The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-12-13

.eu 10 lut 10 ,S23, SGs, occorLH r"'ed Sites pD'
slat'ncnlts, and that an pdI;" g'o tie I,o'
'here'o oil the enormous SIM ~ ma been WY,
seven yearS'lhe circulation nm IL W cSeSOCO,C@
10" Ders stated 1T Sl49, lss soo INST Of IOnp,%
great iac'llIes afforded in ob,oEi.', aided by
roPe"n capitalists, who Were so;,,asI 'oons from F.
stoeul"tVe ma"ia which rreynod WIN The SLIM
S'"'eS- and the large importation % IN The UDfn
oao"a' 'ne result OF stock tuIcs rrd iunds from
e"n NC surprised at the apparent ,, .0'NS-nO Or,
s'"tG "' prosperity which every vho NV" N0subslmS
sne Fnn; while no little cause oC sn,u. prevailed Oval
ie,' ~ ,l.c present prostraton of eyer ne should
rum Whlch has befnllen so nany If Jung, oEd&s
Hu's III inc sudden Withdrawal liom c;ro Fellow CHI
."'ge II" amount OF bank issues Since II ema Of
'ns Us Is oe'.eved, the amount added ,o -cAtee
rehcy ior similar period antcccder, ~" "" VIC p'pgu
"i"'tcr OF as'on,hmcnt ho sn'' Ncea
s.so s",pwrccN should have beep mad" o Itc9 eSen
VI ,l,"t o'icuIlIes should exist in Vo G
eHi ~ on 'he part Of the Stnles S,@s her
Will, ~"'""' u mere DC taken into accour, IL. ,'n' nn
losses sustained in the dshopor or r, lie iomMs
is less matter Of surprise t,, I',",e00s banks ID
have visited many Of our feIo,v ,a;,"F0cy should
many shou have escaped the Llir! n;'s 'ngnlht 50
the tincs. 5"'"a WlUcncy,rI
IN the solemn conviction Of these r,n,n.
a" URGENT oesre TO meet the pressing no.o, "o@
.ia cum ~ ielt II TO he my duty tu copse,
m''.'u " ou' n, 'he c"nncncenento of The ,
s,"n' tne pan 81 an ENchrqu er, the wb,,. "s @'
V, n'"iUl'i'nS winch, in purity and vgor n.y. power
uA't ise" ny 'ie Representatives of, The p,". lobe
ne S'",e'' ana therefore, virtually Lv Io r Md
themselves. 1t was proposed TO nIac%o a., "' feoPe
control Of Treasury Board 70 cors srV EWd The
mssIoDers, whose duty it should he y" y"@CCN.
oil It's creation was faithfully execuod or JI'@ehW
great end of supplying paper medmn r o,. mat The
all times convert be into gold and ,ilros .A'oSe
attained. The Board thus consi,r,oI s0aN be
much permanency us could be mpar,eJ ,o s"eN as
out endangcrng the proper share If ,o,, ~ wh'
winch should attach to all public agents ' a.I
insure all the advantages Of Il well ma,prrJ ors
ence, the Commissioners were to hold ,Io, 'Syt'
the respective periods Of two, four, and sv vavS
thereby securing at all times in the pcn.,nn: .v',
lho EXchequ r,the services Of two men Of eyno"".
aad 10 place them in condition to exercise ro'E
Independence Of mind and action, it was r,o ,.Ss
that Their removal should only take place far c ,s'
lhcapacty or lntidey to the trust, and TO bp GT~
ed by the President with an exposition orbc o'"'
CT such removal, should it occur It WINS r,ornsaln
establish subordinate boards in each oCthe Stn,o,n
der the sane restrictions and limitat,ors If nown,
removal, which, with tho central board sbo,p "
Give, safely keep and disburse the public non,,,
md in order 10 furnish a sound paper Medium orss,
change, the EXchcqucr should retain orthe rpvpm.
oil the Government sum not to exceed S5rOOM0
IN specie, TO be set apart as required BY ia Ons,,
lions, and to pay the public creditor at his own oa.,
either in specie or Treasury notes, Of denomosin'
not less than FIVE. not exceeding one hundred doI,r
which notes should be redeemed at the severn, pl,,,
Of issue, and to be receivable ut all times and c,,,
where in payment Of Government dues; with r..
sraint Upon such issue Of bills thu, the same should
not exceed the maximum Of %l5 100000
In order TO guard against all the hazads incidents
fluctuations in trade, the Secretary of the teasur
was invested with authority to issue IS, OOO 600 Of
government stock, should the sane at any Tine ere
sarded as necessary, in order to place bevoad hazard
the prompt redemption Of TIE hills which might be
thrown into circulation. Thus in SaM waSwg nc
issue Of $Sl5 GOO, 900 cf ExrheGuer Mis- reslsub:1
italy 10 zoe, 60; ard keeping in cl1cDacn mr.
or more than one & one half dollars for eYGy&ai
specie. When TO this it is added that the Us
not Only every where receivable in govermeaGs,
but that the government itself would he lcWt W
their ultimate redemption, no rational doult cmeA
hat the paper which the ExchcQuer would lunsh,
would READILY enter into general circulation, and
at all times at or above par with g&dId
silver; thereby realizing The great want Of The 'e
md fulfilling the wishes of the peop'e, In odd@
enburse the government the expenses Of the pan,
t was proposed to hives. the Exchequer witblheN''
ted Authority to deal in bills of exchange, meslr
lihted by the State in which an agency nshIs&'
stated, having only 80 days TO run, ard resting ml
air and bona ide basis The Legislative will ons
puiGt might be so plainly announced as to AVOID al
pretexi for partially or lnvortiSm. It was injl''
h.,
hority to receive on dcpo> Z, to Il limited a"C't,
he specie funds of individuals, and 10 grant co'a
Gates therefor. TO be redeemed on presentation, U9H
he idea, which is believed to be wei torndtG' Ia"
such certificates would come in aid orthe Aclieii@
bills in supply ing safe AID ample paper cucuaOn
)r, il in place of the contemplated dealings IN e.
,hunge. the EXchequer should hoGuttor!z,d not Cl!
o exchange its bills for actual deposites OF SpecEs'
or specie or its equivalent to sell drafts, c~'6uS
hcrcinr a small but reasonable premium, c''''
loubt but that the benefits of the law won DC 'Is'
lily manifested in the revival ofhe credit, ''or
business Of the whole country. Entertaining "s"
1inion it becomes my duty to urge ITS adop1u ,ir
congress, by reference to the strongest De-
IF the public interests with such alterations ''I
as Congress may in its wisdom see Ill " ,,' ,rd
am well aware that this proposed tuf''v" IA
amendment OF the laws establishing ii g lIt"sS'' ,rd
has encountered various oH]ec'0rr' n.ar.
hat among others it has been proca''ieu VIII + Is
nent lank offeariul and dangerous lnPu'', .,,,s,
proposed to confer upon it no eAraoFa"! b,i OfAs
1t purports to do no more than pay 'he 'csen
Government with the redeemable paper 81 r0s,s,sey
nent-- in which respect it accomplish, Issuing
What the Treasury does daily at this tine rhch IN
the public creditors the Treasury noes Nn rrscr.
er law, it is authorized TO issue 1t nus u" rrOfs
private stockholders, and lends no . mout Bank,
ap ais ' be G hS vns aG as Should AID,
.ws in relation to the Treasury be repaatGa, dustS