The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1841-12-11

run, and drawn On places not less than
one hundred miles apart-whch authori-
ty, except in so far as may be necessary
for Government purposes exclusively, is
only to be exerted upon the express con-
dltlon, that its exercise shall not be pro-
hibited by the State in which the agency
is situated.
In order to cover the expenses incident
to the plan, it will be authorized to re-
ceive moderate premiums for certificates
issued on deposits, and on bills bought
and sold, and thus, as far as its dealings
extend, to furnish facilities to CONNER
cial intercourse at the lowest possible
rates, and TO subduct from the earnings of
industry, the least possible sum. 1t uses
the State Banks at distance from the
agencies, as auxiiares, without importing
any power to trade in lis auxilaries, with
oul lmparllng any power to trade in its
name. 1t is sub jected to such guards and
restraints as have appeared to be necessa-
ry. 1t is the creature Of law, and exists
only at the pleasure OF the legislature. 1t
is made to rest on an actual specie basis,
in order to redeem the notes at the places
of lssue-produces no dangerous redun-
danCy of observation-disclosures no tempta-
ton to spSculation-is attended by no in
flation of prices-is cquable in its opera
tion-makes the Treasury Notes, which
1t may use along with the certificates of
deposit, and the notes of specic-paying
banks-convertble at the place where
collected, receivable in payment of Co
vernment dues and, without violating
any principle of the Constitution, affords
the Government and the people such ia
cIllles as are called for by the wants of
both. Such, it has apseared to me, are its
recommendations, and in view of them it
will be submitted, whenever you may re-
qulrc 1t, 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 doub.
but that the notes which it proposes to fur
nlsh, at the voluntary option of the
public creditors, issued in lieu of the
revenue and Its certificates of demos
1t, will be maintained at an equality with
gold and silver, every where. They are
redeemable in gold and silver on demand.
at the places OF issue. They are recciva-
bic every where in payment of Govern
msnt dues. The Treasury notes are linn
tied to an amount of one-iourh less than
the estimated annual receipts ofthc Trca-
sary; and in addition they rest upon the
faith of the Government for their redemn-
ton. IL all these assurances are not suf !
hclent to make them available, then the
idea, as it seems to me, of furnishing n
sound paper medium of exchanges, may
be entirely abandoned.
II 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 entertain d, until all confidence
IN the representatives of the States and of
the people. as well as of the people them
selves, shall be lost, The weighliest con-
siderations of policy require that the
restraints now proposed to be thrown
around the measure should not, for light
sauses, be removed. TO urge against
any proposed plan its liability to possible
abuse, Is to reject every expedient, since
every thing dependent on human action
is liable to abuse. Fifteen millions of
Treasury notes may be issued as the A,uc-
imnn,, but discretionary power is to be
given to the Board of Control, under that
sum, and every consideration will unite
in leading 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
S4,OO0,OO0; and for five of its most pros
porous years, it was about equal TO Sl6,-
100000; furthermore, the authority given
to receive private deposits to a limited "a
mount, and TO issue certificates in such
sums as may be called for by the depos-
itors, may solar fill up the channels of cir
culation as greatly to diminish the ncces-
sity of any considerable issue of Treasu-
ry notes. A restraint upon the amount
ofprivate deporits has seemed to be iudis
penslbly necessary, from an apprehension
thought to be well founded, that in any
emergency of trade, confidence might be
SO far shaken in the banks as to induce
withdrawal from them of private deposits
with view to ensure their unquestona-
bic safety when deposited with the Go
vernment, which might prove emincntly
disastrous to the State Banks Is it OBJ
jeeted that it is proposed to authorize the
agencies to deal in Bills of Exchange? 1t
is answered, that such dealings are to be
carried on at the lowest possible premium
are made TO rest on an unqucsiionably
sound basis-are designed to reimburse
merely the expenses which would other
wise devolve upon the Treasury, and are
in strict subordination to the decision of
the Supreme Court, in the case of the
Bank of Augusta against Earle, and other