Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1841-12-09

convertible 81 The place where collected.
receivable IN Psyntnt of Govern msnt
hues-snd. without vsoisiiug spy Prinei.
pie Of The Coss,itstion. sfoIds the Go.
vernmeoi and the People sseh facilities
IS are called tor 81 the wants Of bolh.-
Such IL has appeared to me, ere its recon-
msndaiioas, and. in view OF then. 10 viii be
submitted. whenever you may require IL.
10 your Confederation.
| EN- mol able 10 perceive that any fair
and candid objection can be urged against
the plrD. the priaeipal outlines Of which
l have thus presented. 4 cannot doubt
bv: that the notes which il proposes so
furnish. al the voluntary option OF the
public creditor, issued IN lieu OF The Teve.
nue. and lie certificates OF deposite, will
DO maintained II an equslity With gold
and silver, every where. They are re-
deemsble in gold and silver on demand,
at the places Of issue. They ere receT-
able every where 10 payment Of Govern
meni dues. The Treasury notes are linn
tied 10 90 amount OF one-iouTih less than
the es,ima ied annual receipts Of the Trea-
sury and in addition they les, upon the
faith Of the Covernmen nj ioG their redemp-
lion. II all these assurances are not Guf.
heient 10 make ;hem available. then the
idea. as u seems 10 me, OF iuIDishipg .
sound paper medium Of exchanges, may
be entirely abandoned.
II lear bs INDUCED that the Govern
nest may be tempted 10 run into excess
IN its issues, at any future day, il seems
to me that no such sPprehension can Tea-
sonably be entertained, until all conf
dence 10 the TeSiesen taiIves Of the States
and OF The people. &c we'll IS OF the Ieople
themselves, shall be lost. The wsIghtIesi
considerations OF policy require that the
restraints now proposed 10 be thrown a.
round the measure, should not, for light
causes, be removed. To crgue against
sny proposed plan. iis liAbilIty to possi-
BILE abuse. 10 10 reject every sxps dent,
since every thing dependent on human
seiIon, Is liable 10 abuse. Fifteen mil
Hons OF Treasury notes may be issued a.
the MINIMUM. but discretionary power
Is 10 be gwen to the Board OF CuniTol, IN
der that sum, add every confederation
wall unto IN leading them 10 ieei their
way with Caution. Fer The cisut drst
years OF the existence Of the late Bank OF
the UnI'ed States. its circulation barely
exceeded $1,000. 100 and Tor 1--WE Of
ITS most prosperous years, n Vas about
equal 10 Sl6, UOO, 900 furthermore, the
authority given 10 receive pnva,e deposits
10 limited amount, and 10 issue ceriifi-
Gates IN such Sums as may be called Tor
= by the tePosiiors. may 80 lar fiji up the
channels OF circulation a. greatly TO di.
ninish the necessity Of any Considerable
issue OF Treasury noIes. A restraint upon
The amount OF private deposits has seemed
10 be indispensatlJ necessary. from al
| sPprehenTon thought to lie well founded,
that 10 any emergency OF trade, conf
dence might be so Tar shaken IN the
banks as 10 induce q withdrawal from
them Of private deposits. with a view TO
ensure their unquesiionsble safety when
deposited with the Government, which
might prove eminently disastrous TO the
Stsie Banks. Is 1t objected that il is pro-
posed 10 authorize the agencies to deal
IN Bills of Exchange IL is ansu cred
that such dealings are TO be carried on at
The lowest possible premium-sre made
forest on an unquesiionsbly sound basis
expenses which would Otherwise deyolve
upon The Treasury, snd ale 10 sirirt sub.
ordination 10 The decision Of The Supreme
Court. IN the case Of the Bank Of August
against Earle, and other reported cases /;
and thereby avoids ell conflict Wnh State
jurisdiction, which hold 10 be inGispeu-
SADLY requisite. II leaves the banking
privileges Of the State without inIef(eT.
enee-looks TO the Treasury aud the
UnIon, -and. While iuTnirbinR every Ia
Guilty TO the 6rSt, is careful OF the interests
Of tie last. But above ell, il is created
by law, is anendable by law, and is re.
peslabls by Law; and welded as l am
to no theory, but looking solely to the
advancement Of the public good, | shall
be amongst the very FIRST 10 urge its re-.
peal, II q be found not to subseryo the
purposes and objects for v hieh il may be
created. Nor will the plan be submitted
10 any overseeing confidence, IN the
'nthcieney Of my own judgment, but Wiih
much greater reliance on the wisdom and
patriotism o. Congress. / cannot aban.
don lbIs subject without urging upon you
"a The most emphatic msnneT, whatever
may be your action on the suggestions
which have felt II 10 be my duty 10
submit, TO relieve The Chief Executive
Magistrate, by any add ell constitutional
means. IRON a controlling power over the
public Treasury. II, in the plaza propos.
ed should you deem II verify OF your
eonsidsTsiion. that separation is not as
complete as you msy desire, you will
doubtless smend IL 10 that parliculsr-
For myself, ! dlselaim ell desire TO have
any eooifol over the public moneys. other
than What - indisPensably Necessary, 10
execute the laws which you may pass.
Nor can isil 10 advert in this eonnec.
ton, 10 the debts which many Of the
States Of ne Union have contracted A.
broad, snd under which they eoBtinos 10
labor. That indebtedness amounts 20 a
sum not less than 500, OOO 900. and
Shieb hes besn fetfibuisd to them. Tor
ihe most paii N woiks Of internal i'm
provsmeni. Ehith ere destined 10 prove
81 vast importance 70 nlumaieiy advsnc.
ing Their PfosPeniy sne wealth. For The
debts thus contracted. the States are alone