, 1842-12-24

and That among OtneTS II mas Deen
proclaimed j Government Bank of
fearful and dangerous import. 1t
purports 10 do no more than pay the
debts of the Government with the re-
deernabIe paper Of the Government
in which respect it accomplishes pre-
cisely VIVA, the Treasury does daily
at this time, in issuing 10 the public
creditors the Treasury notes which,
under law, it is authorized to issue.
Ii has no resemblance 10 an ordinary
B INK, as it furnishes ne profits To pri-
waite stockholders, and lends no capt
tai to individuals. IF it be objected
TO as a Government Bank, and the
objection is avaiiable-then should all
the laws in relation 10 The Treasury
be repealed, and the capacity Of tie
Government 10 collec, whit is due 10
it. or pay what il ows. be abro.aIed.
TINS Is the chief purpose of the pro-
proposed Exchcquer; and surely it.
IN the accomplishment OF Il purpose
SD essential, it affords IL sound cifcu
laling medium TO the country and EI-
%ciIlties to trade, il should be REGARDED
us no slight Recommendation III 1t +"
public consideration. Properly guar
dei by the provisions of law, ii Cal
run into no dangerous evil, nor Il
any abuse arise under it but such as
the Legislature itself will be answera-
bic for, if it be tolerated; since it is
but the creature Of the law. and Is
susceptible at all times of mudiiica-
ton. amendment or repeal, at tie
pleasure Of Congress. know that it
has been objected that the system
would be liable IN he abused by tie
Legislature. by whom alone il could
be abused, in the party conflicts "t
the day. That such abuse would
manifest itself IN Il change OF The lrw
which would authorize an excessive
issue Of paper for the purpose Of intia,-
ing prizes aud winning popular favor.
To that it may be answered. that The
ascripiion Of such u motive TO Con
gre~s is altogether g~ratultous and in
admissible. Tue theory ,four msli
lulions would lead us 10 u dilirrr;.t
conclusion. But il perfect s~ecurIt,
against Il proceeding SD reckless.
would b. found to exist in the yeiy
nature OF things. The polnIcai party
Which should be SO bind To The true
interests Of The country, rs 10 resort
to such an eXpedlenI, would incvita
bly, meet with final overthrow, IN the
fact that, the mo,nen THE paper ceas-
10 be convertible into specie, or
otherwise promptly redeemed, ii
would become worthless, ard would,
in the end, dlshonor the Government,
involve the People in ruin, and such
political party IN hopeless disgrace.
AT the siine tire, such Il In'
wolves the utter lmpossibIllty OF fur
nlshlng any currency other Than thai
OF the precious metals-for, If The Co
vcrnment itself cannot iorego the
temptation oi excessive paper issues,
what reliance can he placed IN cor
porations upon whom tile temptations
of individual ACKNOWLEDGEMENT would
most strongly operate! The people
would have none 10 blame bat them
Tor any injury that might arise
from a course SO reckless, since their
agents would be The wrong doerS and
they the passive spectators
There can be three kinds of public
currency. Isl. gold and silver; Cd,
the paper Of state institutions; or, Sd,
Il representation of the precious me-
tails, provided by the General Co
o. under lis authority.
The Sub Treasury system rejected
10 the last in any form, and, as It was
believed that no reliance could b.
on the issues oil the Ios:ai "a.
stIIutions, Tor the purposes of general
circulation, IL necessarily and una
'"idaoly adopted specie Us the ex
currency Tor It's own use.
And this must ever be the ease unless
one OF the other kinds be used. The
IN the present state of public
sentiment, lies between an exclusive
specie currency on the one hand, aud
Government issues OF some kind on
The other. That those issues cannot,
&c made by Il chartered Institution, i,
supposed 10 be concluSlvely settled.
They must be made then, directly by
government agents. For several
years past they have been thus made
n the form of Treasury notes, and
answered a valuable purpose.
Their usefulness has been Hunted by
Their being transient and tempoIarv;
Their ceasing 10 bear interest ut Civ
en- periods; necessarily causes their
return. and fins raStr;cts ,I,.:.