New-York tribune., 1841-12-24

% individuals II will have parted with no potion
ct It's own power but its authority will remain to
amend TO supervise throughout, or 10 abolish alto
sether the system, at all tunes, according TO its
own pleasure.
lfentire trust may net be repesed in an ins,i,s-
non thus guarded. it can snly be because human
beings can never be the objects OF absolute conf
dence. nor human skill always adequate TO the Al :
csmplishment oft. objects
Nor is the plan justly liable 10 the objection,
tina, i, creates union of the purse and the sword
by giving to the Excessive the custody or control
I Of the public money. Far otherwise The Presi-
lent cannot touch dollar OF the public money By
MS own authority. change lis custody The
Secretary of the Treasury cannot touch dollar,
nor change It's custody, except 10 meet III, ccca-
>Ons OF the public service, and By public othiisl
act Whuever shall conc TO the Exchequer tnr
money must show the law Of Congress under
which he COMES and TO payment can be made but
IN compliance with such law. Until apPropr,a-
tons made BY law, the President will have
10 more authority than any other Individual III the
COUNTRY - take arthing from the Exchcquer.
The purse. then. Is efcctually severed from the
sword: the executive power /. conhnes 10 it, pro
per function OF executing the laws OF Congress. and
discaa gng ia other constitutional duties and
he public funds will be in their proper place en-
tirely hey ond his reach or control until Congress
snail appropriate them to their destined purposes.
From that time they will go into the hands of lis.
Gr>ing agents as the public service may require,
projected still by otficia respon. billy and ade-
uate bond, and still beyond any interference BY
the Executive power. In tbc Exchrquer there
r, tse public trca .ur wi We .ate-,ac agninst
the usual causes OF loss and danger, and safe from
Executive control.
Rur rho Evchcnu.r cx,,.,rJ Il, ,ror,. ,hap
merely 10 keep safely the public money.
rs second object il 10 furnish a sound pspercir-
-ulation in which debts to the Government may
be paid asd which may also be nsef.l to tn COM
nerce and neral business of the country Tbs
int OF these functions is purely s'cal and IN IN
,trumentaity of ssch paper medit Il. IN certain
'xIgcTce, ct the country may become rdl'l ems
DE 10 the exercise OF the highes: duties OF Cover
nent.
In so reasoning upon this subject. me- to
say practical conclusions, 1t is sary to con-
.ider some things as settled and certain. A. ong
hess. Of primary Importance is. Tint paper
REGULATION exists in the country and that there Is
OF the least probability of It's csasjng 10 exist.
The States possess the power of creating banks OF
REGULATION; they exercise this power many OF
hem derive snimpor,ant revenues from its ex-
.rci,e, and some of them have established
ranks, of which hey are themselves Fropriet,rs.
No man csn reasonably expect to the day when
they will relinquish this power, refrain from It's
exercise
In the next place. experience has confirmed the
ruth beyond the possibility of doubt or question.
that paper of State banks cannot be of universal
circulation and credit; there never has been. and
mere IS not now. any State bank. whose notes pass
eadily from hand to hand, as equivalent to specie,
Of nj fhp1 lOru
institutions are perfectly sound, are we'll admin
i,tered and their credit in their own neighborhood
..utirelv good and unsuestioncd. But, from the
very nature of things, their credit is and must to
ipcal onl,. IL can never be universal. The peo-
pie are acquainted with the institutions OF their
own respective States, and generally understand
ne ground of the claims of such institutions To
onfdence and respect They give attention also
TO whatever is established BY the General Govern
ncnt, because they have All interest in the laws
which it pusses.
But the People, that is to say the great mass OF
productive earners of State, cannot, generally
peakins. be acquainted with the monsyed institu-
tjons of other and distant States. In most cases,
hey do not even know such institutions by name.
How then can they give them their confidence I
We see they do not give it, even where it must %
most safely bestowed. They prefer the paper of
ciatcd, 10 tns puper OF srnef UanAs, UeCduso they
lave condolences in the Institutions ct their own
State, and because they know the amount Of de-
probation the paper of such banks, whereas oil
ne value of note of distant bank they are
wholly ignorant. But this knowledge, which the
sreat mass of the community does not possess,
rokers and money-changers do, and they use IL
->lfuy to their own advantage. A farmer OF
Virginia will hesitate to receive in payment New
nj
though he knows it is not equivalent IN specie, be-
cause he can form some opinion Of its value. whlIe
e The NewYork note he knows nothing. But the
holder of the Nrw-Y York note, at the same time, is
able TO dispose of it the first brokers' Office ut
large premium.
Every man in the habit of observing what passes
around hlrs must every day the existence OF this
state of things and its inevitable consequence is, to
throw the loss of depreciation on the abOrious and
productive classes. Whenever bad paper circuatcs,
is the industrious and the Woodworking who suffer
FIRST and suffer longest, and suffer most But 1t is NOT
intended to pur.ue this part Of the subject farther
han Ia illustrate and confirm the ruth that no State
}ank founded on whatever degree of fidelity and
skill, can obtain that familiar character, and that
established and well.known credit, which shall
1--WE its bills circulation through all classes, IN any
amounts, and IN all parts OF the country.
Now, another most important truth, eq'hilJ "p'-
settled by experience, is ,hat paper ssuod tor eli
culaon, under the authority or with the SANCTION
oi the Government of the United States, does ac-
ruire and retain this advantage of known and UNI
Questioned character. No mater whether tbs
note or bill present itself in Maryland or MI'sour'
Maine or Georgia, if it promise payment IN specie,
On demand, and that promise be supposed to be
guaranteed by the character and credit OF the
Government it spring, Immediately to value
equivalent to specie.
The impress of the National Government, con-
nected with the fact of It's immediate convertible
", stamps the paper with mark OF perfect and