Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1842-12-24
EDITORS AND PROPRIETORs.
til much less responsibility Of on

IANS ANO NOEsAx1 OkA69s
with much less responsibility Of on.
Gers.
The plan proposed would not 30 q
expensive as the late law, but it would
produce very dangerous connection b.
tween the officers or agents and the mcr.
camille community at those 'scomasereial
points, winch connexioh and Inter.
course might be 40 fatal to the honesty
and integrity Of those agents % it was
to those Of Samuel Swartwout, and very
probably tend to a much greater loss 70
the government than all his defalcation
amounted to. Such contact OF connex.
ion would be ~ unavoidable 4 a. danger.
Gus. when those agents would have the
authority OF using the public money in ,
the purchase and sale Of bills of exchange
--nor would it Be tho more. safe for his
proviso that the distance between tho
drawer and the drawee should not 30
less that one hundred miles. Louisville
is $50 miles distant from Cincinnati, 70.
thousands Of fictitious bills Of exchange
have been negotiated between those pia.
ces, merely Is pretext Cor banks 70
charge an illegal and ex,ravagans
interest on loans made in that way. Ia
his last veto message he appeared to have
understood that kind Of jagglery.
Docs Mr.. Tyler suppose that tho agents
under his plan would 10 less liable 70
temptation than Swartwout?-that they
would never vSnture to take drafts of
questionable solvsncy from favored msr-
chants, or entrdst them with drafts on
credit, and then apply the public money
TO other purposes than those Cor which ie
was collected? TO sell drafts payable az
government Offices might be permitted
with safety, and perhaps, conveniency.so
the government, as tho officers selling
such drafts would be under the check of
that agent on whom the draft was made,
and the receiver Of money fror, that
source, would be equally responsible @
for money received from any other source;
but to permit agents to purchase bills OF
drafts, would be to give them degree Of
control over the public money both dan.
gerous and impolitic; it would endanger
The safety Of the money, and give TO the
agents an influence with mercantile men,
which no officer Of the governmet should
possess.
His plan Of authorizing the issue of
certificates Of deposit in such sums 40
may be required by the depositors, ap.
pears to be highly objee tionabie, as tend.
Tag, to the exclusion OF metallic currcn..
cy; for il such certificates are 10 bscomo
another branch Of hisspapcr medium, a.
would appear by his outline. 1t might add
materially TO the fifteen Millions of trea.
sury notes to he authorized. Il would
open new field for counte rfaiting; it
would introduce another variety in the
circulating medium, to which ans,hcr
value would 10 attachcd-l,keA the old.
Da,ch Bank money, il would bear pre-
MUM above the specie, TO the amount IS
the premium paid on making tho deposi, }
We would ;ilca nave .s:ur kinds q circu.
a,ing medium treasury notes, crrrrs.
Gates OF deposit, gold aud silver, and
notes OF Stale Banks : all bearing diff.
iereat value, when compared with each
other; and with the uniform portion Of
tho community, would DO productive
OF great confusion, II not destruction; aud
besides all those things, il would Do y tur.
1her temptation to the cup:dity Of tho
agents concerned in the distribution aud
disbursement; for though there might
BIZ the check Of u Board Of Control, IN.
making that board the creators Of those
issues, yet It might produce counterteit-
ers among the officers OF the institution
as is strongly suspected, has bsen tho
case with the Understanding fabricated
and issued iorgeries. or what they have
been pleased to call iorgeries.
Upon the whole, the plan seems calcl.
lated tor perpetual;ng the paper credit
system, and to prevent the tree circula.
ton OF the on,y suts and sound currency
that has ever yet been invented. aud that
tended should b. the currency ot the
United Suites lorcver-that 0f gold and
silver coin.
After the great clamors raised about the
ruined state OF the finances left By tho
late administration. Mr.. Tyler makes y
most extraordinary exhibition u their
present state. 1t | rightly understand
his statement, there could have Teen NJ
paipsble occasion for either the loan Of
twelve lnilIions, nor for the increased
taxes. II, as he says, there is only dat
terence Of between SIX aud seven hundred
thousand dollars 10 b provided Tor Ola
the LIST OF January next, the wisest aud
best thin. that could be done would bs to
repeal as much otthe loan law rs relates
to :hat purt OF it not yet negotiated, aud
then repeal both the distribution law aud
the tariff law; and hope thai Congress
will be so instructed as to induce repeal
Of the whole, aud their foolish bankrupt
law included. From the statement it
would appear, that ii there h.d been no
extra session, there would have been but
lutte Or no deficiency; and that but t.r
the unwise provisions OF tho land Law,
there might be large surplus 10 tho
Treasury, for the services Of l8l2.
Ii not inconvenient for you, s'r, you
would much oblige me by giving me
your views and opinions on the message,
and y! the probable measures which may
BE- pursued al the present session Of Con-
-