Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1841-12-21

cessary 1t is the creature of law and exists only
at the pleasure OF the legislature. 1t is made to
rest on actual specie basis, in order to redeem the
notes at the places of lssue-produces no dan perous
redundancy of Observation-Disclosures no temptation
to speculaton-is attended by no imitation ofprices
is equable in its operaton-makes the Treasury
Notes, which it may issue along with the certf-
Gates of deposit, and the notes of specie paving
banks-convertable at the place where collected
receivable in pay of Government dues-and, with
out violating any principle of the constitution af-
tords the Government and the people such facilities
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 1t, to your consideration.
| am not able to perceive that any fair and can
did objection can be urged against the plan, the
principal outlines of which | have thus presenteds
| cannot doubt but that the notes which it propose
to furnish, at the voluntary option of the public
creditor, issued In lieu of the revenue and its GER
utcates OF deposit, will be maintained at an equal
ity with gold and silver; every where. They are
redeemable in gold and silver on demand, at the
places of issue. They receivable every where
In payment OF government dues The Treasury
notes are limited to an amount e-fourth less than
the estimated annual receipts of the Treasury and
III addition they rest upon the faith of the govern
Meht lor their redemption If all these assurances
are not suitlcent to make them available. then the
IDEA as 1t seems to me of furnishing a sound paper
medium tor exchanges, may be entirely abandoned.
Ii tear be INDUCED that the govern
ment may be tempted to run into excess
In It's issues at any future day, it seems to
me that no such apprehension can be rca-
Sonably entertained, until all confidence in
the representatives Of the States and the
people, as we'll as Of the people themselves
shall be lost The weightiest considera-
tons OF policy require that the restraints
now proposed to be thrown around the
measure, should hot, for light causes, be
removed. 10 argue against any proposed
plan, It's liability TO possible abuse, is TO
reject every experiment, since every thing
dependent on human action is liable to
abuse. Fifteen millions of Treasury notes
may be issued as the msrtnaunq, but the
discretionary power is to be given to the
Board OF Control, under that sum, and ey-
cry conslde ration will unite in leading
them to feel their way with caution. For
the eight first years of the existence ofthe
late Bank OF the United States, its circula.
ton bare! y exceeded 81, O00,0OO and for
hive OF Its most prosperous years, it was
about equal to $4,000, 900; furthermore,
the authority given to receive private de-
posts to limited amount, and to issue
certificates ia such sums as may be called
Tor by the depositors, may so far fill up
the channels of circulation as greatly to
diminish the necessity of a considerable
issue OF Treasury notes. A restraint upon
the amount of private deposits has seemed
to be indispensabIy necessary, froman an
prehenslon thought to be well founded, that
IN any emergency OF trade, confidence
might be SO far shaken ia the Banks as TO
INDUCE withdrawal from them Of private
deposits, with view to insure their un-
questionable safety when deposited with
the Government, which might prove emf
nently disastrous to the State Banks. Is
it objected that it is proposed to authorize
agencies to deal in Bills of Exchange.
1t is answered, that such dealings are to
be carried on the lowest possible premium
are made to rest on an unquestionablv
sound basis-are designed to reimburse
merely the expenses which would other.
wise devoIve upon the Treasury, and are
IN strict subordnation to the decision of
the Supreme Court, in the case Of The
bank OF Augusta against Earle, and other
reported cases; and thereby avoids all con-
lllct with State Jurisdiction, which hold
to be indlspensably requisite. 1t leaves
the banking privileges Of the States with
out lnterterence-looks to the Treasury
and the Unlon-and, while furnishing ev-
cry facility to the first, is careful Of the
interests OF the last. But above all, it is
created by law, is amendabIe by law, and
Is repealable by law; and welded as am
to no theory, but looking solely to the ad-
vancemcnt OF the public good, | should be
amongst the very first to urge its repeal,
ii 1t be found not 10 subserve the PURPOSES
and objects for which it may be created.
Nor will the plan be submitted ir anv
overweening confidence, ia the sulIiciencv
Of my own judgment, but with much great.
er reliance on the wisdom and patriotism
OF Congress. | cannot abandon this sub
Ject without urging upon you, in The most
emphatic manner, whatever may be your
action on the suggestions which have felt
It my duty 10 submit, to relieve the Chief
Executive Magistrate by any and by all
constitutional means, from a controlling
power over the public Treasury. If, in
the plan proposed, should you deem it wor-
thy OF your consideration, that separation
is not as complete as you may desire, you
will, doubtless, amend in that particular.
For myself, dlsclaim all desire to have
any control over the public monies, other
than what is irdispensibly necessary 10
the laws which you enact.
Nor can fail to advert in this connection to the
debts which many States of the Union have contrac-
ted abroad, and under which they continue to labor.
hat Indebtedness amounts a sum not less than |
500 OJOOJO, and which has been retrlbutcd to them
tor The most part, IN works of internal improvement
which are destined 10 prove of Importance in nt
maiely advancing their prosperity and wealth. For
The tebls thus contracted the states only respon