Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-12-16

UOSlIfS Vi EOt1 QAib OAtNN w -
mount, and the granting certificates ofde-
post, divided into such sums as may be
called for by the depositors. 1t proceeds
n step further, and authorizes the purchase
and sale OF domestic bills and drafts,
resting on a real and substantial basis.
payable, at sight, or having but a short
limo to run, and drawn on places not less
than one hundred miles apart-which au-
thority, except in so far as may be ne
cessary for Government purposes exclu.
sively, is only to be exerted upon the ex-
press condition, that its exercise shall not
be prohibited by the State in which the
agency is situated.
In order TO cover the expense s incident
to the plan, il will be authorized TO receive
moderate premiums for certificates issued
no deposlte, and on bills bought and sold;
and thus, as far as its dealings extend, to
furnish facilities to commercial intercourse
at the lowest possible rates, and to subduct
from the earnings Of industry the least
possible sum-. 1t uses the State banks at
a distance from the agencies as auxilia-
RIGS, without imparting any power to trade
in its name. 1t is subjected to such guards
and restraints as have appeared to be me-
cessary. 1t is the creature of law, and
exists only at the pleasure Of the Legisla-
ture. Ii is made TO rest on an actual spe.
Gle basis, in order 10 redeem the notes at
the places of issue-produces nc danger
Gus redundancy Of circulation-affords no
temptation to speculation-is attended by
no imitation of prices-is equable in Its
operations-makes the Treasury notes,
which il may use along with the certit-
Gates Of deposite, and the notes oil specie
paying banks, convertible at the place
where collected, receivable in payment oil
Government dues; and, without violating
any principle of the Constitution, affords
the Government and the People such IA
%cilities as are called for by the wants OF
both. Such, it has appeared 10 me, are
its recommendations, and in view oil them
1t will be submitted, whenever you may
require it, to your consideration.
am not able to perceive that any fair
and candid objection can be urged against
the plan, the principal outlines Of which |
have thus presented. cannot doubt but
that the notes which it proposes to ,~-nlsh,
at the voluntary option Of the public cred
itor, issued in lieu Of the revenue and its
certificates of deposite, will be maintained
at an equality with gold and silver every
where. They are redeemable in gold and
silver on demand, at the places oil issue.
They are receivable everywhere in pay
ment Of Government dues. The Treasu.
ry notes are limited to an amount of one
fourth less than the estimated annual re-
ceipts of the Treasury and, in addition
they rest upon the faith oftho Government
for their redemption. If all these nssu-
RANGES are not sufficient to make them
available, then the idea, as it seems to me,
of furnishing a sound paper medium Of ex-
changes may be entirely abandoned.
If fear be INDUCED that the Govern
ment may be tempted to run into excess
in its issues, at any future day, it seems
TO me that no such apprehension can rea-
sonably be entertained, until all conf
dence in the representatives Of the States
and Of the people, as well of the people
themselves, shall be lost. The weight.
considerations Of policy require that
the restraints now proposed to be thrown
the measure, should not, for light
be removed. To argue against
any proposed plan lis liability TO possible
abuse, is 10 reject every expedlent, since
every thing dependent on human action is
TO abuse. Fifteen millions Of Trea.
sury notes may be issued as the maximum.
but a discretionary power is to be given
to the board of control, under that sum,
and every consideration will unite in lead.
ing them to feel their way with caution.
For the eight first years of the existence
of the late Bank Of the United States, its
circulation barely exceeded $4,000, 900
aad for five Of its most prosperous years,
it was about equal to $4,000, 600 fur.
thermorc, the authority given to receive
depnsitcs to a limited amount, and
10 issue certificates in such sums as may
be called for by the depositors, may so far
fill up the channels of circulation as great
" to diminish the necessity OF any con-
siderable issue of Treasury notes. A
restraint upon the amount OF private de-
has seemed to be indispensably me-
from an apprehension, thought to
be well founded, that, in any emergency
VI lfutr, CbAHiJNiCC hhEhh W SO ia' uh
in the banks as to induce a withdrawal
from them Of private deposItes, with a view
10 ensure their unquestionable safety when
deposited with tho Government, which
prove eminently disastrous to the
Banks. Is objected that it is pro.
posed to authorize the agencies 20 deal in
bills Of exchange? 1t is ans wered, that
such dealings are to be carried on at the
possible premium-are made to
rest on an unquestionably sound basis
are designed to reimburse merely the ex-
pensos which would otherwise devolve
upon the Treasury, and are in strict sub
ordination to the decision OF the Supreme
IN the ease of the Bank of Augusta
against Earle, and other reported cases
aud thereby avoids all conflict with State
Jurisdiction, which | hold to be indispen-
sibly requisite. 1t leaves the banking
privileges Of the States without interior
ence-looks to tho Treasury and the I'm
ion-and, while furnishing every facility
TO the first, is careful of the interests Of the
last. But, above all, it is created by law,
IS nmendable by law, and is repealabIe by
law and, welded as am to no theory,
but looking solely to the advancement OF
the public good, [ shall be amongst the