The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1842-12-17

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Bile. The theory ofour institutions would
lead usto a different conclusion. But
perfect security against a. proceeding SO
reckless, would be found TO exist in the
very namre ofshings The political party
which,should be so blind TO 1.-The true INFER
ests OF the country, as 10 resort TO such an
expedient would inevitably meet with final
overthrow in the fact that, the moment the
paper ceased TO be convertible into specie,
or Otherwise promptly redeemed. il would
become worthless, and would, In the end,
dishonor the Government, involve. the
people in ruin, and such political party in
hopeless disgrace.ie At ihe same lime, such
a view involves the utter impossibili,y of
furnishing any currency other than iha, Of
the precious metals. for, if the Govern
men! itself cannot forego the temptation Of
excessive paper issues. what reliance can
be placed in corporations upon whom the
temptations OF indlvidnal sgeranjizement
would most strongly opera,el 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 .doers, ard they The passive
spectators. w stw 99gasae'e17aa M
There can be but three Kinds OF public
currency. Ist. Gold and silver, I'd. Tie
paper Of State institutions; or, 3D. "A
Representative Of the precious metals, pro.
vited by The General Government, or
under its authority. The Sub-Trcasury
system rejected the last IN any form; and. as
il was believed tha, no reliance could be
placed on the issues Of local Institutions,
for The purpose OF general circulation, il
necessarily and unavoidably adopted specie
as the exclusive currency FOR It's own use
And this must ever be the case unless one
of the other kind be used-The choice, in 4
the present state Of public sentiment, lies
between an exclusive specie currency on
the one hand, and Government issues Of
some kind on the other. That these
issues cannot be made by chartered in
ssitution, is supposed to be conrluvsey set.
lied. They must be made then, directly
by Government agents. For several years
past they have been thus made in The form
OF Treasury notes, and have ans weied a
valuable purpose. Their usefulness has
BEEN limited by their being transient and
temporary; their ceasing TO bear inleres. at
given periods, necessarily causes their
speedy return, and thus restricts their range
Of circulation, and. being used only in ,he
disbursements Of Government, they cannot
reach those points where they are mos,
required. BY rendering their use parman.
ent, to the moderate extent already men
toned, by offering no inducemen. for ,Ieis
return. and BY exchanging them for coin
ard other values, they will constitute; TO "a
certain extent, the general currency SO
much needed 10 maintain the internal trade
Of the country. And this is the Exchequer
plan, 50 far as j. may operate in furnishing
a currency.
cannot forego the occasion 10 urge ITS
importance TO the credit Of the Government
in financial point Of view. ! The grea,
necessity of resorlng TO every proper and
becoming expedieni in order 10 place The
Tressury on a footing Of the highest respec-
liability, IS entirely obvious. The credi,
of The Government, may be regarded as the
very soul OF the Government ilseIf--a priu-
cipIe Of vitality without which all its move.
nienls ale languid and all lis operations EN-.
harfassed. IL This spiri, The Executive Eel,
itseli bound by the most imperative sense Of
duty TO subEi. 10 Congress, al its last ses.
sion, n,sthe propriety Of making specific
pledge OF the land fund, as Ire basis iur the
nego.ia'ion Of the loans authorized 10 be
contracted. ! then thought that such an
application Of the. public domain would,
Without doubt, have placed at The comm and
Of The Government ample funds TO relieve
the Treasury from the. temporary embar.
rassmenis snder which it labored. Ameri.
ca:. credit has suffered a considerable shock
in Europe, from ihe large, indebtedness OF
The States and The temporary inability Of
some OF them TO meet the interest on their
debts. The utter and disastrous pros.ra,ion
of the United States Bank of, Pennsylysnis,
had contributed largely 10 increase The sen.
,ineHt Of distiusl by reason of the loss and
ruin sustained by the holders of its stock, a
large portion Of whom were oreigners, and
many of whom were alike ignoran, of our
political organizalipn, and OF our actual
responsibilities. !. was the anxious desire
Of the Executive tha,, in, The effort 10 nego-
.ia,e The loan abroad, ihe American negoIia.
tor might be able TO poinl The money lender
10 The fund morigaged for The redemplior
Of the principal and interest Of any loan he
nigh. contract, and thersby vindica,s The