Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1841-10-22

the country have the privilege OF
#depositing any amount OF specie IN 1hese u0
.positories, and the right accrulng 'nefeuPon'
Is demand in exchange for the same these GER
tificatcs or notes OF Goveroment' Payao'e on
demand al the place of deposit in specie, and
receipab!e erery ,Dhere IN payment q Govern
n,e,,f dues and for public lands. This privilege
would place il in the power ofevery indivldu-
Al to convert his local bank notes, when paya-
bic iu specie, into the National currency, ba-
sed dollar for dollar on the specie deposited,
receivable at all points for public dues, and
endorsed by the highest authority and best
guaranty known to the people, that OF their
own government. The quantity Of such Ma
,onal currency which would thus be brought
into circulation, would be PRECISELY commor'su-
raie ,vih the demand for it-no less, and prob
ably no more. The regulating power our
State banks exerted through the voluntary ac-
ton of the peo lie in Withdrawing the specie
from them and converting it into the Nation
al currency, would prove to be abnndantiy
sufficient; potent beyond resistance. The ten
dency of this process would be to encourage
| the introduction and retention Of the precious
| metals, and sustain practically the gold and
silver standard Of vaue-a line of its duty
which the government seems studlousiy and
purposely to have avoided from 1871 to 1887.
A commentator the most conclusive and deci-
| sive in favor of such scheme OF furnishing
| national currency is, that 1t totally excludes
| the use of the public money by public agents
or individuals, the discount ofPromissory notes
or of bills ofexchange, or any other act of loan
| ing money, or granting facilities of credit. 1t
| would have no stockholders, lenders, debtors,
i L II: IL
spectators, stock jobbers, or any other class,
| could get no accommodations from it. Its is
sues would be confined to the specie deposi;or
would be predicated upon and limited by the
specie deposits The specie deposits, under
| the operations of trade and business, would be
fully equal to the just wants of the country for
currency, especially National currency.
When deposited, the specie would be repre-
scented in the business of the country by the
very best and most truthful representative that
could be devised.
Under such system, the productive labor
of the country would be the money-creating,
the money-making power. The money pow
er would be separated from the political pow
er. The money power grows out of the night,
the power TO use money and the use OF mon
ey, public or private, is totally prohibited and
excluded from the operations of the system.
The Government would simply become the
KEEPER of the treasure of the nation, and in lis
issue of certificates or notes TO individuals
would incnr no other obligation than such as
would be incident to bank of deposit, or to
its character of keeper of such moneys.
This relation TO the public would afford the
most effective facilities for borrowing money
in war and all public emergencies. Proposals
from the Government TO exchange It's stock,
bearing reasonable rate Of interest, for It's
certificates or notes in circulation, would be
readily embraced by money-holders. The re-
suit would be, the funding Of such certificates
or notes by the Government, and the lmmed-
ate possession and use Of the specie originally
deposited in exchange for them; greater ia
ciiity and more prompt mode of realizing cash
IN any emergeny than could be afforded by
any other scheme yet devised.
An indispensable feature in the scheme
would be the collection Of the putic dues er-
clusirely in specie aud the certificates and notes
of the Government issued in exchange therefor.
Any connection with the local banks or the
banking system is totally excluded from this
scheme. No other banking operation would
be necessary than the transfer from point to
point, for Government purposes. the certificates
or notes Of Government received in payment
for public dues. Or if the Government paper
should be more valuable, and individuals should
prefer to pay their dues to Government in spe-
Gle, no transfer of such funds would be Beces-
sary, inasmnch as checks drawn by Govern
ment upon specific deposits at the commercial
points of the country would generally be more
valuable than the specie itself, and consequent-
" readily received in payment Of Government
debts by Government creditors. la this scheme
all constitutional objections are avoided-no
Fiscal Cooperation nor Bank Of Discount is es-
tablished.
Fiscal Agent for the Government and
Currency Agent for the people is provided,
with unlimited power to do good, and no pow
er to do harm.
national currency Of the highest possible cal
ne ana credit fully commensurate ,ciih the resour-
ces, The uses and necessities Of the ,chole country,
acould be The certain and inevitable result of its
operations.
The above brief outline Of system of joint
fiscal and currency agency is submitted to the
consideration of the administration of John Ty-
Ter and Of the people of the United States by
MEMBER OF THE 9th CONGRESS.
Washington, September, ls4I.
The Settlers ,.oOn the Public Lands.