The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-12-16
and frankly expire seed.

Of governmental policy, unaided by indIVidu-
al eAerlions, can be available for amel,oraling
the present condition Of things Commercial
modes Of exchange and a good currency are
but the necessary means Of commerce and in
tsrcourse, not the direct productive sources of
wealth, Wealth eau only be accumulated by
the earnings Of industry and the savings Of
frugalitl; and nothing can be more ill-judged
than TO look 10 facilities IN borrowing, or TO a
redundant circulation, for the power Of DIS
charging pecunary obligations. The country
is full Of resources, and the people full OF en-
ergy; and the great and permanent remedy for
present embarrassments must be sought in in
dustry, economy, the observance Of good faith
aud the favorable influence Of time.
Ia pursuance Of a pledge given 10 you in
my las, message to Congress. Which pledge
urge as an apology for adventuriIg 10 pre-
seut 10 you tho details of any plan, the Sec
retary Of the Treasury will be ready 10 snbmt
TO you, should you require il, a plan Of f.
nance which, while il throws around the pub
lie treasure reasonable guards Tor Is protec'
tiUn, and rests on powers acknowledged in
practice to exist from the origin Of The Gov
ernmeni, will a, the same time furnish to the
country q Sound paper medium and sfford all
reasonable facilities for regulating the e1chau-
ges
When submitted, you will perceive in it plan a,
mendaloy ofhe existing laws in relation to the treasu-
ryDepariment subordinate in all respects to the will
of Congress directly. and the will Of the people ind
rectly-sef sustaining, should it found in practice to
realize its promises in theory, andAIopeaabs at the
pleasure of Congress. 1t proposes by efectual
trAns and by invoking the true spirit of our ostitu>
ITEMS separate the purse from the swoId or. more
l.. othar tPnl IN hap Pcs
sdent oyer the agents who may be selected to carry
into execution, but what may be ndispensably neces-
sary 10 secure the fidelity of such agents. and by wise
regulations, keeps plainly apart fom each other private
and public funds. II contempates the establishment Of
board of control at the seat OF Government with a.
Rencies at prominent commercial points. wherever
else Congress shall direct for the alskeepn9 and dis.
bursemen of the public moneys and substitution, at
the option of the public creditor Of Treasury notes in
lieu Of gold and silver. 1t proposes TO limit the issues
10 an amount not to exceed $l5 100000, without the
express sanction of the legislative power. 1t also
thorzes The receipt Of individual depoSies Of gold and
silver to a limited amount and the granting certificates
of deposits divided into such sums as may be called
for by the depcsors II proceeds step further, and
authorizes 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 not less than hundred miles aDart which
authority except in so far as may be necessary for gov-
ernmcn purposes exclusively only TO be exerted up
express
prohibited the State in which the agency is situated.
In order TO the expenses incident to the pen it
will be authorized TO receive moderate premiums for
certificates issued deposites, and on bills bought and
sold; and thus far its dealings extend, to furnish
facilities 10 commercial intercourse at the lowest posi-.
BILE rate. and to subduc rcm the earnings OF industry
the least possible sum- II uses the State banks, at
distance from the agents auxilaries without mpart-
ing any power to trade in its name. 1t is subjected to
such guards and restraints as Eave appeared to be
cessary It the creature Of law and exists only al
the pleasure Of the Legislature. II is mado TO rest on
an actual specie basis in order to redeem the nOies
tile places Of issue produces dangerous redundancy
of crculation-afords no temptation to speculation
in attended by imitation Of pTicss-is equabe in 10 oper
ntioo-makes the Treasury notes. which It may uS'
along with the certificates of depoSe, and the notes
paving banks, convertible at the place wher col
lecied receivable in payment Of Government dues:
without violating any principle Of tho Constitution. Of
E1rds the Government and the people such facilities
are called for by the wants OF bosh Such Such has
appeared to mo- its recommendations and in view
Of them it will be submitted, whenever you may 70
auie IT, 10 your consideration.
Il amy not able to perceive that any fair and can
did objection be urgad against the plan the Princi
pal outlines Of which have thus presented. canno
doubt but that the notes which proposes TO furnish,
the option Of the public creditor issued in lieu Of tn
revenue and its certificates Of depoSlte will be main
tanned at equality with gold and silver every where
They are redeemable in gold and silver on demand,
the nlaces OF issue. Ihey are TeceVaDle every WneT
in payment Of Government Dues The Treasury note
are limited 10 an amount Of one-tourh less than tn
estimated annual receipts of the Treasury; and in ad
dition they rest upon the faith Of The Government fo
redempon. If ali these assurances not sufficient
make them avsabe, then the idea, as it seems to me
Of furnishing sound paper medium Of exchanges, ma
be entirely abandoned.
IF a fear be INDUCED that the Government may b
tempted to run into excess in its issues at any iuur
day. it seems to me that such apprehension can rea
sonaby be entertained until all confidence in The repre-
sentaves of the States and Of the people, as well q
of the people themselves shall be lost. The weight
est considerations of policy require that restrain
now proposed to 20 thrown around the measure shou
not. for light causes be removed. To argue againi
any proposed plan its liability TO possible abuse is
reoet every expedent since every thing dependent o
human action 10 liable to abuse. Fifteen millions
Treasury notes may be Issued as the maximum, but
discretionary power is to be given 10 the board Of col
troll under that sum and every consideration will uni
IN leading them feel their way with caution For u
eight first years Of the existence Of the late Bank OF u
United States It's circulation barely exceeded $4OO OO(
and for FIVE Of its most prosperous years. j was abor
equal to s 6 900, 000 furthermore, the authority give
TO receive private depostes to limited amount. and
issue certificates in such sums may be called tor
The depositors may far fill up the channels Of clrc
lation as greatly TO diminish the necessity OF any col
siderable issue Of Treasury notes. restraint upo
tho amount Of private ceposieS has seemed to be nd
pensably necessary from an apprehension, thought
he well founded, that in any emergency of trade, col
GJonca r,ioht ha shaken in he banks