The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1841-12-17

amount and the creating certincales oil depOslte,
divided into such sums as may be called for by the
depositors. 1t proceeds step further, and auth
Orzes the purchase and sale OF Domestic Bllls,a
drafts resting on real and substantial basis, pay
able at sight, or having but short time to run, and
draw on places hot less than 100 miles apart
which authority, except in so far as may be ncessa-
ry for Government purposes exclusively, is only to
be eXerted upon the express condition, that its ex
ercise shall not be prohibited by the State in which
the agency is situated.
In order to cover the expenses Incident to the
plar, it will be authorised to receive moderate pre-
mums for certificates issued on deposits; and on
bills bought and sold, and thus, as far as its deal
ings extend, 10 furnish facilities TO commercial in
terconrse at the lowest possible rates, and to sub
duct from the earnings Of industry, the lowest
possible sum. 1t uses the Stale Banks at a dis
lance from the agencies, as auyiliares, without
imparing any power TO trade in its name. 1t is
subjected to such guards and restraints as have APP
peared to be necessary. 1t is the creature of law,
and exists only at the pleasure of the legislature
1t is made to rest Oh actual specie basis, in order
to redeem the notes at the places of ssue-pro-
duces no dangerous redundancy of circulation
affords no temptation TO speculullon-is attended
by no inloton of priests equablc in its opera
ton-makcs the Treasury notes, which it may
use along with the certificates of deposle, and the
notes of specie-paying banks--conyertablc at the
place where collected, receivable in payment of
Government dues-and, without violating any
principle of The Constitution, affords the Govern
ment and the people such facilities as are called for
by the wants Of both, Such, it has appeared to
me, are its recommendations, and in view of them
it will be submitted, whenever you may require it,
to your consideration.
| am not able to perceive that any fair and can
did objection can be urged against the plan, the
principal outlines of which have thus presented.
| cannot doubt but that the notes which it plopOs-
es to furnish, at the voluntary option of the pub
lie creditor, issued in lieu Of the revenue and its
certificates of dcpose, will be maintained at an
equality with gold and silver on demand, at the
place of issue They are receivable every where in
payment Of Government dues. The Treasury
notes are limited TO an amount of one-iourth less
than the estimated annual receipts Of the Treasury;
and in addition they rest upon the faith of the Gov
ernment for their redemption. If all these assur-
RANGES are not sufficient TO make them available,
then the idea, as it seems TO me, oflurnshiug Il
sound paper medium of exchanges, may be cutire-
y abandoned,
If fear be ndulged that the Government may
be tempted to run into excess in its issues, at any
future day it seems to me that no such apprehen-
sion can reasonably be entertained until all con-
fdence in the representatives, of the States and Of
the pe>ple, as well as of the people themselves,
shall be lost' The weghcst considerations OF pol
icy require that the restraints now proposed to be
thrown around the measure should not for light
causes, be removed. TO argue against any pro-
posed plan its liability to possible ubnse is to re-
iect every eXpedIent, since every thing dependent
:. l',.I l.,
ions Of Treasury notes may be issued as the mar
imam, 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 late Bank of the United States its crcula-
ton barely exceeded T.. 600, 900; and for five of
its most prosperous years, it was about equal to
SIC, 900 600; furthermore, the authority given to
receive private deposits to limited amount and
to issue certificates in such sums MS may be called
for BY the dcposItors may so far ill up the chan
nels Of circulation us greatly TO diminish the neces-
slty Of any considerable issue Of Treasury notes.
restraint upon the amount Of private depos-
It's has seemed TO be ind'spensahly necessary, from
un 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 Il view TO en-
sure their unqneslionuble safety when deposited
with the Government, which might prove eminent
" disastrous to the State Banks. Is il objected
that /, Is proposed TO authorize tie agencies to deal
in bills of Exchange; 1t is answered tha, such
dealings are to be carried on at the lowest possible
prenum-are made to rest on an unqucstionablv
sound basis--ar designed 10 reimburse merely the
expenses which would otherwise devoIy upon the
Treasury, and are in strict subordinaton 10 the DE-
cison of the Supreme Court in the case of the
Bank of Augusta against Earle, aud other re-
ported cases; and thereby avoids all conflict with
State jurisdiction, which mold to be ndispensably
requisite.
1t leaves the banking privileges of the States
without intcrlcrence-looks to the Treasury and
the Union 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 amendable by
law, and is repealuble by law; and welded as /
am TO no theory, but looking solely 10 the ad-
vancemcnt of The public good, shall he amongst
the very first TO urge It's repeal if it be found not
TO subscre the purposes and objects for which il
may be created Nor will the plan be submitted
in any oyerwccning confidence, in the sulciency
Of my own judgment, hat with much greater reli-
anrc on the wisdom and patriotism of Congress-
| cannot abandon this snhjcc without urging upon
You, IN the most emphatic manner, whatever may
be your action on the suggestions which have felt
il TO be my duty to submit, TO reIive the Chief
Executive Magistrate BY any and all constitutional
means, from controlling power over the public
Treasury If, in the plan proposed, YOU should
deem il worthy Of your consideration, tina, sepa-
laton is not as complete as YOU may desire, YOU
will doubtless, amend it in that particular. For
myself disclnimall desire 10 have any control over
the public moneys, other than what is indspcnsa-
bly, necessary, TO execute the laws which you may
pass.
Nor can i,il 10 adver, in this connections to
the debts which many Of the States of the Union
have contracted abroad, and under which they
continne TO labor. That Indebtedness amounts to
n sum not less than 5000 900 900. and which has
been re,ributed 10 them, for the most part in
works Of internal improvement, which are desiiu-
ed In prove of vast Importance in ultimately ad-
,ancing their prosperity and wealth. For the
debts thus contracted, the States alone are respon
,ible ] can do no more than express the belief
that each State will feel itself bound by every con
'ideration Of honor as well Of inierest,to meet
lis engagements with punctuaIiiy. The failure, |