Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1841-11-02
[From III, Mntisonian ]
From tbs Madisonian.
A FISCAL AGENT FOR THE Gov
ERNMEN'r, AND A CURRENCY
AGENT FOR THE PEOPLE.

EIGNRlfhN / : ANU a CURlGENC1
AGENT FOR THE PEOPLE.
Let government establish repositories
for the safe keeping of its monies, at ell
the important commercial points through.
out the Union. Call ihese repositories.
agencies, banks Of deposit. sub-treasures
or any thing else fancy NAV suggest
Place each Of them under the care of
three different individuals, one of whom
shall be called receiver, another cashier,
and The other teller. The receiver should
receive, the cashier should keep, and the
teller should pay out all monies deposit.
ed. Let each Of these officers be ap-
pointed by the President, by and with the
advice and consent OF the senate. Give
to each one of them, when necessary, an
assistant, who shall act as first book kee-
per in his department, and who shall al.
so receive his appointment from the ex-
eculive aud senate. If deemed necessary
or wise, after full discussion let the con-
stituiion or law be so amended, as to SO.
cure TO the President, in relation TO those
officers, the power Of temporary suspen-
SION, but not final removal, without the
consent of the senate.
Let the obligations of duty resting up
on each and all of them, be of such a
character and so prescribed, as 10 lnake
them answerable, in some measure, for
the misconduct Of each, as we'll as COM
pei them to watch supervise and check
each other, aud report delinquences,
when discovered, TO head quarters.
Thus far, the interests of The govern.
uent alone would be provided for. But
the necessities Of the people require the
agencies of Wme scheme which will furn-
ish item with a national currency, or me-
dum OF exchange, of uadoHbted, SubstGh
tidL and uniform Vdlue In order 10 ac-
compIsh so high benefit for tho coun-
try, it is proposed that government should
cause TO be prepared, suitable quantity
! of certificates OF deposit, or treasury notes
in denominations OF twenty dollars and
upwards, and in convenient forms and
with suitable engraving tor circulation
amongst the people. Let these cerlii
Gates of deposit or Treasury notes be
distributed amongst the different Govern
ment repositories in such proportion as
may meet fully the demand for them
Let every citizen throughout tho county
have the privilege of depositing any a
mount of specie in these Repositories and
the right acCruiny thCreupon, to demand
in exchange for the same these ceriiii.
Gates or notes of Government, payable on
dem;.Id at the place Of deposit in specie
and receirdbie cUery rbcrCja payment of
Government dues and for public MndS.-
This privilege would pIace,it in the pow.
or Of every individual TO convert his 10.
cal bank notes, when payable in specie
into the National currency, based dollar
for dollar, on the specie deposited, receiv
able at all points for public dues, and en-
dorsed by the highest authoriIy and best
guaranty known to the people, that OF
their own government. Tae quantity Of
such national currency which would thus
be brought inlo circulation, would bo pre-
cisely commensurate with the demand
for ii--no less, and probably no more -
The regulating power our state banks eX
erled through the voluntary action Of the
people in Withdrawing specie from them
aud converting it into the national curren
cy, would prove to be abundauty sulli
cent; potent beyond resistance. The
tendency Of this process would be to on
courage the introduction aud retention o
the precious metals, and sustain practi
Cally the gold and silver standard Of val
ue-a line of its duty which tho govern
ment seems studously and prosperous
" TO have avoided from 1904 to 1887
A commentator the most conclusive an
decisive in favor ofsuch scheme Of ful
nshing national currency is, that it tC
tally excludes the public money by publ
agents or individuals, the discount of pre-
missory notes, or Ofblls of exchange, G
any other act of oaning money or gran
ing facilities Ofcredit. 1t would have n
stockholders, lenders, debtors, nor boz
rowers. Newspaper editors, politician
J spectators, stock iObbers, or any 9th
er class, could get no accommodation
from it. Its issues would be confn
ed to the specie deposilor-wculd b
predcated upon and limited by the spe
Gle deposits under the operations oftrad,
and business, would be fully equal 10 tn,
Just wants of the country for curren
cy, especially national currency. WheI
deposited the specie would be represent
ed in the business Of the country by the
very best and most truthful representative
that could be devised.
Under such system, the productive
labor Of the country would be the money
creating, the money-making power. The
money power would be separated from the
political power. The money power grow:
out Of the right, the power TO use money
and the use of money, public or private
is totally prohibited and excluded from