The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-12-22
FOR THE CAMDEN JOURNAL.
Ff,rrr TIrH

Mr.. Editor: President Tyler's fiscal and cur
-ency agency scheme provides that Treasury
Board be established at Washington, with branch
es at the prominent commercial points of the
Union with "safcs and vaults" presume)-
First for the keeping and disbursing of the ma
tional revenae.. Secondly: to receive dcposites,
of gold and silver, from individuals, issuing there
for, in small sums, certificates payable at the
the place of deposte,and receivable in payment
of the public dues every where. Thirdly: to
issue Treasury Notes to the public creditors, in
lieu of specie, at their option, in convenient sums,
and also receivable every where, in payment of
public dues. Fourthly: to deal in exchanges al
sight, or short time, not only for Treasury pur-
poses, but with view to regulate their rates.
These are the principal features of the scheme,
as forcshadowed in the Message.
What are the objections!
First Want of constitutional power to estab-
lish any kind of Bank for private purposes, or to
deal in bills Of exchange, with view to their reg
ulation.
deposue-limited, it is true, but nevertheless d
Bank, with the faculties stated. The objection
is not to the Degree but to the absolute cant of
any constitutional power whatever, for such pur-
poses. Concede the power that the Govern
ment may provide repositories for the, gold and
silver of individuals, and it may be asked why
c. A. md 4oho o1s a
nit the right to deal in bills of exchange for any
other but fiscal purpopes, and you surrender the
principle, and throw open the gate of the citadel
of the Constitution. Where does that "Phari-
see in the doctrines of the strict construction
school," find such powers in the Constitution!
There is no poacer-no necessity for such regu-
laton.
But, remove the constitutional objection-ax-
punge the exchange feature-admit that ma
tonal paper currency is the great desideratum
: which many believe it to be-and the scheme is
admirable-self sustaining, Gas the President OBJ
serves,) and better-seE- E-regulating-on the
principle of demand and supply-needing no
llllllldlOH Wy law, do W Illc dlIlOuHL vi plNdCc
deposites to be received, or of Treasury notes to
be issued.
The Banks will need no protection against ex-
cessve drafts of specie, for the purpose of de-
posite in the government Golfers, if they do their
dutG so as to entitle them to the public confidence.
Ordinarily, specie would only be drawn from the
banks toprocure certificates Of deposite as medi-
um of remittances, and then, if the Banks main
tain their credit, and are ready and willing to sell
exchange at reasonable rates. Who would trans
fer funds from the Bank of Camden Gas at pres
ent admnistered) to the Government safes for
security? Or who would not as readily take the
ceecks of that Bank'on N York, as a Government
certificate to be used there, the cost being equal!
Excessive transfers of specie from the banks to
the government depository could only result in
an excessive issue of certificates, and their conse-
quent depreciation to par with specie, when, if
desired, the banks could replensh their Golfers
without cost. No HARM, in any event, can re-
suit to banks that true to their duty and true
to themselves, and are willing to submit to a le-
gitimate and healthful regulation--ther regulation
of the laws Of trade and currency. Their rates