Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-12-25

to limited amount, ana the granting cttuuSusos
of deposit, divided into such sums as may be called
for by the depositors. Itproceeds step further,
and authorizes the purchase and sale Of Domes.
tic Bills and drafts, resting on real and sub.
stantial basis, payable at sight, or having but
short time to run, and drawn on places not less
than one hundred miles apart-which authority,
except in SO far ss may be necessary for govern.
ment purposes exclusively, is only TO be exerled
upon the express condition that its exercise shall
not be prohibited by the state in which the sgen-
cy is situated.
In order to cover the expenses incident TO the
plan, il will be authorized to receive moderate
premiums for the certificates issued on deposits,
and on bills bought and sold, and thus as far as
its dealings extend, to furnish facilities to CON-
mercial intercourses at the lowest possible rates.
and to subduct from the earnings Of industry the
least possible sum. 1t uses the State Banks at
distance from the agencies, as auxliaries, without
impaIting 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 oil the legis
lature. Ii is made 10 rest on an actual specie
basis, in order to redeem the notes at the places
OF issue-produces no dangerous redundancy OF
Neutrality-suspicious. no temptation TO speculation,
is equitable in its operation-makes the Treasury
notes, which it may use along with the certih.
Gates of desposite, and the notes Of spece.paying
banks convertible at the place where collected
receivable in payment Of government dues-and
without violating any principle OF the constitu-
ton, 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 recommen-
dations, and in view OF them it will be submit
ted, whenever you may require it, to your con.
sideraon
am not able to perceive that any fair and
candid objection can be urged against the plan,
the principal outlines Of which have thus pre-
scented. 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 deposit, will be maintained
at an equality with gold and silver every where.
They are redeemsble in gold and silver on de.
mand, al the places Of issue, they are receivable
every where in payment Of government dues;
the treasury notes are limited 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 Government for their redemption.
II all these assurances are not sufficient to make
them available, then the idea, as it seems to me,
Of furnishing sound paper medium OF exchan.
ges may be entirely abandoned.
If fear be INDUCED that the government may
De tempted 10 run INTO excess IN us issues, ut any
future day, it seems to that no such apprehen-
sion can reasonably be entertained, until all conf
dence in the representatives of the States and Of
the people, well of the people themselves, shall
be lost. The weightiest considerations of policy
require that the restraints now proposed to be
thrown around the measures should not for light
causes be removed To argue against any proposed
plan its liability TO possible abuse, is to reject every
expedent, since every thing dependent on human
action is liable to abuse. Fifteen millions Of
Treasury notes may be issued the maximum,
but a discretionary power is be given to the
board of Control, under that sum, and every con-
sideratiOn will unite in leading them to feel their
way with caution. For the first eight years of the
existence of the Bank of the Uuited States, its
circulation barely exceeded 100000 dollars and
for five of its most prosperous years. it was about
equal to l6, 100000 dollars; furthermore the au-
thority given to receive private deposites to linn
tied amount, and to issue certificates in such sums
as may be called for by the depositors, may fill
up the channels Of circulation as greatly to dmin-
ish the necessity of any considerable issue Of
Treasury notes.
| restraint upon the amount Of private depostes
has seemed to be indispensably necessary, from an
apprehension thought to be too well founded, that
in an emergency of trade, confidence might be tar
shaken in the banks as TO induce withdrawal
from them of private deposites, with view to en-
sure their unquestionable safety when deposited
with the Government, which might prove eminent
ly disastrous to the State Banks. Is it objected
that it is proposed to authorize the agencies to deal
in bills of exchange! 1t is answered that such
dealings are to be carried at the lowest possible
premium-are made to rest on an unquesticnably
sound basis-are designed to reimburse merely the
expenses which would otherwise devolve upon the
treasury, and in strict subordination TO the de-
cision of the Supreme court, IN the of the
Bank of Augusta against Earle, and other reported
cases; and thereby avoids all conflict with State
Jurisdiction, which hold to be indispensably re.
quisite. 1t leaves the banking privileges Of the
States without interference --oUks to the Treasury
and the Union-and, while furnishing every ia
cty to the first is careful of the interests of the
last But above all, it is created by law, isamend-
able by law, and is repealable by law; and welded
as am to the theory, but looking solely to the ad-
vancement Of the public good, shall be among the
very first to urge its repeal, if it be found not to
subserve the purposes and objects for which it may
be created. Nor will the plan be submitted in any
overweening confidence, in the sufficicncy of my
Judgment, but with much greater reliance on the
wisdom and patriotism Of Congress cannot ADAM
don this subject without urging upon you, in the
most emphatic manner whatever may be your ac-
ton on the suggestions which have felt it my
duty to submit to relieve the Chief Executive Ma
gistrate by any and all constitutional MEANS from
controlling power the public treasury If, in
: the plan proposed should you deem it worthy Of
your consideration, that separation is not as COM
plete as you may desire you will doubtless amend
it in that particular. For myself discaim all
desire to have any control the public moneys.
other than what is indspensably necessary to ex-
ecute the laws which you pass.
Nor can fail to advert, in this connexion to the
debts which muny Of the States of the Union have
contracted abroad, and under which they continue
to labor. That Indebtedness amounts to sum not