The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-10-06
From, the lfqdisonian.

LetGovcrnment establish dcposIt"rles
for the safe keeping ofils moneys ut all
the ,important commercial points through
ont the Uninn. Call these Repositories.
noencies. Offices, Banks of depnsite. sub
treasures, or any thing else fancy my
suggest. Place c,ch Of them unlcr lht!,
care of three different inliri.lnal>, one "i
whom shall be called receiver. another
8 cashier. and the other teller. The r"ceiv-
rr should receive, the cashier should Keep,
and the teller should pay out all m"neys
deposited. Let each nf these officers be
appointed by the President, by and WIN
: the advice and consent ofthe Senate. tive
10 each one of them. when necessary, an
assistant, who shall act as first book Keeper
in his department, and who shall also re-
; ceive, his appointment from the Executive
and Senate. Ifdeemed necessary or wise,
after full discussion, let the Constitution
or law he so amended as to secure TO the
Presidend;n relation to those officers, the
Z power oftemporary suspension, but not
of final removal, ithout the consent ofthe
Senate.
Let the obligations Of duty resting upon
< each and all o: them be Of such a charac-
ter and so prescribed as to make them
answerable, in some measure, for the ms
: conduct of each, as will compel them to
!: watch, supervise, and check each other
and report delinquencies, when discover
ed to head quarters.
Thus far, the interests of Government
alone would be provided for. But the ne
cessites Of the people require the agency
Sof some scheme which will furnish them
with national currency, or mehIum OF
exchange, of undoubted, substantial, and
uniform value. In order to accomplish
so high benefit for the counlry il is pro.
posed that Government should cause TO be
prepared a suitable quantity of certificates
of deposit or Treasury notes, in denoml-
nations of twenty dollars and upwards, and
in convenient forms and with suitable
engravings for circulation amongst the
people. Let these certificates Of deposit
or Treasury notes be distributed amongst
the different Government Repositories In
such proportion as may meet fully the de-
kmand for them. Let tevery citizen through
out the country have the privilege of de-
posting any amount of specie IN these de-
positories, and the right accruing thereuP
ON, to demand in exchange for the same
these certificates or notes of Government, ,
payable on demand at the place ofaeposit
in specie, and receivable every where IN
spayment Of Government dues and tor pub
lie lands. This privilege woald place 1t
in the power fcverv individual to eon-
vert his local bank notes: when payable in
specie, into the national currency, based
dollar for dollar, on the specie deposited,
receivable at all points for pnb'ic dues, :
and endorsed BY the highest authority and
bes, guaranty known TO The people-thatl !
of their own gnvarnment. The quantity {
of such national currency which would
be Brought inta circulation, wanll be pre-
,cisely com IN ansuratc with the demand for
tine less, and probably no more. The
regulating power ourSsatc banks excried
through the voluntary actiun oflhe People
in withdrawing the specie from them aud
converting it into The national currency
would prove to be ahandantly. sufficient;
potent beyond resistance. Tie tendency
Of this process would be to encourage the
introduction and retention of the precious
metals, and sustain practically The gold
and silver standard of value--a line of its
duty which the Government seems sludi-
eusly and purposrly to have avoided fr"m
l79l to 1886. A commendation the most
conclusive and decisive ia favor of such
scheme Of furnishings a national currency
is, that it totally excludes the use of the
public money BY public agenIsur individu-
ais, the discaurt of promissory notes, or
ofbills of exchange, or any other act of
loaning money, or granted facilities of
credit. Itwould have no stockholders,
lenders, debtors, nor borrowers, Newspa-
per Editors, politicians, Spectators, stock
jobbers, or ..,y other class. could get no
accommodations from it. It's issues would
be. confined to the specie depositor-would
be Predicated upon and limited by the spe-
Gle deposits. The specie deposits. under
heopera,inns of trade and business. would
be fully equal to The just wants of the
scountry for currency, especially a Ma
$ional currency. When deposited, the
specie would be represented in the bnsi-
ness of the country by the very best aud
most truthful representative that could be
devised.
Under such system, the productive la.
Dor of the country Woi,ld he The money