Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1841-12-22

such sunrds andrcs;rHints ssiiape appear
ed to bo necessary. It's the creature oi
law, and exists only at Tho pleasure OF tho
legislature. lis.made TO rest on actual
specie basis, in nrderto redeem lie notes
at the places Of issne--prodnees 40 dan-
serons redundancy OF circulalion-aiioI DIS
no temptation to spccula,ipil---is~ attended
by 40 initiation OF prices--is equabie 10 lis
opcra,ion--makes the Treasury Notes.
whicl, it may use along with the ccrilh-
Gates of deposit, and the notes OF specie
paying bauks-eonvenible az the place
wherc collected, receivable in payment OF
Government dnes--aad, wiihpul viola Ting
any principle of the Constellation, affords
The Government and the pe1plc such Ia,
cili,;es as are called for by lhe wauis oi
both. Such, j, has appeared 10 me, arc
lis recommendations, aud in eiew oi them
i, will be submitted, whenever yon mny
require it, 10 your considera,ion.
am not ablctn perceive that any fair
aud candid objection can betFsed against
the plan, The principal outline which |
have thus presented. cannctdoubt but
that the uotes which il proposes TO furnish,
at the voluntary option ofitarublic credi-
tor, issued in lieu Of the rGrsnue and lis
certificates Of deposit, win be maintained
al an equality with gold and,silvcr. every
where. They are redeemable in1gold and
silver on demand. ailhe places OF i<sne.-
They arc receivable everywhcrs IN pay
picnt of Government dues. The Treasa-
ry notes arc limited 10 an amount oil one.
fourth less than the estimated annual re-
ceipls of the Treasury; aud in,atldiiion they
rest upon the faith OF the Government Tor
their redemption. II all thcsc assurances
arc no, suiiicicu, TO mako them available,
then the idea, as it seems 10 me, of iurn-
ishius a sound paper medium Of exchan-
gcs. may be entirely abandoned.
Ifa fear be INDUCED that The Govern
mcnt may be tempted TO rati inio excess
in its issues, at any iuiure day, il seems 10
me that 10 such apprehension can be rca-
sonabiy entertained, unIiI aileoniidencc in
the representatives Of the States andofthe
people. US well as of The people them
selves, shall ho lost, The wcish;icst con-
sidera,ions OF policy require that The re-
slrain,s now proposed 10 be thrown around,
the measure should mol for light causes be
removed. To argue against any proro-
Sod plan It's liability to possible abuse, IS
to reject every expedient, since every thing
dependent on human action Is liable TO
abuse. Fifteen millions Of Treasury notes
NAV bc issued as the alarim,tat, but Il dis
cretionary power is 10 he giyen 10 Tho
board of Control. under iIlatsur:s, and every
consideration will unite ia leading them to
feel their way with caution, Foriiic eight
first wears of the cxisicgce of ilie late bank
of the United States, lis circulation barely
exceeded S4,000,G00; and for fiyc OF IFS
most prosperous years, Il was about equal
10 SIG, 100000; furthermore, ihc authority
given. to receive private deposits 10 limi-,
ted amount, AID to ISSUE certificates 10
such sums as may be caliedlor by the de-.
positors, may so iar tillup the channels OF
circulation as greatly 10 diminish lhe ne
cessily of any considerable issue of Treas,
ury notes. \ restraint upon ahe amount
of private deposits has seenetto be indis-
pensably necessary, from an apprehension
thoughrto DO well ioundedssiliai IN any
emergency oftrade, cpnfdeBec might DC
so far shaken in the banks AS 10 induce q
withdrawal from them OF pirate deposits.
with view TO insure fashionable
sufesy when deposited 9Hh t!ir= Govern
meni, which might prove eminen,ly disas-
,rous 10 The State Banks. Is il objected
ina. II is proposed to authorise the .agei-
c;es 10 deal in bills Of exchanged IIis an
swercd, that such dea!ings are 10 be cHrri-
e,, on at iIe loves, possible preinium-arc
made 10 res! ON au Gpquesticnabiy sound
basis-are designed to reimburse merely
the expcnses which would Otherwise do.
yolvc upon liic Treasury. and are in strict
subordina,ion to the decision Of Supreme
Court, 10 The case of the Bank oi Augusta
against Earle. aud other reported cases;
aud thereby avoids all conflict with State
jurisdiction which hold TO be indispensa-
bly requisite. II leaves the banking privl-
leees ol The States without interference
looks to the Treasury and the Uniou.-and,
while furnishing every facility 10 the first,
is careful of the interests of The last Eut
above all, i, is created by law, is amenda.
BILE by law, and is rcpcalable by law; and
welded as | am to no theory, but looking
solely TO the advancement Of the public
good, shall be amongst the very first 10
urge its repeal, if it be found not TO sub
serve the purposes aud objects for which II
may be created. Nor will the plau be sub
mitied in the ove,weeniug confidence, in
sulIiciency Of my own Judgment, but mi'ii
much reliance on The wisdom aud patriot
ism. OF Congress. cannot abandon this
subject without urging upon you, III the
most emphatic manner, whatever may be
your action Oh the suggestions which !
have Eel, il 10 be my duty to submit, to re-
licve the Chief Executive Magistrate by
any aud oil constitutional means, from a
controlling power over The public Ircasn-
ry. u. in the plan proposed, sh"uld you
deem i, worthy OF your considerations tha'
separations MT as complete US yon may
desire, you will, doubtless, amend IT IN that
particular. For myself, disclaim all de-
sire 10 have any control over tho public
moneys, Other than what is indispcnsaeiy
necessary TO execute the laws which you
may pass.
Norca fail, advert. in this connec-