The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-01-13

ton OF universal credit can ever be furnish.
ed by Stale banks; third. that such paper
can be furuis ed under the authority Of the
Government ofiae United States.
Ii is under the Influence Of these realities
that i; is now proposed TO issue, TO some ex.
tent, a paper currency, according TO the
provisions of this bill. Its uses are expec.
ted 10 be two fold. In the first place, as
already stated, i, will furnish safe paper
medium, in which payments may be made
10 Government Of all debts and taxes
Few persons, perhaps. are sufficiently i'm
pressed with what would DO the value of
this, in certain emergencies.
Debts to Government are now TO be paid
10 specie, or the notes of specie paying
banks. Let US suppose that some exigeacy
should come suddenly upon the country, re.
qolriug the immediate assessment OF heavy
taxes, and that the same exigency should
compel all the Stale banks 10 Suspend spe-
Gle payments. Ia such posture Of affairs
how could taxes DO paid Oh specie there
would be but little 10 BE- had; Of The bills
olspecie paving banks, none. Government
would be driven by absolute necessity to
the use of paper resting on its own credit,
and created ior the occasion. Ii would
have no other resource. All mlst see how
vastly useful lne system nov proposed
would be, upon the happening Of such an
emergency. The Exchcquer would be
found in operation, and in possession of q
certain qaantity.of specie; its notes would
have become familiar TO The public; it would
have, 10 addition to it's specie and its own
established character, the amount OF reye.
nue., whatever that amount might be, TO
sustain lis circHlaiion. Ii would furnish
notes for disbursement, and receive them
for taxes. With these means, and by faith.
full and skiliu management, though il
might be embarrassed by the prosiratIon oil
other institutions AROUND it, il would still
retain lis own credit; and tina, credit would
be yivifying and fructifying germ amidst
general blight and blrrenness.
But this par, Of the bill has another pur
pose equally or still more important. The
measure is intended for the People as vel
ms for the Government. The issue c
Treasury notes always redeemabe in golI
and silver, aud the use OF them in payments
from the Treasury aud 10 the purchase o
exchange, cannot but be beneficial, it is con
ceived, in high degree, to the whole com
merce aud all the business concerns Of thp
country.
10 this par: of ITS operation the system
presents itself as beneGceni and productiv,
Of essential good. |, seeks not Govern
meni emolument or Government convent
ence only, but the public good, The good Q
the People, in the largest and most compre
heusiye sense. It's effect is to give to thl
People, to their labor, and their inleua
trade, the activity Of funds which would
otherwise be locked up, and to give them
al the same time, good money. itemployl
those funds to sustain credit, to supply {
sound currency, and TO favor useful inter
course between the States. Aad it doe!
this without assuming undelegated powers
without alarming the jealousy or wouadins
the pride of the States.
Yet it cannot with any justice or propri.
ETY. be called a GoEernment bank. The
essential elements Of bank are still want
iDg to 1t. Government seeks not to I'll its
own Golfers BY discounts OF TO make gains
BY its own credit, or TO make the issue Of
the Excheguer a substitute for revenues IN
order TO meet its own necessities. Nor
does II propose to INFECT on the People the
evils and the scourge OF an lrredeemable
Government paper, because no paper is tc
be issued which IS not payable in gold oil
silver on demaud-alI paper thus resting OF
the double basis of immediate conYeriibilny
and the public faith. 1t is not easy TO con
ceiye how any paper intended for cTcua
ton shouldsbe more safe or more useful fol
The purpose Of commerce and il is beev
cd that it is just such paper as the want.
&C the country now loudly demand.
Fhe exienisto which this paper may BE-
issued and circulated is, il must be comics
sed, in some degree uncertain. THIS mus
depend on the amount Of revenue collected
aud discussed, and on the degree of sue
cess which may attend the operations pro
vlded Tor by another part of tho bill. Blu
whether The circulation of the notes Of tbs
Exchequer be larger or smaller, il must, 81
far as that circulation shall extend, be ia
yorable to all interests. Il canuo, but con
duce to the pu5lic welfare that there Shout,
be, is every part Of the country, some o.;
institution or some one agency, which shall
be OF undoubted credit; and whose ISSUES
be they great or small shall be eqgyaen
10 CON.
II the circulation Of the notes OF the Ex
chequer from baud to hand, 10 the common
business Of life, should be found to be small
that fact viii arise from oae or TIE other Of
t@o causes, or from the combined effect oil
both. 1.-the amount issued should be small,
then OF course II can only Gil the channels
OF circulation to limited extent. And
while the paper Of the State banks shall con
tnue deprecated and vet remain 10 crcu
laiion, Treasury notes il is highly probable
will often be taken out Of the general circu
lailon and used for the purpose of remit,
lance. Tbs limited circulation in such a
case void arise from their superior value
in comparison with the value of other
u