Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1842-12-20

perfect Independence Of mind and g.
tion, il was provided their removal
should only take place for actHal lnea'
paciy or in6delity tothe trust, and to
be followed By the Prssident with sn eK.
position Of The causes Of such removal,
should il occur. Il was proposed TO es,
lablish subordinate boards in each nf the
States, Under the same restrictions and
limitations Of the power Of removal,
which, with the central beard, should re.
ceive, safely keep, and disburse the pub.
lie moneys; and 10 order TO furnish a
sound paper medium OF exchange, the
ExchequeT should retain Of the revenues
Of the Government d sum not 10 exceed
s. ,OOO, ,OO0 in specie, to he set apart as
required By it's operations, and 70 pay
The public creditor Al his own option. ei.
ther in specie or Treasury notes.. Of de-
nominations not less than Eve. nor Cx.
ceeding one hundred dollars, which notes
should be redeemed at The several places
Of issue, and 10 be receivable at all times
and every where in payment Of Governs
ment dues; with a restraint upon such
issue Of bills lhAtthe same should not
exceed the maximum Of Sl5, 900, ,000.-
In order to guard against all the hazards
incideat TO fluctuations in trade, the So.
cretary Of the Treasury was invested
with authority TO issue $5,0O0,00O Of
Government stock, should the same at
any time be regarded as necessary, in
order to pls ce beyond hazard the prompt
redemption Of the bills which might be
thrown into circulation. Thus, ia fact,
making the issue SIS 100000 Of Ex.
chequer bills, rest substantially on Sl0,.
600, 900 ;and keeping in circulation never
more than one and One-hslI dollar for sv-
erydOllsr in specie When to this il added
that the bill are not only every where re-
ceivablO IN Government dues, but thai
the Government itself would be- bound
for their ultimate redemption, no ration.
al doubt can exist that the paper which
the ExcheQuer would furnish, would rea
Oily enter into general circulation, and
he maintained at all times at or above
par with gold and silver; thereby reaIE,
ing the great want Of the age, and full.
filing the wishes Of the people. In or.
der to reimburse the Government :he ex.
penSes Of the plan, it was proposed 20
invest the Exchequer with ihe limited
authority TO deal. in bills Of exchange
unless prohibited by the State ia which
an agency might be situated. having only
thirty days TO run. and resting on a Esir
and bona fide basis.
The Legislative will on this point
might be SO plainly announced as 10 avoid
all Preiex' for Partislity or favOritcism -
II was furthermore proposed, 10 invest
this Treasury sgent with authority to re-
ceiVe on deposite, to a limited amou Mt,
the specie funds Of individuals, and to
grant certificates there for, 10 be redeem.
ed on presentation, under the idea,
which ia believed TO be we'll founded,
that such certificates would come in aid
Ofthe Exchequer bills in supplying . safe
md ample paper circulation Or, if in
place Of the contemplated dealings in ex.
;hangs, the EKehequeI should be author.
sed not only to exchange i,s bills for
Actnal dePOsiles Of specie, but for spe.
Gle, or itS equivalent, TO sell drafts, char.
ging therefor, small bat reasonable
premium. cannot doubt bat that the
benefits Of the Law would be speedily
in the revival Of the credit,
trade and business Of the whOlc country.
Entertaining this opinion, it becomes
my duty to rgG iIS adoption upon Con.
greSs, By reference to the strongest COn.
IideFatiOnS of the public interests, with
IuCh alterations in its details as Con-
greSs may in ils wisdom see ft 10 make.
IAN wellHwsFs that this proposed al.
eratiOn and amendment Of the laws es-
the Treasury Department has
encountered various objections, aud that,
among Sthers, il has been proclaimed a
Government Bank OF fearful and danger.
ous import. Il is proposed to confer
Upon |: no extraordinary powers. 1t pur
ports 10 do no more than pay the debts
N the government with the redeemsble
'aPer Of the GoVernment-in which 70.
lpect il accOmpIiSheS precisely what the
Treasury does daily at this time, in issu.
ng to the public creditors the Treasury
lOles, which, under law. il is authorized
o issue. II has no resemblance to an
ordinary bank, as il furnishes no profits
o private Stockholders, and lends no cap ;
lal lOindividUalS, lit be objected 10 i
3 q Government Bank, and the obieC-
ion be Available--lheN should all the
Avs In relation 10 the Treasury be re-.
ealed. and The capacity Of the Govern.
lenI 10 collect WhatIs due 10 il, or paw ,
that i owe, be abrogated.
This L the chief purpose of the pro>
OSed ExchequeT; and surely il. in the
accomplishment AZ purpose so essen
81, II ali1E6s 4 sound circulating medi
N 10 the country end facilities to trade,
should be regarded as no slight recon-
endalion Of il TO public consideration.
rOpsrly Rarded by the provisions Of law,