Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-06-15
Clnyeland. Ohio. MAY letl.

2eiher with the deangcd and embarrassed state OF ous
finances have induced IA connection with the wssn-
es OF friends of interchangeable mixed currency. de-
sirous placing before the public, and with their con- .
cuuence, before Congress. sketch of plan OF eat-
tcncy intended be adapted the genius OF our ins
tunus and the existing state Of our contracts AT hons
and abroad, forward to YOU the following memorial
TO Congress, with respectful request that you would
publish It, that Il may be read by the people.
CHS DuNCoMBE.
MEMORIAL TO CONGRESS UPON THE SUB
JECT OF REPUBLICAN FREE BANKING.
To The Honorable the Senate and House Of Represenfe.
trCs, a. Congress assembled;
Your memoralists feeling the importance OF a sound
currency a nation DESTROYS Of maintaining their 20.
li,lcal independence, and financial and commercial
prosperity, and having observed the jealous, though
unsuccessful oxertions for years past, OF the Congress
OF the United States and the several State Legislatures
through the agency of Incorporated banking compsniss
to make bank paper aud gold and silver a, all tmsa
interchangeable for each other and ihroughous
the Union, and having Witnessed with painful anxiss
~ the various operations Of the present chartcrsd
bank system Of furnishing paper 10 circulate as money
and finding to be extremely defective, and occasions
ing the public much inconvenience, the bank notes
issued under it not uniformly current ihroughous
the Union, thereby making the rates of exchange high
between distant parts Of the United States, expensive
and nconvenient IN RENTING funds from place to place,
and in delrsying travelling expenses. And slso hav-
ing seen the frequent expansions coniracons and
rous fluctuations OF the circulating medium furnished
under this system, by which the value of property 10
rendered uncertain, aud money looses its peculiar bu-
siness properties that OF being medal commodity,
passing freely from person TO another, aud
exact, uniform and Interchangeable measure Of values,
for past presen, and future times, standard weights
and measures of quantities, and precisely the
throughout the Union.
YOU memorias,s, therefore, are Of the opinon,thss
there mus, be something radically wrong in the es-
menary principles OF the present system Of banking.
as conducted by Incorporated companies, to produce
such discrepancy in lis working in unison with the
other fundamental political machinery Of govern.
ment and would respectfully represent that the spir-
OF the Declaration Of Independence and Of the Con-
s,u,ion, gives the people the RICH, expect the
free control Of the currency that they have of the other
elementary principles o,hc government, consequently
there should be more Legislation upon that subject
than upon the form of government, religion
literature.
In the hope of transmitting to the latest poser,y,
pure entire and unimpared, those great and glorious
principles Of human happiness, OF national and ndi-
vidual prosperity; cenered in government by iis
patriotic founders; and with a view 10 a radical reno
walton OF our MONETARY affairs beg leave TO call tho
attention Of your honorable body 10 the following plan
for republican free banking, in the expectation that
your collective wisdom may adopt il or devise some
permanent and efficient system thanking better adapt
ed TO the genius Of government the character of
our institutions, and the state Of existing contracts,
than that Of present incorporated banking compa-
mics.
The following plan, based upon the principles ofths
Declaration OF Independence and the Constitution,
cenalizes the government Of the currency; thereby
furnishing with all the national advantages Of u
S. Bank while it avoids its apprehended financial and
political evils by divided administration aud escapes
the vexed question OF It's consruonality II obvia,es
the danger OF overexpsnsions and con,ractons of tho
currency by removing the influence of pirate inerea
NJ credit, and Of poes The first is effected by Civ
ing the people the election othe directors of the banks
both Of Issue and Discount The second by separa.
rating the Bank Of Issue from the Banks of Discount,
and limiting It's circulation 10 not than three times
the amount Of specie actually in its vaults al the time
OF It's ISSUE and combining the Banks Of Discount 10
le discoun'ine Of actual business paper, having bu,
short periods run ia which no director has any in.
eres'. The Third, by removing the necessity for fu.
ure legislation upon the subjects Of banks and currency
This plan is the organization Of the people by Con
lssssss throughout the Union for financial purposes
with poS.'a regulate the paper portion Of the cur
ion'5 ss meg ere ssseQt organized toreguate their
't-Sfh do sJmpisfaii ms: Empo ering tie electors
i oithe rn'sn& ef9 me aireeiors ofgsL. =. Bank.
the bank of lssostse <iecJ. ofs-oh sim tho 4rst
tors oi'heir respective stats Banks. aud the eue.oss
OF each pace, %isft Ddnk Of fbsrOrnt located,
the directors Of such banks respectively ,sy asGs
0 the most numerous branches Of their legislstures
= The directors Of the United States Bank-lhe Bank
Of lssue-should be elected for tie same length Of
time the Senators Of tho United States, and 80
that only one sixth part Of them should their
seats annually, for ihe purpose n giving permanency
and stability 10 the currency; while the directors ofsll
the other banks should be elected annually secure
their ircquen, and perfect accountability the people
y The management 9TH currency will then. like the
II other elementary principles Of our government, 10
n purely republican.
~ The duties Of the directors Of tie the 4 s. Bank Of
lssDs shall be- 10 ascertain the Of currency
. eessa for the permanent prosperity u tie country;
cause plates 10 be engraved and bills 10 printed
~ the best manner svOid oouBe rfei,s and thss
there may be uniformity IN their appearance and
cause 10 DO signed, registered and numbered 30 many
bills Of such denominations shall be Necessary for
the convenient interchange Of eofnH1diiies and Issue
the the directors Of the several sists Bsnks
according 10 her Demands together with their fsspse-
9 live DrouDrlOns q guects