The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-02-04
VOL. III. NO. 90.

great mlIacy consisted IN supposing the paper mon
ey Of suspended banks of the same value us specie
Specie could he transported from New Orleans 10
Aew York Tor less than two per cent and the cost
Of transmission was the only tue basis for ascur-
tanning the rate Of exchanges. At present, the
rate Of exchange between Charleston, Augusta, and
New iork was nothing. So it would be with the
Western States il their legislatures did their duty
aud compelled their local banks to pay specie. 20
it is, in TACT, when specie is the bass Of exchange;
It Is only ON non-Specle paying bank money that
1--we or seven per cent, exchange is demanded in the
Western States. nutioaa Bank did nothing 10
p, regulate such exchanges. Exchanges were lower
now at many points Than they We're when the |.
States Bank vas IN full operation, as could he seen
by tables before Congress. A National Bank would
not relieve the county iom the exchanges on de-
| prccmted paper currency; nor would Tie bill now
proposed, if en- ctcd, afford the relief anticipated
If the Board Of ixchequcr, though its agencies,
were 10 deal IN exchanges 10 the amount Of Thirty,
fifty, or even one hundred millions though this
could not be Withcnt an explosion Of the ilSt-
tuition within SIX uGnlha-it would benefit none but
spectators, manmoulh corporations, and rIyoIilo
politicians The exchanges Of ihe whole comnu-
nifty do not fall short Of five hundred millions; aud
Ike hundred millions of this institution would onl,
reach to UHC-tiilh Of the exchange business. One,
fifth Of the community would then be benefited BY
exchanges Ill less INA" TWO per cent hu, Wou!d be
"' nv 'hpc"SI W we .""'-i''H" WHICH Wou'" 10
'N Wv "Nn N',,"' III eon9crue"cc ~ 'i'' IL,
o'p''noe' anu p'c'e'e.cc 10 ''c i"No'eo ie"' "o"u
I lis was principle OF the bill which he could not
consent to III any possible compromise. But with
regard 20 another feature Of the measure he would
/ 90 as far as The Senator from Virginia ilr RncS1
10 effect something for the relief Of The country, i
! roIu pc Po", oIt "'"l II YOU'D c"tc' fo.e''
"''a ,,'"' u 'ouu We oVIe e"''',""'''n"'!, A''
| '"'' I""'o' SU1! M1"'" nov eu"V"'Iu u, nc vs.
! ~ ~, 'v., VI N"''",nh ''IoHe ,n"' "o N,' W.
"''o us ",''uS Sl'""" S"I'"'c 'i,e" coMS'""'i'""'
| H''"P'os l"' l"' "''Lc '"Ne u "o,''h' ine 'e'I-
'ot Is not Ia "N"F 81 liie 40 no'hlI@ Fo'cy' II
''-h' W. 'h'C'''o "'' ne Was vi 'aNor OF uohs
~! ,""s s"'"I' '.In ." ho'','n5' =" Hc W.
"ooo"o9 ""o u ''9''t "'So 10 HIS rl'n'o", "H'h
was, lNl aHhou9n "liiIh9 ana feuu! 10 40 Nhht
can NC cone co"'I'ull'hai'y'he M"o" prefer cong
ho'hlh4 10 dong mat "h'ch he Iel conscious was
"I' on'% Unconstitutional n.t mehp'oth'' q nan
""o'" hlS '."e eve" Ian i'hWr) h"S ""u!s
'otoI'u var ''"hG"oRl h"u s'I' III Tue o!lN'h''h
'na' nc "ou,d r4'her E'ject me "hU'e constitution
IMAM insert NE lIfcc Nolus, ANA ehll bills.
Other intelligent men ana rndoIJttd patriots held
'le same "P""oh' MT Aiaafo. olu ho' Ie'le>e
lh0t treasury notes cou'd uc lssptd as Taper
currency.
W wa III !''hNsu' uSI''N ,bbl
rebe lion TO relieve the people by an issue Of pa
per money? II was put down,us al! such rrhrliIcns
Should be, and must he pU, down under the Con-
siIiul.on OF his country. In any sudden crisis, This
paper currency could not stand six weeks. Eycu
the power TO issue certificates Of dcposiic US pro-
posed in this bill il constitutional, could not elrct
any good; for, suppose, with five millions Of de-
postN, an issue OF three tunes tie amount, or
u!'rcn millions, i! made what would he the incy-
liable effect? Ia the event Of 4 panic, from sudden
war or other cau,es-h how could these certificate,
for Eileen millions be redeemed? he first claim
ants for FIVE millions would take all the specie or
suppose they only tool; half Of it, there would
then be left only 1850 and Il half millions of spc-
Gle 10 redeem twelve ard half millions ofcol.iIi-
Gates Of dcpu,ics. En-, lit was a great pnnic The
whole Of the specie would be taken, md nothing
left to redeem The ten millions outstanding. This
EXchcQuor Institution would then lie q, cOub,fie
rsg paper bank as any ever established ON owl