The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1842-12-23
THE ILLINOIS FREE TRADER.
ices and winning popular favor.

prices and winning popular favor. To
that it may be answered, that the ascrip-
ton OF such motive to congress is alto
geiher gra,uiious and inadmissiblc. The
theory of our institutions would lead us to
diiieren, conclusion. But perfect Sc
curly against a proceeding so reckless
would be found 10 exist in the very nature
of things. The political party which
should be so blind TO the true interests of
the country as to resort TO such an eXpe-
dent, would inevitably meet with a Gnal
overthrow, in the fact that, the moment
the paper ceased to be convertible into
specie, or otherwise promptly redeemed,
it would become worthless, and would, in
the end, dishonor the government, involve
The people in ruin, and such political party
in hopeless disgrace. At the same time,
such a view involves the utter impossible
lily Of furnishing any currency other than
that of the precious metals; for, if the
government itself cannot forego the temp
taton of excessive paper issues, what re-
lance can be placed in corporations, upon
whom the temptations Of individual ag-
grandizcmcnt would most strongly ope-
rate! The people would have to blame
none but themselves for any injury that
might arise from course SO reckless,
since their agents would be the wrong
doors, and they the passive spectators.
There can be but three kinds of public
lst. Gold and silver; 2d.
The paper Of state institutions; or, 81.
A representative of the precious metals,
provided by the general government, or
under its authority. The sub-treasury
system rejected the last, in any form;
and, as it was believed that no reliance
could be placed on the issues of local in
for the purposes of general cir
it necessarily and uuavoidaMy
adopted specie rs the exclusive currency
for its own use. And this must ever be
the case, unless one Of the other kinds be
used. The choice, in the present state
If public sentiment, lies between an cX-
elusive specie currency on the one hand,
and government issues of some kind on
the other. That these issues cannot be
made by a chartered institution, is sup
posed 10 be conclusively settled. They
must be made, then, directly by govern
nent agents. For several years past,
hey have been thus made in the form Of
reasury notes, ana have answered vaua-
Die purpose. Their usefulness has been
United by their beng transient and tenn
lorary; their ceasIng to bear interest al
Tiven periods, necessarily causes their
paedy return, and thus restricts their
angc Of circulation and being used only
n the disbursements OF government, they
'annot reach those points where they are
most required. BY rendering their use
to the moderate extent already
by offering no nducemen, for
heir return, and by exchanging them for
coin and other values, they will constitute,
10 certain extent, the general currency
so much needed to maintain the internal
tade Of the country. And this is The eX-
'hequer plan, so far as it may operate in
currency.
cannot Iorego the occasion TO urge lis
to the credit of the government
n financial point Of view. The grea,
necessity of resorling TO every proper and
becoming eypedcnt, in order to place the
rcasury on a footing of the highest re-
ipectabiily, is entirely obvious. The
:redlt Of the government may be regarded
is the very soul of the government itself
"a principle Of vitality, without which
Ill lis movements are languid, and all lis
operations embarrassed In This spirit The
executive felt itself bound, by the mos,
imperative sense of duty, to submit TO
congress, at It's last session, the prOprieiy
IF making specific pledge Of the land
Iund, as The basis of the negotiation of the
oans authorized to be contracted. then
thought that such an application of the
public domain would, without doubt, have
placed AT the command Of the government
ample funds to relieve the treasury from
The temporary embarrassmen,s under
which il labored American credit has
suffered considerable shock in Europe,
from the large Indebtedness Of the states,
and the temporary inability of some of
them TO meet the interest on their debts.
The utter aud disastrous prostratlon of The
United States Bank OF Pennsylvania had
contributed largely to increase the scnu-
ment Of distrust, by reason Of the loss and
ruin sustained by the holders Of its stock
"a large portion Of whom were foreign
prs uuI t,,any &c ,,l,.,, ,unra ILL. a, limo