The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-03

scrbed law and sveywhsrs receivable for all dues to
g. No department or office of the national gov ernment
must ever be permitted to make drafts either on the re-
exchange oce, in the form OF paper currency
circulate SUCH but such paper be made only
by the of posory and register of the
exchange Office from which it issues.
Z. The United states, any person corporation
may deposit specie the Exchange office and receive the
amount in bill bills of exchange or an acceptance
a. some exchange Office or in the paper currency
hereby authorized; account must be opened with any
deposor out he must receive the full amount Of HIS depo
sit at the time IL is made t.-l.
g. The exchange officer must such trans,nssions
oil specie from time TO time, from exchange office to
anotner as may unnecessary for the uent Of all bills
rency shall not he redeemed M anu other oce than that
by which il is issued 4N.H tti I. Il
1t shall be the duty of the superintendent to examne
the condition of each Office in his depository at the times
prescribed by law and at such other times the Score
tay Of the Treasury direct and maize report to that
and clerks osth and the revenue and change
offices shall be at all times open TO like examinations by
committee OF either House OF Congress.
TO- The superintendent and registers may be appointed
and removed by the President OF the United States with
the advice and consent Of the Senate; but may be sus
pended by the President the written complaint Of the
Secretary OF the Treasury until the action of the Senate
may be had thereon. Their appointments shall expire
at the end Of two from date Such may be
required and penalties prescribed by law may
ed necessary to guard against fraud unfathfuness
This plan has been commented upon by the Wall street
papers at LENGTH but in mnnner which clearly shows
that they neither understand the import Of this plan
less than facility for transferring actual balances from
point to another. The majority Of the whole business
of the Union salwsys hasbeen always will carried
by Individual bills At the close Of the year. when the
current business has been regularly conducted there
may be balance due from point another after
supply of actual bills has been exhausted Under such
circumstances the present method the specie by
ship otherwise mourning the expense of freight nsur.
rance SC The above plan proposes, instead of doing
this to allow Of the deposte of the specie in the govern
ment vault and the officers of the Treasury accep.
bill at charge of per cent which bill is good remit
lance to any point of the Union the specie to remain
locked up in the vault until that acceptance returns
for payment when the holder has the option taking out
the SPECIE receiving Treasury notes to circulate as
money equivalent in to the specie he entitled
to- This plan affords all the facility to exchanges which
they capable Of and gives those who have money
the privilege ofusng it in the shape opaper SPECIE
they think best, but confers upon individual
citation OF individuals or upon any government, the
power of multiplying the quantity efhe currency beyond
what actually created by the laws of trade If paper
is in circulation specie to the goes out of
circulation into the government vaults The circulating
notes will not circulate exchange because they are pay
able only at the place Of issue bearer and subject to
risk of loss This tested in the THE u States
Bank whose notes payable bearer competed with
its bills in exchange operations The this paper of
the Government, instead Of specie would not interfere
with the banking operations Of individuals because tn
paper would be good deposit with the banks as the
specie ITSELF The only trust permitted in the whole plan
is that the specie win remain where is placed until call
ed for by the holder Of paper which indeed would very
rarely happen, because with steady currency the de-
mand for specie from abroad would be large The
faith OF the Government will be pledged for the faithful
application of the money entrusted to its care but this risk
If re- Ike
morazaton of the age particularly in the financial and
political circlas -.rr-