixteen mill
lions; furthermore, the authority given to receive private
depo.ites to a limited amount, md to issue certificates in
such sums ns may be called tor by derosisoTs. may so far
fill up the channels OF circulation "a greatly to diminish the
necessity of any considerable Issue OF Treasury notes. \
restraint upon private deposiies. has seemed to be indlspen-
SADLY necessary, from an apprehension thought 10 be we'll
founded, tina, in an emergency of trade, confidence might
be so far shaken in the banks, as IN induce n withdrawal
from them Of private deposites, win a view TO ensure their
nnauestionable safety when deposited with the governments,
which might prove eminen,ly disastrous to the State banks.
1. il objected. that il is proposed u authorize the agencies
70 deal in bills OF exchange IL Is answered, that such deal
ings Are to be carried on at the loves, possible premium
are made TO rest m an unluesiionably sound hasis-are de-
signed to reimburse merely the expenses which would 9th
erwise devolvo upon upon the Treasury, and are in strict
subordination 20 the decision Of the SupTCnle Court in the
case OF the Bank of Augusta against Earle, AMI other re-
ported cases: and tNerehy aVolIs ali on1Ict WIN STATE Ju-
risiiction. which | hold 70 be indispensably requisite. 1t
leaves the banking privileges OF the States without inter-
ference; looks to the Treasury of the Union: and while
furnishing every facility - the FIRST, IS careful of the inter-
ests of the last. But above all. it is created By law. is a
mendabls BY law and is repealable by law and welded
as | am 10 no theory, but looking solely to the advancement
of the public good, | shall be amongst the very first to urge