The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1841-08-31

In Jore1gn exchange, by which is meant, not
merely bills drawn upon foreign country, but
those drawn in one'State and payable in anoth.
er. The discounting of local paper not to be
allowed.
This plan, believe, will meet the approba.
ton of Congress; and, in my opinion, will an
swer, to very great extent at least, the pur-
poses intended by National Bank. 1t can
regulate the exchanges of the country, by deal
ing in exchange between any two commercial
cities not within the the same state. It so hap.
pens, that no state contains two places of great
commercial importance, unless it be Newly ork;
and, even in this instance, an agency at Jersey
city, between which and The city of New York
there is communication every fifteen minutes
during the day, would, if necessary to the bu-
siness between the city and the interior of that
State, afford all proper facilities.
At the same time, through the power of is
suing bills. the bank might furnish currency
to such sections of the country as might stand
in need of it.
Indeed, the plan proposed embraces all which
was contained in the rejected bill, except the
faculty of discount. This do not regard as
very important, as the local banks are fully
adequate to NEE! this exigency, if they can
once more be brought upon the footing of spe-
Gle payments. The great obec. is to market
the produce of the country, and distribute the
avails among the producers. This may be
effected, through the agency of such a bank, in
the way in which our wool is sent to market, by
the discount of our banks of drafts upon Boston.
The cotton of the South and the provisions of
the Northwest may be disposed Of in the same
way. In short, as most of the produce of the
country finds its market out of the State in
which it is produced, it furnishes basis for
drafts upon the place to which it is consigned,
and these drafts can be negotiated by the pro.
posed bank. For instance, the pork of Gin
cinnati, the wheat and flour and wool of Mich
igan find market beyond the Stale. Drafts
may be made upon the credit of shipments of
these articles, upon New Orleans, New York,
or Boston, which this Bank might discount, and
thus furnish 10 these states a currency in the
bills of the U. S. Bank, of which they stand in
so much need. If this is done-if the produce
of the country can be disposed of and paid
for in available currency, it needs no illus.
tration TO show, that the local banks will re.
vive as the community at large revives, and
when thus restored, may furnish all the facili.
ties necessary for mere local accommodation.
If, however, at future day it should be
found necessary to confer upon the bank the pow
er of establishing offices of discount in the sew
eral States, it will be competent for future
Congress, with the concurrence of future
President, TO do so. At all events, we secure
much if we can establish such bank as have
described, and |, for one, will obtain what
can now, and add to it whatever future con-
tingencies may place in my power. More
especially, as the proposed plan will effect the
more important purposes we have in view, and
will, at the same time, furnish stock upon
which the power local discount can be here.
after engrafied. IT, as sincerely believe, we
can get such an institution. falling short of
what we designed, only in the particular of local
discounts, "a minor consideration we shall
have effected, with the passage of the Distribu.
tion bill. and Bankrupt law, tie great purposes
Of the session.
The Tariff. | know, lies still behind. But,
by the distribution of the proceeds of the public
lands among the States, we throw the whole
burthen Of the public expenditure upon the rev.
enue from imposts, and prepare the way for the
imposition of duties for the purpose of rerenue,
alone, which would be denied US for the purpose
protection. This is as much as could be ex.
pected at this session. The withdrawal of three
millions derived from the public lands from its
previous application to the ordinary expendi.
ture, renders it necessary to add that amount
derived from customs, and to that extent fur.
nishes additional protection to our manufac.
lures.
To conclude, the prospect is now speedy
termination of the session, and successful ter
mination, SO far as its great objects are con-
cerned-and although clouds and darkness
have sometime rested upon our deliberations,
we have now breaking upon US the dawn of
glorious sunshine.
Another consideration is not less gratifying.
1t has been the policy-the fauorite policy of
the opposition to effect breach between the
President and the wings proper, in the confident
hope that he would call them (ihe locos) to his
and thus they war1d come into power