The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-10-14

such nalional currency hIeh would thus be !.
brOugh; into circulation. would be precisely
commemorate with the demand f,r il IN less
and probahiy M more. The regulating pow
er power over lhe s ate banks exerted through
ths Voluntary ton ol the People, IN with
drawing the speeis frum them, aud converting
It INTO the nanOnal currency, would prove 10
be ahundaDtiy sufficient: potent beyOnd resist |
snce. The tendency OF this process would be
io encourage the Inlrodu liOn and retention Of
the precioDs metals and sustain practically the
gold aad silver standard Of value-a line OF its
duty which the Government seems s,uhiOusIy
and purposely to have avoided from 1871 to
1887. A commendation the most conclusive
and decisive 10 favor Of such scheme Of fur
nishing national currency Is, that it totally
excludes the use Of the public money dy public
agents or individuals, the discount Of promis-
sorry notes, or of bills Of exchange. or any
other scl Of loaning money, or granting facll-
tiles Of credit. 1t would have no stockholders,
lenders, debtors, or borrowers. Newspapers,
editors, politicians, specuators, stockholders,
or any other clAas, could get no accommoda,
tionp from il. ] 8 lssues would be confined
10 the specie deposltor-would be predicated
upon and limited by the specie dspOnts. The
specie deposits. under the opersuous ofrads
and business, would be fully equal to the Just
| giants At the country for a cutrencv. especially
| q national CURRENCY When daposrled, The
! Gpecle wOUd DO represented in the business Of
| tho county BY the very besl aud most truthful
Representative ,hs. could be devised.
Under such sysIem, the productive labor
| Of IhecoUnlry would be the mOusV -croating,
money -nakng power. Tho money power
would he separated from the political power.
| The money power grows out CT the right, the
! po,cer TO use money; and the use of money pub
lie OF private ts totally prohibited & excluded
! from the operations of tho system. The Gov
| ernmeni would sImply become The keeper Of the
treasure OF ,he nation, and in Ms use of ceTti-
6cs,es or notes 1" ,ndiVJual. would incur no
other obhga'ious han such ss would be Incl
den, TO hank Of depOsh or 10 lis Chara of
keeper Of such moneys
This relation to the public would afford The
mos, effective facilities for borrowing money
in war and oil pubic emergencies. Proposals
from the Government to exchange iis stock,
hearing o reasonable rsle Of inte-es, for its
certificates Or notes in circulation. would be
readily embraced by money-hoiders. The re-
cult would be, The funding Uf such certificates
OF notes BY tho Government, and the Iulmedi-
eie possession al use Of the specie originally
deposited in exchange for them; greater fa-
chy and more prompt mode Of realizing cash
in any emergency, than could be afforded by
any other scheme 70, devised.
An indispensable feature in the scheme
would be tho collection ofthe public dues OK.
elusive 10 spec,e, and the certificates and notes
Of Government issued in exchange thereof
ANY connection with local banks, or The bank
ing system IL totally excluded from the echeme
No other banking operation would b. Decces,
cary than The transfer from point to point, fol
Government purpOses, OF tho cerlI6caIas Oh
notes 0f Government, received in payment fol
public dues Or if fGovernment paper shoult
be more valuable, apd individuals should pre-.
fer to pay their dues to Government upon spe
Gle, no transfer of such funds would be nee
cessary, inssmuch as checks drawn by Gov
ernmen, upon specie deposits a, the CONNER
cisl points Of the country, would generally b.
more valuable than the specie ItseI, and con-
sequenly readily received 10 paymrn, Of Gov
ernmen, debts by Government creditors. II
this scheme all constitutional objections ar,
avoided no Fiscal Cooperation or Bank o
Discounts established
A Fiscal Agent for the Government. and
Currency Aeen, for the people is provided
with unlimited capacity to DO good, and NJ
power 10 do harm.
A national currency the highest po'sibI
value and credit, fully commensurate with tn
resources the uses and necessities of the Who'll
country, would be the certain and inevitable
result ofi,s operations.
The above brlei outline ofa system Of join
fiscal and currency agency is submitted to 'h
consideration nf the Administration Of Joh
Tyler and oclhe people fthe United States b.
MEMBER OF THE 9th CoNGREss.
Washington, September, 1871.
THE Moon. m. Arago, the celebrated as
honomer, has been giving lec,uriug TO crowd