The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-01-07

The admirably clear and common sense expose
sfMr Tylers financial project in the following ar
'icls from the Public Ledger, a neutral paper,
prompts us to lay it before our readers 1t should
be read with care, as it embodies views and doc
trims which no candi man can successfully dis
puts.
THE PRESIDENTS FISCAL AGENT.
This long expected project. is hank Of discount.
Politicians may call il by any name most agreeable
to themselves but cannot, by any names, alter its
character. II Is treasury bank Of discount, in
sti,u,ion authorizing the Federal Government to
shave notes, and lend money on securities called
drafts, or bills Of exchange What is this but
bank Of discount! Nothing. The character OF u
loan 10 not altered by the character ofits evidence
ia borrows thousand dollars Of the Philadel-
pha Bank, and us evidence Of it gives his note to
B. at ninety days, and B endorses it, the transac-
ton 10 loan 10 A upon the securely OF himself
aud B. II A in Boston draws upon Is IN New YORK
for thousand dollars at ninety days and accepts
II, and bank discounts that draft Tor A, the trans
action is loan by the bank TO A, upon the secu-
ri,y Of himself and B. Where is the substantial
difference between the two transactions No mer-
cuanI or lawyer can tell iEb 'hS AiSs'uS"b WV
refused ~ sign two bank bills, because they crea-
ted banks Of dscouc,s, recommends TO Congress
bank of discount! lie may see an important dii-
ference fiom those Two proposed banks, in his
proposition to purchase drafts, including parties
less than hundred miles distant But this does
not avoid the difficulty, for any borrower in New
York may arrange the acceptance Of his bills IN
Boston or Baltimore, and any body in Phlladel-
phia may find a regular acceptor in Boston, or
Washington. or Norfolk. II is then bank Of dis
count, and no ingenuity will enable !, advocates
70 dodge this conclusion.
viii this project be supported We say that it
vii! not, The i" ultra bank Whigs'-we believe
that We have the technical name, and II we have
not, the Wing" or Democratic" papers. or
both, can correct us--thc " ultra bank Wings
will orobahy oppose it, because it is not sufficient
II baok Of discount. They want a private cor
poration, like the last, with power to discount any
promises to pay, without regard to the distance Of
The parties from each other; and therefore this will
not sn,ify them. II they support il they cannot
hope 10 obtain any thing better. The " bank ques-
ton" will be settled, and they will be compelled
10 be satisfied with what they have, however short
Of wha, they wish. Buff this project be defea-
ted the bank question is open and so long as It Is
omen the " n,a bank Wings" will hope 10 oliain
a hank to suit them. Therefore policy enjoins up
on them uncompIouisng opposition 10 this, The
"Democrats" will oppose It because It Is bank
ofissue aud bank of Government discount, and
they can support neither without nbandonding two
OF their fundamental principles One OF these
PRINCIPLES is that the federal Government was de-
signed for I" hard money Government" and
therefore should have no concern with paper; the
other is, that il has not, and should not have, any
authority to engage in trade, 10 be involved IN The
transactions Of merchants, The proclamation OF
" Democratic" opposition 10 this project has al-
ready been made by Senator Benton; land consider
ing the perfect drill Of the Democratic" party
We SUPPOSE that every one Of its members in Con-
R,ss. will be ready Of roll call Then no party re.
mains 10 support it but the Presidents party, oil
"Tyler Wings" or " moderate Wings, v or what
ever else be their nume; and they are not numer.
Gus enough to carry !, against -" ultra bunk Wings
and " Democrats" combined.
If,his proiec! fail, things must remain upon the
foundation Of the uti possidets. They must re-
nlain rs they are. The Status ante beilum was the
Sub-Treasury to winch no Wings" will assent
and which the " Democrats are not strong enough
10 revive And what is the uti possidelis! Moth.
Ing hut the old Federal coinage Of Washington
administration, with the amendment Of Genera
Jackson's gold Dill. The Federal Government il
now hard money government, and no receiving
officer is allowed 10 take any thing for duties, OF
other debts to the Tnsury but gold and silver ant
Treasury notes. lf he takes any thing else, III
does so ut his own risk. The paper ofspece. pay
ing banks 10 received merely as an aflrlr OF con
venience. because il is known to be convertible IN
to coin at sight But the officer is under no obi
cation 10 receive it, and the Secretary OF the lrehs
sury mny, at any moment, forbid the receipt ant
order collections to be made in coin. What Is TIM
but hard money government
Tlis hard money business Of the Federal Gov
e,nuent will compel ,he banks Of New York ane
Ros,on, where mos, Of the duties are paid, to pa,
specie, thus TO keep themselves sound; and thl
nigh. be sufficient il properly used, 10 maintain {
sound currency in all parts of the country which
trade with either. The Boston banks do use ih'
cower which their payment of specie gives them, Il
all the county bank Of New England to remain
solvent; and consequently New Eng land is not hnr
Sssssd with suspended cnrrency The banks o
New YorS might force tho same system upon NJ
the Middle and Western S,ales; end then all diff
ference Of exchange between nuy States Sher
banks were solvent would vanish.
We were not little surprised in receiving snc'
a project from the President, utter his two seloes
and we canEOt insgine how he can reconcile WIZ
his " isnia distractions his project for maxim
the Federal Government tolh broker and a ner
chunt. Neither can we cong reilend how a man d
hi. intelligence should be % deluded about e1
changes. We should expect j, from most OF til
city merchants who. hoyever we'll versed in ,h
details, do a9 seem 70 understand the principles
their owa business; but we did not expect It iror
a .nan accustomed 10 general thinking, 10 tracin
effects to their causes; to judging Of things wilhor
the trammes and letters Of professional prejudice'
IT ths Federal Government Is "a open broker
shop and shave notes, Cor ils dealing in exchang
will be Lo,king etse, II will scon require con'r'