New-York tribune., 1841-12-24

session OF certain quantity OF specie; It's notes
would have become familiar 10 the public 1T "eud
have, IN addition to Its specie and It's own eeiab-
ished character, Ike amount Of revenue, Whatever
that amount might be, to sustain lis circulauon
1t would furnish notes for disbursement, and re-
ceive them for taxes. With these means, and by
faithful and skful management, though 1t night
be embarrassed by the prostration Of other lnsu-
intions around it, it would still retain Its own credit
and that credit would be a vivifyng and frucui5ins
germ amidst the general blight and barreaness-
But this part of the bin has another purpose
equally or s,ill more important. The measure Is
intended for the People : well as for the Govern
1nent. The issue Of Treasury notes always redeem
able in geld and silver and the use OF them inpay-
ments from the Treasury and in the purchase OF
exchange cannot but be beneficial, II Is conceived
in a high degree. 20 the whole commerce and all
the business concerns Of the country.
In this part of its operation the system presents
itself us beneficial aud productive OF essential good.
il seeks not Government emolument or Govern
meat convenience only, but the public good, the
Cd of the People, in the largest aud most com
prehensiye sense. lis effect to give to the Peo-
pc, 10 their labor and internal trade, the activity
of funds which would otherwise DC locked up, aud
10 give them, at the same time, good money. II
employs those funds TO sustain credit, TO supply
tween the States. And it does this without assum-
ing sndelcga,ed powers, without alarming the jeal
ousy or woundng the pride of the States
Yctit cannot with any justice or proPricty DC
called Government bank. The essential ee-
m ots Of u bank are still wanting to it, Govern
neut scekt TO FIJI its Golfers by discounts,
or 70 make gains by the Of its credit, or 10
make the issues OF the Exchequcr substitute foi
revenuesiH order to meet It's own necessities Nor
docs il propose to lnilct the People the evils
ami tie scourse of irredeemable Government
paper, because no paper IS to be issued which Is
not payable in gold and silver on demand-all pa
per thus resting on the double basis of Immediate
con,ertbiIi'y and the public faith. 1t is not easy
to conceive how any paper intended for circulation
could be mere safe useful Tor tho purposes
81 commerce and II is believed that it lust such
paper as the wants Of the country now Loudly
denaud
The extent to which this paper may be issued
aud circuatedis it must be confessed, in SONS de-
gree uncertain. This must depend the amount
ct revenue collected and disburscd and on the de-
cree Of success which may attend the operations
provided for by another part OF the bull. Bur,
whether the circulation OF the notes OF the E%-
chequer be larger or smaller it must, so far that
circulation shall extend be favorable oal interests.
Il cannot but conduce 10 the public welfare thai
there shouldbe in every part OF the country, some
one institution, some agedcy, which shall be OF
undoubted credit and whose issues be they great
small shall be equivalent to coin.
If the circulation OF the notes of the Exchequcr
from hand to hand in the common business of life
should be found to be small, that fact will arise
from one or the other OF Two causes, or from the
combined effect of both. If the amount issued
should be small, then of course it only fill the
channels of circulation to "a very limited extent
And while the paper of the State Banks shall CON
tinue deprecated and vet remain in circulation,
Treasury notes, it is highly probable, will often be
taken out of the general circulation and used ion
the purpose of remittance. This limited circua
ZION in such case would arise from their superior
value in comparison with the value of other paper.
|, would not be owing to of confidence in
Them, but TO their possessing the highest degree oil
confidence.
But if such use of Treasury notes should take
place, and should diminish the amount circulated
in sally transactions from hand to sand, yet that
use itself would confer general benefit OF great
Importance, inasmuch all such remtrances per
form the office of furnishing safe and cheap ex
change. and cooperate directly with the results
% In 5s by and its n aessas. al
lowed 10 deal in exchange, this OF its notes, al
though il might exist to some extent, would be far
less considerable.
among possible objections to the issue of re-
deemable Treasury notes, may be, that they
wifi be returned on the Exchequer for specie for
portation
States and companies, it Is known, owe heavy |
debts in Europe and these Suites ind companies. |
it NAV be fancied will obtain Treasury notes. harass
the Treasury by demands for specie, and send the
specie thus obtained abroad in discharge of their
own obligations few words may dispcl such
imagnations.
In the first place, the argument, if it prove any |
thing, proves too much for it proves that for the
same reason all specje-paying banks ough, cease
specie payments. But the truth probably is, that
these States and companies find less difficulty might
ing on some convenient msde of remittance than ri
commanding at the present moment The means OF
making rcniittonces in any form. The general
deprcssi on, with the corporation doubtless OF other
causes, has suspended the power OF obtaining such
means. We must continue 10 hope that, under
better state Of things and in better times, this pow
ar will revive, and when il shall, wc must lock 10
our crops, to our frcights and the general earn
inss Of our industry enable ua to meet the Claims
81 our creditors abroad. In the mean time, since
neither States nor companies can obtain loans OF
Treasury notes, otherwise possess themselves
of them than by buying and paying for them, we
need not distress ourselves with approximations OF
runs on the Exchcquerf from that quarter.
1t remains to say something upon that part of
the bill which authorizes the Exchcquer and is
agencies to buy and sell domestic exchange, under
certain Limitations and restrictions
That an institution founded on a more extensive
plan, with lurser moncyed capital, which should
deain exchanges on broad scale, buying bills al
long dates, accepting bills on security, IN order
to enable drawers to anticipate their means, and
thus afford capital and credit, well Us exchange,
strictly speaking, might but for the dangers attend