Baton-Rouge gazette. [volume] (Baton-Rouge, La.) 1819-1856, 1842-12-24

the satns Should not exceed The maT'mnnn OF
si5,O00,000 "a,
Ia order 10 guard against al the hazards
ine,dent 10 fluctuations in trade. the Secretary
Of the Treasury was invested with authority
10 issur &s.00U,DOu of Government stotk,
should tho sane nj any 'ius be regartIFh ss
rrcessary, in order tn place beyond hazard
tic pgempt redemption vi the bills which
might he thrown into circulation thus, ~
fact, making The issne oil 9l5yh00,MD Of OK.
.heuuer bills rest Eubp'antIalIy on Slo,Voo,'
600, and keeping Ia circulation never NOR"
man enc aud one ball dsllars for every do'iar
II, apecje. VIXEN 70 this il 10 added that me
hills re mol sniy everywhere receivable iR''o.
rernunent duee, but that the Govern.nSd ltkaH
would be bound for thsir ultlmar redemption,
nj rational de1bt can exist that the paper
which the t.kcllcqtcr would furnish would
readily enter into general circulation, and ne
maintained al I'll times at or abcse par with
rnld and silver thereby realizing the great
vant Of the age, aud fulfilling the Wishes Of
10 people. III order TO reimburse the 60
verntnent h, evpenrct sf the plan, II was pro-
,assd TO Unrest the Exeleqser with the lIm'-
led authority 81 deal In balls vi exchange uh-
legs prohibited by the State in which an afen-
uttht h. situated, having only thirty days to
run, and resting on a fair and b0ndfse bsss.
Tn, legislative viii on This pant might be 90
vlsinly announced az 10 avoid all p.elcSt for
p~artiaitly ar layaritipn. II was Furthermore
proposed to inyest the treasury agent with
authority 10 receive on dsposite, TO a Limited
amount, the specie funds VI individuals ana
10 grant certificates therefor, 10 be redsemed
eli ptesantstiun, under the idea. which 10 De-
lievsd 10 bs well founded, that such csr''fi-
Gates would come in aid OF the exchequer bills,
in supplying a safe and ample paper e!fen's-
ton or il, in place Of the contemplated deal
lrrs In exchange, the Escbeq1er sheuld pc
authorized, net only to exchange ito bills for
actual depesitss Of specie, but for specie OF its
equivalent to sell drafts. charging therefor a
ANAL but reasonable premium. | can moi doubt
hui, that the benefits Uf the Ia. would be
spaedily manifested IN The revival OF the credit
trade, aud business Of the whole csnntry. En-.
tsrtaininr this opinion, il becomes INV duty TO
urge lie adoption upon Congress, by reference
10 the strengeAt censiderations OF the pnblle
interests, with such alterations 10 It's details
as Congress mag in lis vlsdsm sec lit TO
make.
am well aware that thia proposed altsrs.
ton and amendment Of tho laws establishing
the Treasury Department has eneeuntnrea
various objections, and that among others It
has been proclaimed a Government bank OF
fearful aud dangerous import. 1t il propeed
10 confer upen il no extraordinary powers. l.
p~utports 70 d. no more than pay the debts oi
The Government with the redcemable rhp'f
Of the Government in VIII CHI respect II sccoi :
plistres precisely what the Treasury does dal.
" At this time, in issuing 10 the public credI-
tors the treasury nstes which, under law, it In
authorized 10 iesue. II 1as no resemblance to
an ordinary bank, Ms it furnishes no profits 10
private stockholders, and lends TO capital to
individuals. II it be objected to NJ a Govern
mcnt bank, and the objection be available,
then should all the lava in relation tn tho
Treasury be repealed, and the capacity ol the
Government TO collect what Ia due 10 Il, Of
pay what It over, be abrogated.
This is the chief purpose Of the proposed
Exehequer; and surely If, in the accomplish
.nent Of o purpose 80 essential, il affords a
sound circulating medium to the country, and
facilities TO trade, il should be regarded as no
eight recommendation of il TO public considc.
ration. Properly guarded by the provisions
uf law, il can run isto no dangerous evil, nor
can any ahure arise under il but az the l,egis-
laturc Itself will be answerahle fer, il Il be
lgitF Y a MIN " VI ~ oA5tttS r"'s ~ s''F
and is susceptible at all times Of modification,
amendment, or repeal, nj the pleasure Of Con.
aress. know that il has been objected that
the system would be liable to be abused by
the Legislature, BY whom alone It could he
abused, in the party conflicts Of the day tina,
such abuse would nantes. itself in a chatge
of the law which would authorize an esces.
s.ye issue OF paper for the purpose Of initiating
-.t-xn ,.t ,s.tpatnr yanJtlaP Fa oar Ii,jhnt If
NAV be answered, that the ascriptien Of such
a native TO Congress is altogether graiuitous
and inalmissihle. The theory Of our ~institu.
sions would lead us to a different conclusion
Bat a perfect security against a proceeding so
reckless, would be found to exist in the very
nature Of things. The political party which
phauld be so blind TO the true interests Of the
as 10 resort 10 such an expedient,
would inevitably meet with final overthrow in
the fact that, the moment the paper ceased to
be convertible into specie, or otherwise
promptly redeemed, It would become worth
lees, aud would, in The end, diehonor the Go.
vernmeni, involve the people in ruin, and such
political party in hopeless disgrace. At the
same time, such a view involves the utter i'm
possibility Of furnishing any currency ether
than that Of the precious metals; fer If the 60
vernmsnt itself can not forego the temptation
of excessive paper issues, what reliance can
be placed in corporations upon when the
temptations Of individual ACKNOWLEDGEMENT
would mast strongly operated The people
would have To blame none but themselves for
any injury that might arise from a course so
reckless, since their agents would be the
wrong-doerf, and they the passive spectators.
There can be hui three kinds Of public cur
rency first, geld and silver; second, the pa
per Of State institutions; or, third, a represent
,ative Of the precious metals provided by The
General Government, or under its authority.
The Suh-Treasury systeni rejected the last
in any form and, as it was believed that no
reliance could be placed on the issues Of local
institutions, fer the purposes ofgeneral circu-
latiou, il necessarily and unaycidably adopted
specie as the exclusive currency for lis own
use. And this must ever be the case unless |
enc of the other kinds be used. The choice,
in the present state Of public sentiment, lies
between an exclusive specie currency on the
me hand, and Government issues of some
kind on the ether. That these issues can nsl !
he made BY a chartered institution, is supposed
10 be be co~nclusivsly settled. They must be
made then directly by Government agents.
For several years past they have been thus in
the form of treasury notes, and haye answered
a valuable purpose. Their usefulness has
Ssen limited by their being transient and
temsoTary; their ceas!ng 10 bear interest al
given periods, necessarily causes their spsedv
r turn, and thus restricts their range Of circu-
latisn, and being used only in the dishurse-
mants of the Government, they can not reach
those points where they are most required.
Nv rendering their use permanet, to the ex-
tent already mentioned, by offering no induce