Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-12-10


ests OF the country by those who have been
called TO the heads of the different, Depart
ments. The reduction IN the annual expen
diiures OF the Government already accom-
pushed. furnishes sure evidence that econo-
my IN the application of the public moneys.
Is regarded as paramount duty.
at peace with all the world-the personai
liberty OF the citizen sacredly maintained
and his rights secure ed under political ins,i,u
tons deriving all their authority from the d-
rect sanction OF the the peopIe-with a soil
fertile almost beyond example; and country
blessed with every diversity of climate and
production. what remains 10 be done in ordsr
10 advance the happiness and prosperity of
such a people? Under ordinary circum-
stancesthis enquiry could readily be answer
ed. The best that probably could be done
for people inhabiting such country. would
be to tortiy their peace and security in the
prosecution OF their various pursuits, by guar
ding them against INVASION from without and
violence from within. The rest,for the great
er part, might be left to their own enerpv
and enterprise. The chief embarrassmenis
which at the moment exhibit themselves have
arisen from over action; and the mos, diff
cult task which remains TO be ACCOMPLISHED
Is that oil correcting and overcoming its eff
iects. Between the years 1883 and 1898.
additions were made to bank capital and
bank issues, IN the form OF NOES designed for
circulation, to an extent enormously great
+ The question seemed TO be, not how the best
currency could be provided, but n what man
ner the greatest amount Of bank paper could
be put IN circulation. Thus "A vast amount
OF what was called monev-snce, for the
time being, II answered the purposes of mon
ev-was thrown upon the country; an over
issue which was attended IA necessary con
sequence, by an extravagant increase of the
prices oil all articles OF property, the spread
OF a speculative mania al. over the country.
and has finally ended In general indebted
ness on the part of States and individuals. the
prostraIon OF public and private credit. de.
probation In the market value OF real and per
sonai estate, and has left large districts of
country almost entirely wi,hou, anv circula-
ting medium. In of the fact that IN
1880, the Whole bank note circulation within
the United States amounted 10 but SCI,S23.-
893, according TO the Treasury statements
and that addition had been made thereto
OF the enormous sum OF 500 600, 900 in seven
years, 0he circulation the first January.
1887, being stated at Sl19, I85.83O.) aided
by tie great facilities afforded in obtaining
loans from Eur pean capitalists, who were
seized with the same speculative mana
which prevailed IN the United States-and
the large lnportations OF funds from abroad
the result Of stock sales and loans-no one
can be surprised at the apparent, but unsub-
stantial state OF prosperity which every where
prevailed over the land; and while liile cause
OF surprise should be felt at the present pros
tra:on of every thing, and the ruin which
has betaIlen 50 many of our fellow citizens in
the sudden withdra wal from circulation of so
large an amount OF bank issues, since 1897
exceeding, as IS believed, the amount added
TO the paper currency for a similar period an
tecedent TO 1887. TO be a matter OF
astonlshment that such extensive shipwrecks
h1r hna 10 q
that difficulties should exist in meeting
their engagements on the part of the debtor
States. Apart from whit h, y. there be taken
INTO account the immense losses sustained ia
the dishonor OF numerous banks, IL is less
matter OF surprise that insolvency should
have visited many of our fellow.ci,izens,
than that SO many should have escaped the
blIghting influences of the times.
In the solemn conviction of these truths,
and with an ardent desire TO meet the press
ing necessities of the country, felt il TO be
my duty 10 cause TO be submitted to you at
the commencement of your late session, the
plan Of an Exchequer, the whole power and
duty of maintaining which, in purity and wig
or, was TO be exercised by the Representa-
tves OF the People themselves. 1t pro-
posed to place il under The control and direc-
ton Of Treasury Board, TO consist Of three
Commissioners, whose duty it should be to
see that the law OF its creation was faithfully
executed, and that the great end of supply
ing paper medium OF exchange. at all times
convertible into gold and silver, should be
attained.-The Board thus constituted, was
given as much permanency as could be I'M
parted to it. without endangering the proper
share Of responsibility which should attach
to all public agents. In order to insure all
the advantages Of n well-matured experience,
tie Commissioners were to hold their Offices
for the respective periods OF two. foIr, and
six years, thereby securing at all tunes IN the
management Of the Exchequer, the services
Of two men OF experience; and to place them
in condition TO exercise perfect Indepen-
dence OF mind and action, IT was provided
that their removal should only take MACE for