Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-12-25

the National Government. connected with the TACT
"i US immediate eonSert'b'IIy, stamps TIE paper
with matS OF perfect and universal reliance, be-
cnuse all the Pc rpe. IN all the States are alike in
crested in the Cereal Cove. rm-r, alike aeauaint
ID with its proceedings, and have like lih IA ia par
IN which gives its sanction. We seem to nc cal Ell
upon, therefore, to act on this subject with three
important truths made clear before uS: fret that a
| paper circulation vii coatnue anon. us: sccnnd
that no paper circulation OF universal credit Gao
ever bc furnished Ivy Safe banks; thitd thu, such
piper can he furnshed under the authority of th
Government Of the United States
II IS under the influence Of these realities that it
- now proposed to issue. to some Catert n paper
currency aeeorcin. to the provisions Of this bill
It's USES are cSpsC;ed 20 ba two fold La ia. frs,
place, as nrcidy stated II will furnish n safe n,per
neu'uh' w whieh paynen may bc made TO Go.
'eTnmen' OF oil debts and taxes. Few persons
perhaps, are sutc entity impressed With what would
be the vsluc OF this ~ certain emergencies
7 Debts to Government To 10 paid in sro
cie, ~ the notes q; specie paying banks. Let us
: suppose that some eSiseney should come suddenly
upon the country, requiring the immediate assess
mrnt u heavy taxes and that thu same rxisercy
should compel all the State banks To suspend speci,
payments In such posture OF IF ,irs hov, could
taxes DC padl OF specie there would he ht,Ir .,
he had Of th- bits ot specie payiny bink. nonc
Toretnm"n, would ho driven bv absolute necessity
to the use Of paper resting on its own credit ana
created Ter the OCCASION. IL would have no o,her re
source. Az mus, see how vastly useful tho svst,,,,
such an emergency. The Exchequ- would nc found
~ operation, and IN the possession at certain onsn-
uy at sreci" its notes would have become ,An,Ii ~
- TIE p"U &c; u wrrd have m addition to it's ,p,r-
and as uvn t'h.hcd chlr.cJcr, the rn,nunt OF re
venue, vhi'uvcr that n'nouGi nisnt he tn Srst,in
us circulation. ', would furnish nues for disbut G.
meat, ant receive them Tor taxes. With th.s,
means, and by f,i'ttUl anH sftfll mnnss-n,,nt
though It might hs embarrassed Ivy the pr,,srr,,on
of other insuJurinFs SIoard Il, It would sui rn,ai
MS own credits AMI that credit would he q vIyfivir.
and ruc'ryirs germ amidst general b'isht aud bar
renness
Bu, Ibis par, Of the bill has another ,,,po..
'qai'Y or st''i more inpor,an. The measure IS
intended Tor the Pope as wsi ms tor tae Govern.
meni The iSsus OF f'essury notes always re
de'hoe n gold and s'vc', mud The use OF thcm in
payments from the Treasury and in me purcl,so nf
exchange, cannot hut he beneficial Il IS c,,-c.,v,,
Ma hugh oeCree 10 the who commerce ani a,l In
business Concerns "f th;s country,
IN 'his part ct ITS op-r'uon the system prssents
icN rs hcnrhcent and productive or ess ,nti,i g,
1t seeks not Goye-nmen rnou,ncn NJ OF O. ,ycrrm.n
convenience only, nut the public goad the sooi OF
the People. n the largest and most commemorative
sense 5 effect - To give to tie Peop,e, TO tnr,
tacor -n' Their internal trade, the ac:Ivy of funds
which would Otherwise I've loskod On. end 10 .i,e
hem. at the same ur'-, good mon.y. I; e,nnIoy.
thos" ;unts to sus ain ceoii, TO suppy sound cur
-encY, Gni to favor useful intercourse b -tyrsn ,b
States. And 1; does Inis wihOut rssuuin. unj.Is
gated powers, without sla'mins the jealousy or
wonnd'ng tie pride OF ;h- S'a'-s.
yet II cannot with any justice or n-opriey be
called Government bank. Toe esSer;I,i el.,a-,ts
OF d hank re stu "nniirs tot Governn-nt seek.
not 10 HI T. own Golfers ~ discounts nr 10 max.
s'lUs by tie Of Us Own cre.iI or 90 rsk, tho
issues oi he ENcieq ec substitute foe revenues IN
order 10 meet Ils os.a EgccS skies Mr. docs !,
propose 10 m ct IN the Peup- The evils ard in,
SEQ irEe OF Hu 1rreGrcntbI- Government pln,r I've
cause ~ pager IS to he issued " hca i; no,
IN gold or sdver on tCmand-'Il paper thus Resins
on the double ht.l7 nj imTtdtUe ccrvertibil,y aud
the pibic faith. 1t is not easy to conceive how amy
paper Intended for circulation should he ,o,rs -
or more useful for the purposes of CONN, 81 ;,
Is believed that It is Just such plrcr IS Ire vans
| OF The country now loudly demand
TIL extent 10 ~h ch this paper may lie issue ard
circulated Is, Il must be clGc- SD in s.tne ser,s
uncertain. This rug de"end on the amount Of re-
venue collected ard DISTURBED, and o, ~. cor
OF success w1,h may attend the operations nruvi5
81 Ter toy anc cr par; ct 'to hill. Bit whether IN.
circulation "f 'he notes Of the Exch-ouer H..
or sirairr, 81 mus, lr thar crcuG,t.nn sb,H
extend, be f.vonhc TO a.i Interests IL c.nrot b,,
cuntucr to the public welfare thar there should he
IN every part OF the country, some one ms ,titor
Or some "ne agency, winch snali hp of und,ui,t.a
cfe'i; ana "hoe issues, &c they great small shall
be 'cuIvt en-, & COR.
Ifine c.rclI.ioa Jf the notes of the z ,cL-,,,..
from hand {" hand, IN the common busirc nj i,fr
should oe found 10 be sal, ~, that fact 49, ar;se
from onc or the ether u causes or from III. CON,
hlnCd eiE-c' OF bob. Ii tn amount is,u-d sb,,Iy
hr s'n' then g. course II ear cny II n the cb,.n,ls
"i crcu H'Irn 20 - limited event And while The
ransT ~ TIE state banks shall continue ierryri,,rj
and yct rcnfin ~ circulation Treasury notes II is
hlg.Iy rryhNb.e, w often Us .. n out NJ the o..
era circulation and used for t.s purpose o: remi
t"nce his limited cir-a:t on in slch case .au'd
arse from lHtI! superior value in comparison with
the value OF othar paper. l. would not be owing
10 want o conn 'ere0 In thar: bat 10 their possess
Ing the hlshes; drgT.e # conf i.uc-.
! Bot It such use of Treasury notes should taxi,
place sEd s'icL dmr Ism the amount Il cula;cd :,
/ diiy Transactions from han to hlnd, yet In = n-s
itself would confer general benefit al grea, io,pnr
lance, Inas'nGch all such remit ances perform IN.
ONCE Ct furnishing stfe aud caelp exchlnce. and
| co operate directly vI'h ~" results honcd /, ba
produced ty another pTovs or al ~. bill But #
tho eEchcqurr 5-d IT'S agencies be allowed 10 deal IN
exchange, taiS use offs notes although il nIoli
/ exist 70 some extent would he fer less con,dera
Die.
Among possible objections to the issue of redeem.
aOie Treasury notes, one may he, ,hat ihey will
tie returned on the EIcheqJsr for specie for eIpor.
ton.
/ St't's and companies, it is known, owe heavy
debts ~ Europe snd these : IS and comoa oi,s II
may be ianc.-o w. obtain Treasury notes barass
the i"Gsury by demands ioT specie, and send the
specie ,tGs o.rnue0 absnai IN DISCHARGE Of ,b.i,
own oo'saU'hs' Aic" "oi De may disp.l such ina.
gnitpns.
In ,he h'st place. the argument, IL i prove any
th'ng- proves 700 mucHi iIr Il proves thIt r the
same reason all specie Paying banks orsrt n csaIe
Z J.. Al
these St.iss ald cDmranis Nod les difficulty in |
h-hung On some Convsnent moe cs remittance |
i"'h IN c'mm ling a. tic present n-ousat the 1
means o. m'ki"s r'mtGnces m lry form. III.
CEREAL ID r. 81 20, with the co-Ops,n'ion o ,ul,t,
% Ollie Causes, " suspended the power Of obtain
I"s ssca nr Ahs. We must continue t. i,.pe thai
unier a letter STATE Of things and IN better tines
nus power VII! revive, ord when II shat, we mus
100" 20 our crops, 10 DOR trrisnts, inj 10 the gens-
"l o" rings W cur industry, 10 enable US TO meet
me claims 81 creditors abroad. In the mean Inn,
sin-" neilher States nor coup tnes can Quinn loans
NJ treasury notes, nor otiierSise posssss them
selves Of intm than hy bsyins ami piyng for them
We nseJ not distress ourselves with Hpprehenslons |
OF runs on the EEcn-qrer from thar quitcr.
u rGm1ns 20 say 'orreth NJ upon ti,t mart NJ ia.
b''i ~hlch authorizes the Ex'hepuer sod is rr,n.
ce' To buy and sell domestic exchange under Ger. |
tulr limitations and res,ric. uns.
That an institution .puried On 4, rn,,a .,,to,.io |
Plan VIII a larger moncyeh c1pitiI, which should
zeal m exchanges on broad scaie buving bills Al
long dates, or accepting bills on stcurty IN orJ,r
To enable ar' vera 10 ante pUe their me ms and
mus ti'rd c'pii1I and c'cdit as well re .Tcban,e
ST!cy speaking, fh,sGl but for the lrnsrs nftenr-
ing U produce more benefit than that now rrouoscd
may ne stieIy ITned. But such a scheme IN. |
V0Ves ne lle1 OF making irBGs and rty,nc-s Of
Tsniurng hugely nm The s'rsng h o. personal socu-
r'Y, md entaring In N sm4 degree INTO In, bsz- !
ard ci commerce. NO such purpose j. int.n led
by presenting tHe prrsrD; t! 70 the CONTRADICTION
Of Congress. On'n" c'ntr,'y, the utmost corcern
ms horu f. 20 guard the proposed rnsa-uro a-,,n.t
al tendencies ~ sucn u system OF exchange opcrl.
lions.
a BILL
H7rr51fo,y 81 ms s,ssr1i 4 r. sua5ii,ainr m.