Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-12-15

m pthIfs WI lrSle, NUO w u TPtPlVhOlc nv
mes and every where in payment T Euv
"rnmrh' dues; with rcstta'm upon slnl
issue uf bills that the same should not ex
Ic'r,l The m,xImum of $iSoo00OO. In III
y der ~ guard against all the hazards incidcn
10 fiuciuaiinh. In trade Nm Secretary nf th'
Treasury was Invested with authority 10 issn,
80 NnUh VI Noecrnm"ut stock, should III,
sdm" Al Any 'm" he regarded "a necessary
III order =" place beyond haznrd the prolnp
/. rrdrinp,lon ut The bills wkrh might b.
II lhrown In'n circulation. Thus in fact maxim!
The 'ssnc ~ $4,000 0O0 "f Exchconcr bills
rest substantially on $4,000 900 aud keep
lng IN circulation never more than one m,
| nn"-hnli dollars for every dollar in specie
/ When to tins il is added that the hill. nre no
only every where sceevablo IN Government
dues, bat ihn, tbc Government Itself would
he bound ter their ultimate ieiemplon, ~
\ rational doubt can exist that The paper mhlcl
The ESehcqner would Furnish, would readily
| enter into general circulation. and he main
Iained At all times at or above par with golt
and silver thereby realizing the great wan
II of the age, aud fulfilling the wishes Of til,
| People.
|. In order to reimburse The Government The
expenses of The plan, II was proposed 10 in
vest the EXchrquer with the limited au.horl-
I'iy 10 deal ~ bills of exchange. naess pro.
-lIhncd by the Stale IN winch an agency
might be slinated, haviHg only thirty days L.
ran, and resting on fair aud bona fidc bnsis
| The Legislative will on ,hs pom, might BE-
80 plainly announced ~ 30 avoid all prcicXi
for partially or iayorilsn. h was further
more proposed To invest this Treasury agent
| with authority To receive on d"pus'te tn n
II limited nmoCnt, the specie funds Of lndvI-
dnals, and To grant certificates ihe:cfur. 10 be
redeemed on presentation, under III" idea,
" hich is believed 10 be we'll founded, that
such certificates would come in aid of the
ExchCIuer bills in supplying a safe aud
ample paper circulation. Or, il IN place oi
the contemplated dealings ~ exchange, the
Exchcquer should be authorized moi only to
exchange its bills for actual dcpnsiicS of
specie, but for specie or it, equivalent To
sell drafts, charging therefor n small hui
reasonable premium, cannot doubt but THAT
the benefits OF the law would be speedily
manifested IN the revival Of the credit, trade
and business of the whnlr country. Enter
tanning this opinion II becomes my duty 10
urge IT'S adoption upon Congress, 10y refer.
cncc 10 the strongest considerations of The
public interests, with such alterations IN MS
details rs Congress may III It's wisdom see
TT 10 make.
am well aware that this proposed al,crn-
lion and amendment of the laws establishing
the Treasury Department, has encountered
various AFFECTIONS, and that among others It
has been proclaimed a Govcrnment Bank "f
fearful and dangerous import. IL is pro-
posed TO confer npon it no exlraordlnary
powers. II purpor's to do no more than pay
the debts Of ihe Government with the ic-
dcemablc paper of the Govrrnmcn,-ln
which respect 1t sccompIiShrs precisely what
the Treasury docs daily at IhIS time, III isS,
ing 10 The public creditors the Treasury notes
which, under law, it Is authorized 10 lssuc.-I
II has no resemblance To an ordinary Bank,
as D, furnishes no profits 10 private stock
holders and lends no capital Ia lndn lduals.
II it be objected to as Gnvcrnmrnl Bank.
aud the objection be avollablc-thrn should
all the laws IN relation To the Treasury BE-
repealed, and the capacny of the Govern
neni 10 collect what is due to it, or pay what
II owrs. be- abrogated.
Thl, Is the chief purpose of The proposed |
Excheqner; aud surely II, IN the accomplish |
meni of purpose so essential, II affords
sonnd circulating medium Ia the country and
facilities 10 trade, II should be regarded rs n"
slight recommendation OF II To public con
slceratl"n. Properly guarded by tho provi-
SONS al law, |, can run INTO no dangerous
evil, nor can any abuse arise under II, but
such as the Legislature itself will be ans
wcrab.e for lf it he tolerated since 1t is but
The creature of the law, aud - susceptible at
all times of modiiicati"n, amendment ar re-
peal, at the pleasure oi Congress. ! know
that it has been "lj 'ctcd that the system
would be liable to be abused by the I.rglsla-
ture, by whom alone u could be abused ~
'hc party conflicts Of The day. Tha, such ,
abuse would manifest itself IN change oi
the law which would authorize an excessive
issue OF paper for the purpose of initiating
prices aud winning popular iavo'. 10 that l
II may be answered, that the a>crplIon ut
such n motive To Congress Is altogether
grn,ultous and inadmlssabI".
The theory of our institution wOuld lead \
us to a different conclusion. But perfect
security against n proceeding SD reckless.
would be found 10 exist 10 the very nature of
things. The political party which should b"
SO blind To the true interests Of the country |
as to resort 10 such an cXpcdIru', would IN .
tvllubly meet with final overthrow III the /,
Iact that. the moment the paper ceased 10 n
be convertible into specie, or otherwise \
redeemed, it would become WORTH \
less, and would, III t!Ic end, dlShonor III" /,
involve Tho people in rum, aud I
'Uch political party IN hopeless d!sgracc.-- lI
Al the same time, such view iGroiyes the |.
liter mposslbIliy of furnishing any currency /
Itber than that of the precious metals, for. II /,
he Government itself cannot forcgO the
temptation of excessive paper issues, what
-elrance can be placed in corporo,ons upon
whom the temptations Of lndlrldunl aggran-
ilzement would most strongly opcra,e?-
The People would have 10 blame none but Il
themselves for any injury that might arise
rom n course so reckless, since their agents
you'd be the wrong-doers, aud they the pas
i've spectators.
There can be bu, three kinds Of public cur
ency. lsi, Gold and silver. %, The pa
'er Of State institutions; or, Sd, A rcprcsen.
i've Of the precious metals, provided by the
ieneral Government, or under ITS authority.
The snb.treasury system rejected the last III
ny form; and, ns It was believed that no
cliancc could be placed on the issues Of 10.
al institutions, for The purpose Of general
rculotIon, 1t necessarily aRd unayoidnbly Y,
dop,ed specie az the exclusive currency
or liz own use. And this mus, ever be the 4
ase unless one Of the other kinds be used. \
he choice, 10 tho present state Of public
ointment, lies between all exclusive specie :
nucncy on the one hand, aud Governmcn, |