Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-12-21
hibited BY the Slate in which the agency

| ulUlteo oy tue S'AtS tu ""'N"
is situated,
In order 70 cover the expenses incident
10 the plan, It will be authorized 10 re-
ceive moderate premiums for certificates
issued on deposits, and OH bills brought 4
and sold. and thus, as far as its dealings
extend, 10 furnish facilities TO CONNER
ciaI intercourse at the lowest possible rates
and 10 subduct from the earnings Of indus.
try, the least possible sum. 1t uses the
Slate Banks at distance from the agen.
cies, as auxiliaries without imparting any
power 10 trade in lis name. II is sub
jscted to such guards and restraints as
have appeared TO be necessary. 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, ia order
10 redeem the notes at the places Ofissue
produces no dangerous redundancy of
observation-disclosures no temptation to
speculaion--is attended by no imitation
Of prices--is equable in its operation
makes the Treasury Notes, which it may
use along with the certificates of d'posit
and the notes of specie paying banks
convertible al the place where collected
receivable in payment of Government
dues-and, without violating any princi-
pie of the Constitution, affords the Gov
ernment and the people such facilities as
are called tor by The wants Of both, Such,
it has appeared to me, are its recommen-
dations, and in view Of them it will he
submitted, whenever you may require it,
TO your consideration.
lam not able to perceive that any fair
and candid objection can be urged against
the plan, the principle outlines of which
have thus presented. | can not doubt but
that the notes which it proposes TO furn-
ish, at the voluntary op.ion of tho public
creditor, issued in lieu of The revenue aud
its certificates of deposit, will be maintain
cd al an equality with gold and silver,
every where. They are redeemable in
gold aud silver on demand, at the places
Of issue. They are receivable every
where in payment Of GoVernmen ent dues
The Treasury notes are limited TO an a
mount Of one fourth, less than the estima-
ted annual receipts OF tho Treasury; and
in addition they rest upon the faith of
the Government for their redemption. II
all these assurances are not sufficient to
make them available, then tho idea, as il
seems to me, Of furnishing sound paper
medium Of exchanges, may DO entirely
abandoned.
Ifa fear be indulgcd 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 confidence
in the representatives of the States and of
the people, as wellas ofthe people them
selves, shall be lost. The weightiest
considerations of policy require that the
restraints now proposed to be thrown a.
rouud the measure, should not, for light
causes, be removed. TO argue against
any proposed plan its liability TO possible
alb use, is 10 reject ovOry expedient, since
every thing dependent on human action
is liable 10 abase, Fifteen millions of
Treasury notes may be issued as he max
imum, but discretionary power is TO be
given 10 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, it's circulation barely exceeded
81 900, 900; aud for five Of its most pros.
porous years, itlwas about equal 10 Sl6,-
600 900; Furthermore, the authority Civ
en- TO receive private deposits to limited
amount, aud to issue certificates in such
SUNS as may be called for by The depos.
itors, may SO far 6ll up the channels of
circulation as greatly to diminish the ne
cesSity Of any considerable issue Of Trea.
sury notes. A restraint upon the amount
of private deposits has seemed to be in.
dspensably necessary, from an apprehen.
sion thought 10 be well founded, that in |
any emergency Of trade, confidence might
be so far shaken in the banks as to induce
q withdrawal from them of private depos.
its, with view to ensure their uueques
tionabls safety when deposited with the
Government, which might prove eminent.
ly disastrous TO the State Banks, Is il
objected that it is proposed 10 authorize
the agencies to deal in Bills of Exchanpe2 {
Il is answered, that such dealings are 10
10 carried on at the lowest possible pro. {
nium-are made 10 rest on an unaues. I
iionably sound basis--are designed 10 re- +
lnburse merely the expenses which would n
otherwise devolve upon the Treasury and il
IRE in strict subordination to the decision n
f tue Supreme Court, in the case Of the y
bank ofAugustd against Earle, and other v
eported cases; and thereby avoids all Q
ltals jurisdiction, which | hold to be in.
RSpensabIy requisite. II leaves the bank W
ng privileges Of the States without inter. b,
erence--looks TO the Treasury and the it
Jnion,--and, while finishing every faCil. p,
y to the FIRST, is careful Of the interests th
I the last. But above all it il crea. vi
ed BY law; and welded as | am 10 no DC
leOFV but lOokinu aolalv a. ,L, .I.