Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1841-12-14

t'uitttttt't Weots w ehtututt ana GOOD
are bu, The necessary means Of commerce al f
course, no, The direct productive sources sT ,.e
Wealth can only he accumulated by the ea,nir, 7,
dustry and the savings Of frue siiy. and no,lpf %
more Ill Judged than to look to facilities IN hs,,N
or TO redundant circulation, for the r,v,, ~ Ut
charging pecunary obligations The COUNT, "a. y.
OF resources and the people iul Of energy and ,be
and permanent remedy ior present embarrs.,,,
must be sought in industry, the observance q, ~
faith, and the favorable influence OF time b'S
In pursuance OF pledge given 20 YOU in r,, T.,
message to Congress which pledge mee as an ,' 'S
ogy for veniuring 10 present you the details of
the secretary OF the treasury will be ready to sub
YOU, should you require II, a plan OF finance Nh,
while 1t throws around the public treasure reason,5.
guards for its protection, and rests powers ack,,
lodged in practice 10 exist from the origin o( ,to ~
eminent, will at the same time furnish 90 the cono,
sound paper medium and afford all ieasonal 10 ~
ties for regulating the exchanges When ,uhrr.l
you will perceive in il plan amendaory of tho s,
ing laws in relation to the Treasury dcpat,nen, ~
ordinary in all respects to the will of Congress d
y, and the will ofthe people indirectly self snv,
ing, should 1t be found in practice to realize lis r,
Uses in theory, and repeaable at the pleasure e.
gress. IL proposes, by etfectual restraints and b,
voking the true spirit OF our institutions. 10 ser,,r
the purse from the sword; properly 10 sre,t
denies any other control TO the president over X, =
gents who may be selected TO carry it into cre,e,i,
but what may be ndespensably necessary IN ssen
the fidelity OF such agents; and by wise repulN0,.,,
keep plainly apart from each other, private and fu,
funds. j, con,emplates the establishment of boa,dd
control at the seat OF government, with agents a, ii,
prominent commercial points, or wherever else Goa.
gress shall direct, for the safe keeping and dsbu,
ment OF the public moneys, and a substitution at N,
option OF the public creditor oftreasurv notes in lien n
gold and silver. IL proposes to limit the issues 10 An
amount not to exceed 600 600 wi,hou, the e,pre,
sanction OF the legislative power. 1t also auhonss
the receipt OF individual deposites OF gold and syern
a limited amount, and the granting of certificates
deposite divided into such sums as NAV be called "A,
by the depositors. II proceeds step further and ap
f thorises the purchase and sale of domestic bills ana
drafts, resting on real and substantial basis payabs
at sight, or having but short time to run and draw,
on places not less than hundred miles apart which
authority, except in so far may be necessary for
government purposes exclusively, is to be exored on
the express condition that its exercise shall not be MO-
hbited by the State in which the agency is situated
In order TO cover the expenses incident to the plan
1t will be authorised to receive moderate premiums for
certificates issued on deposi,es and on bills DO lgh
aud sold, and thus far its dealings extend to fur
nlsh facilities TO commercial intercourse at the lowest
possible rates, and to subduct from the earnings Of In
dustrv the least possible sum 1t the State banks
at distance, its auxllares without imparng any
power to trade IN its name II is subjected TO such
guards and restraints as have appeared to be
ny. 1t Is the creature OF law, and exists only al the
pleasure OF the legislature. 1t is made to
tua specie basis, in order to redeem the a, The
1 place OF ssue-prOduces dangerous redundancy Of
clrcuaiion-aftords no temptation to speculaon-s
attended with initiation OF prces-is equabe in OPP
eration--makes the treasury notes which may use
along with the certificates of deposie and the notes Of
e specie paying understandable at the place where
S collected, receivable in payment of government dues;
and without violating any principle OF the constitution
affords the government and the people such iaclAS
as called for by the wants of both. Such, il has
appeared to me- are its recommendations, and IN view
of them, it will be submitted whenever you may re-
J quite it, to your consideration.
4 | am not able TO perc GIVE that any candid and fan
objection can be urged against the plan, the prncla
/ outlines of which ] have thus presented. ! CANNOT
doubt but the which proposes furnish, h.
option of the public CREDITOR issued in lieu OF the
and its certificates of deposite will be maintain
ed at equality with gold and silver every where
/ They redeemable in gold and silver demand, a
the prices OF issue. They receivable every wel
o in payment of government dues. The treasury note
limited to an amount OF one fourth less than s
estimated annual rece pts OF the treasury and IN ado
If ton, they rest upon the faith OF the government g
their redemption II all these assurances are mol SUI
fcient to render them available, then the idea as
y seems to me, Of furnishing sound medium Of paPe
o exchanges may be entirely abandoned.
s II fear be INDUCED that the Government may
tempted run into in its issues, any uuH
n day. il seems to me that such apprehension can a
sonably be entertained, until all confidence IN the rep
y resenatves OF the States and of the people as wei
Z of the people themselves, shall be lost. The wes
est considerations Of policy require that the restraint
Re proposed be thrown around the measure shoOl
Il not, for light causes, be removed. To argue asaN'
= any proposed plan its liability possible abuse, sN
reject every expedien since every thing dependent
n human action is liable to abuse. Fifteen millions
!, treasury notes may be issued at the Maximum og
n discretionary power is to be given TO the Board
r Control, under that sum, and every consideration ""
unite in leading them TO feel their way with caution
j. For the eight first years of the existence OF the s
n Bank OF the United States, its circulation barely u
Is ceeded 1000 900; and for five of its pIoseN
q years, it about equal TO 100000 Furthermore
Of the authority given 10 receive private deposits 70
10 limited amount and 10 issue certificates IN such sun
ne may be called for by the deposors, may 50 var y
e up the channels of circulation greatly TO dmns
III the necessity of any considerable issue Of IfehD
d. notes. restraint upon the amount Of private aeP
lg its has seemed TO be indspensably necessary from
OF apprehension thought TO he well founded, that 10
nj emergency of trade, confidence might be 80 Tar s'A
As in the banks To induce a withdrawal from men
ny private deposits, with view their un4lc
nj tionable safety when deposited with the Govefanf
On which might prove eminently disastrous 10 me 20
We Banks Is il objected that il is proposed 10 aui0
19 the agencies TO deal in Bills OF Exchange II IS
ly swered that such dealings TO be carried on 81 y
n lowest possible premum-are made to resi- on an 7.
nd questionable sound basis-are designed 10 re-mDD
merely the expense which would otherwise de'o
"a upon the Treasury, and IN strict subordiniI,
IRE the decision Of the Supreme Court in the case ~ y
he Bank Of Augusta against Earle, and other repoH''
We ses; and thereby avoids all conflict with State 1i'
IN ton, which hold TO be indspensably requisite.
III leaves the banking privileges Of the States "lho1
pr reference looks 10 the Treasury aud the nloni''