Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-12-31

course. not the direct productive sources OF
wealth.-Wealth can only be accumulated by
the earnings of industry and the savings OF
frnrality: and nothing can be more lll-Judged
Than 10 look to facilities in borrowing, or to
redundant circulation, for the power of dischar-
eing pecuniary obligations. Inc country IS
full Of resources and the people full OF energy
and the great and permanent remedy lot pres
ent endorsements must be sought In indus,
try, economy, the observance OF good fa:tn' anu
the favorable influence Of time.
Outlines Of the JN'ew Fiscal Institution.
In pursuance of pledge given to you in my
last message to Congress, which pledge urge
as an apology for adventuring to present you
the details Of any plan, the Secretary OF the
Treasury will be ready to submit to you, should
YOU require it, plan of finance which, Whiie
It throws around the public treasure reasonable
guards for its protection. and rest on powers
acknowledged in practice to exist from the OF
igin of the government. will, at the same time'
furnish to the country sound paper medium,
and afford all reasonable facilities Tor regula-
tino the exchanges. When submitted, you viii
perceive in it a plan amendatory OF the exist
n q laws in relation to the Treasury Depart
ment-subordinate in all respects to the Will
OF Congress directly, and the will OF the peo-
pk ipdirectly-self-sustain should 1t be
found in practice to realize It's promises In the
theory, and repealable at the pleasure OF Con.
oress. 1t proposes by effectual restraints, and
bvinyoking the true spirit Of our institutions,
to separate the purse from the sword; or more
pronerly to speak, denies any other control to
tbo xuh r..
lected to carry it into execution, but what may
be indispensably necessary to secure the fidel-
i,y Of such agents; and by wise regulations,
keep plainly apart from each other private and
public funds. 1t contemplates the establish
men. of board of control at the seat OF gov
eminent, with agencies at prominent CONNER
cial points, or wherever else Congress may d.
rect, for the safe keeping and disbursement 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 to an amount
not to exceed $l5,000,O00, without the ex-
press sanction of the legislative power. 1t
also authorizes the receipt of individual de-
posites of gold and silver to a limited amount
and the granting certificates of depostes. d.
vided into such sums as may be called for by
the depositors. 1t proceeds step further, and
authorizes the purchase and sale of domestic
bills and drafts, resting on real and substan-
tial basis, payable at sight, or having but
short time to run, and drawn on places not less
than one hundred miles apart; which author
ity, except in SO far as may be necessary tor
government purposes exclusively, IS only to
be exerted upon the express condition that Its
exercise shall net 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 mod
crate premiums for certificates issued on de-
posi.es, and on bills bought and sold, and thus
as far as its dealings extend, to furnnll tacul-
| ties to commercial intercourse at the lowest
possible rates, and to subduct from the earn
| inps of industry the least possible sum. 1t
uses the State Banks at distance from the a.
gencies, as auxilaries, without imparting any
power to trade in its name. 1t is subjected to
such guards and restraints as have appeared
to be necessary. 1t is the creature of law, and
exists only at the pleasure of the Legislature
1t is made to rest on an actual specie basis, in
order to redeem the notes at the places Of iss-
ue-produces no dangerous redundancy of cir
culation-affords no temptation to speculation
| is attended by no initiation of priests equ-
able in its operation-makes the treasury notes
which it may use along with the certificates
| of deposite, and the notes of specie paying
banks convertible at the place where collect
| ed, receivable in payment of Government dues,
and, without violating any principle of the
| constitution, affords the Government and the
people such facilities as are called for by the
+ wants Of both. Such, it has appeared to me
are its recommendations, and in view of them
it will be submitted, whenever you may re-
quire it, to your consideration.
! am not able to perceive that any fair and
candid objection can be urged against the plan,
the principal outlines of which / have thus
presented. l cannot doubt but that the notes
which it proposes to furnish, at the voluntary
option of the public creditor, issued in lieu Of
The revenue, and its certificates of deposite, will
be maintained at an equality with gold and sill
yer every where. They are redeemable in gold
and silver on demand at the places of issue !;
they are receivable every where in payment of
Government dues the treasury notes are linn
tied to the amount of one-fourth less than the
estimated annual receipts of the Treasury; and
in addition they rest upon the faith of the Gov
eminent for :heir redemption. If all these as
surances are not sufficient to make them avail
able, then the idea, as it seems to me, of fur
nishing sound paper medium of exchanges,
may be entirely abandoned.
! If a fear be INDUCED that the Government
may be tempted to run iuto excess in its issues,
at any future day, it seems to me that no such
apprehension can reasonably be entertained,
until all confidence in the Representatives of
the States and of the people, as we'll as of the
people themselves, shall be lost. The weigh.
test considerations of policy require that the
| restraints now nronosed To he thrown around