The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-07-23

STANDARDS OF weight ana measure snOulu Dt Inc
latter are measures of quantity, and the former is
the measure of value any why do we wish 10 be
accurate in measuring the quantity but in reference
to the value of the commodity measured Surely,
then, if we measure quantities as mere step TO-
wards valuations the measure of value should be,
of all things, accurate and true, And can that be
IA true measure of value, as an open eXchangeablc
currency passing from hand to hand by mere del
livery aud without reference TO the responsibility of
the prayers, which has value IN llSeIt, and SIM
ply purports to be the representative of value which
is not present? Such a currency cannot be STAN
dard, but requires true standard for the measure
mcnt of its own value.
How is it, then, with the currency Of a National
Bank, in this aspect of the case 1t is its own pa
per; its own promises to pay a standard OF val
ne entirely artificial aud arbitrary unknown to the
Constitution as money, and certainly as standard
of money wholly destitute of intrinsic value, held,
controlled, and regulated, not by the Government
of the people, but by the interested officers OF the
Bank can be expanded without comparative cost,
and contracted without comparative loss Is sub
jet to be raised and depressed in value, not by the
laws of trade alone, but by the whims and interests
of the managers of the Bank, and by pancs and
passions and prejudices in the public mind Such
are some of the differences between the currency
of the Independent Treasury system and the cur
rcncy of National Bank of issue and discount.
Again. The natural action and tendencies of
the Independent Treasury system are opposed to
the contraction and continuance Of public debt Of
any character. Its officers are paid by stipulated
salaries, and their direct interests are 10 diminish,
as far as may be in their power, their responsible
ties and duties Large collections of money to be
received and kept and disbursed by them would
increase both, while debt would add to the ne
cessary collections and payments in exact proper
ton 10 its amount, 1t would further add 10 the
duties aud responsibilities Of these new officers
through the necessary process OF management, such
rs the multiplication Of accounts, the necessity OF
transfers, the complcXy of calculations, and the
like.
4 large debt, too, would increase the necessity
and the danger Of Accommodations Of coin III the pub
lie vaults, MS the sums to be paid for interest or
principal, would have to be accumulated against
the day of payment at the peril of the pubic cred
it, and serious evils might be visited upon business
men and the local banks by the boarding thus rem
dered imprriousy necessary. Such consequence
and even the apprehension of it, would array these
interests against the contraction or continuance OF
n heavy debt, as would every natural tendency oil
this system.
Not so with National Bank, Its natural ten
denotes would be all in favor of Il national debt OF
permanent character. The management of the
debt, as the fiscal agent Of the Treasury, woud
give It hold upon the Government, aud the coun-
try strongly calculated TO secure its own perpetni
tv. The stock which should compose the debt
would present the most convenient and desirable
investments, upon occasions, for its capital and
surplus means. A trade in the stocks would fire.
quently present greater inducements of profit TOT
the employment of lis extensive means, than ord
nary hank loans while its foreign operations, II
exchange and otherwise, would be greatly hclIlla
ted by the ability to command n Government pm
per, which would answer its purposns for remit
lance abroad instead of the precious metals io
we must not dclnde ourselves with the idea TIM
we can give to n National Bank, by our action, t
credit which will make It's notes current, as mon
cv, in n foreign country. Another consideration
overrdes all the rest, and which will ever make {
National Bank in this country, if not in all others
favor the existence of permanent national debt
is this The Bank, "a the fiscal agent of the Treas
ury, must manage the debt. Through that man
agcmcnt, when the debt is large, it can control tn
public credit Of the country, and by its comman'
Of the public credit it will be able to control tn
Government of the people, and even the peop
themselves and in that way render It's existence
and its power secure and perpetual. W hat give
to the Nationl alIank Of England It's strength aud dn
rabiity? Its power TO command II rccharter n
pleasure, and to dictate tho value Of money AM
the measure Of credit to tho British nation Itself
, Its hold upon the Government through their grca
national debt The capital of the Bank j. par
of that debt, and the management of the debt, AM
the decacy and importance OF the credit OF tn
nation, hy reason of lis immense indebtedness, pia
ces the Government in the power of the bank, am
compcls il to move in subscryicncy to its interest
! Il :. h, hnr upll
. like circumstances, aud National Bank in the l
States will be Just as much strengthened by 4 M
,ionn debit and be JUS, as anxious for the cXisienc
and pcrmanencv of such debt, ns is the Nationa
Bank of England. Indeed, have long been cor
WINGED that a National Bank cannot be long sus
tanned in this country. and under our present insll
tutions, without the aid and support of large co
existing national debt.
I The Independent Treasury wall bear mn equal
| favorable comparison with National Bank as T.
the natural action and tendencies of each upon nm
other point of great public interest. refer to tn
, subject of taxation. Every tendency OF the indie
pendent Treasury system must naturally be agains
excessive taxation of any description, aud IN an
4. form. Any policy or course of measures cnlculat
r ed to accumulate u surplus revenue in the Treasu
nv Of the United States would render that system
burdensome and oppressive upon the people, an
upon every business interest oil lhc country, nc
cause it would to the extent of the surplus, win
, draw the precious metals from use, to be hnardc
in the public vaults. The system being preserved
therefore. such policy and such measures could nc
fail to attract the attention Of the business commu
= nifty, and to become unpopular the only ccnsc
n Guence which, under our free representative ln't
tutons, need 10 be produced TO insure their aban
tonment and repeal. This necessary and unarod
able tendency of the Independent Treasury syslet
has ever appeared TO one of iis greatest merits
If continued in operation, it will be sure to reev
us forever hereafter from exiravngant tariffs, eS
4 cessve taxation, and surplus revenues evils IN
: der which the country has suffered most seyerel
within the last ten years, and which powerful
contributed to bring on the excuses in trade, l
= banking in credit, and in spccua,ions which i'm
; mediatey preceded, and necessarily produced, IN
u present reyulsion, Depression and arrangement !
G our trade. our commerce, and our currency.
perfect defence and protection against these eNces
SEES for the future and against the certainly conse
auent collapse, should be an object OF The irst IN
pnrtance with the statesman and the TACT mat III
I,denpndent T,pasury system must. II continued