Sunbury American and Shamokin journal. [volume] (Sunbury, Northumberland Co., Pa.) 1840-1848, 1841-12-11

bic in its operation-makes the Treasury notes
which it may use along with the certificates OF
deposit, and the notes of specie. paying b1nks-
convertible at the place where collected, re-
ceivable in payment of Government dues
and, without violating any principle of the
Constitution 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 recommendations, and in view of them
/ it will be submitted, whenever you may require
it, to your consideration.
/ | am not able TO perceive that any fair and
candid objection can be urged against the pan
| the principal outlines of which have thus pre-
sented. ] 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 sl.
yer, every where They are rcdeemable in
gold and silver on demand, at the places of is
sue. They are receivable every where in
payment of Government dues. The Ire aury
notes are limited to an amount of onc-fourth
less lhrn the estimated annual receipts Of the
Treasury and in addition they rest upon the
faith of the Government for their retention.
If all these assurances arc not sufficient 70
make them avalablc, then the idea, as it seems
to me, Of furnishing sound paper medium Of
exchanges, may be entirely Abandoned.
Ifa fear be iudulged that the Govctnmcn,
may be tempted to run into excess in its issues
at any future day, it seems 10 me that nc such
apprehension can reasonable be entertained,
until all confidence in the representatives of
the States and of the people, well as OF the
people themselves, shall be los. The weigh.
ticst considerations of policy require that the
restraints now proposed to be thrown around
the measure should mol, for light causes, BE- re-
moved. To argue against any proposed plan,
It's liability 10 possible abusc, IS to reject every
eXpcdient, since evry thing dependent on hu-
man action is liable TO abuse. Fifteen millions
Of Treasury notes may be issued as the MAXI
MUM, but discretionary power to be given TO
/ the Board ofControl, under that SUM, and eve
ry consideration will unite in leading them to
feel their way with caution. For the eight
/ first years of the existence of the late Bank OF
the United States, lis circulation barely ex-
cecded Sl,O00,000; and for five of It's most
prosperous years, it was about cIual TO %lG,-
100000; furthermore, the authority given Ia
receive private depositcs to n limited amount,
and to issue certificates in such sums Us may bc
called for by the depositorS, may serve 10 ill up
the channels of circulation aS greatly 10 dimin-
ish the necessity of any considerable issue OF
Treasury notes \ restraint upon the nmoun,
of private deposits has seemed 10 be indispen
SADLY necessary, from an apprehens ion thought
TO be well founded, that in any emergency u
trade, confidence might be- SO far shaken in Tia,
, hanks as to induce withdrawal from them O
priyotc dcposity. with view t. ensure thci
, urouos,ionoh,c safety drposi,ed with the Gov
, eminent. which mioht prove cminenlly disas
, irons IN the State Banks. Is il objected tina
it is proposed to authorize the agencies TO dca
/. in Bills of Exchange! 1t is answered, tha
= such dcoIinrs ure To be carried ON at the low
o cs, pozsiblc prcmium-are made to rest on \,
e unone.tonable sound brsis-arc designed l.
o rc.emburse merely the expenses which won
p. o,hcr,yisa dayolvr uoon the Treasury, and ar
g, Tho sr;c, s,,bor iinaton 10 the decision Oft
! sr,romo Corr, :, tho case of the Bonl; Of Al
aust, ,r,;ost rnr;c. and other repor,cd cases
4 and tbcref,ro ,voids all conflict with State i,
!. risdction which hold to be indispensaby r,