The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1842-12-17

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y all times in The man sgemeni of'ihe Exche.
quer, The services Of two a. Of expe ience, !,
and 10 place them in condition 10
exercise perfsc. Independence of mind and
sc,ion, il wss provided that their removal
shppld only take place for actual incapaciiy
or infiJeliiy TO the trust, and to be followed
by the President with an exposition OF the
causes of sucl,rremoval, shouldlt occur. Il
was proposed 10 establish subordinate
boards IN each Of The States, under the
same restrictions and limitations Of the
power of removal; which. with the Genital
board, should receive, safely keep, aid
disburse the public moneys; and in order 10
furnish sound paper medium ofexchange,
the Exchequer should retain of the reyen-
ues oil the Government a sum not TO exceed
s5,000,0o0 in specie, 10 be Sc, apar, as
required by its operation, either in specie
or Treasury notes, of denominations no,
less than five, nor exceeding one hundred
dollars. which notes should be redeemed at
the several places of issue, and 10 be re.
ceiyable at all times and every where IN
payment Of Government dues. with a
restraint upon such issue of bills that the
same should not exceed the maximum OF
Sl5.O00.0O0 In order 10 guard against
all the hazards incident TO fluctuations in
trade, the Seeralary Of she Treasury was
invested with authority 10 issue $5, ,00O, 900
OF Government stock, should lbe same a,
any time be. regarded as necessary, in order
10 place beyond hazard the prompt redemp.
.oG Of the bills which nigh. be, thrown into
circulation. Thus /, in fact making the
issue Of al 5000, 900 of Exchequer bills,
rest substantially on $4,000 900 and
keeping in circulation never, more than one
and half dollars for every dollar in specie.
When 10 This il Is, added ths. the bills are
not only every where receivable in Govern
men, dues, but that ,he Government itself
would be, bound for their Ultimate redemp-
tion. no rational doubt can exist that the
paper which the Exchequer would furnish,
would readily enter into general circulation,
and be maintaied a. all Zines, al OF above
par with gold and silver thereby reaiz-
ing the great wants of the age. and fulfilling
the wishes Of ;he People. In order 10
reimburse the Government The expenses OF
the plan, il iwasr proposed 10 invest the
Exchequer with The limited authority to
deal in bills OF exchange, unless prohibited
by the State in which an agency nigh, be
situated, having only thirty, days 10 run,
and resting on fair and bona tide basis.
The Legislative Will on this point might
be SO plaialy, announced, as to avoid all
pretextfor par.ialily or favorism. II was
furthermore proposed 10 inves, this Treas.
ury agent with authority 10 receive on
deposi,e, 10 a limited .ameun., the specie
funds Of individuals, and to grant certifi.
Gates therefordo be redeemed, on presenta.
ton, under The idea, ,whieh is believed to
be well founded, thatsuch certificates would
come in al of1ihe Exchequer bills in sup
plying a. safe and ample paper circulation
Or, II in place of the contemplated dealings
in exchange, The Exchequer "a should be
authorized not only TO exchange its bills
for actual deposiies of specie but for specie
or It's equivalent, TO sell drafts, charging
therefore a small but reasonable pre- MUM,
! cannot doubt but that .he benefits of the
law would be speedy manifested in TIE
revival oflhe credit, trade and business Of
the whole counlry.i Entertaining his opin-
ion j, becomes my duty 10 urge It's adoption
upon Congress,b BY reference 10 the s,ronges,
considerations of the public interests, with
such alterations in its details as Congress
may in its vision see fitto make. eE
| am well aware the, this proposed alter.
alton and amendment Of the laws establish.
ing the Treasury Department has encoun.
tered various objections. and that among
others il has been proclsimed Government
Bank Of fearful and dangerous import. IL
is proposed to confer upon il no ex,raoidn
ary powers. II purpor,s 10 do no more
than pay the debts Of tie Governments win,
the rsdeemoble paper of the Government
in which repeci j. accomplishes precisely
what the Treasury does daily at this time,
in issuing TO the public creditors the
Treasury notes which under law, (. is
auihorized to issue. Il has no resemblance
10 an ordinary Bank, as il furnishes no
profits to private stockholders. and lends no
capital 10 individuals Ifit be objected to
as Government Bank. and h,he objected
be avaiabe--ihen should all the laws in
relation 10 hesTreasury be repealed and,
the capacity ofthe Government W collect
what Is due 10 IL, or pay what i, owes, be
aorogated.c ne'px5H sai .aa sSisiott as7
This is the chief psrpose of the proposed
Exchequer;o and surely il. in The accom-
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