Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-12-09

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lends capital to individuals. Ii it be objected
Government Bank and the objection he available, then
should all the laws in relation the Treasury be repealed
and the capacity OF the Government collect what is due
to il, or pay what IL owes, be ahrogatcd.
This Is the chief purpose OF the proposed Exchequcr
and surely II, in the accomplishment ot purpose
seniial, II affords sound circulating medium the country
and facilities 10 trcdc should he regarded slight
commentator of il 10 public consideration. Properly
guarded by the provisions OF law, IL into DANCE
evil, abuse arise under it, but such the
Legislature itself will be responsible for be tolerated.
since sbu the Of the law, and susceptible all
times OF modification, amendment repeal, the pleasure
OF Congress. know that il has been objected that the
would be liable be abused by the legislature whom
alone could be abused, in the party conflicts of the
day-;hat such abuse would manifest its. change of
the law which would authorize excessive issue OF paper
for the purpose of initiating prices and winning popular
favor. To that il may he answered. that the Inscription
OF such motive TO Congress altogether grainous and
nadnissblc. The theory OF institutions would lead
to different conclusion But perfect security against
proceeding reckless, would be found Ia exist in the
very naiurel of things. The political party which should
be blind the of the country
to such expedient, would inevitably with final
throw IN the fact that, the the paper ceased be
convertible into specie, otherwise promptly redeemed.
would become worthless, and would, in the end disonor
the Government invoe the people in min, and such poll!
teal party IN hopeless disgrace. At the tne such
view involves the utter mpcssbiy OF furnishing
other than that of the precious tails; for, If the Co
itself foego the temptation of excessive
paper issues, what reliance be placed in coporaton
whom the temptations of individual ACKNOWLEDGEMENT
would most strongly oporatei The People would have
from reckless since their agents would be the
wrongdoers, and they the passive spectators.
There be but three kinds OF public currency: first,
gold and silver; second, the paper of State insutions
or third, representative OF the precious metals provided
by the General Government, under its authority
The sub-Treasu rejected the in any FORM and
rs was believed That reliance could be placed the
issues OF local institutions for the purpose of general cir
culaton, it necessarily and unavodaby adopted specie
the exclusive currency for its And this
be the unless the oer kinds be used The
choice, the present OF public sentiment, lies he
tween exclusive specie currency the hand and
Government issues OF kind the other. That these
issues be made by chartered institution, sup
posed be concusvey settled They must be made, them
directly 10y Government agents For several years past they
have been thus made in the form Treasury and have
answered valuable purpose. Their usefulness has been
limited by their being and temporary their ccosing
10 bear interest given periods necessarily their
speedy retu and thus restricts their range Of circulaOn
and being used only in the disbursements of Government
they reach those points where they required
BY rendering their permanent the moderate extent n
ready mentioned by offering ndnccment for their return
and by exchanging them for and other values they will
constitute certain extent, the general currency much
neededo maintain the internal trade Of tho country And
this the Excheluer plan, far as operate fur
nishing a currency.
cannot orego the occasion urge importance 10 the
credit Of the Government in financial point of view The
necessity of resong every proper and becoming
expedite in order place the Treasury footing Of the
highest entirely obvious. The credit of
Government no garded the soul the Govern.
itsea principle of vitality without which all its
movements anguid and all its operations embarrassed
In this spirit the Executive felt ef bound by the i'm
poaiive sense OF duty Ia submit ~ Congress, as
session, the propriety of making specific pledge of the
land fund.- the basis for the negotiation of the loans
hozed be contracted. then thought that such an ap.
plcaon of the public domain would without doubt have
placed the command of the Government ample funds
relieve the Treasury from the temporary embanassmcnts
under which 1t laborcd. American credit has suffered
considerable shock IN Europe from tho large Indebtedness
OF the States and the temporary inability OF of them
the their debts. The utter and dsas
prostra,on of the United States Bank Pennsyva
halo Inn.
trust by OF the loss and sustained by the holders Of
stock large portion Of whom Foreigners and many
OF whom were alike Ignorant OF political organization
and Of actual responsibilities IL the anxious de-
sire of the Executive that in the effort negotiate the loan
abroad, the American negctiaor might be able II pont
the money lender the fund morgagcd for the redemption
OF the principal and interest any loan lie might contract
and thereby vindcaie the Government all suspicion of
bad faith inability meet its engagements Congress
differed from the Executive in this Of the subject Ii
became nevertheless the duty ofthe Executive to
every eXpediont Units power do After failure in the
American market, citizen OF high character and talent
Europe with better success; and thus the
notifying spectacle has been presented of the INABILITY of
this Government to obtain loan small not in the
whole 10 II than one-ioth of its ordinary an
nual income, OF n time when the Governments of Europe
although involved in debt, and with their subjects heavily
budened with nxaton readily obtain loans any amount
at greatly reduced OF interest 1t would be unprof
table 10 look further into this anomalous of things but
conclude without adding that for a Goyernm,n nj
which has paid oil its debts OF with the largest ma
RHINE Power of Europe, and owing debt which al
bOtlndless
sonrccsa Government the strongest in the world because
emanang from the popular will, and firmly rooted in the
affections OF great and free People pnd whose fidelity
has been quesOed for such Govern.
have rendered the capitalists of other countries nm
opportunity for small investment OF it, stock and vet 10
have failed, implies either the unoundcd distrist i'm
its good faith purpose obtain which the pur-
sued the fatal which could have been adopted Ii
has become obvious 10 all that the Government
must look to its own means for supplying its want and
consolng know that these altogether ade-
quae for the object. The Exchcqucr, if adopted, will
greatly aid III bringing about this result. Upon what re-.
gard a wc-lOunded suggestion that its bills would be
readily sought for by the public creditors and that the issue
would in short time reach the maximum Of $1,000 900
obvious that $4,000 900 would thereby he added TO
the available of the Treasury wihoucost charge
Nor fail to urge the great and beneficial effect. winch
would he produced in aid OF all the pursuits of life
Its effects upon the solvent State banks, while would
force into liquidation those Of opposite character
through IT, weekly settlements would be highly benecial
and, with the advantages of sound currency, the c-tora.
ton Of confidence and credit would follow with humcr-
train Of blessings. My convictions strong that
these benefits would flow from the adoption Of this measure;
but, If the result should be adverse there this security in
C lnnexon with it, that the aw creating il may be repealed
at the pleasure of the Legislature, without the slightest
plcauon Of it, good faith.
recommend Congress take into consideration the
prOpiicy Of ronbursng fine imposed Gen. Jackson
at New Orleans, the time Of the attack and defence of
that city, and paid by him Without designing any reRcc.
ton the judicial tribunal which imposed the fine, the re-
mission az this day may be regarded unjust mex
pedient. The voice Of the civil authority heard amidst
the glitter Of arms, and obcycd by those who held the
sword, thereby giving additional lustrc n memorable
military achievement II the laws were offended, their
majesty fully vndcaied and although the penalty in
cured and paid ~ rhy Of little regard in pccunary
pont Of view, IL can hardly be doubted thrt it would he
gratifying 20 the war.worn veteran, in retirement
and in the winter Of his dave, be relieved from the
circumstanccs IN which that judgment placed him.
There are cases in which public unconarcs may be called
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