Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-12-13

! u
IN condition I exercise peiec independence Of n md
and action, provied that their removal should
only take pl-ce for actual nc9paciiy infielity 10
the trust, and y be followed BY the President with
exposition Of tie causes emoA al
II proposed 10 establish subordinate boards each
II tie States, under the restrictions and limitations
Of the power of removal which, with the central boad,
should receive safely keep, and dlSburse tie public
neys and Ia order furnish a sound paper medium
exchange the Exchquer should retain Of the Of
the Government not to exceed s. 0c0 600 in specie.
TO be apart required by its operations and to pay the
public creditor al his own option. either specie
Treasury notes of denominations not less than five nor
exceeding hundred dollars, which notes should be
redeemed the several places of issue and he
BILE at all times and every where payment Of Govern
with restraint upon such of bills that
the should not exceed the maximum of 900 600.
In order guard against all the hazards incident huc
tuaions trade The Secretary Of tie Treasury
vested Nth authority issue $ 100000 Of Government
stock, should the any time be regarded
sly, in oder place leyond hazard the prompt reemp
ton of the bis which might be thrown circulation.
Ihes. in fact making the 100000 of Excheq-
yer bills substantially $40 OO0 COO; and keeping
IN circulation never more tan and onehaf dollars
specie When ths added that the bills
only where receivable government dues hut
that e Government Itself would he bound fer their ultimate
rcdem n rational -ub exist that the paper which
the Achequer would nish would readily euer INTO gene
raj q cuton and be maintained all times al above par
with gold and silver thereby realizing the great want o.
the and tullng the wishes OF the people In order
reimburse the government tie Of the pan II
proposed TO invest The Exchcqueg with the limited authority
10 10 bills Of exchange unless prohibited
which agency might le situated, having only thirty days
= run, and resting fair and bona ifde basis
The Legislative Will on this point be 80 plainly an
nounccd avoid all pretcN for pariiay fay OrItls.
IL further proposed TO invest tins Treasury agent
with authority TO receive dcpose, 10 a limited amount
the specie funds OF ndi, duas. and to grant certificates
therefor 10 be rcdeo med presentation under the idea
which l. believed to be well founded that such ccrilii-
cafes would come aid of the EXchequer bills III supply
Inc safe and ample paper circulation Or, If IN place of
the contemplated dealings exchange, the ENchequer
should be authorized not only 10 exchange lis bs Tor ac-
tua depOes of specie, bat for specie equivalent, To
sell drafts charging therefor small bat reasonable pre-
MUM, | cannot doubt but that the benefits OF the law
would be speedily manifested IN the revival # the credit
trade and business Of the whole country. Entertaining
this opinion, becomes my duty TO urge It's adoption M
on Congress by reference 10 The strongest considerations
of the public interests details
Is Congress may IN lis wisdom see II; To make.
I am well aware that tins proposed alteration and a
mcndnent Of the laws establishing the Treasury Depart
has encountered various objections and that among
others II has been proclaimed Government Bank OF
fearful and dangerous import II is proposed confer
upon 1t extraordinary powers 1t puporls to do
than pay the debts of the Government with the
dccmabe paper of The Goverument-in which respect IL
accOmpscs precisely what the Treasury does daily
tins time, IN issuing 10 the public creditors the Treasury
notes, which, under law IT is authorized 10 issue 1t has
no resemblance 10 ordinary bank. IT furnishes no
profits private stockholders and lends capital
divduals Fit be objected 10 Government Bank and
the objection be Standardization should all the laws in
the Govonment To collect what due TO IT, pay what
II owes, be abrogatcd
This is the chef purpose Of the proposed Exchcqucr
ana surely A. IA the accunlp SHINE If purpose
>cnil. affords sound circulating medium 10 the cOun-
Try, aud facilities 10 TIA lc IL should be regarded
slight recommendation of public consideration Prop
crly guarded by the provisions of law II into
dangerous evil. av abuse arise under II but such
the Legislature t-rlf viii be anSvcabic for If II be
tolerated II but the of the law. and Is
ptibc all of modification. amendment
II rtts 81 Epa. ftoft n Ia
been objected that the would be liable 20 be aLus
cd bv the Legislature by whom alone II could bee abused
the party conflicts Of the day That such abuse would
manifest Iise IA change # the law, which would au-
horizc excessive issue of paper for the purpose o IN
hug prices and Winning popular favor To that II may
be answered that ascrp ou Of such a Con
grcss altogether gratuouS and nadnIsshle The the
of our institutions would lead a different concu-
But perfect scclsV against proceeding rcCk-
less would be found 10 exist IN the nature OF things
The political party winch should be so blind 10 the true
of the country, resort To such cNpcdicnt
would inevitably meet with final overthrow, N the dci
that the moment the paper ceased To- bc con' crihc into
specie otherwise promptly redeemed II would 5oc"ino
worthless, and would IN The end dslonor the Govern
meni olive the people IN and such political party ~
hopcl'ss disgrace VI The same tmr. such we" m
wolves the utter mpossihiy ot furnishing currency
other than that of the prccous metals for the Govern
itself cannot frcgo the temptation ct excessive pa
per ISSUES. what reliance be placed corporations
upon whom the temptations of individual ACKNOWLEDGEMENT
would most strongly operate The people would have 10
blame but lhcsc,cS for any INJURY that might
from course 80 reckless SINCE Their agents vould be
the wrons-dorrs. and they The passive spectators
There be bat three kinds Of public currency lst
gold and silver % the paper Of State institutions Or l.
representative of The precious metals provided v the
General Goycrnn;cnt. under lis authority. The sub
Treasury s,sicul rejected iic last psm and
believed that reliance could bc placed on the -
OF local institutions Tor 'hc purposes of general circu-
alon. 1t necessarily aud ua,oidabS adopted spccic rs
The exclusive ior is And tins must
be- the unless of the other kinds l." used
The choice IN The present state uf publc sentiment lies
between an exclusive specie currency the one hand
aud Government ct some hind The other. That
these issues cannot be made b chartered institution.
supposed to be- ucu,isc, settled They must be made
them directly los the Government agents. For several
Vear> past cy have been thus made ia the form Of Trea-
sury notes. and have answered valuable purpose Their
usefulness has been limited by their being transient and
temporary their ceasing bear interest gwen periods
ssary causes their speedy return. and tls restricts
the of circulation, and being only used IN the dis
hur-eucuf- thu Government. they reach those
point, where the, required By rendering then
permanent to The moderate extent already mentioned,
by Offering fnduccnen for their return and 10y oN-
changing them fr com and other values hcy will con-
slnle 10 certain extent the general currency much
needed maintain the internal trade ct tn country
Aud this Is the ENchcguer pn 80 tar rs II may operate
10 furnishing currency.
cannot iorcEo the occasion urge lis Importance L.
lhe credit OF the Government financial point Of view
The great necessity Of rcSoi;ns 10 every proper and be
coming cNpcdicai order place tlc Treasury OF a
footing of the highest responsibility. entirely obvious
The credit OF Tie Government mag be REGARDED the
soul 81 the cil-a principle of Ninii-
~ without wlntn all rs oicnis ang'tt and all
lis generations, embarrassed In this spfi lie Executive
f. Ia Sef bound by the imperative duty to
submit Cousrc-. last session the proyrciy OF
making specific pledge Of tie land fund tie hasl, Tor
the negotiation ~ te loans authorized 10 b. contracted
then though, 81 s:ch application Of the ruhic do
Nun would without doubt have laced III the command
Of tie GJvcrnnc an,ie funds relieve tho Treasury
from the tempo ciniarr~~cni~ under whieht labor
ed American credit ha> suffer c,n>lderbe shock in
f.sf 81. .rIf al