The Ohio Democrat. [volume] (Canal Dover, Ohio) 1840-1900, 1841-12-30

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certificates 10 circulate us a currency, in lieu
of The sums deposited--a percentage being
aIlowed,to cover risk Of loss, and remunera-
ton for ssfea eePug.
s It's empowered 10 pass all by-laws
thatl 1t may deem exPedent TO give effect TO lis
powers,
6. 1t is authorized TO issue paper curren-
cy IN notes, running up from the denomna~
ton Of five dollars 10 one thousand; and is on.
Iy required to have on hand in specie one,l third
Of The amount Of the currency so issued.l
Z. Ii is authorized 10 draw drafts or bills,
and TO sell The same tGr premium, without
siut or lint
8 1t is empowered to purchase billie of ex.
change.
8. Ii is authorized 10 receive bank notes,
and deal with the banks, producing between
them Ind the Government the deb or and cred-
Itor relation.
10. Ii is auth orizsd 10 establish banks for
it's agencies al Its discretion.
IL. Ii is empowered to issue stotk Of the
Government Of the United States, and make
leans. (for The time limited 10 five mllIIons,)
al the discretion Of she Board.
In this we have concentrated ill the powers
q
pendent Treasury, as organized by the lately
repealed law. If the latter embl aced all Tho
powers of the sword and purse, the Exchequer
system embraces both, with the addition Of
power over GXchanges-Iu buying and selling
them 10 any amount-not only with The money,
but with tho credit of the Government. In
this. at once carrying the political machinery
ol tbe nation into business-the exchange, or,
in other words, the transport trade cf ndlvI.
duais- which, with ns rami6cations, embra-
ces The vast commercial cmpoyments which
IN al countries epPertalns exclusively TO the
mercantile cla,s.
IL not only takes posses ion Of The purse Of
Inc nation, but shat Of the private citizen, by
taking II on deposIte, and founding on II a new
currency OF certificates.
IL Ienews the connection Of The Government
and The banks, and in way giving infinitely
more power over them than could in any other
form be obtained by Government, by receiving
their notes in deposlle, in the purchase of The
exchanges sCld hy it, as well as Treasury re-
ceipts, which, with the power of selection Civ
en-, will enable the Government 10 build up
favored banks and destroy others al pleasure.
II ls, In word, vas, Government Bank, in
comparison with which, the hydra feared IN tho
Independent Treasury. as deprecated in ,he
speech OF Mr. Clay, shInks into nothing.
6&Ihe paper which accompanies Mr.. For
wards bill is understood TO be Cabinet pa.
per. II has MARKS of Mr. Websier's power
iulS'and plausible mode of presenting ,hipps
throughout We DO not doubt bul that Mr..
webster had hand in its preparation. In
his letter through the National lntelgencer,
10 satisfy his friends that he should moi 90 ont
with his colleagues Of the first Cabinet, he
promised them 'An institution. under the au.
thorny OF Congress-, 10 aid revenue and fnan-
cal opera ions, and to give the country ,be
blessings of good currency and chesp ex-
changes" We take the present project as in.
tended Ivy Mr.. Webster for the luifiIment of
his pledge.
There are one or two concessions in Il
which argue some change for the better in Mr.
Webster's notions of Government Backs and
fiscal agencies. BY admitting The fszbt ofre.
peal, as regards tie new fiscal machine, he
admits tho democratic doctrine that Govern.
menl cannot incvocablY ALLEVIATE its powers in
favor Of what must be considered a eubord-
nate agency; in declaring that discounlrg cor
poraIIons are not the proper sources of paper
currency, another evidence is given of great
reformation on the part OF Mr.. Webster on the
currency question. Whether Mr.. Webster
has derived improvement touching these vital
matters, from the discussions of the extra ses-
sion, his own reflections, or the rapid pro
gress which public opinion has made in re gard
10 them every where, we cannot say; but 1t is
certainly, considering his station, a cIrcum-
ance on which The country is to be congratu,
lated