The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1841-12-14

be accumulated by the earninrs rWtpa''h can "'g
savings OF IrusaIltyj and nothing c.n hN OhR.
!uostu u'n 70 look for facilities in bor,.lnore H.
70 redundant circulaiion for The borrowing
er"Wn'elug psonnlary obligations, Tho ro. Of d.
iuii OF resources and The people Gpll ~ county II
the great and permanent remedy Fl, y" energy, a%
rassmenrs mus, be sought in inan present enh
the observance Of good faith, and tho ~, ecouu,
lueuce of time. '''' tie favorable
In pursuance ola pledge given to vou
nlessuse 20 congress, which pledge | ",u myl
apology for advenluring 10 presen, co., urge as
Of any PLAN the Secretary of lhe nav" NE detail
ready to submit to you, should vom u'y wllk
pian.ot finance which, WI lille il ,bIon ''qun H.,
public treasure reasonable guards for i. a'0Ond&,
and rests on powers acknou lodged in protection
exist from The origin ofthe GovcrnmooIp acINb
| The anne time, furnish to the cuun,r, v" WI, al
per medium, and afford all reasonmbo a sound pa
regulating the exchanges. Whom "'m'es 6 "A
You VIII perceive IN it u plan amena, "'mHed
| existing laws in relation to the Trcss".N Ofhe
ment-subord'natc in all respects IN i. u'N.
Congress directly, and the will or,he noo % wNd
reciIy-seii sustaining, should i, be found i" moi
tee To reaiiZe MS promises IN theory ma " F' #
Bile at the pleasure Of Congress N"0 tFa
! Ii proposes by effectGul restraints and b..
ing the true spirit of our institutions ," ~ mN"
the purse from the sword; or mora ,. w sePsaA
speak, denies any other control 20 ,he prH
over the agents who may he selected n 'eSNem
be n
cessary 10 secure the fidelity Of such ,on,H ne
by wise regulations, keeps plainly sp,r, 1 E' aOG
other, private aud public funds Ii ctn,a,"i ea'0
the establishment of board of ConrroI at NY p avg
OF government, with agencies al p,omirsn, W. o''p
mercial points, or wherever else Congress .L,u w
rect, for tie safe keeping and dsburspnen, "r%
public moneys, and substitution nj Tim ; !" @
the public creditor, of Treasury nmes ,pr"o
gold and silver. 1t proposes to Iimr Tho is,n.'
an amount not TO exceed Sis 900 Goa rrJ
me express sanction of the Legislative no,.o,
IL also authorizes the receipt Of individual 1, i
ITS OF gold and silver 10 limited amount and ,,'
granting oi certificates Of deposit, divided ino ,""
sums as may be called for by the denos,o, '"a
proceeds step further, and authorizes The np,l,.
and sale Of Domestic B Its and drafts rrs;rr NV
real aud substantial basis, payable at ssb orh
ing but short Time IN run, and draw nm rI,.
not less than one hundred miles apar,-whicb r s
thurity, except in so far as may lie necessary +,
Government purposes exclusively, is only ia h.
exerted upon the express condition. that lis e,n
else shalt no, be prohibited by the Stale in which
the agency is situated
In order to cover the expenses inciden, IN ,bs
plan, il viii he authorized 20 receive moderate pe
mums for certificates issued on deposits. and On
bills bought and sold, and thus as far as It's DEAL
ings extend, 10 furnish facilities commercial in
tercourse at The lowest possible rates. and to sub.
duet from the earnings Of industry tie least poss,
Bile sum 1t uses the State Banks at a distance as Il
RuXiiaries, without imparting any bower TO trade 4
in lis name. II is subjected 10 snch guads and y
straints as have appeared to he necessary. ltshe
creature oi law, and exists only at the pleasure Of N
the Legislature.
1t is made to rest on actual spec lie basis in crda
10 redeem The notes at the places Of issucprOdH
cs no dangerous redundancy of uati0n--atwt
no temptation 10 specuaton-is attended MB
initiation of priests equable IN lis operaim-
makes the Treasury notes, which II may use along
with the certificates Of deposit, and the notes
specie paying banks convertible at the place wfAV
collected, receivable in payment of Goverama
dues and, without violating any principle OF III NJ
Constitution, affords the Government aud heF
pie such facilities as called for by the wanta
both Such, II has appeared 10 me, are lis rers
nlendaions, and IN view of them II Will he suh&
ted whenever you may require il, 10 your nra5d IN
a,ien.
| ato not able 10 perceive that any fair and uA
did objection can be urged against The plan #
princi pal outlines Of w ch have thus pres0lS
cannot doubt but that the notes whchit proposes
10 furnish, at the voluntary option Of the public
creditor issued in lieu of the revenue and Ikm
!ificates Of deposit, will be maintained at an eq'I
ty with gold and silver, every where. They ~
re deemable IN gold and silver on demand, at s
places of issue. They are receivable eveN "M'
in payment of Government dnes The Inml
notes are limited Ia an amount of one tnnN
than the estimated annual receipts Of the Treason,
eminent tor their redemption. If all these aSs'p
ces not sufficient 10 make them available u'i
the idea, rs IL seems TO me, oil furnishing Wv" I
paper medium Of exchanges, may be entirely "''
doned.
IL a fear DO INDUCED that the Government Ill!
be tempted to run into excess in its issues, at any
future day, il seems TO me that such aPp'H.
sion can reasonably be entertained. until all cpI
dence IN the representatives of the SAFES a".
the people as we'll as the people themselves sp'
be lost. The weishtiest considerations Of P|!
require that the restraints now proposed
thrown around the measure sh0Id not, 0 w.
causes, be removed To argue against any P''Pa Is
ed plan it's liability TO possible abuse, Is 10 'V,"
every expedient. since every thing depenofI'tr
human action is liable To abuse Fifteen m. ""m
OF Ireasufy notes may be issued rs the muA" J,
but discretionary power is TO be gNe""
Board Of Control, under that sum, and ever!
sideraiion will unite in leading them to 'ee' w.
way with caution. tM
For the eight first years Of the existence ,s IS
late Bank ofthe United States its circulation ~
ly exceeded $4,000 ,O00 and for i've OF .IfGU,
prosperous Years, it was abou, equal sm ,.,eyt
600; furthermore the authority given w n isu
private dcposis To a limited amount, Hn ana CIR b.
certificates in such sums may be c''.tn ,nesd
the depositors, may far fill up 'hc s'" .
circulation as greatly to diminish t'e w." in #
| any considerable issue of Treasury I"nosts HI
s,raint upon the amount of private cnm an y
seemed to be indispensably necessary, ,T %a, in an
prehension thought to be well founded, W" hs 50 II
emergency OF trade, confidence mso ,bdan
shaken in The banks as to induce W" ."u TO-
from Thorn of private deposits, with Jeucsis
sure their unuuestionablc safety w"'n emipg
with the government, which might P''''