The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1841-01-06
FysYa she .MsIlsdgVilis Recorder

rro.nfr of the states, and steering cie7i "a as
constitutional objections. Inc government , - ~
advance to the rail road companies, "lose me-
rnsinlv intersect the country, sum SO IHfge az
thst lie interest will be equal to the cost oil
t.sss-,ort;ng the mail; it is to issue scrip, as
ev;1ence OF the loan, irredeemaoie at any par
t;c,Iar time without interest, receivable I'D
nsvmant of public dues, and reasonable IN as
ehsrge Of public obligations; ana Tor Inc hnai
redemDtion of which, the proceeds OF Inc pup
lie lands are TO bepledged.
A east skeleton, truly, into which, II 1t ever
lives. NAV be breathed a Prodigious amount OF
vitaIitv. Such things are talked OF here, ana
in csnnectisn with MIR. C's name; whether
rixhtfully or not, l cannot say. what the
scheme il to be, If any such Is at an P Ieseneu
We knew not; we can only guess vaguely
Ws therefore wait and will do well neither to
e eSsls or ''D's'A' 'D'D vs. -
The above is an extract from a letter dated at
Washington, Dec. 18th, and published IN the
Nilledgeville Recorder. We can trace the ru-
msr 10 its source and believe it may be ldentlh-
ID viii . conversation between the Editor OF
this papsr and several members of Congress, to
xhom be urged his own views in relation to the
currency. MIR. Calhoun's opinions are known
He believes that the present banking system Is
d.fective and that, to use his ewn words, 1t must
run down In his speech on the currency IN
1887, he said,
esIn addition to this, it seems to me that some
v.eas1re eff q remedial character, connected
with the currency, ought TO be adopted TO ease
OFF the pressure a0hite the process Is gong
fIvo;tph II is desirable that the government
shouId make as few and small demands on the
specie market as possible, during the term so as
to throw no impediment in the way Of the re-
sumption Of specie payments Mt
am of the impression, to make this great mea-
sure successful, and secure it against reaction,
serne stable and safe medium of circulation, to
take the place of bank notes in fiscal operations
of the government ought be issued.
It is, then my impression
that, in the present condition of the world, pa
per currency, in some form, If not necessary, is
almost indispensable in financial and commercial
operations of civilized and extensive comnuni-
ties In many respects it has vast superiori-
~ over metallic currency, especially in great
and extended transactions, by its greater cheap
ness, lightness, and the facility of determining
che amsunt"
He then proceeds to demonstrate the advan-
tages to result from an issue of Government pa
per, receivable in payment of the public dues
. medium of domestic exchanges, and as basis
fer commercial and fiscal operations, and says:
ssHaving now presented my views of the |
course and the measures which the permanent
psliey of the country, liberty, and lasting pros
psrity requires, come finally to the question OF
xeIief e After the best reflection I
fam of opinion that the Government do but
little in the way of relief, and that it is case
which must be mainly left to the constitution of
the patient, who, thank God is growing vigorous,
and robust, with constitution sufficient to sus-
tain and overcome the severest attack. dread
L 49, AL
ease itself The distresses of the country con-
sists IN its indebtedness and only be relieved
hv the payment of its debts. To effect this, in /
dustxy, frugality, economy, and time are neces-
sary. / rely more on the growing crop, on the |
cotton, rice and tobacco of the South than on /
all the projects or devices OF politicians. am
ssttsrgu opposed to all coercion By thtS GoreT7l-
psenf But Government may do something to
Yslteue THE distress. It is out of debt, and is
ems Of the principal creditors both Of the banks
sssd al the merchants, and should set an cram
pie Of liberal i1,d.dgerse; 1his am srtitsSg
VOTE FREELY THE USE OF GOVERN
MENT CREDIT, IN some safe form, to SUP
PLY ANY DEFICIT IN THE CIRCULA-
TON during the process Of recovery as. far as
its financial soonts scH permit. see not that
more can be safely DONE"
Mr.. Calhoun has not hesitated to express his
opinion that the resumption by the Banks is
premature, and that the coercive measures OF
New York and Pennsylvania were unwise.
In discussing the question of the currency,
therefore, it was proper to look to the alterna-
tives that are to be presented, and SO far as Mr..
Cslhouns views upon the question of the cur
rency can be anticipated, it is natural to sup
pose that when the question of National Bank
shall be presented, he will revive his propo-
sition for an issue of Government credit as
substitute And if he accompanies it with
proposition to fund it at low rate of interest,
and appropriate the product of the public lands
for that purpose, the issue between such pro-
position and Bank of the United States may
not only defeat the Bank, but there is danger
that it may defeat the party who advocates a
bank 1t il reasonable to suppose that MIR. Cal
houn viii make such an issue We know not
his purpose, we form opinions from his pub
lished speeches.
The proposition to make advances en- perma-
nsnt contracts with rail roads for the trausporta
sioH Of the mails and troops and munitions of
war, was made BY MIR. Grundy, and would be
ready means of putting into circulation any re
CURED amount of Government paper. If that
paper was fundable at four per cent it would be
at par and answer all the purposes of specie
It would facilitate domestic exchanges. Being
receivable in payment for the public lands, and
fer duties, il would become the basis of CONNER
eiaI transactions, and would circulate not only
in this country but in Europe
Such were the views which we urged upon
several prominent friends of Gen. Harrison
We are fol tie measure, as the best means of ad
justng the Currency question, and we think that
the party inpower would do well to examine il
before they risk themselves on Bank of the
United States, as the alternative. We regret
to learn that Mr.. Calhoun. does not believe that
the time has yet come when he can bring for
8arl any nronosiIion ia sdinsf the cnrrana an.