The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-12-14

1t proposes by etfectul restraints, aud by
invoking the true spirit of our institutions,
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 indispensably necessary TO Sc
cure the fidelity of such agents: aud, by
wise regulations, keeps plainly apart from
each other, private and public funds. 1t
conlemplates the establishment of Board
OF Control, at the seat of Governments.
with agencies at prominent commercial
points, or wherever else Congress shall di.
rect, for the safe keeping and disbursemen,
OF the public moneys, and a substitution .t
the option of the public creditor. of Treas.
ury notes, in lieu of gold and silver. 1t
proposes to limit the issues to an amount
not to exceed OOO,OOO-without the
express sanction of the Legislative power.
1t also authorses the receipt of individ.
ual deposits of gold and silver to a limited
amount, and the granting certificates of de.
post, divided into such sums as NAV be cal
led for by the depositors. 1t proceeds a
step further, and authorizes the purchase
and sale of domestic Bills and drafts, rest.
ing on real and substantial basis, payable
at sight, or having but short time to run.
and drawn on places not less than one
hundred miles apart-which authority, ex-
cept in so far as may be necessary for gov
eminent purposes exclusively, is only to be
exerted upon the express 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, it will be authorized TO receive
moderate premiums for certificates issued
on deposits, 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 the earnings of industry the least pos.
sible sum. 1t uses the state banks at dis
lance as auxiliaries, without imparting any
power to trade IN its name. 1t is subjected
to such guards and restraints as have been
thought necessary. 1t is the creature of
law, and exists only at the pleasure of the
legislature.
1t is made to rest on actual specie basis
in order TO redeem the notes at the places
ofissue-produces no dangerous redundan.
cy of circulation-is equable in its opera
tion-makes the treasury notes which it
NAV use along with the certificates of de.
posite, and the notes of specie paying banks
convertible at the place where collected,
receivable in payment of government dues
and without violating any principle of
the constitution, affords the government e.
the people such facilities as are called for
bv the wants of both.
Such, il has appeared to me, are its rec.
concentrations, and in view OF them it will
be submitted, whenever you may require
it, to your consideration.
am not able TO perceive that any fair and candid
objection can be urged against the plan, the prnci
pal outlines of which have thus presented. can
not doubt but that the notes which it proposes to
furnish. the voluntary option OF the public cred
tor issued in lieu of the and its certificates
of deposit W i'll be maintained at equality with
gold and silver, every where. They are redeemabla
in gold and csver demand at the places of
They are eivable everywhere in payment of Gcv-
eminent dues. The Treasury notes are limited to
an amount Of fourth less than the estimated an
Iual receipts of the treasury; and in addition thay
rest upon the faith of the government for their re-
demption. If all these assurances OF sufficient
TO make them available, then The dea it seems to
me- of furnishing sound paper medium Of ex>
CHI anges may be entirely abandoned.
If a fear be INDUCED that the Government may DO
tempted 10 into in its issues, at any fu>
ture day, il seems 10 me that such apprehension
can reasonably be entertained, until all confidence
in the representatives of the States and OF tho peo
pie themselves shall be lost. The weightiest con-
sderaiions of policy require that the restraints now
proposed to be thrown around the measure, should
not for light causes be removed. To argue against
any proposed plan its liability to possible abuse is TO
repct every cxpedent, since every thing dependent
on human action is liable to abuse. Fifteen millions
of Treasury notes may be issued as the maximum,
ho sr,,v tofl ,aR nar
of Control, under that sum. and every considera-
ton will unite in leading them 10 feel their way with
caution.
For the eight first years Of the existence of the
late Bank Of the United States, its circulation bare
" exceeded $4,000, 900; ard 70. five of its most
prosperous years. it about equalto 10000 600;
furthermore the authority given to receive private
donos;,s In limited amount and to issue certifi-
Gates in such sums as may be called for BY the de-
posItors may far fill up the channels Of circula
lion as greatly TO diminish the necessity of any
considerable issue of Treasury notes. restraint
upon the amounr of private deposits has seemed to
be ndispensably necessary, from an Apr ehension
thought to be well founded, that in any emergency
of trade confidence might be so far shaken in the
banks as to induce a withdrawal from them OF Pri>-
vate deposits, with view to ensure their unques-
tonabe safety when deposited with the government
which might prove emnently disastrous to the state
Banks
Is it objected that it is proposed to authorize the
agencies 10 deal in bills Of exchange? 1t is answers
ed that such dealings are to be carried on at the
lowest possible premium-are made TO rest on an
sound basis-are designed to reim-
burse merely the expenses which would otherwise
de volve upon the treasury and arc r strict sa0Gr
dination 10 the decision of the Supreme Court IN
the case of the Bank of Augusta against hale' anu
and other reported cases; ana thus a'',u' e ec"
al, 9Th s,are jurisdiction which hold to be in
disnensaby necessary 1t leaves the banking priv
IF lie states without NEUTRALITY-SUSPICIOUS. to
the treasury and the union-and while furnishing
every facility for the FIRST careful OF the int rests
of The last But above all, it is created by law. is
amenabIe by law, and is repealable BY law; and we'd
ded as am to no theory, but looking solely to the