Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1841-12-15

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true spirit of our institutions, to separate
the purse from the sword; or, more pro-
perly TO speak, denies any other control
TO the President over the agents who may
be selected TO carry it into execution, but
what may be indispensably necessary TO
secure the fidelity of such agents; and, bv
wise regulations, keeps plainly apart from
each other private and public funds. 1t
contemplates the establishment of Board
of control at the seat of Government,
with agencies at prominent commercial
points,-or wherever else Congress shall
direct, for the safe keeping ard disburse.
ment of the public moneys, and a substtu.
lion, at the option of the public creditor,
of Treasury notes in lieu of gold and sill
yer. 1t proposes to limit the issues to an
amount not to exceed 100000, with
out the express sanction Of the legislative
power. 1t also authorizes the receipt Of
individual deposites Of gold and silver TO
limited amount, and the granting certifi-
Gates Of deposite, divided into such sums
as may be called for by the depostors
1t proceeds step further, and authorizes
The purchase and sale Of domestic bills
and drafts, resting on a real and substan-
tial basis payable at sight, or having but
a short time TO run, and drawn on places
not less than one hundred miles apart :;
which authority, except in so far as may
be necessary :or Government purposes ex-
clusively, is only to be exerted upon the
express condition that its exercise shall
not be prohibited 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 certificate
issued on deposits, and on bills bought and
sold, and thus, as far as its dealings ex
tend, TO furnish facilities to commercial
intercourse at the lowest possible rates,
and to subduct from the earnings of indus
try, the least possible sum. 1t uses The
State Banks at distance from the agen
cies, as auxilaries, without imparting any
power to trade IN lis name Ii is subject
ed to such guards and restraints as have
appeared TO be necessary. II is the crea-
ture of law, and exists only at the pleasure
of the legislature. II is made to rest on
an actual specie basis, in order to redeem
the notes at the places of issue-prodnces
no dangerous redundancy OF circulation
affords no temptation TO speculation-is
attended by no initiation of prices-is
equabie IN its operation-makes the Trea-
sury Notes, which it may use along with
the certificates of deposit, and the notes
of specie paying banks--conpertible at
the place where collected, receivable in
payment of Government dues-and with
out violating any principle of the Cons:i-
tuition, affords the Government and the
people such facilities as are called for by
the wants Of both. Such, ii has appear
ed to me, are recommendations and in
view of them it will be submitted, when.
ever you may require it, TO your consid-
Grafton.
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 doubt but
that the notes which it proposes 10 furnish
at the voluntary option of the public cred
itor. issued in lieu Of the revenue and its
certificates of deposit, will be maintained
at an equality with gold and silver every
where. They are redeemed with gold
and silver on demand, at the place of issue
They are receivable every where in pay
ment Of Government dues. The Treasu-
ry notes are limited TO an amount of one
fourth less than the estimated annual re
ceiPts Of the Treasury; and in addition
they rest upon the faith Of the government
for their redemption. If all these assur-
ances are not sufficient 10 make them
available, then the idea, as it seems to me,
of furnishing sound paper medium of ex-
changes may be entirely abandoned.
If fear be INDUCED that the Govern
ment may be tempted to run into excess
in lis issues, at any future day, it seems TO
me that no such apprehension can reason
ably be entertained, until all confidence
in the representatives of the States and of
the people, as we'll as Of the people them
selves, shall be lost. The weighticst con.
siderations Of policy require that the re-
straints now proposed to be thrownaround
the measure should not, for light causes be
removed. To argue against any proposed
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